Tourism is the main contributor to Majorca's economy.
Since the 1950s, Majorca has become a well-known tourist destination, and the tourism business has become the main source of revenue for the island. In 2001, the island received millions of tourists, and day by day, the boom in the tourism industry provided significant growth in the economy of Majorca. With more than half of the population working in the tourist sector, a vast amount, approximately 80%, is contributed to Majorca’s GDP.
The agriculture sector occupies the second position. The island has good fertile land and a variety of natural products are grown here. The agriculture sector includes the production, processing, and exportation of almonds, oranges, lemons, olives, grapes, wine, and excellent cheeses. The towns of Binnisalem and Felantix are famous for their wine and locally produced brandy and liquors. The island is gifted with a wide range of natural resources. It has some mines of copper, lead, and marble at some places. The mining and fishing industries also generate some revenue for Majorca.
In the urban area, some of the population is linked with the traditional craft business. These forms of craftsmanship include blown glasswork, pieces of pottery, work on traditional Majorcan fabric for curtains, bedspreads, and tablecloths, and the production of baskets with leaves. The footwear and leather industries are situated in Inca and surrounding villages. The production industries of artificial pearls and jewelry at Manacor are amongst the important industrial sectors of the island.
In the 21st century, important groups of immigrant workers from outside the European Union, especially from Africa and South America were attracted by urban redevelopment plans and the noteworthy growth in the economy of Majorca Island. The industrial sector is represented by nearly 30% of the working population, however more importantly; the construction sector has evolved drastically leading to thousands of job opportunities, and significantly plays a role within the tourism industry itself.
Today, the tourism industry has remained the main asset of Majorca’s economy and its rapid growth has made the island of Majorca very wealthy in comparison to the rest of Spain.