The economy in Minorca depends heavily on the tourism sector.
Being a part of the Balearic Islands, Minorca lies in the western Mediterranean Sea. It is the most relaxing island of the Balearic's, which offers beautiful scenery, a great coastline, venues for mountain walks, and fantastic cuisine.
Minorca is less developed than the other popular Balearic Islands like Majorca and Ibiza but still generates most of its overall income from tourism.
A lot of visitors choose Minorca as it is not overly crowded and therefore it is ideal for quiet romantic breaks or even relaxing family holidays.
Although Minorca’s economic activity mainly depends on tourism, it has not gone to excessive measures to accommodate masses of tourists, as this is not the intention of this unique island. The local population has made sure that they have maintained their cultural traditions, and more importantly, they have made sure the natural coves and landscapes of the island of Minorca have been preserved accordingly.Minorca has been honored by UNESCO with the 'Biosphere Reserve’ award, for its efforts of environmental protection and has therefore strengthened its stance in the economy.
Minorca can be easily reached by air, anywhere from Europe and it has developed into a popular tourist destination during the summer. The economy of Minorca is mostly dependent on a developed but seasonal tourist trade. It is also experiencing vigorous growth in the service and construction sector. However, tourism is the most important sector of Minorca's economy, which is responsible for over half the territory’s income with its annual turnover.
Much of the agriculture is irrigated on the island. Next to tourism, cereals, wine, olive oil, flax, shoes, gin are some of the other important industries that contribute to the economy. The food industry is firmly concentrated on the production of lactic goods. Lobster fishing, the export of livestock, and local light industries also have a say in the economy.
Minorca is also home to several important designers and brand names in the shoe-making business, who export internationally. The leather and jewelry trade has developed since the 18th century and it is also one of the important sectors of the island's economy. Minorca offers two large trade fairs annually where the majority of European manufacturers unite.
Mahon / Mao is the capital city and is the main attraction on the island. It is also an important commercial and industrial center of the island. This city has an extraordinary natural harbor.