At the close of 2022, the growth of the GDP of the Canary archipelago is expected to reach 10.3%, according to the December report of the BBVA Research Regional Observatory.
The study indicates that Canary Islands is the Spanish region that grows the most followed by the Balearic Islands with 9.9%. For the whole of Spain, BBVA calculates a growth of 4.6%.
The bank's forecasts on Canarian economic growth exceed all forecasts published so far by other organizations and attribute the marked growth in the Canary Islands mainly to the strength of foreign tourism.
In 2023, the Canary Islands will continue to lead economic growth in Spain with a growth rate of 4%, more than triple the 1.1% growth that BBVA forecasts for Spain as a whole.
The control of the pandemic, the use of savings dammed up by families, the boost in the execution of the Next Generation funds of the European Union for economic recovery and a high productive capacity without using are compensating, according to BBVA, the effects of bottlenecks and the increase in the cost of energy.
