2011

In 2011, the Canary Islands were deeply affected by the global economic crisis that had begun in 2008. This crisis, originating in international financial markets, had a significant impact on tourism, one of the main pillars of the Canary economy. The decline in tourism, due to reduced purchasing power in Europe, led to a drop in revenue and an increase in unemployment across the archipelago. The construction sector, which had experienced a boom in previous years, also suffered a significant slowdown. Unemployment rates reached alarming levels, particularly affecting young people. The crisis highlighted the vulnerability of the Canary economy, highly dependent on tourism and imports, and underscored the need to diversify its economy to mitigate future global economic impacts.