The good performance of tourism in the Canary Islands in recent months is being noticed in economic growth. With a 9.3% economic growth in the Canary Islands in 2022, the Canary Islands will be the Spanish region that will drive economic growth the most. In general, the islands are showing the greatest economic dynamism in the country, since the Canary Islands are followed by the Balearic Islands, with a growth of 8%.
Next year, both archipelagos will continue to lead national growth, although with much lower percentage increases: 1.9% for the Canary Islands and 2.2% for the Balearic Islands, according to the BBVA Research service.
At the national level, this service has lowered its initial forecasts for Spain's GDP for next year by 0.8%, an year in which it estimates that this indicator will grow by 1%.
Regarding the behavior of employment, BBVA Research expects its annual growth in Spain to be 3.1% this year and slow down to 0.6% in 2023.
In addition, it predicts that the autonomous communities that will register the greatest growth in employment during 2022 are the Canary Islands (9.8%) and the Balearic Islands (6.7%), although, with respect to 2023, it reduces the expected increase in both archipelagos to 2.4%, whose economic dynamism will place them, however, in a leading position.
