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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 Tabla 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

 



 





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.YmÄJV Graph 1.1

12 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƐĞĐŽŶŽŵşĂƐĂǀĂŶnjĂĚĂƐŚĂŶƐŝĚŽ ůĂƐŵĄƐƉĞƌũƵĚŝĐĂĚĂƐĂůƌĞĚƵĐŝƌ͕ƉƌĄĐƟĐĂŵĞŶƚĞĂůĂŵŝ- ƚĂĚ͕ĞůƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞŚĂďşĂŶůŽŐƌĂĚŽƌĞŐŝƐ- ƚƌĂƌĚƵƌĂŶƚĞϮϬϭϬ͘

WŽƌƐƵƉĂƌƚĞ͕ůĂƐĞĐŽŶŽŵşĂƐĞŵĞƌŐĞŶƚĞƐ͕ĂƚĞŵƉĞƌĂƌŽŶ /ŶƚŚŝƐĐŽŶƚĞdžƚ͕ƚŚĞĂĚǀĂŶĐĞĚĞĐŽŶŽŵŝĞƐŚĂǀĞƐƵīĞƌĞĚƚŚĞ ůĂŝŶƚĞŶƐŝĚĂĚĚĞƐƵƌĞĐƵƉĞƌĂĐŝſŶĚƵƌĂŶƚĞϮϬϭϭ͕ĂƵŶ- most because growth fell by almost half in 2010. ƋƵĞĐŽŶƟŶƵĂƌŽŶĚĂŶĚŽŵƵĞƐƚƌĂƐĚĞŵĂLJŽƌĚŝŶĂŵŝƐ- As for the emerging economies, intensity of their recovery ŵŽ͕ĂůĐĞƌƌĂƌĮŶĂůŵĞŶƚĞĞůĞũĞƌĐŝĐŝŽĐŽŶƵŶĂǀĂŶĐĞĚĞů ŝŶ ϮϬϭϭ ĨĞůů͘ ,ŽǁĞǀĞƌ͕ ƚŚĞLJ ĐŽŶƟŶƵĞĚ ƚŽ ƐŚŽǁ Ă ŐƌĞĂƚĞƌ ϲ͕Ϯй͕ŵƵLJƐƵƉĞƌŝŽƌĂůĐƌĞĐŝŵŝĞŶƚŽƌĞŐŝƐƚƌĂĚŽƉŽƌůŽƐ ĚLJŶĂŵŝƐŵ͕ ƐŝŶĐĞ ƚŚĞLJ ĐůŽƐĞĚ ƚŚĞ ĮƐĐĂů LJĞĂƌ ǁŝƚŚ Ă ϲ͘Ϯй ƉĂşƐĞƐ ŵĄƐ ĚĞƐĂƌƌŽůůĂĚŽƐ ƋƵĞ ĂƉƌĞĐŝĂƌŽŶ ƵŶ ĂǀĂŶĐĞ advance. This is a much higher growth rate compared to that ĚĞůϭ͕ϲй͕ĞŶĐŽŶũƵŶƚŽ͘ ŽĨƚŚĞĚĞǀĞůŽƉĞĚĐŽƵŶƚƌŝĞƐ͕ǁŚŝĐŚƐŚŽǁĞĚĂϭ͘ϲйĂĚǀĂŶĐĞ >ĞũŽƐĚĞŵĞũŽƌĂƌ͕ůĂƐƉƌĞǀŝƐŝŽŶĞƐĂƉƵŶƚĂŶĂƋƵĞĞƐƚĂ as a whole. ĨĂƐĞ ĚĞ ĚĞƐĂĐĞůĞƌĂĐŝſŶ ƐĞ ĂĐĞŶƚƷĞ ĚƵƌĂŶƚĞ ϮϬϭϮ͕ ĐƵĂŶĚŽůĂƐĞĐŽŶŽŵşĂƐĂǀĂŶnjĂĚĂƐƉŽĚƌşĂŶƌĞŐŝƐƚƌĂƌƵŶ &ĂƌĨƌŽŵŝŵƉƌŽǀŝŶŐ͕ĞƐƟŵĂƚĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚŝƐĚĞĐĞůĞƌĂƟŽŶ ĐƌĞĐŝŵŝĞŶƚŽĚĞůϭ͕ϰй͕LJůŽƐƉĂşƐĞƐĞŶĚĞƐĂƌƌŽůůŽ͕ƵŶĂƵ- phase will become worse in 2012. The advanced economies ŵĞŶƚŽĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĚĞůϱ͕ϳƉŽƌĐŝĞŶƚŽ͕ ĐŽƵůĚ ƌĞŐŝƐƚĞƌ Ă ŐƌŽǁƚŚ ƌĂƚĞ ŽĨ ϭ͘ϰй ĂŶĚ ƚŚĞ ĚĞǀĞůŽƉŝŶŐ ĞŶĂŵďŽƐĐĂƐŽƐ͕ŝŶĨĞƌŝŽƌĞƐĂůŽƐŽďƐĞƌǀĂĚŽƐĚƵƌĂŶƚĞ ĐŽƵŶƚƌŝĞƐĐŽƵůĚŝŶĐƌĞĂƐĞƚŚĞŝƌĞĐŽŶŽŵŝĐĂĐƟǀŝƚLJďLJϱ͘ϳƉĞƌ el pasado año. cent. In both cases, the growth rates are inferior to those of the previous year. La desaceleración es el mejor de los escenarios pre- ǀŝƐƚŽƐƉŽƌŽƌŐĂŶŝnjĂĐŝŽŶĞƐĐŽŵŽĞů&D/͕ƋƵĞĐŽŶİĂŶĞŶ ĞĐĞůĞƌĂƟŽŶ ŝƐ ƚŚĞ ďĞƐƚͲĐĂƐĞ ƐĐĞŶĂƌŝŽ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƋƵĞĞŶůĂnjŽŶĂĚĞůĞƵƌŽ͕ĚƵƌĂŶƚĞϮϬϭϮ͕ƐĞƌĞĚŽďůĂƌĄŶ ĞƐƟŵĂƚĞƐĨƌŽŵƐĞǀĞƌĂůŝŶƐƟƚƵƟŽŶƐ͕ƐƵĐŚĂƐƚŚĞ/D&͕ǁŚŽĂƌĞ ůŽƐĞƐĨƵĞƌnjŽƐƉĂƌĂĐŽŵďĂƟƌůĂĐƌŝƐŝƐ͘ ĂƌĞĐŽŶĮĚĞŶƚƚŚĂƚŐƌĞĂƚĞƌĞīŽƌƚƐǁŝůůďĞƐƚĞƉƉĞĚƵƉďLJƚŚĞ ƵƌŽnjŽŶĞŝŶŽƌĚĞƌƚŽĮŐŚƚƚŚĞĐƌŝƐŝƐ͘ ŝĞƌƚĂŵĞŶƚĞ͕ĞŶĞůĐŽŶƚĞdžƚŽŵƵŶĚŝĂů͕ůĂƐĐŽŶĚŝĐŝŽŶĞƐ ĮŶĂŶĐŝĞƌĂƐůŽŐƌĂƌŽŶĂƉƌĞĐŝĂƌƵŶĂƌĞůĂƟǀĂLJĐŽŶƚĞŶŝĚĂ /ŶĂŶŝŶƚĞƌŶĂƟŽŶĂůĐŽŶƚĞdžƚ͕ƚŚĞĮŶĂŶĐŝĂůĐŽŶĚŝƟŽŶƐŝŵƉƌŽǀĞĚ ŵĞũŽƌşĂ͕ ĚƵƌĂŶƚĞ ůŽƐ ƉƌŝŵĞƌŽƐ ŵĞƐĞƐ ĚĞů ĂŹŽ ϮϬϭϮ͕ ƐůŝŐŚƚůLJŽǀĞƌƚŚĞĮƌƐƚŵŽŶƚŚƐŽĨϮϬϭϮ͕ĂůƚŚŽƵŐŚƚŚĞƌĞĂƌĞƐƟůů ĂƵŶƋƵĞůŽƐƚĞŵŽƌĞƐĂƷŶƉĞƌƐŝƐƚĞŶ͘ some fears.

