Post by pigeonpie on Jan 5, 2010 6:49:35 GMT
Economy to stabilise but remain in negative figures
The Menorcan economy will halt its fall in 2010 but will remain in negative figures, as will the other Balearic Islands, according to CAEB (the Confederation of Business Associations in the Balearics). During this year Menorca’s gross domestic product has fallen by 4.5% according to the confederation.
Speaking in Menorca last week CAEB’s president, Josep Oliver, was confident that an upturn in tourism and domestic consumption, plus the sale of existing houses in place of the fewer new properties currently on the market, would favour a slight recovery in the economy. He felt that this improvement may first be apparent in the Balearic Islands towards the second half of the year, when an upturn in the main European economies is expected to reactivate the archipelago’s activities.
The Menorcan economy will halt its fall in 2010 but will remain in negative figures, as will the other Balearic Islands, according to CAEB (the Confederation of Business Associations in the Balearics). During this year Menorca’s gross domestic product has fallen by 4.5% according to the confederation.
Speaking in Menorca last week CAEB’s president, Josep Oliver, was confident that an upturn in tourism and domestic consumption, plus the sale of existing houses in place of the fewer new properties currently on the market, would favour a slight recovery in the economy. He felt that this improvement may first be apparent in the Balearic Islands towards the second half of the year, when an upturn in the main European economies is expected to reactivate the archipelago’s activities.
