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CANARIES FLYING Tourism Now Accounts For 35% Of Total Economy

Tuesday July 24, 2018

CANARIES FLYING Tourism Now Accounts For 35% Of Total Economy

A new report reveals that the tourist sector has grown by 6% per year since 2010, banking a record breaking 15,573 Million euros in 2017 in the process….

The full scale of the tourism boom in the Canary Islands over the last eight years is revealed this week as a new report, IMPACTUR Canarias 2017, outlines annual growth of 6% per annum and incremental income for the local economy of 774 Million euros annually.

The report identifies the tourist sector as the main engine of growth in the Canarian economy since 2010 and quantifies its contribution as equivalent to 35.2% of total GDP across the archipelago.

Income from the tourist sector amounted to a record breaking 15,573 million euros in 2017, a figure which is up on 2016’s GDP figure by 7.4%.

This boom has resulted in more employment, but the concern now is whether further growth is sustainable in light of various market challenges.  Such as the resurgence of competitor destinations in the Middle East, Brexit and the upward trend in oil prices, which could impact low cost airlines in particular, all set against the backdrop of a relentless growth in tourist demand worldwide and the digital transformation of the economy.

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