 

  

  
    
 





 









































          




    










          




          










                     

.YmÄJV Graph 1.2

13 CONCLUSIONES CONCLUSIONS 2011

Ŷ ĐƵĂůƋƵŝĞƌ ĐĂƐŽ͕ Ğů ĂǀĂŶĐĞ ƉƌĞǀŝƐƚŽ ƐĞƌĄĂƷŶ ŵƵLJ ƌĞĚƵĐŝĚŽLJŶŽůŽŐƌĂƌĄƌĞĐŽŶĚƵĐŝƌƉůĞŶĂŵĞŶƚĞůĂƐŝƚƵĂ- ĐŝſŶĚĞůĚĞƐĞŵƉůĞŽŵƵŶĚŝĂů͘

WĞƌŽůĂŝŶƚĞŶƐŝĮĐĂĐŝſŶĚĞůĂĐƌŝƐŝƐĞƵƌŽƉĞĂŶŽĞƐĞůƷŶŝ- ĐŽĨĂĐƚŽƌĚĞƌŝĞƐŐŽĂůƋƵĞƐĞĞŶĨƌĞŶƚĂůĂĞĐŽŶŽŵşĂĚĞů /ŶĂŶLJĐĂƐĞ͕ĞƐƟŵĂƚĞĚƉƌŽŐƌĞƐƐǁŝůůďĞǀĞƌLJůŝŵŝƚĞĚĂŶĚŝƚǁŝůů 'ůŽďŽ͘ ŶŽƚďĞĂďůĞƚŽĨƵůůLJƌĞĚŝƌĞĐƚƚŚĞƵŶĞŵƉůŽLJŵĞŶƚƐŝƚƵĂƟŽŶĂůů over the world. >ĂŝŶĐĞƌƟĚƵŵďƌĞƉŽůşƟĐĂƋƵĞŚĂƉƌŽůŝĨĞƌĂĚŽĞŶƚƌĞůĂ ŵĂLJŽƌşĂĚĞůŽƐƉĂşƐĞƐĄƌĂďĞƐƉƌŽĚƵĐƚŽƌĞƐĚĞƉĞƚƌſůĞŽ ƵƚƚŚĞďƵŝůĚͲƵƉŽĨƚŚĞƵƌŽƉĞĂŶĐƌŝƐŝƐŝƐŶŽƚƚŚĞŽŶůLJƌŝƐŬ ƉŽĚƌşĂƚĂŵďŝĠŶƉƌŽǀŽĐĂƌƵŶĂĞƐĐĂůĂĚĂĞŶůŽƐƉƌĞĐŝŽƐ factor that the world economy has to face. ĚĞůĐƌƵĚŽ͘ dŚĞ ƉŽůŝƟĐĂů ƵŶĐĞƌƚĂŝŶƚLJ ƚŚĂƚ ŚĂƐ ďĞĞŶ ƌĂŵƉĂŶƚ ďĞƚǁĞĞŶ >ĂƐƚĞŶƐŝŽŶĞƐĞŶĞƐƚŽƐƉĂşƐĞƐĐŽŵĞŶnjĂƌŽŶĂĂŐƵĚŝnjĂƌ- most of the Arab petroleum producing countries could ƐĞĂĐŽŵŝĞŶnjŽƐĚĞϮϬϭϭĐŽŝŶĐŝĚŝĞŶĚŽĐŽŶůŽƐĚŝƐƚƵƌ- increase crude oil prices. ďŝŽƐĞŶKƌŝĞŶƚĞDĞĚŝŽLJĞůEŽƌƚĞĚĞĨƌŝĐĂ͕LJĂƵŶƋƵĞ ĞŶƉĂşƐĞƐĐŽŵŽ>ŝďŝĂ͕ůĂƐŝƚƵĂĐŝſŶĐŽŵĞŶnjſĂŶŽƌŵĂ- The tensions in these countries started to intensify at the ůŝnjĂƌƐĞ Ă ŵĞĚŝĚĂ ƋƵĞ ƚƌĂŶƐĐƵƌƌşĂ Ğů ĂŹŽ͕ ůŽƐ ƌŝĞƐŐŽƐ beginning of 2011, coinciding with the riots in the Middle ůůĞŐĂƌŽŶ ŝŶĐůƵƐŽ Ă ƌĞĐƌƵĚĞĐĞƌƐĞ ĞŶ ŽƚƌĂƐ ƌĞŐŝŽŶĞƐ͕ East and North Africa. Although in places like Libya the ĞƐƉĞĐŝĂůŵĞŶƚĞ͕ĞŶůĂZĞƉƷďůŝĐĂ/ƐůĂŵŝƐƚĂĚĞ/ƌĄŶ͕ƋƵĞ ƐŝƚƵĂƟŽŶ ƐƚĂƌƚĞĚ ƚŽ ƌĞƚƵƌŶ ƚŽ ŶŽƌŵĂů ŝŶ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ƚŚĞ ƐƵƉŽŶĞĞůƚĞƌĐĞƌƉĂşƐƉƌŽĚƵĐƚŽƌĚĞƉĞƚƌſůĞŽ͖LJĞŶůĂ year, risks worsened in other regions. This worsening took ZĞƉƷďůŝĐĂƌĂďĞ^ŝƌŝĂ͕zĞŵĞŶ͕^ƵĚĄŶĞ/ƌĂƋ͘ ƉůĂĐĞ ƉĂƌƟĐƵůĂƌůLJ ŝŶ ƚŚĞ /ƐůĂŵŝĐ ZĞƉƵďůŝĐ ŽĨ /ƌĂŶ͕ ǁŚŝĐŚ ŝƐ the third crude producing country, and in the Syrian Arab - WƌĞĐŝƐĂŵĞŶƚĞ͕LJƚƌĂƐůĂƉƵďůŝĐĂĐŝſŶĞŶĞůŵĞƐĚĞŶŽ ZĞƉƵďůŝĐ͕zĞŵĞŶ͕^ƵĚĂŶĂŶĚ/ƌĂƋ͘ ǀŝĞŵďƌĞĚĞϮϬϭϭĚĞůŝŶĨŽƌŵĞĚĞůKƌŐĂŶŝƐŵŽ/ŶƚĞƌŶĂ- ĐŝŽŶĂůĚĞŶĞƌŐşĂƚſŵŝĐĂƐŽďƌĞĞůƉƌŽŐƌĂŵĂŶƵĐůĞĂƌ dŚĞ ƐƵƉƉůLJ ƐŚŽĐŬ ƐƚĂƌƚĞĚ ƚŽ ĐŽŵĞ ƚŽ ĨƌƵŝƟŽŶ ŝŶ ƚŚĞ Žŝů ĚĞ/ƌĄŶ͕LJĞůĐŽŶƐŝŐƵŝĞŶƚĞĞŵďĂƌŐŽĂůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐ ŵĂƌŬĞƚƐ ŝŶ ƚŚĞ ĮŶĂů ŵŽŶƚŚƐ ŽĨ ϮϬϭϭ͕ ĂŌĞƌ ƚŚĞ ƉƵďůŝĐĂƟŽŶ ĚĞƐƵƉĞƚƌſůĞŽ͕ĞůƐŚŽĐŬĚĞŽĨĞƌƚĂĐŽŵĞŶnjſĂŵĂƚĞ- ŽĨƚŚĞƌĞƉŽƌƚĨƌŽŵƚŚĞ/ŶƚĞƌŶĂƟŽŶĂůƚŽŵŝĐŶĞƌŐLJŐĞŶĐLJ ƌŝĂůŝnjĂƌƐĞĞŶůŽƐŵĞƌĐĂĚŽƐĚĞůĐƌƵĚŽĚƵƌĂŶƚĞĞůƚƌĂŵŽ in November 2011 about Iran’s nuclear programme and the ĮŶĂůĚĞůĞũĞƌĐŝĐŝŽϮϬϭϭ͘ ƌĞƐƵůƟŶŐŽŝůĞdžƉŽƌƚĂƟŽŶĞŵďĂƌŐŽ͘

