Friday, July 06, 2012
MALLORCA TODAY - Balearics in recession
According to the Centre for Economic Research, the Balearics are in recession. The report from the centre, which conflicts with the official government line, shows negative growth of 0.3% in the first quarter this year and an additional decline of 0.5% in the second quarter. While factors such as a moribund construction industry are obvious contributors, less obvious has been what is described as "weaknesses" in the tourism sector which are also contributing to the lack of growth. The tourism sector is always looked upon as being key to economic stimulation and vital to growth.
Labels:
Balearics,
Economy,
Mallorca,
Negative growth,
Recession,
Tourism weaknesses
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