New data released by the BBVA Research shows that the economy of the Balearic Islands, the archipelago off eastern Spain, is set to increase both in 2017 and in 2018. This economic boom is due to the growth in tourism and that in the construction industry. One of our lawyers in Spain can tell you more about how you can invest in Spain or any one of its regions.
The evolution of the Balearic Islands' economy
According to new data released by BBVA, the economy of the Balearic Islands will maintain a positive growth trend. The Regional Observatory belonging to BBVA Research, a research company that covers specific investment zones in the world including Spain and Spanish-speaking countries, released this in a report.
As the researchers point out, the 4.4% GDP growth is due to the positive evolution in two important business sectors: tourism and construction. It is believed that the total GDP growth for 2017 in the Balearic Islands
will outrun that in the Canary Islands (3.9%), in Madrid
(3.6%) and in Catalonia (3.3%). According to the same report, the overall GDP growth throughout Spain is expected to be situated between 3.3% and 2.8% at the least.
Another positive information for the Balearic Islands comes in the employment sector: the region is predicted to enter into 2018 with the lowest unemployment rate in Spain.
The Balearics are an attractive region to invest in Spain
because of the high occupancy rate: in mid-season, the islands have an occupancy rate of over 90% - the highest among any of Spain’s autonomous regions.
Investing in Spain
The Balearic Islands are an archipelago of Spain located in the Mediterranean Sea. The largest and most popular islands are Majorca, Menorca and Ibiza, each of them receiving an important number of tourists every year. Ibiza, in particular, is known as an international destination for those who enjoy the island nightlife.
Investment opportunities in the Balearics are primarily in the tourism sector and one of our lawyers in Spain
can give you more details on how you can open a company here.
You can contact
the experts at our law firm in Spain
for more information on the investment policies.