The interannual GDP grew in the Canary Islands by 2.9% compared to the 2.4% recorded by Spain as a whole
The Canary Islands economy continues its path of recovery by registering a year-on-year growth of 2.9% of GDP in the first quarter of 2024, according to data published by the Canarian Institute of Statistics (ISTAC). This data places the Canary Islands at the head of economic growth in Spain, surpassing the 2.4% registered nationally.
Compared to the last quarter of 2023, the Canary Islands GDP experienced a 1.7% increase, while the Spanish economy grew by 0.7% in the same period.
Key sectors for growth
The tourism sector, the main engine of the Canarian economy, has played a fundamental role in this positive result. The recovery of tourism after the pandemic, along with increased household spending and business investment, have boosted the archipelago's growth.
Canary Islands compared to other autonomous communities
Compared to other autonomous communities, the Canary Islands stands out for its strong growth. Among the regions that have published GDP data for the first quarter, Andalusia recorded an increase of 2.3%, Navarra of 2.0%, the Basque Country of 1.6% and Catalonia of 2.6%.
Positive outlook for the future
The outlook for the Canary Islands economy for the rest of the year is positive. The tourism sector is expected to continue its recovery and household spending and business investment will continue to rise.
For more information, consult the ISTAC:
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