The tourist campaign in the Balearic Islands extends to the months of the low season, according to the report of the Moment Econòmic

The last Economic Moment of the Balearic Islands published by the Govern highlights that the figures for the first months of 2018 reflect that the tourist campaign is extending to the low season months.

Thus, if tourism expenditure in the Balearic Islands is analyzed in March (474.2 million euros) it is seen that it increases by 29.9% when compared to the same month of the year 2017. In addition, according to Frontur, the number of tourists arrived presents an increase of 18.8% year-on-year and reaches 571,000.

The number of travelers staying in hotels in the same month increased by 9.5% compared to a year ago and reached 272,000, thanks to the good performance of the national and German market.

With this, the Balearic Islands achieved in March a hotel occupancy rate by seats of 55.1%, which is 0.5 points lower than the same month last year, while in the whole of the entire state increases 1.8 points .

The index of hotel prices in the Islands increases by 3.5% in this month, while the national figure increases by 4.8%.

TOURIST APARTMENTS

On the other hand, the occupation of March in tourist apartments in the Balearic Islands shows positive results in the number of travelers (23.0%) and in the number of overnight stays (11.6%), thanks above all to the national market.

The rural tourism lodgings presented a growth in March that continues the good trend of this type of lodging over the last three years: 47.3% more travelers and 43.6% more overnight stays.

CONSTRUCTION “CONTINUES GENERATING” JOBS

In particular, the report highlights that construction “continues to generate” jobs since the Social Security affiliation in April shows an increase of 4.8% and reaches 54,916 discharges. The self-employed, on the other hand, increase at a higher rate than wage earners, 5.8% and 4, 4% respectively.

In the same line, the number of work contracts signed in April in the brick sector presents an increase of 7.4% compared to the data of last year and reaches the 4,477 contracts.

According to the assessment of the regional government, the number of unemployed also follows the “good trend” of previous months and in April, in year-on-year terms, registered unemployment was reduced by 8.3%.

However, in March 2018, industrial production fell again and the year-on-year change rate of the index was -5.0%, more negative than that of the State (-3.6%)

ECONOMIC GROWTH

At a general level, the report, prepared by the Directorate General of Employment and Economy, highlights that the Balearic economic growth reaches 3.4% in the fourth quarter of 2017.

The results of the first months of 2018, both in the labor market and in hotel establishments, indicate that the tourism campaign in the Balearic Islands is progressing and extending to the low season months.

On the other hand, construction supports the upward trend, which also extends to the real estate market and inflation remains around the percentage point in the Balearic Islands.

On this occasion, inflation falls below the national price increase (1.2%). In the Islands, the group with the greatest influence on the upturn in the interannual rate is that of food and non-alcoholic beverages and transport.