The Canary Islands economy will grow 2.2% in 2018, seven tenths less than in 2017, and 1.2% in 2019, one percentage point less than in 2018. 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 tractor of growth. Neither the construction, weighed down by regulatory problems for the construction of new housing; nor the public sector, whose investment barely grows despite enjoying the highest budgets in history.
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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 will perform worse in the Canary Islands than the rest of the economyU!and will detract growth potential from GDP. The “recovery” of tourists in Türkiye and Egypt is far from over and will continue throughout 2019.
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REPORT
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