 
 

 
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14 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

>ĂŝŶĐĞƌƟĚƵŵďƌĞĚĞůůĂĚŽĚĞůĂŽĨĞƌƚĂLJĂŚĂŶƉƌŽǀŽĐĂ- ĚŽƵŶƌĞƉƵŶƚĞĞŶĞůƉƌĞĐŝŽĚĞůĐƌƵĚŽĚƵƌĂŶƚĞůŽƐƉƌŝ- meros meses de 2012.

ŶĞƐƚĞƐĞŶƟĚŽ͕LJƚƌĂƐƐƵƉĞƌĂƌůĂďĂƌƌĞƌĂĚĞůŽƐϭϬϬ ĚſůĂƌĞƐͬďĂƌƌŝůĚƵƌĂŶƚĞĞůŵĞƐĚĞĨĞďƌĞƌŽ͕ůĂĐŽƟnjĂĐŝſŶ ĚĞůĐƌƵĚŽĞƐĐĂůſƉŽƐŝĐŝŽŶĞƐŚĂƐƚĂƐŝƚƵĂƌƐĞ͕ĞŶŵĞĚŝĂ͕ ƉŽƌĞŶĐŝŵĂĚĞůŽƐϭϭϭĚſůĂƌĞƐͬďĂƌƌŝů͕ĚƵƌĂŶƚĞĞůĐŽŶ- ũƵŶƚŽĚĞůĂŹŽ͕ĂƵŶƋƵĞĚƵƌĂŶƚĞĞůƷůƟŵŽƚƌŝŵĞƐƚƌĞĞů The uncertainty about the supply issue has already caused ƉƌĞĐŝŽĚĞůƉĞƚƌſůĞŽŝŶŝĐŝſƵŶĂƚĞŶĚĞŶĐŝĂĚĞƐĐĞŶĚĞŶƚĞ ĂŶ ŝŶĐƌĞĂƐĞ Ŷ ƚŚĞ ƉƌŝĐĞ ŽĨ ĐƌƵĚĞ ŽĨ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ĮƌƐƚ ƐŝƚƵĄŶĚŽƐĞĞŶĞůĞŶƚŽƌŶŽĚĞůŽƐϭϬϴĚſůĂƌĞƐͬďĂƌƌŝů͕Ğů months of 2012. ŶŝǀĞůŵĄƐďĂũŽĚĞůĂŹŽ͘ ŌĞƌ ĐƌŽƐƐŝŶŐ ƚŚĞ ďĂƌƌŝĞƌ ŽĨ ϭϬϬ ĚŽůůĂƌƐ ƉĞƌ ďĂƌƌĞů ŝŶ ƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮ͕ĞůƉƌĞĐŝŽĚĞůďĂ- February, crude oil prices climbed to an average above 111 ƌƌŝůĚĞĐƌƵĚŽŚĂƌĞƉƵŶƚĂĚŽŶƵĞǀĂŵĞŶƚĞĂůĂůnjĂ͕ƐŝƚƵĄŶ- dollars per barrel throughout the whole year. However, ĚŽƐĞƉŽƌĞŶĐŝŵĂĚĞůŽƐϭϮϬĚſůĂƌĞƐͬďĂƌƌŝůĚƵƌĂŶƚĞĞů ĐƌƵĚĞŽŝůƉƌŝĐĞƐďĞŐĂŶƚŽĨĂůůŝŶƚŚĞůĂƐƚƋƵĂƌƚĞƌŽĨƚŚĞLJĞĂƌ͕ primer trimestre. reaching approximately 108 dollars per barrel, the lowest level of the year. ŶĐĂŵďŝŽ͕ŽƚƌĂƐŵĂƚĞƌŝĂƐƉƌŝŵĂƐůŽŐƌĂƌŽŶŵŽĚĞƌĂƌĞů ĂǀĂŶĐĞĚĞƐĐƌŝƚŽĞŶůĂĐŽƟnjĂĐŝſŶĚƵƌĂŶƚĞϮϬϭϬ͕ĚĂŶĚŽ Crude oil prices rose sharply during early 2012 to above 120 ƉĂƐŽ͕ĂĮŶĂůĞƐĚĞϮϬϭϭ͕ĂƵŶĂĨĂƐĞĚĞĚĞƐĐĞŶƐŽƐĐŽŶ- ĚŽůůĂƌƐƉĞƌďĂƌƌĞůŝŶƚŚĞĮƌƐƚƋƵĂƌƚĞƌ͘ ƟŶƵĂĚŽƐƋƵĞƐĞŚĂŶŵĂŶƚĞŶŝĚŽĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐ meses de 2012. However, other raw materials moderated the progress ĚĞƐĐƌŝďĞĚŝŶϮϬϭϬƉƌŝĐĞƐ͕ǁŚŝĐŚůĞĚƚŽĂƉŚĂƐĞŽĨĐŽŶƟŶƵŽƵƐ Ŷ ĞƐƚĂ ŽĐĂƐŝſŶ͕ ůĂ ŵĞũŽƌşĂ ĞŶ ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ ůĂ ĚĞĐƌĞĂƐĞƐŝŶůĂƚĞϮϬϭϭƚŚĂƚŚĂǀĞĐŽŶƟŶƵĞĚŝŶĞĂƌůLJϮϬϭϮ͘ ŽĨĞƌƚĂLJĞůĞĨĞĐƚŽĚĞƵŶĂŵĞŶŽƌĚĞŵĂŶĚĂĐŽŵŽĐŽŶ- ƐĞĐƵĞŶĐŝĂĚĞůĂĚĞƐĂĐĞůĞƌĂĐŝſŶƋƵĞŚĂĞdžƉĞƌŝŵĞŶƚĂĚŽ On this occasion, there has been an improvement in the ĞůĐŽŶƚĞdžƚŽĞĐŽŶſŵŝĐŽŵƵŶĚŝĂů͕ŚĂŶŝŶŇƵŝĚŽĂůĂďĂũĂ ƐƵƉƉůLJĐŽŶĚŝƟŽŶƐĂŶĚĂǁĞĂŬĞƌĚĞŵĂŶĚĂƐĂƌĞƐƵůƚŽĨƚŚĞ ĞŶůĂĐŽƟnjĂĐŝſŶĚĞŵĂƚĞƌŝĂƐƉƌŝŵĂƐĚƵƌĂŶƚĞůŽƐƉƌŝŵĞ- ǁŽƌůĚǁŝĚĞĚĞĐĞůĞƌĂƟŽŶ͘dŚĞƐĞĨĂĐƚŽƌƐŚĂǀĞĐŽŶƚƌŝďƵƚĞĚƚŽ ros meses de 2012, especialmente en el caso de los ĂĚŽǁŶǁĂƌĚƌĞǀŝƐŝŽŶŽĨƚŚĞĐŽŵŵŽĚŝƟĞƐƉƌŝĐĞƐĚƵƌŝŶŐĞĂƌůLJ ŝŶƐƵŵŽƐŝŶĚƵƐƚƌŝĂůĞƐ͕ĚŽŶĚĞůŽƐƉƌĞĐŝŽƐŚĂŶƌĞŐŝƐƚƌĂĚŽ ϮϬϭϮ͕ ƉĂƌƟĐƵůĂƌůLJ ŝŶ ƚŚĞ ĐĂƐĞ ŽĨ ŝŶĚƵƐƚƌŝĂů ŝŶƉƵƚƐ͕ ǁŚĞƌĞ

