Ibiza Business

GDP: US$1.1 trillion (Spain) (2006).
Main imports: Machinery and equipment, fuels, chemicals, semi-finished goods and food.
Main exports: Machinery, motor vehicles, food, pharmaceuticals and medicines.
Main trade partners: France, Germany, Italy, UK and Portugal.

Economy

The tourism sector is by far the biggest industry on Ibiza and the surrounding Balearic Islands, making up 72% of its GDP. New hotel, residential and other developments suggest the island has reconsidered its appeal and is opting instead for quality rather than quantity with an increase in the number of chic and expensive hotels opening their doors to the moneyed demographic. However, the CAEB (Confederació d'Associacions Empressarials de Balears), the islands largest business association, unfortunately predicts hard times ahead, with minimal or no growth over the next couple of years with potential tourists instead opting for cheaper destinations outside the Eurozone or simply holidaying at home.

Business Etiquette

Business people are generally expected to dress smartly. English is widely spoken in the principal cities and resorts but far less so in the provinces. Some knowledge of the Spanish language is always appreciated and sometimes essential. Punctuality is important though attitudes to such things as responding to e-mails, letters and phone calls can be surprisingly casual.

Office hours: Tend to vary considerably but base hours of 0900-1330 and 1700-1900 are fairly typical.

Business Contacts

Ibiza Congress Centre
Palacio de Congresos de Ibiza, 07840 Santa Eulària des Riu, Ibiza, Spain
Tel: 971 336 406.
Website: www.santaeulalia.net

Spain
Convention Bureau (FEMP)
Calle Nuncio 8, 28005 Madrid, Spain
Tel: 913 643 700.
Website: www.femp.es 

Spanish Ministry of Industry, Tourism and Trade

Paseo de la Castellana, 160, 28071 Madrid, Spain
Tel: 902 446 006.
Website: www.comercio.es
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