Unemployment in the Canary Islands drops to lowest level since 2008
According to the latest figures from SEPE, there are currently 201,753 people unemployed in the Canary Islands, but the number of people working has risen to the record number of 833,821 thanks to increased tourism and the end of regional restrictions. Fuerteventura has seen the biggest decrease in the number of unemployed, where almost 20,000 more contracts were signed in March than the previous month.
The hospitality industry is the main reason that there was an increase in employment during the month of March, as the recovery initiated by the tourism sector and the end of the local restrictions after the sixth wave of Covid was felt in the labour market of the islands, whose number of unemployed registered its lowest level since 2008.
The islands ended March with 201,753 people unemployed, which is a decrease of 3,381 people compared to February (-1.65%) and 78,897 in the inter-annual rate (-28%). In comparison, in March of last year, the islands approached the figure of 300,000 unemployed.
In fact, the islands were the region with the biggest drop in unemployment in March, and the second for the year so far, only surpassed by the Balearic Islands.
30% of the decrease was supported by the hospitality industry, with a fall of 1,070 people; next came public administration, with a reduction of 866 people; commerce, with a cut of 541 people; and construction, with 449 less. In the annual rate, the hospitality industry was the main protagonist, with a drop of 24,272 unemployed, by more than 44%; in trade the decrease was 12,651.
INCREASE IN NUMBER OF INDEFINADO CONTRACTS:
In March, Social Security contributors increased by 10,184 people (1.24%) on the islands, which raised the number of people in employment to 833,821, a new record.
The number of self-employed grew by 4.28% in March, reaching 135,094, the highest figure since data began.
The increase in tourism and its influence on the labour market is also evident in the increase in contracts. In March, almost 20,000 more activated than in February (+35.6%) and 85% more than a March last year. In total, 74,797 contracts were closed last month, almost 60% in people between 25 and 45 years old.
Indefinado contracts grew again in March, after the entry of the labour reform. Specifically, 26,058 indefinite agreements were closed, 11,073 more than the previous month, which represents an increase of 73%. Compared to the same month of 2021, the increase is almost 300%.
By sectors, the hospitality industry has accounted for the greatest number of contracts, with almost 40% more and a total of 22,963. In trade, they grew by almost 20%, with 9,842.
By Islands, hiring compared to February 2022 increased on all the islands: El Hierro (49.68%), La Gomera (48.64%), Tenerife (45.19%), Fuerteventura (37.73%), Gran Canaria (30.33%), Lanzarote (22.11%), and La Palma (5.72%).