Economy
Since the 1950s Majorca has become a major 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 the boom in the tourism industry has provided significant growth in the economy of the country. More than half of the population works in the tourist sector, which accounts for approximately 80% of Majorca’s GDP. The currency currently used in Majorca is the euro.
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Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)