Labour costs
Tenerife offers an attractive business environment, with highly competitive labour and operating costs in a low-risk area within the European Union.
Labour costs in Spain, both in annual averages and in gross terms per hour, are 21% lower than the European Union average (EU-28), reaching a cost differential of 60% with respect to the Nordic countries.
Within Spain, average labour costs in the Canary Islands and Tenerife are among the lowest, offering significant savings compared to the main capitals.
Average total labour costs per employee in Spain and Tenerife, €
Fuente: INE, Segundo trimestre de 2018
National Total | Tenerife | Difference | |
Industry | 3.135 | 2.453 | 21,8% |
Construction | 2.721 | 2.324 | 14,6% |
Services | 2.497 | 2.201 | 11,8% |
Source: National Statistics Institute, Second quarter of 2018.