Palma’s economy is predominantly driven by tourism, which attracts millions of visitors each year. The city’s warm climate, beautiful beaches, and rich cultural heritage make it a top destination for leisure and business travel alike. The hospitality sector thrives here, with numerous hotels, restaurants, and luxury resorts catering to international visitors.
In addition to tourism, Palma has a growing real estate market, particularly in luxury properties. The city’s port plays a key role in the local economy, supporting trade and commerce, as well as being a hub for yachting and cruise ships. The agriculture industry is also important, particularly the production of olive oil, wine, and almonds, which are popular local exports.
Palma is known for its unique crafts, such as traditional Mallorcan textiles and ceramics, which are highly valued by tourists looking for authentic souvenirs.