In 2016, the Canary Islands economy has grown by 3.5%, one tenth more than our estimates, due to the magnificent performance of tourism, conditioned by the situation of competing destinations and, in general, by oil prices, interest rates and the monetary policy of the European Central Bank.
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KEYS
In the short and medium term, the economic future of our archipelago must continue to rest on excellent tourist situation that the geopolitical problems of our competitors have generated in our favor. Unfortunately, the new “land law” It continues to be delayed, and its effects will only be felt in the second half of 2018.
The unemployment rate will be reduced to 22.7% of the active population by the end of the year. The GDP will grow by 2.9% and 20,000 new jobs will be created, due to the positive impulse of increased public spending and investment.
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FORECASTS
The year 2017 will behave worse than 2016 due to the exhaustion of the aforementioned stimulus measures. Tourism will reduce its growth rate by approximately half, which will reduce its contribution to regional GDP growth by that same proportion.
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REPORT
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