Formentera Leads Balearic Islands in Tourist Spending Growth in 2024
In 2024, Formentera outpaced its Balearic peers in tourist spending growth, driven by a high-quality tourism approach that boosted the island's economy, employment, and environmental standing.
- • Tourist spending on Formentera increased by 24.2% in 2024, reaching 452 million euros.
- • Average daily tourist spending was 222 euros, above the Balearic average of 187 euros.
- • Tourist numbers grew by 18%, the highest among the Balearic Islands.
- • Formentera's GDP grew by 3.3% in 2024 with strong seasonal employment increases.
- • The island has environmental strengths despite energy consumption challenges.
- • 62.84% of residents were born outside the Balearic Islands, reflecting demographic diversity.
Key details
Formentera has emerged as the fastest-growing island in terms of tourist expenditure within the Balearic Islands, signaling a robust economic upswing driven by a tourism model centered on quality rather than quantity. According to the Council of Economic and Social (CES) 2024 economic report, total tourist spending on the island surged by 24.2% from 2003 levels, reaching 452 million euros. The average expenditure per visitor per day was 222 euros, notably higher than the Balearic Islands' average of 187 euros, complemented by an 18% increase in the number of tourists — the highest growth rate among the islands.
Formentera’s strategy, focused on shorter stays averaging 5.1 days but higher spending, has allowed it to maximize profitability. The island’s GDP grew by 3.3% in 2024, slightly trailing the regional average of 4.0%, while experiencing a 3.5% rise in employment. Seasonal job affiliations peak from July to December, with the island reporting a substantial 148.4% increase in job affiliations during this period, underscoring the seasonal intensity of its labor market.
Demographically, Formentera is distinctive, with 62.84% of its 11,483 residents born outside the Balearic Islands, indicating a diverse population base. On the environmental front, the island records the highest Environmental Synthetic Indicator (ISM) score among the Balearics at 49.8 points, reflecting strong environmental performance. However, energy consumption trends pose challenges, with a 2.7% increase in demand coupled with a 22.9% decline in local energy production, resulting in a deficit of 67.0 gigawatt-hours and a growing dependency on external sources.
Overall, Formentera’s differentiated tourism and economic model has positioned it as a resilient and prospering island within the Balearic archipelago, combining social, economic, and environmental dynamics.
This article was synthesized and translated from native language sources to provide English-speaking readers with local perspectives.
