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News from the financial sectors in Spain and the Canary Islands
   News from the financial sectors in Spain and the Canary Islands

Chamber of Commerce
Exit from recession!
Tenerife's Chamber of Commerce has issued the most upbeat forecast yet that the Canaries are fast emerging from the recession that has gripped the region in recent years.

08.04.2014 - Business forecasts compiled by the Chamber predict that GDP growth in 2014 will be considerably better than originally anticipated, with the figure as high as 1.5 per cent.  However, at the same time it warns that, despite the positive trend, which was already evident during the last quarter of 2013, unemployment will continue to pose the main threat to economic stability in the islands for the foreseeable future.  It notes also that domestic demand is likely to remain weak until credit starts to flow again, while the construction sector will still be sluggish for some time.  Surveys by the Chamber reveal that 60 per cent of shops expect to maintain or improve their sales figures during the year.

Gallery: Exit from recession!
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