Tourism continues to drive forward the economy of the Canary Islands after the Covid pandemic, and BBVA Research are forecasting that the Archipelago will be the region of Spain with the greatest economic growth this year in its gross domestic product (GDP).
Forecast estimate that it will grow by 9.3% which is more than double the national average of 4.4%, thanks to the strong recovery of tourism. However, they forecast that it will slow down in 2023, and only grow by 1.9%, which will still be almost one point more than the forecast for the rest of Spain.
The successful recovery of tourism has led BBVA Research to revise upwards, or maintain in some cases, the growth forecast for 2022 for all regions of Spain, except Extremadura and Galicia, while lowering the forecast for all of them next year.
According to the BBVA Regional Observatory report published yesterday (Monday), the forecast for this year is growing for Andalusia, Asturias, the Balearic Islands, the Canary Islands, Castilla-La Mancha, Catalonia, the Valencian Community, and Madrid; whereas Aragón, Cantabria, Castilla y León, Murcia, Navarra, the Basque Country, and La Rioja were maintained, and Extremadura and Galicia have fallen.
This analysis predicts that the Canary Islands (9.3%) and the Balearic Islands (8%) will be the ones that have the biggest growth this year, followed by the Community of Madrid (4.7%) and Catalonia (4.4%).
The President of the Canary Islands Government, Ángel Víctor Torres, emphasized that these data reflect the "strength" of the Canarian economy for the coming months, “Especially as we were the region most affected by the pandemic, and then the economic crisis. We are on the road to recovery in a very short time," he said.
