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economy fuerteventura

Fuerteventura economy

Inflation, housing prices and low wages condemn many majoreros to precariousness.

The economic model, based on the monoculture of tourism in more than 70% of GDP, makes Fuerteventura head towards a situation of social tension.
The Canarian economy grew by 8.2% in 2022, while the Spanish economy grew by 5.5%, according to data from the Quarterly Accounting of the Canary Islands published in January by the Canary Islands Institute of Statistics (ISTAC), an agency under the Ministry of Finance, Budgets and European Affairs.


In this sense, the macroeconomic data of the island of Fuerteventura show that the economic engine of an island, where almost 70% of GDP depends on it, is still tourism. In this way, tourism revenues left 614.1 million euros last year in Fuerteventura.


The Canaries are impoverished


In contrast to these data of wealth generation, the model, although it continues to create employment, continues to generate these jobs in a precarious situation for the Canaries. Inflation, house prices and low wages make the Canary Islands one of the three Spanish communities that were furthest from the average adjusted GDP per capita in the EU.


GDP per capita is the calculation resulting from dividing the GDP of a territory by the number of inhabitants. The value of this formula is to know the standard of living of the population and their material well-being. That is, it is an indirect measure of the quality of life of the population in a given economy.


Historically, the Canary Islands have never exceeded the national average of GDP per capita and what it has done throughout this century has been to decrease compared to the starting figure of the year 2000, when the INE began to make the calculation. In 2021, the islands recorded the second worst per capita index. While the national average stood at 25,498 euros per inhabitant and that of the European Union at 32,430 euros, that of the Canary Islands remained at 18,990.


Increases overall GDP but not people (GDP per capita)

In contrast to this data, the archipelago did register a positive percentage, which is the annual growth rate of GDP in terms of volume. The wealth of what is generated in the Islands increased by 8.2%, the largest increase nationally after the Balearic Islands.
The comparison of both data show that although the Gross Domestic Product increases in the islands, this benefit is not projected in the per capita data. A comparison of El País of the indicator between 2000 and 2021 reflects that both archipelagos, whose economies are strongly linked to the tourism sector, are the ones that have registered the greatest loss of GDP per capita.


No solution in Fuerteventura


The trend in Fuerteventura is the line marked by recent years. To the difficulty in the development of alternative industries to enrich the productive fabric are added factors "political, or simply of opinion", for the possibility of developing alternative industries that improve the quality of life of the majoreros.

"It is true that there are those who live lost in a denial of development, there are politicians who live in the 90s, when the real estate boom, but the world has changed, there are other things to do, but above all you have to take care of people," says Fernando Swartz, a sociologist based in the south of the island.
link to article for chart
Living my dream
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