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INFORME ANUAL DE LA ECONOMÍA CANARIA പ CANARY ISLANDS ECONOMY ANNUAL REPORT Como viene siendo tradicional, la Confederación Canaria de Empresarios presentó a mediados de As in previous years, the Confederación Canaria de ϮϬϭϮ ĂŶƚĞ ůĂƐ ŝŶƐƟƚƵĐŝŽŶĞƐ ƉƷďůŝĐĂƐ͕ ůŽƐ ŵĞĚŝŽƐ ĚĞ Empresarios presented its Annual Report on the ĐŽŵƵŶŝĐĂĐŝſŶ LJ ůĂ ƐŽĐŝĞĚĂĚ ĐĂŶĂƌŝĂ ĞŶ ŐĞŶĞƌĂů͕ ůĂƐ ƌĞŐŝŽŶĂů ĞĐŽŶŽŵLJ ƚŽ ƚŚĞ ƉƵďůŝĐ ŝŶƐƟƚƵƟŽŶƐ͕ ŵĞĚŝĂ ĐŽŶĐůƵƐŝŽŶĞƐ ĚĞ ƐƵ /ŶĨŽƌŵĞ ĚĞ ůĂ ĐŽŶŽŵşĂ ĂŶĂƌŝĂ and Canary Island society in general in the summer of ƉĂƌĂĞůĂŹŽϮϬϭϭĚŽŶĚĞƐĞĞdžƉƵƐŝĞƌŽŶůĂƐĐůĂǀĞƐƋƵĞ 2012. This latest Canary Island Economy Annual Report ŚĂŶ ŵĂƌĐĂĚŽ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ĂŶĂƌŝĂƐ ĚƵƌĂŶƚĞ Ğů covered the key factors in the economic development pasado ejercicio. of the Archipelago in 2011. De este modo, la Confederación Canaria de dŚĞƉƵďůŝĐĂƟŽŶŽĨƚŚŝƐĚŽĐƵŵĞŶƚƌĞĂĸƌŵĞĚƚŚĞƌŽůĞ ŵƉƌĞƐĂƌŝŽƐ ƐĞ ŚĂĐĞ ƉĂƌơĐŝƉĞ ĚŝƌĞĐƚŽ ĚĞů ĚĞďĂƚĞ of the Confederación Canaria de Empresarios as ĞĐŽŶſŵŝĐŽ ĂƉŽƌƚĂŶĚŽ ƐƵ ǀŝƐŝſŶ ƐŽďƌĞ ůĂƐ ƌĂnjŽŶĞƐ ĂŶ ĂĐƟǀĞ ƉĂƌƟĐŝƉĂŶƚ ŝŶ ƌĞŐŝŽŶĂů ĞĐŽŶŽŵŝĐ ĚĞďĂƚĞ͕ ƋƵĞŚĂŶĐŽŶĚŝĐŝŽŶĂĚŽůĂĞǀŽůƵĐŝſŶĚĞůŽƐƉƌŝŶĐŝƉĂůĞƐ ǁŝƚŚ ŝƚƐ ĂŶĂůLJƐŝƐ ŽĨ ƚŚŽƐĞ ĨĂĐƚŽƌƐ ƚŚĂƚ ŚĂǀĞ ĂīĞĐƚĞĚ ĂŐƌĞŐĂĚŽƐĚĞŶƵĞƐƚƌĂƉƌŽĚƵĐĐŝſŶƌĞŐŝŽŶĂů͘ ƚŚĞ ĞǀŽůƵƟŽŶ ŽĨ ƚŚĞ ŵĂŝŶ ĂŐŐƌĞŐĂƚĞƐ ŝŶ ƌĞŐŝŽŶĂů ŶůşŶĞĂĐŽŶůŽĂŶƚĞƌŝŽƌ͕LJƉŽƌƐĠƉƟŵŽĂŹŽĐŽŶƐĞĐƵƟǀŽ͕ ƉƌŽĚƵĐƟŽŶŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͘ ƉƌĞƐĞŶƚĂŵŽƐ Ğů ƐŝŐƵŝĞŶƚĞ ĚŽĐƵŵĞŶƚŽ ƋƵĞ ƌĞƚŽŵĂ Ɛ ƉĂƌƚ ŽĨ ƚŚŝƐ ĂĐƟǀŝƚLJ͕ ǁĞ ŶŽǁ ƉƌĞƐĞŶƚ͕ ĨŽƌ ƚŚĞ ŶƵĞǀĂŵĞŶƚĞ ůĂƐ ĐŽŶĐůƵƐŝŽŶĞƐ LJĂ ĞdžƉƵĞƐƚĂƐ ĐŽŶ Ğů ƐĞǀĞŶƚŚ ĐŽŶƐĞĐƵƟǀĞ LJĞĂƌ͕ ƚŚĞ ŶŐůŝƐŚ ƚƌĂŶƐůĂƟŽŶ ŽĨ ǀĂůŽƌĂŹĂĚŝĚŽƋƵĞŝŵƉůŝĐĂƐƵƚƌĂĚƵĐĐŝſŶĂůŝŶŐůĠƐ͕ƵŶĂ ƚŚĞĐŽŶĐůƵƐŝŽŶƐŽĨƚŚĞŶŶƵĂůZĞƉŽƌƚ͘dŚŝƐƚƌĂŶƐůĂƟŽŶ ĐĂƌĂĐƚĞƌşƐƟĐĂƋƵĞƐŝŶĚƵĚĂƐƵƉŽŶĞƵŶĂǀĂŶĐĞŵĄƐƋƵĞ ŝŶƚŽ ŶŐůŝƐŚ ĐŽŶƚƌŝďƵƚĞƐ ĂĚĚĞĚ ǀĂůƵĞ͕ ƌĞƉƌĞƐĞŶƟŶŐ͕ ƐƵƐƚĂŶĐŝĂů ĞŶ Ğů ĂƐƉĞĐƚŽ ĚŝǀƵůŐĂƟǀŽ ƋƵĞ ĐĂƌĂĐƚĞƌŝnjĂ ĂƐ ŝƚ ĚŽĞƐ͕ ĂƐ Ă ƐŝŐŶŝĮĐĂŶƚ ƐƚĞƉ ĨŽƌǁĂƌĚ ŝŶ ƚŚĞ ƐŝĞŵƉƌĞŶƵĞƐƚƌĂƐƉƵďůŝĐĂĐŝŽŶĞƐ͘ ĚŝƐƐĞŵŝŶĂƟŽŶ ŽĨ ŝŶĨŽƌŵĂƟŽŶ͕ ĂŶ ĂůůͲŝŵƉŽƌƚĂŶƚ ĨĂĐĞƚ ů ĚŽĐƵŵĞŶƚŽ ƋƵĞ ƉƌĞƐĞŶƚĂŵŽƐ ĞŶ ĞƐƚĂ ŽĐĂƐŝſŶ ƐĞ ŽĨŽƵƌƉƵďůŝĐĂƟŽŶƐ͘ ŚĂ ĞůĂďŽƌĂĚŽ ĐŽŶ ůĂ ĐŽůĂďŽƌĂĐŝſŶ ĚĞ ŽĐŚŽ ĂůƵŵŶƵƐ The document we wish to present now is the fruit of ĚĞ ƷůƟŵŽ ĐƵƌƐŽ ĚĞ dƌĂĚƵĐĐŝſŶ͕ /ŶƚĞƌƉƌĞƚĂĐŝſŶ LJ ƚŚĞŝŶŝƟĂƟǀĞĚĞŵŽŶƐƚƌĂƚĞĚďLJĞŝŐŚƚĮŶĂůLJĞĂƌƐƚƵĚĞŶƚƐ ŽŵƵŶŝĐĂĐŝſŶĚĞůĂh>W'͕ďĂũŽůĂĐŽŽƌĚŝŶĂĐŝſŶĚĞůĂ ĨƌŽŵƚŚĞdƌĂŶƐůĂƟŽŶ͕/ŶƚĞƌƉƌĞƟŶŐĂŶĚŽŵŵƵŶŝĐĂƟŽŶ profesora Heather Adams, en el marco del convenio Faculty of the ULPGC, under the supervision of Heather ĚĞĐŽůĂďŽƌĂĐŝſŶƋƵĞƟĞŶĞƐƵƐĐƌŝƚŽĞƐƚĂŽŶĨĞĚĞƌĂĐŝſŶ ĚĂŵƐ͕ ĂŶĚ ŽĨ ƚŚĞ ůŽŶŐͲƐƚĂŶĚŝŶŐ ĐŽůůĂďŽƌĂƟŽŶ ĐŽŶ ůĂ hŶŝǀĞƌƐŝĚĂĚ ĚĞ >ĂƐ WĂůŵĂƐ ĚĞ 'ƌĂŶ ĂŶĂƌŝĂ ĂŐƌĞĞŵĞŶƚĨŽƌǁŽƌŬƉůĂĐĞŵĞŶƚŽƉƉŽƌƚƵŶŝƟĞƐďĞƚǁĞĞŶ LJ ůĂ &ƵŶĚĂĐŝſŶ hŶŝǀĞƌƐŝƚĂƌŝĂ ĚĞ >ĂƐ WĂůŵĂƐ ƉĂƌĂ Ğů the Confederación Canaria de Empresarios, the ĚĞƐĂƌƌŽůůŽĚĞƉƌŽŐƌĂŵĂƐĚĞƉƌĄĐƟĐĂƐĐƵƌƌŝĐƵůĂƌĞƐĚĞ University of Las Palmas de Gran Canaria and the ĂůƵŵŶŽƐƵŶŝǀĞƌƐŝƚĂƌŝŽƐ͘ hŶŝǀĞƌƐŝƚLJ&ŽƵŶĚĂƟŽŶŽĨ>ĂƐWĂůŵĂƐ͘ ^ŝƌǀĂŶ ĂĚĞŵĄƐ ĞƐƚĂƐ ůşŶĞĂƐ ƉĂƌĂ ĂŐƌĂĚĞĐĞƌ ůĂ ůĂďŽƌ We would therefore like to acknowledge