Economy in Mallorca

Situated just off the east coast of Spain, Mallorca is the largest of the Balearic Islands – an archipelago of six islands. Mallorca has habitation that dates back to about 6000 to 8000 years. Trading in Mallorca is traced back to the Roman occupation from 123 B.C. Mallorca is visited every year by millions of Europeans.

Pic2The population of Mallorca in 2006 was 790,000. The population is mainly made up of Germans, Britons, Americans and Spaniards among others. The total area of Mallorca is 3,640 square kilometers. Tourism and other related industries are the major employers in Mallorca. Education in Tourism, Science, Electronics, Mechanical Engineering and Architecture is imparted by University of Balearic Island to prepare graduates for the workforce. There are many English and German owned companies operating on the island.

Mallorca’s economy has witnessed many changes since 1950 and today tourism has become the most significant part of its economy. Tourism has brought along many other business opportunities in the area that are still to be explored.  Obviously the tourism stimulates many other areas of the economy.  For instance, it has attracted people and businesses in Mallorca to invest or buy homes and property hence creating opportunities for Mallorca villas rentals and Mallorca holiday rentals.

During most popular months, the resident population is outnumbered by tourists by three times. This has given rise to another brisk business opportunity of Mallorca villas rentals, and Mallorca holiday rentals accommodation. There are many tourists, especially the rich and famous who normally stay longer or visit quite frequently. They have helped the business of Mallorca real estate, Mallorca villas rental and rent a villa in Mallorca to sky-rocket.  The politically stable climate of Spain has made many destinations of Mallorca a popular choice of investment in property.

Tourism is the dominant part of Mallorca’s economy. Since the 1960s, billions of dollars have been invested by Mallorca in the tourism sector. About 95 per cent of Mallorca’s economy is directly or indirectly governed by tourism.

Besides tourism, the other important economic activities are farming, fishing, pottery, mining, and metal goods’ production.

This investment in buying homes and property has given rise to many other business opportunities, such as real estate, legal and accountancy firms, construction and ancillary industries having their active bases on the island. Besides this, the frequent and mass visit of tourists to Mallorca accelerated the activity of sales and purchase of restaurants, bars, hotels and shops and Mallorca holiday rentals.  The island has the largest commercial area at Palma – but there are many small villages and towns in around Mallorca that have tourism trade as the main source of their income.

According to the Spanish Airport Authority (AENA), in 2004, 20,416, 321 tourists arrived through Palma De Mallorca Airport services Palma from Son Sant Joan International Airport.

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    This entry was posted on Thursday, January 7th, 2010 at 11:54 am and is filed under Mallorca Villas rent. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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