Canarias Economic Outlook 2020

Summary

After growing 2.4% in 2018, the economy of Canarias could have grown by 1.5% in 2019. It will advance by 1.1% in 2020 and 1.8% in 2021, reducing the unemployment rate to 19.3% in 2021. This would lead to the creation of 38,000 jobs in the biennium, but the risks are down

Key points

• Key points:
• The economy of Canarias could reduce the unemployment rate to 19.3% in 2021
• The less vigorous economy, together with a relatively more dynamic demography, will slow down the progress of income convergence during this biennium
• Various sources of uncertainty, external and internal, bias the scenario downwards. Duration of coronavirus shock may be key for the tourism sector

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