the work and ĚĞDŝŐƵĞůdƌƵũŝůůŽ&ĞƌŶĄŶĚĞnj͕ůĞŶĂZŽŵĞƌŽŽƌĞƐƚĞ͕ professionalism shown by Miguel Trujillo Fernández, ŚƌŝƐƟĂŶ :ŽƐĠ dĂĚĞŽ ZĂŵŽƐ͕ >ĂƵƌĂ ƐƚĞĨĂŶşĂ ^ƵĄƌĞnj͕ ůĞŶĂ ZŽŵĞƌŽ ŽƌĞƐƚĞ͕ ŚƌŝƐƟĂŶ :ŽƐĠ dĂĚĞŽ ZĂŵŽƐ͕ ůĞŶĂ 'ĂƌďŝƐƵ ƌŽĐŚĂ͕ ^ŝdžƚŽ ůŽŶƐŽ ŽŶŝůůĂ ĂŶĚ :ŽƐĞ Laura Estefanía Suárez, Elena Garbisu Arocha, Sixto ƚĐŚĞŶ,ĞƌŶĄŶĚĞnj͘ ůŽŶƐŽŽŶŝůůĂĂŶĚ:ŽƐĞƚĐŚĞŶ,ĞƌŶĄŶĚĞnj͘ Conclusiones 1. La Economía Internacional 11 2. Breve aproximación a la evolución macroeconómica de España durante 2011 43 3. La Economía Canaria 73 3.1. Actividad, empleo y contratación 75 0UÅHJP}U`JVTWL[P[P]PKHK 111 3.3 Análisis sectorial 118 3.4. Algunas claves acerca del desarrollo socioeconómico de las provincias. 154 3.5. Principales rasgos del crecimiento insular 163 4. Consideraciones generales sobre el crecimiento de la economía de España y de Canarias durante los próximos años. 183 Conclusions 1. International Economy 11 2. Brief explanation of the Spanish macroeconomic evolution during 2011 43 3. The Canary Islands economy 73 3.1. Economic Activity, employment and contract types 75 0UÅH[PVUHUKJVTWL[P[P]LULZZ 111 3.3. Sectorial analysis. 118 3.4. Some key factors in the social and economic development of the provinces of the Canary Islands. 154 3.5 Main characteristics of economic growth in the Canary Islands. 163 4. General considerations of economic growth of Spain and Canary Islands over the next few years. 