The GDP of the Canary Islands grows twice as much as the average in 2022

The Canarian economy grew by 12.

The GDP of the Canary Islands grows twice as much as the average in 2022

The Canarian economy grew by 12.2% during the first quarter of 2022, compared to the same period of the previous year, according to data from the Quarterly Accounting of the Autonomous Community, prepared by the Canary Institute of Statistics. This percentage practically doubles that registered at the state level, which was 6.4%.

The Government's Vice President and Minister for Finance, Budgets and European Affairs, Román Rodríguez, highlighted the intensity of the economic recovery that the Canary Islands are experiencing, despite an international context characterized by supply problems in global chains, the effects of the Russian invasion of Ukraine and inflationary tensions. An intensity, however, that will be conditioned by these uncertainties.

According to ISTAC data, the Canarian economy also grew by 0.5% compared to the immediately previous quarter, while the increase at the state level was 0.3%.

All the Canarian economic sectors registered increases compared to 2021, especially the services sector, with an increase of 14.2%, followed by agriculture, with 2.5%; industry, with 1.9%, and construction, with 1.3%.

Román Rodríguez explained that, despite all these circumstances, the Canarian economy is showing an "excellent" behavior, which is also derived from the reduction in unemployment, the increase in registered Social Security affiliates during that first quarter and that It has also extended to the month of April or the recovery of tourism to account for a third of the hotel overnight stays registered throughout the State during March.

He also referred to the state leadership in retail trade with an increase of more than 17% and the growth of tax collection in the first quarter of 51.4% compared to the previous year and 11.16% compared to 2019. Specifically, income from IGIC rose 61.9% compared to the first three months of 2021 and 12.6% compared to 2019.

By autonomous communities, Andalusia, Navarra, the Basque Country and Catalonia did not in any case reach 7% growth in relation to the first quarter of last year.


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