SANTA CRUZ DE TENERIFE, May 1. (EUROPA PRESS) –
The Canary Islands President, Fernando Clavijo, has praised the positive beginning of the Canary Islands’ economy in 2024, with a projected annual growth rate of 3.6%, as forecasted by the Independent Authority for Fiscal Responsibility (AIReF).
Speaking to reporters, he expressed satisfaction that both tourism and the economy are performing well, and he expressed optimism that the construction sector will gradually kick off with the approved measures to promote the development of affordable housing.
He emphasized the commitment made during the Conference of Presidents to democratize tourism collectively, ensuring it benefits society as a whole by increasing disposable income.
“Despite the economy’s promising start, we must guarantee that its effects reach the population and translate into higher household income, increased wages, and improved well-being. This is the challenge that we all embraced yesterday, the different levels of government in the Canary Islands, working together with one voice to continue progress in this direction,” he stated.
Additionally, he highlighted that the Council of Ministers, through a royal decree, has removed the cap on tax incentives for the film industry in the archipelago, previously set at 50 million Euros, now with retroactive effect from January 1, 2022.
Clavijo noted that fostering the film and audiovisual sector in the archipelago has been a long-term strategy and aligns with the necessity for growth to enhance the region’s standing.
The lifting of this limit will allow for the attraction of larger projects and the filming of series, as it will enable productions to establish a longer-term presence in the islands, rather than just short visits that contribute comparatively fewer funds.
According to the president, this development is “excellent news” and a “significant achievement” resulting from collaborative efforts between the Government of Spain and local authorities, benefiting the Canary Islands as a whole. “It has been a collective endeavour,” he remarked.