183 CONCLUSIONES “Lo que puede pensarse, puede ser” Parménides de Elea, siglo V a.C. CONCLUSIONS “What can be thought, can be done” Parmenides of Elea, 5th century BC. LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1 dƌĂƐ ŚĂďĞƌ ŵŽƐƚƌĂĚŽ ƐşŶƚŽŵĂƐ ĞǀŝĚĞŶƚĞƐ ĚĞ ƌĞĐƵƉĞ- ƌĂĐŝſŶ ĚƵƌĂŶƚĞ ϮϬϭϬ͕ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ ĞĐŽŶŽŵşĂ ŵƵŶĚŝĂůĞdžƉĞƌŝŵĞŶƚſƵŶĐůĂƌĂĚĞƐĂĐĞůĞƌĂĐŝſŶĚƵƌĂŶƚĞ ϮϬϭϭ͕ƋƵĞĞƐƚƵǀŽŵĂƌĐĂĚĂƉŽƌůŽƐŶƵŵĞƌŽƐŽƐĐŽŶĚŝ- ŌĞƌ ƐŚŽǁŝŶŐ ŽďǀŝŽƵƐ ƐLJŵƉƚŽŵƐ ŽĨ ƌĞĐŽǀĞƌLJ ŝŶ ϮϬϭϬ͕ ĐŝŽŶĂŶƚĞƐƋƵĞĂƷŶƉĞƌƐŝƐơĂŶĞŶĞůĐŽŶƚĞdžƚŽŝŶƚĞƌŶĂ- the growth of the world economy has experienced a clear ĐŝŽŶĂů͕ƉĞƌŽŵƵLJĞƐƉĞĐŝĂůŵĞŶƚĞ͕ƉŽƌĞůĂŐƌĂǀĂŵŝĞŶƚŽ ĚĞĐĞůĞƌĂƟŽŶ ŝŶ ϮϬϭϭ͘ dŚŝƐ ĞĐŽŶŽŵŝĐ ƐůŽǁĚŽǁŶ ŚĂƐ ďĞĞŶ ĚĞůĂĐƌŝƐŝƐĞŶůĂŽŶĂĞƵƌŽ͘ ĐŚĂƌĂĐƚĞƌŝnjĞĚďLJƚŚĞŶƵŵĞƌŽƵƐĚĞƚĞƌŵŝŶŝŶŐĨĂĐƚŽƌƐƚŚĂƚƐƟůů ĞdžŝƐƚĞĚŝŶƚŚĞŝŶƚĞƌŶĂƟŽŶĂůĐŽŶƚĞdžƚ͕ƉĂƌƟĐƵůĂƌůLJďĞĐĂƵƐĞŽĨ Ciertamente, aspectos como el elevado nivel de des- the worsening of the Euro area crisis. ĞŵƉůĞŽŽĞůĞŶĐĂƌĞĐŝŵŝĞŶƚŽĚĞůƉĞƚƌſůĞŽLJŽƚƌĂƐŵĂ- ƚĞƌŝĂƐƉƌŝŵĂƐ͕ƐƵƉŽŶşĂŶĨĂĐƚŽƌĞƐĚĞƌŝĞƐŐŽƋƵĞƉŽĚşĂŶ Certainly, factors such as the high level of unemployment ĐŽŶĚŝĐŝŽŶĂƌ ůĂ ĨĂƐĞ ĚĞ ƌĞĐƵƉĞƌĂĐŝſŶ ĚĞ ůĂ ĞĐŽŶŽŵşĂ or the increasing price of oil and other raw materials were ŵƵŶĚŝĂů͕ ƉĞƌŽ ƐŝŶ ĚƵĚĂ Ğů ĂŐƌĂǀĂŵŝĞŶƚŽ ƋƵĞ ĞdžƉĞƌŝ- risk factors that could determine the recovery phase of the ŵĞŶƚſůĂĐƌŝƐŝƐĞŶůĂnjŽŶĂĚĞůĞƵƌŽĂƉĂƌƟƌĚĞůĐƵĂƌƚŽ world economy. And undoubtedly, the worsening of the Euro trimestre de 2011 ha sido especialmente relevante, ĂƌĞĂĐƌŝƐŝƐƐƚĂƌƟŶŐĨƌŽŵƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌŽĨϮϬϭϭŚĂƐďĞĞŶ ĚĂĚŽůŽƐĞĨĞĐƚŽƐĚĞĐŽŶƚĂŐŝŽƋƵĞƐĞŚĂŶƚƌĂŶƐŵŝƟĚŽĂ ƉĂƌƟĐƵůĂƌůLJƌĞůĞǀĂŶƚ͕ƐŝŶĐĞŝƚŚĂƐƐƉƌĞĂĚƚŽŽƚŚĞƌƉĂƌƚƐŽĨƚŚĞ ŽƚƌĂƐƉĂƌƚĞƐĚĞůŵƵŶĚŽ͘ world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abla 1.1 Table 1.1 11 CONCLUSIONES CONCLUSIONS 2011 ŶĞůĐŽŶũƵŶƚŽĚĞůĂĞƵƌŽnjŽŶĂ͕ůĂƐŝŶƋƵŝĞƚƵĚĞƐĞŶƚŽƌ- ŶŽĂůĂƐƉĠƌĚŝĚĂƐĚĞůƐĞĐƚŽƌďĂŶĐĂƌŝŽLJůĂƐŽƐƚĞŶŝďŝůŝĚĂĚ ĮƐĐĂůƉƌŽƉŝĐŝĂƌŽŶƵŶĂƌĞǀŝƐŝſŶĂůĂůnjĂĞŶůĂƐƉƌŝŵĂƐĚĞ ƌŝĞƐŐŽĚĞůĂĚĞƵĚĂƐŽďĞƌĂŶĂ͕ŶŽƐŽůŽĞŶĂƋƵĞůůŽƐƉĂş- ƐĞƐƋƵĞŚĂďşĂŶƐŝĚŽŽďũĞƚŽĚĞƌĞƐĐĂƚĞ͕ƐŝŶŽƚĂŵďŝĠŶ ĞŶƐƉĂŹĂ͕/ƚĂůŝĂLJŽƚƌŽƐƋƵĞ͕ŚĂƐƚĂĞŶƚŽŶĐĞƐ͕ŚĂďşĂŶ In the Eurozone, concerns about banking sector losses and ůŽŐƌĂĚŽ ĐĂƉĞĂƌ ůŽƐ ĂƚĂƋƵĞƐ ĚĞů ŵĞƌĐĂĚŽ͕ ĐŽŵŽ ƐŽŶ ĮƐĐĂů ƐƵƐƚĂŝŶĂďŝůŝƚLJ ůĞĚ ƚŽ ĂŶ ƵƉǁĂƌĚ ƌĞǀŝƐŝŽŶ ŝŶ ƐŽǀĞƌĞŝŐŶ &ƌĂŶĐŝĂŽĠůŐŝĐĂ͘ ďŽŶĚƌŝƐŬƉƌĞŵŝƵŵƐ͘dŚŝƐƐŝƚƵĂƟŽŶĞdžŝƐƚĞĚŶŽƚŽŶůLJŝŶƚŚŽƐĞ >ĂĐƌŝƐŝƐĂĚŽƉƚſƚĂůŵĂŐŶŝƚƵĚƋƵĞŽďůŝŐſŝŶĐůƵƐŽĂƌĞǀŝ- countries that had been rescued, but also in Spain and Italy, ƐĂƌĂůĂďĂũĂůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞƉĂƌĂ and others, such as France or Belgium, which had been able ĞƐĞŵŝƐŵŽĂŹŽǀĞŶşĂŶŵĂŶĞũĂŶĚŽŽƌŐĂŶŝƐŵŽƐŝŶƚĞƌ- ƚŽǁĞĂƚŚĞƌƚŚĞŵĂƌŬĞƚĂƩĂĐŬƐ͘ ŶĂĐŝŽŶĂůĞƐĐŽŵŽĞů&D/͕Ğů͕ůĂŽŵŝƐŝſŶƵƌŽƉĞĂ LJůŽƐƉƌŽƉŝŽƐŐŽďŝĞƌŶŽƐŶĂĐŝŽŶĂůĞƐ͕ƚĂŶƚŽƉĂƌĂĞůƌĞĂ dŚĞĞdžƚĞŶƚŽĨƚŚĞĐƌŝƐŝƐƌĞƋƵŝƌĞĚĂĚŽǁŶǁĂƌĚƌĞǀŝƐŝŽŶŽĨƚŚĞ ĞƵƌŽĐŽŵŽƉĂƌĂůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂůĞŶƐƵĐŽŶũƵŶƚŽ͘ ŐƌŽǁƚŚƉƌŽƐƉĞĐƚƐƚŚĂƚŝŶƚĞƌŶĂƟŽŶĂůŝŶƐƟƚƵƟŽŶƐ͕ƐƵĐŚĂƐƚŚĞ /D&͕ƚŚĞĂŶĚƚŚĞƵƌŽƉĞĂŶŽŵŵŝƐƐŝŽŶ͕ĂŶĚƚŚĞŶĂƟŽŶĂů >ĂƐƵŵĂĚĞĞĨĞĐƚŽƐĚĞƌŝǀĂĚŽƐĚĞůŽƐŵĂLJŽƌĞƐĐŽƐƚĞƐ governments themselves predicted for that very same year ƉĂƌĂ ůĂ ĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞů