Economy

---

The Canary Islands economy is characterised by the predominance of the tertiary sector, responsible for more than 80% of the total Gross Domestic Product (GDP). Most of the activity in this sector occurs in tourism and commerce.

The Islands have first rate tourist facilities. Their geographical location and enviable climate (known as “the best climate in the world”) with average annual temperatures ranging from 15 to 24ºC, combined with the beauty of the landscapes and the quality of services, have made the Islands one of the top tourism destinations for Europeans. In 2006 the Islands received more than ten million visitors.

The major contribution to the Canary Islands GDP from the primary sector comes from bananas. The Islands are the European Union’s largest banana producer, both in terms of production and the amount of land given over to this crop. Other important products include tomatoes, flowers, potatoes and wine.

Fishing in the Islands has played an essential role in the strategies for economic growth. This is largely due to the location of the Canary Islands ports, some of the most important ports in the Middle Atlantic, at the centre of the Canary Islands-Saharan fishing grounds. Agricultural and fishing production make up the majority of exports from the Islands.

Industrial activity is primarily centred on energy and water, food production, the tobacco industry, other light industry and construction.

As the Canary Islands are part of the European Union, the primary export destinations are other EU member states. In recent years there has been an increase in the percentage of exports to other continents, particularly Africa and Asia. The trade policy of the Canary Islands Government has been aimed at increasing penetration into the markets of West Africa.