The tourism industry is the main contributor to the economy of Majorca (or Mallorca). Since the 1950s, Majorca has become a well-known tourist destination. In 2001, the island received millions of tourists, and the boom in the tourism industry resulted in significant growth in the economy of Majorca. With more than half of the population is working in the tourism industry, 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 crops are cultivated here. The agriculture sector includes the production and export 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 also has copper, lead, and marble mines. The mining and fishing industries also generate some revenue for Majorca.
In the urban area, some of the people are into the traditional craft business. These forms of craftsmanship include blown glasswork, pieces of pottery, work on traditional Majorcan fabric for curtains, bedspreads, 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 jewellery at Manacor are among the island's important industrial sectors.
In the 21st century, immigrant workers from outside the European Union, especially from Africa and South America, got attracted by urban redevelopment plans and the considerable 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 primary industry of Majorca's economy. Its rapid growth has made Majorca Island very wealthy compared to the rest of Spain.