Legal and economic security

LEGAL AND ECONOMIC SECURITY

Tenerife is ranked 14th in the world economy rankings and fourth in the Eurozone economy, which has already experienced four years of growth, the last three with rates of over 3%.

Tenerife is well integrated in the single European market, with all the guarantees of legal certainty, offering competitive labour and operating costs in a low risk environment.

Economic growth

The positive economic growth of the island is mainly due to its modern and flexible business system; and its economic and competitive transparency, which is in the process of diversification.

Diversity of new industries

Sectors related to energy and water, cultural industries, light industries, advanced professional services and digital enterprises have been gaining ground in recent years.

83.5%

Services

7.4%

Construction

Industry

1.1%

Primary sector

+200 foreign companies

More than 200 foreign-owned companies operate in Tenerife, with a significant impact on the local economy. In recent decades, the Canary Islands as a whole have received an annual average of more than 100 million euros in foreign investment, a figure that rose to 187 million in 2017. The number of jobs linked to these companies is around 30,000.