52,000 new jobs expected in next two years with full recovery by end of 2022
The Canary Islands will create jobs again this year and next year after having destroyed almost 45,000 jobs in 2020, according to estimates from BBVA Research's research service. They estimate that 17,000 will be this year and another 35,000 will be generated in 2022.
In the next two years, the islands will add a total of 52,000 jobs, which will allow it to return to the levels prior to the Covid crisis, when 940,000 people were employed in the archipelago.
In absolute terms, the entity estimates that employment in the islands fell by an annual average of 5% in 2020 compared to 2.8% nationally. It was the second ranked region with the most destruction, only preceded by the Balearic Islands (-7%). For this year, BBVA expects employment to grow 2.4% (1.9% nationally) and 5.1% in 2022 (in the rest of Spain it will be 4.8%).
The report highlights the drop in employment in the islands and tourist areas most dependent on foreigners such as the south of Tenerife and Gran Canaria, with declines that exceed 10%.
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The report also highlights the important role played by the ERTEs for the maintenance of employment and the level of income of citizens, especially in the Canary Islands. It warns that the gradual depletion of ERTEs will moderate the improvement in the coming quarters.