The Canary Islands economy has registered a growth of 5.8% during the third quarter of this year compared to the same period of the previous year.
The vice president and Minister of Finance, Budgets and European Affairs, Román Rodríguez, explained that the increase in Gross Domestic Product (GDP) recorded by the archipelago exceeds that recorded at the state level by two points, "consolidating the trend that has been recorded since the last quarter of 2021, when the Canary Islands economy began to grow above the Spanish economy in percentage terms."
The services sector, the most benefited
For its part, the Quarterly Accounts data, published by the Canary Islands Institute of Statistics (ISTAC) on November 11, also indicate that all economic sectors have registered growth compared to the previous year, especially the services sector, with an increase of 6.2%, followed by construction, with 5.6% and industry, with 2.2%.
Rodríguez explained, based on this, that although the global context presents a high degree of uncertainty in the short and medium term, "the Canary Islands economic indicators continue to enjoy good health today", a fact that is evident in the improvement in the figures for "job creation, Social Security affiliates or private consumption."
2023 Budgets: a commitment in favor of public services
In any case, the evolution of these indicators is conditioned by what happens internationally, a circumstance that the Government of the Canary Islands has taken into account when preparing the macroeconomic framework of the Draft General Budget Law of the Autonomous Community for 2023 and for whose growth forecast it has used the most prudent scenario: 1.3%.
Precisely, the vice president pointed out that the main aspects of said project, which amount to 10,180 million euros, are already in parliamentary procedure.
He also highlighted the commitment of this initiative in favor of public services, the increase in investment and support for productive sectors, in addition to the adjustment of personal income tax to alleviate the impact of inflation on medium and low incomes, which will mean a tax saving of 100 million, which is added to the 160 million euros reserved for the reconstruction tasks of La Palma.