The GDP of the Canary Islands grew by 3.9% in 2023

Canary Islands

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The Canary Islands economy "far exceeded expectations" in 2023, since GDP was expected to grow by 3.5% and it did so by 3.9% , according to the regional Economic Situation Bulletin corresponding to the fourth quarter of 2023, presented by the Tenerife Chamber of Commerce.

The Spanish GDP as a whole grew by 2.5% in 2023 compared to the previous year, according to advance National Accounting data published by the National Institute of Statistics (INE).

The president of the Chamber of Tenerife, Santiago Sesé, emphasized that the amount of GDP was 47,183 million euros in 2019 and has risen to 54,240 million in 2023, which, he added, is an example of the resilience of the Canary Islands economy. .

The president of the Chamber of Commerce also highlighted the increase in the employed population , so that for the first time the million people in this situation have been exceeded, and has commented that unemployment figures have also increased, which is due to the increase in the active population and structural problems, said Santiago Sesé.

Business results have been "very favorable" during 2023 and regarding expectations for 2024 , he has indicated that it is positive to talk about growth, even if it slows down to around 1.5% .

Santiago Sesé warned that this growth will be "closely linked" to tourism and has spoken of internal demand, which will continue, based above all on the increase in employment and income due to wage revisions, the moderation of inflation and interest rates.

In his opinion, we must focus on quality and productivity, as well as training, and Santiago Sesá has given great importance to streamlining the management of Next Generation funds in a public-private collaboration to achieve transformation in sustainability and in digitization.

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