Board of directors of the Mallorca Economy Circle at the government's HQ on Friday. | Jaume Morey

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Pep Vicens, the president of the Mallorca Economy Circle think tank, insisted on Friday that "slowdown does not mean recession". Earlier in the week, the Circle reported that economic slowdown in the Balearics started in July.

Vicens was speaking at the Balearic government's headquarters, where the Circle's new board of directors met President Armengol, the finance minister, Rosario Sánchez, and government officials.

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He explained that at the moment there are "no symptoms" that suggest a recession. He compared the situation with "a car that has reached 80 or 100 kilometres per hour" but doesn't accelerate further. The slowdown can be attributed to "economic cycle reasons", to the war in Ukraine, and to inflation and rising costs as well as the climate challenge. "There is a lot of uncertainty, and this will force everyone to work together - government, business and society."

Sánchez praised the work of the Circle, which worked "very intensely" with the government during the tough years of the pandemic. She went on to highlight the current situation of "full employment and economic growth" and of government financial strength.