In 2024, the Canary Islands experienced moderate economic growth, still driven by the post-2020 crisis rebound. MIGUEL GONZÁLEZ explained that, although the year was positive, growth will slow down in 2025 due to the structural limitations of the Canary Islands economy, which continues to depend on tourism and public consumption. Regarding employment, although record figures were reached in 2024, the statistics may be inflated by contractual modalities, such as the discontinuous permanent contract, which replaced the temporary one.
Tourism remains the engine of the economy, but prosperity does not always translate into equitable benefits, with high inequality in the cost of living. Poor economic diversification and dependence on tourism make it difficult to access essential goods, such as housing. The housing deficit is critical, with a gap of 100,000 homes, and rising prices are being exacerbated by foreign investment.
In 2025, fiscal policies will be marked by uncertainty and a lack of adaptation to current challenges. Despite moderate growth, the Canary Islands economy is expected to be weaker than in 2024, although still positive. In addition, labor measures, such as increasing the minimum wage and reducing working hours, could generate economic tensions if they are not offset by an increase in productivity.
Full interview: HERE
