"Lanzarote is leading the growth of the Gross Domestic Product in the Canary Islands and is going through a very favorable economic moment", according to the president of the Lanzarote businessmen, José Valle. These statements were given in the framework of the presentation of the report The economy of the province of Las Palmas in graphs 2024 by Corporación 5, which positions Lanzarote as "the island with the highest per capita income in the archipelago, which stands at 29,660 euros". The study also reflects a solid growth projection for the years 2025 and 2026, especially in sectors such as tourism.
“We are in a very good moment for the economy of Lanzarote. Tourism is going well and the prospects for the coming years are positive,” said José Valle, who highlighted the brake on growth caused by the problem in accessing housing. “The lack of availability, both in volume and price, is hindering the hiring of personnel in strategic sectors, from hospitality to essential services,” he said.
The measures will be seen in the medium term
Valle attributes to the pandemic the slowdown in the management and processing of licenses from public administrations, which has slowed down the construction of new homes. “Construction is not taking place at the necessary rate and although the Government of the Canary Islands and the Cabildo of Lanzarote are making decisions, such as the purchase of land for public housing, their effects will not be seen in the short term but in the medium term,” he added.
High employment rate in Lanzarote
The report also reveals that Lanzarote maintains an employment rate of 70.9%, one of the highest in the province. This dynamism must be accompanied, according to the president of the businessmen, by public policies and private decisions that ensure a redistribution of growth.
Regarding salaries, he said that, although they have risen, inflation remains high. “This prevents many families from perceiving an improvement in their quality of life. However, we are working to ensure that this trend reaches families and society and we can solve the problems that we are dragging along,” he said.
The report, prepared by Corporación 5 commissioned by CaixaBank, the Gran Canaria Business Circle and the Lanzarote Business Circle, was presented this Thursday in Gran Canaria. It offers a detailed vision of the economy of the eastern islands and highlights that they are a key engine for the Canary Islands economy.
