Balearic economy hits rock bottom, says new report

PALMA “THE Industry and Services sector of the Balearic economy are at an all-time low,” reported the Centre for Economic Research (CRE) yesterday.
CRE director Antoni Riera said that the property market “continues to adjust” following the “burst bubble” that came hot on the heels of a construction boom that had been gathering pace since the 1980s. He confirmed that unemployment figures in the region were “going through the roof” in the wake of the destruction of jobs. The crisis, he said had spread from the financial sector into the economy, and from there into the labour market. Riera, an expert on the Economy was presenting the results for October 2009 at the headquarters of the Sa Nostra banking group in Son Fuster in Palma. “Things can't get much worse,” he claimed