The residents of Mallorca and the neighboring islands have never had so much saved up like this year. All in all 30.25 billion euros had people and companies hoarded at banks in the summer, more than ever, according to a study by the Spanish Banco de España.
One of the reasons for this is, according to the dean of the Faculty of Economics at the Balearic University, Antoni Riera, the 855 million euros Aid moneythat the state has been paying out since September because of the Corona crisis. Above all, the special Corona loans (ICO), which the state grants to those companies that have made losses due to the pandemic, contribute to the high savings.
Compared to summer 2020, savings on the islands have increased by 10.7 percent, the increase is significantly higher than in previous years. Many families would have had theirs in the crisis Consumer behavior scaled down, especially when it comes to traveling and spending free time, said Riera, and many Companies have been reluctant to make major investments at the moment. Some also waited to see whether they would also be taken into account by the EU Next Generation funding. As Antoni Riera suspects, savings will continue to grow in the coming year 2022.
On the other hand, debts have also continued to rise, albeit to a lesser extent than savings. A total of 33.94 billion euros in loans are outstanding on Mallorca and the neighboring islands, 4.7 percent more than in summer 2020. The poverty statistics are also still worrying. / somo
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