On February 8, 2018, the presentation of the Economic Situation Report prepared by Corporación 5, thanks to financing from CEOE-Tenerife and Cajamar.
The Report consists of three parts:
1. The first is made up of the summary table of indicators and their evolution, which shows the data of the Canary Islands economy at a glance.
2. The second part develops and values the quarter results of production, employment and prices of the Canary Islands economy.
3. Finally, the third part contemplates the perspectives facing the future of the Canary Islands economy, both from a quantitative and qualitative point of view.
Main results:
The Canary Islands economy has grown by 3.3% in 2017, three tenths more than in 2016. Tourism is the main driver of growth with a 6.6% increase in the number of tourists, which is combined with internal demand stimulated by the disposable income of households, due to the growth in employment of more than 45,000 people. The Canary Islands GDP in absolute terms exceeds that of 2008 for the first time since the start of the crisis, both in nominal and real terms. Ten years later, the value of goods and services produced in the Canary Islands is equal to the pre-crisis GDP level.
In 2018, the Canary Islands economy will reduce its growth rate to 2.5%, with a reduction of eight tenths compared to 2017, due to the stagnation in the reception of tourists, motivated by the recovery of the competing markets of Turkey, Tunisia and, to a lesser extent, Egypt.
Employment will increase by 20,000 people, reducing the unemployment rate to around 20%, the lowest figure since the end of 2008.
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