The Canary Islands economy has been growing above the national average for almost three years

However, the archipelago will only recover pre-pandemic economic levels this year, nearly two years after the national economy as a whole did

EKN

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EKN

August 12 2024 (10:13 WEST)
Updated in August 12 2024 (10:13 WEST)
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The Gross Domestic Product (GDP) generated by the Canary Islands economy registered a year-on-year growth of 3.7% in the second quarter of 2024 compared to the same period of the previous year.

This figure, known as the real GDP variation, was 0.8 percentage points better than that recorded by the national economy, which as a whole grew by 2.9%.

Thus, the Canary Islands has accumulated thirteen quarters growing above the national average. Specifically, since the resumption of tourist activity in 2021 after the worst of the Covid-19 pandemic, which caused the archipelago's GDP to plummet.

However, according to Funcas, the savings banks' analysis center, in its latest forecast report on regional economies, it explains that it will be this year 2024 when the Canary Islands will recover the pre-pandemic level of economic activity, while the Spanish economy as a whole already did so at the end of 2022, according to the National Statistics Institute (INE).

All economic sectors registered growth compared to the previous year in the archipelago, highlighting the industry sector with an increase of 4.8%, followed by the services sector (3.8%), construction (2.2%), and the primary sector (2.2%).

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