The Canary Islands economy will grow by 2.4% in 2018, five tenths less than in 2017. Tourism was the main driver of growth in 2017 with a 6.6% increase in the number of tourists, which, together with internal demand stimulated by the disposable income of households, led to employment growth of more than 45,000 people.
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KEYS
No other sector takes over as the tractor of growth. Only the construction I would be qualified to do it, but it seems ballasted, on the one hand, for the regulatory problems for building of new housing, and on the other, for the delay of public administrations in adapting their bidding procedures to the requirements of the new public sector contracts law, which came into force in March of this year.
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FORECASTS
Tourism and domestic consumption change trends and fall or stagnate. For the first time in the last ten years, The tourism sector in the Canary Islands will perform worse than the rest of the economy and will detract from the GDP's growth potential.
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REPORT
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