 
 

 
  


 






 
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.YmÄJV Graph 1.4

15 CONCLUSIONES CONCLUSIONS 2011

ƵŶĂĚŝƐŵŝŶƵĐŝſŶƐƵƉĞƌŝŽƌĂůϮϯйĚĞŵĞĚŝĂ͕ĚƵƌĂŶƚĞĞů primer trimestre del año.

>ĂƐĞdžƉĞĐƚĂƟǀĂƐƉĂƌĂĞůĐŽƌƚŽLJŵĞĚŝŽƉůĂnjŽƐŽďƌĞĞů precio de estas materias primas, especialmente las de ƟƉŽŵĞƚĄůŝĐŽ͕ƐĞŵĂŶƟĞŶĞŶĂůĂďĂũĂ͕ĂůŵĞŶŽƐƉĂƌĂůŽ ƋƵĞƌĞƐƚĂĚĞϮϬϭϮ͘ ƉƌŝĐĞƐŚĂǀĞĚƌŽƉƉĞĚĂŶĂǀĞƌĂŐĞŽĨϮϯйŝŶƚŚĞĮƌƐƚƋƵĂƌƚĞƌ of the year. ŶĞƐƚĞĞƐĐĞŶĂƌŝŽ͕ůĂŝŶŇĂĐŝſŶŵƵŶĚŝĂů͕ƚƌĂƐŚĂďĞƌƌĞ- ŐŝƐƚƌĂĚŽƵŶŵĄdžŝŵŽĞŶϮϬϭϭ͕ĐŽŶƵŶĂǀĂŶĐĞƌĞůĂƟǀŽ ^ŚŽƌƚͲƚĞƌŵ ĂŶĚ ŵŝĚͲƚĞƌŵ ĞdžƉĞĐƚĂƟŽŶƐ ĂďŽƵƚ ƚŚĞ ƉƌŝĐĞ ŽĨ ĚĞůϮ͕ϳй͕ƉŽĚƌşĂŝŶŝĐŝĂƌƵŶĂĨĂƐĞĚĞŵŽĚĞƌĂĐŝſŶLJƐŝ- ƚŚĞƐĞƌĂǁŵĂƚĞƌŝĂůƐ͕ĞƐƉĞĐŝĂůůLJƚŚŽƐĞŽĨŵĞƚĂůƐ͕ĐŽŶƟŶƵĞƚŽ ƚƵĂƌƐĞƉŽƌĚĞďĂũŽĚĞůϮйĚƵƌĂŶƚĞϮϬϭϮLJϮϬϭϯ͕ĂŵĞĚŝ- fall, at least for the rest of 2012. ĚĂƋƵĞǀĂLJĂŵĂƚĞƌŝĂůŝnjĄŶĚŽƐĞůŽƐĞĨĞĐƚŽƐĚĞůĂĚĞƐĂĐĞ- ůĞƌĂĐŝſŶĚĞůĂĞĐŽŶŽŵşĂLJƐĞƚƌĂƐůĂĚĞĂůƉƌŽĚƵĐƚŽĮŶĂů ŌĞƌŚĂǀŝŶŐƌĞĂĐŚĞĚŝƚƐƉĞĂŬŝŶϮϬϭϭǁŝƚŚĂƌĞůĂƟǀĞƉƌŽŐƌĞƐƐ la moderación en los precios de las materias primas. ŽĨϮ͘ϳй͕ǁŽƌůĚŝŶŇĂƟŽŶĐŽƵůĚƐƚĂƌƚĂŵŽĚĞƌĂƟŽŶƉŚĂƐĞĂŶĚ ĚĞĐƌĞĂƐĞĂƐŵƵĐŚĂƐϮйĚƵƌŝŶŐϮϬϭϮĂŶĚϮϬϭϯ͕ĂƐƚŚĞĞīĞĐƚƐ ŽŶůĂŝŶŇĂĐŝſŶĐŽŶƚƌŽůĂĚĂ͕ĞůĞƐĐĞŶĂƌŝŽƌĞƐƵůƚĂƉƌŽ- ŽĨƚŚĞĚĞĐĞůĞƌĂƟŽŶĐŽŵĞƚŽĨƌƵŝƟŽŶĂŶĚƚŚĞŵŽĚĞƌĂƟŽŶŽĨ ƉŝĐŝŽ ƉĂƌĂŵĂŶƚĞŶĞƌƉŽůşƟĐĂƐŵŽŶĞƚĂƌŝĂƐĞdžƉĂŶƐŝǀĂƐ ƌĂǁŵĂƚĞƌŝĂůƉƌŝĐĞƐĮůƚĞƌƐƚŚƌŽƵŐŚƚŽƚŚĞĮŶĂůƉƌŽĚƵĐƚ͘ ĐŽŶůĂƐƋƵĞĂŶŝŵĂƌĞůĐŽŶƐƵŵŽLJĨĂĐŝůŝƚĂƌĞůŶĞŐŽĐŝŽ ďĂŶĐĂƌŝŽ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞĞŶĞůƐĞŶŽĚĞůĂŽŶĂĞƵƌŽ͘ ŽŶƚƌŽůůĞĚ ŝŶŇĂƟŽŶ ŵĂŬĞƐ ĨŽƌ Ă ƐĐĞŶĂƌŝŽ ĨĂǀŽƵƌĂďůĞ ƚŽ maintaining expansionary monetary policies, which help to ƐşůŽŚĂĞŶƚĞŶĚŝĚŽƐŝĞŵƉƌĞůĂZĞƐĞƌǀĂ&ĞĚĞƌĂů͕ƋƵĞ ĞŶĐŽƵƌĂŐĞĐŽŶƐƵŵƉƟŽŶĂŶĚƚŽŵĂŬĞƚŚĞďĂŶŬŝŶŐďƵƐŝŶĞƐƐ - ĚƵƌĂŶƚĞƚŽĚŽĞůƉĞƌŝŽĚŽĚĞĐƌŝƐŝƐŚĂŽƉƚĂĚŽƉŽƌŵĂŶ ĞĂƐŝĞƌ͕ƉĂƌƟĐƵůĂƌůLJŝŶƚŚĞŚĞĂƌƚŽĨƚŚĞƵƌŽnjŽŶĞ͘ ƚĞŶĞƌůŽƐƟƉŽƐĚĞŝŶƚĞƌĠƐĞŶůĂŵŝƐŵĂŚŽƌƋƵŝůůĂͲĚĞů ϬͲϬ͕ϮϱйͲĮũĂĚĂĚĞƐĚĞĞůƉĂƐĂĚŽŵĞƐĚĞĚŝĐŝĞŵďƌĞĚĞ This is what the Federal Reserve has always defended. ϮϬϬϴ͕ĂĐƚƵĂŶĚŽĚĞĨŽƌŵĂĂŶĄůŽŐĂĂŽƚƌĂƐĂƵƚŽƌŝĚĂĚĞƐ dŚĞLJ ŚĂǀĞ ŬĞƉƚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ Ăƚ ϬͲϬ͘Ϯϱй ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ monetarias de potencias económicas de primer or- whole crisis, since December 2008. They have worked in ĚĞŶ͕ĐŽŵŽ'ƌĂŶƌĞƚĂŹĂŽ:ĂƉſŶ͕ĚŽŶĚĞƐĞŚĂĂƉŽƐ- Ă ǀĞƌLJ ƐŝŵŝůĂƌ ǁĂLJ ƚŽ ŽƚŚĞƌ ŵŽŶĞƚĂƌLJ ĂƵƚŚŽƌŝƟĞƐ ĨƌŽŵ ƚĂĚŽƉŽƌŵĂŶƚĞŶĞƌƵŶĂƉŽůşƟĐĂŵŽŶĞƚĂƌŝĂĚĞĐĂƌĄĐƚĞƌ ůĞĂĚŝŶŐĐŽƵŶƚƌŝĞƐ͕ƐƵĐŚĂƐ'ƌĞĂƚƌŝƚĂŝŶŽƌ:ĂƉĂŶ͕ǁŚĞƌĞĂŶ expansivo. expansionary monetary policy is being adopted.