ĐƌĠĚŝƚŽ ƋƵĞ ƐƵƉŽŶşĂ Ğů ƌĞ- for both the Euro area and the world economy. ƉƵŶƚĞĚĞůĂƌĞŶƚĂďŝůŝĚĂĚĚĞůĂĚĞƵĚĂLJůĂƐĂŵĞŶĂnjĂƐ ĚĞƵŶĂŶƵĞǀĂƌĞĐĞƐŝſŶĞŶƵƌŽƉĂ͕ĂƚĞŵƉĞƌĂƌŽŶĞůƌŝƚ- dŚĞƐƵŵŽĨƚŚĞĐŽŶƐĞƋƵĞŶĐĞƐŽĨƚŚĞŚŝŐŚĞƌĐŽƐƚƐĨŽƌĐƌĞĚŝƚ ŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĞŶĞůĐŽŶũƵŶƚŽĚĞůĂƐĞĐŽŶŽŵşĂƐ availability led to the rally of the bond yield and the threats ĂǀĂŶnjĂĚĂƐLJƉƌŽǀŽĐſƵŶƌĞƚƌĂŝŵŝĞŶƚŽĞŶůŽƐŇƵũŽƐĚĞ ŽĨĂŶĞǁƵƌŽƉĞĂŶƌĞĐĞƐƐŝŽŶ͘dŚĞƐĞĐŽŶƐĞƋƵĞŶĐĞƐůĞƐƐĞŶĞĚ ĐĂƉŝƚĂůŚĂĐŝĂĞĐŽŶŽŵşĂƐĞŵĞƌŐĞŶƚĞƐ͘ the growth rate of the advanced economies and to cause a ǁŝƚŚĚƌĂǁĂůŽĨƚŚĞĐĂƉŝƚĂůŇŽǁƐĨƌŽŵĞŵĞƌŐŝŶŐĞĐŽŶŽŵŝĞƐ͘ De este modo, el avance económico en el contexto in- ƚĞƌŶĂĐŝŽŶĂůƐĞƌĞƐŝŶƟſ͕LJƚƌĂƐĐƌĞĐĞƌĂƵŶƌŝƚŵŽĚĞůϱ͕ϯй dŚƵƐ͕ĞĐŽŶŽŵŝĐŐƌŽǁƚŚƐƵīĞƌĞĚŝŶĂŶŝŶƚĞƌŶĂƟŽŶĂůĐŽŶƚĞdžƚ͘ ĚƵƌĂŶƚĞϮϬϭϬ͕ůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂůĮŶĂůŵĞŶƚĞĂŵŝŶŽ- ŶĚ ĂŌĞƌ ĞdžƉĂŶĚŝŶŐ Ăƚ Ă ƌĂƚĞ ŽĨ ϱ͘ϯй ŝŶ ϮϬϭϬ͕ ƚŚĞ ǁŽƌůĚ ƌſƐƵĂǀĂŶĐĞĚƵƌĂŶƚĞϮϬϭϭ͕ŚĂƐƚĂĞůϯ͕ϵƉŽƌĐŝĞŶƚŽ͘ ĞĐŽŶŽŵLJƉƌŽŐƌĞƐƐĨĞůůŝŶϮϬϭϭƚŽϯ͘ϵƉĞƌĐĞŶƚ͘ $"#"$"#$ *"" )"" ("" '"" &"" %"" $"" #"" """ $"#" $"#$ .YmÄJV Graph 1.1 12 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1 ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƐĞĐŽŶŽŵşĂƐĂǀĂŶnjĂĚĂƐŚĂŶƐŝĚŽ ůĂƐŵĄƐƉĞƌũƵĚŝĐĂĚĂƐĂůƌĞĚƵĐŝƌ͕ƉƌĄĐƟĐĂŵĞŶƚĞĂůĂŵŝ- ƚĂĚ͕ĞůƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞŚĂďşĂŶůŽŐƌĂĚŽƌĞŐŝƐ- ƚƌĂƌĚƵƌĂŶƚĞϮϬϭϬ͘ WŽƌƐƵƉĂƌƚĞ͕ůĂƐĞĐŽŶŽŵşĂƐĞŵĞƌŐĞŶƚĞƐ͕ĂƚĞŵƉĞƌĂƌŽŶ /ŶƚŚŝƐĐŽŶƚĞdžƚ͕ƚŚĞĂĚǀĂŶĐĞĚĞĐŽŶŽŵŝĞƐŚĂǀĞƐƵīĞƌĞĚƚŚĞ ůĂŝŶƚĞŶƐŝĚĂĚĚĞƐƵƌĞĐƵƉĞƌĂĐŝſŶĚƵƌĂŶƚĞϮϬϭϭ͕ĂƵŶ-