Business confidence in the Canary Islands suffers the biggest drop in the country

Business confidence decreases by 2.5% in the Canary Islands in the third quarter of the year compared to the previous one, which deviates from the trend of the rest of the autonomous communities, which are recording increases, with the only exception of Andalusia (-0.1%).

According to the indicator published this Thursday by the National Institute of Statistics (INE), in Spain as a whole, business confidence rises by 1.5%, thus chaining three quarters upwards.

In detail of the business confidence indicator (ICE), 24.1% of business establishments expect a favorable quarter, while 60.7% have normal prospects and 15.2% declare themselves pessimistic about the performance of their business.

Regarding employment, 14.1% of business establishment managers believe that it will increase in the third quarter, while 10.1% believe that it will decrease.

Regarding prices, 11.4% foresee increases in the third quarter, while 5.7% think that prices will decrease.

By sectors, all increase confidence compared to the previous quarter with the largest increase for transport and hospitality, with 2%; and the smallest for industry, with 0.7%.

By type of company, confidence also increases in all employee ranges: the range of 1,000 or more employees (3.8%) registers the largest increase and that of 200 to 999 employees, the smallest (0.6%).

When asked about the previous quarter, 24% of managers have a favorable opinion about the performance of their business in the second quarter, while 14.4% have an unfavorable opinion.

By regions, the INE details that business confidence increases in the third quarter of 2024 compared to the previous quarter in 15 autonomous communities and decreases in the other two.

The largest increases occur in Castilla-La Mancha, with 4.4%; La Rioja, with 3.6%, and Galicia, with 3%.

The only decreases occurred in the Canary Islands (2.5%) and Andalusia (0.1%).