On May 15, 2018, 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 2.9% in 2017, one tenth less than in 2016. 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. However, in 2018 the growth of the Canary Islands GDP will be reduced to 2.4%, five tenths less than in 2017 due to the drop in the reception of tourists, motivated by the recovery of the competing markets of Turkey, Tunisia and Egypt, as well as the slowdown in domestic consumption. The increase in both consumption and public investment will partially offset the decline in tourism. As a potential problem in the short and medium term, the shortage and high cost of rental housing in our archipelago has the capacity to distort economic activity and even the labor market, which is why we urge rapid adaptation of planning to the new legislation, in order to free up land for new homes and grant licenses for suitable plots.
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