The Canary Islands reaffirm themselves in 2024 as the autonomous community with the lowest per capita public debt in Spain, a figure that highlights the strength of the archipelago’s economic management and represents a significant milestone on the national stage. By the end of 2023, the debt per inhabitant stood at €2,928.13, a figure significantly lower than the national average of €6,745.64. This achievement is the result of a rigorous and sustainability-oriented financial management strategy, which has contained debt without compromising investments or essential public services.
An additional acknowledgment of this policy comes from the rating agency Standard & Poor’s, which in 2024 confirmed an ‘A’ rating for the Canary Islands, the same as that assigned to the Spanish central government. The stable outlook, maintained uninterruptedly since March 2022, underscores the region's ability to maintain a balanced budget even in a global economic context marked by uncertainty and instability. According to S&P’s report, the key factors supporting this outcome include low debt levels relative to the regional GDP, an exceptional liquidity position ensuring financial flexibility, and sustained economic recovery driven largely by the tourism sector and gradual economic diversification.
Data from the Bank of Spain shows that the Canary Islands' public debt accounts for 11.2% of regional GDP, one of the lowest rates among all Spanish autonomous communities, confirming the effectiveness of policies aimed at limiting debt and maintaining fiscal sustainability. The archipelago's strong economic recovery, supported by steadily growing tourism and initiatives to develop innovative sectors such as renewable energy and digitalization, has contributed to consolidating these results.
In 2024, tourism, the cornerstone of the Canary Islands' economy, continues to show excellent results thanks to a strategy aimed at increasing tourists' per capita spending and improving the quality of offerings. Investments in infrastructure and technology are fostering a transition towards a more diversified economy. This combination of prudent fiscal policies and economic growth positions the Canary Islands as a virtuous model for other Spanish autonomous communities, proving that financial stability can be achieved without sacrificing necessary development investments.
Looking ahead, the Canary Islands' economy seems poised to further strengthen its position through a combination of prudent fiscal policies and adaptability to international changes. Globally, factors such as rising energy costs, geopolitical tensions, and challenges related to the green and digital transitions could impact markets. However, the Canary Islands, with their ability to attract strategic investments, are well-positioned to face these challenges. Overall, the archipelago is well-equipped to maintain stable and resilient growth. Nevertheless, future success will depend on balancing global economic dynamics with local specificities, turning international challenges into new development opportunities.