The labor market in Canarias has experienced a considerable setback in the second quarter of the year, with the loss of 25,100 jobs. This figure contrasts sharply with the destruction of 2,100 jobs recorded in the same period last year, representing an elevenfold increase in job destruction intensity.
The Active Population Survey (EPA) published this Tuesday reveals that the unemployment rate in the Islands has increased by two tenths, standing at 11.6%. This rise occurs despite a slight decrease in the absolute number of unemployed individuals, which fell from 136,500 to 135,900 people. The primary reason for this increase in the unemployment rate is the reduction in the active population, which decreased by 25,700 people.
Labor flow data indicates that 23,200 previously unemployed individuals found work this quarter. However, this movement does not offset the overall loss of employed persons, as other individuals may have lost their jobs, stopped actively seeking employment, or exited the labor market.
“"Tourism seasonality explains part of the setback. After the winter months and the end of the high tourist season in the Archipelago, employment fluctuations are, to some extent, within the realm of normality."
Employers' associations urge caution in interpreting the data, pointing to tourism seasonality as an explanatory factor. Nevertheless, they emphasize the marked difference compared to the previous year, when job destruction was significantly lower. This situation necessitates a cautious observation of the slowdown in the Canarian economy and the evolution of its main driver, tourism.
Tourism, the main economic engine of Canarias, shows signs of stagnation. Visitor spending is growing below inflation (2.4% versus 3.2%), resulting in a negative real balance. Visitor arrivals are also slowing, and the international context, with conflicts and the weakness of key emitting economies, raises concerns.
“"The EPA shows "generally good data", although it reflects an economy marked by "too much seasonality"."
The president of CEOE Tenerife, Pedro Alfonso, agrees on the loss of economic dynamism and warns about the prospects for 2027, marked by the conclusion of European Next Generation funds and an economic growth forecast of 1%. He considers it necessary to improve productivity and move towards a stable and sustainable economic model.
By sectors, services continue to dominate the labor market (81.8%), although they are losing share. Industry also reduced its participation, while agriculture and construction experienced a slight advance.
Nationally, the data is more positive, with a record number of employed individuals and an unemployment rate that drops to 9.8%.