 

 
 
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16 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ŶĐĂŵďŝŽ͕ĞůĂŶĐŽĞŶƚƌĂůƵƌŽƉĞŽ͕ŽƉƚſĞŶĞůŵĞƐ ĚĞĂďƌŝůĚĞϮϬϭϭƉŽƌĞůĞǀĂƌůŽƐƟƉŽƐĚĞŝŶƚĞƌǀĞŶĐŝſŶ ĞŶ Ϭ͕Ϯϱ ƉƵŶƚŽƐ͕ ĚĞƐĚĞ Ğů ϭ͕ϬϬй ƋƵĞ ŚĂďşĂ ĮũĂĚŽ ĞŶ ŵĂLJŽĚĞϮϬϬϵ͕ŚĂƐƚĂĞůϭ͕ϮϱƉŽƌĐŝĞŶƚŽ͘

>ŽƐŝŶĚŝĐŝŽƐĚĞƌĞĐƵƉĞƌĂĐŝſŶƋƵĞĐŽŵĞŶnjſĂŵŽƐƚƌĂƌĞů Nevertheless, the European Central Bank raised the ĐŽŶƐƵŵŽĞŶĞůĐŽŶũƵŶƚŽĚĞůĂnjŽŶĂĞƵƌŽĂŶŝŵſŝŶĐůƵƐŽ ŝŶƚĞƌǀĞŶƟŽŶƌĂƚĞƐďLJϬ͘ϮϱƉŽŝŶƚƐŝŶƉƌŝůϮϬϭϭ͕ǁŚĞŶƚŚĞLJ ĂĞůĞǀĂƌ͕ƉŽƌƐĞŐƵŶĚĂǀĞnjĞŶĞůŵŝƐŵŽĂŹŽ͕ĚƵƌĂŶƚĞĞů ǁĞƌĞƐĞƚĂƚϭ͘ϬϬйŝŶDĂLJϮϬϬϵ͘dŚĂƚŝƐƚŽƐĂLJ͕ƚŚĞLJƌŽƐĞƵŶƟů ŵĞƐĚĞũƵůŝŽĚĞϮϬϭϭ͕ůŽƐƟƉŽƐĞŶŽƚƌŽƐϬ͕ϮϱƉƵŶƚŽƐ͕ ϭ͘Ϯϱй͘ ŚĂƐƚĂĂůĐĂŶnjĂƌĞůϭ͕ϱϬй͕ĂƵŶƋƵĞĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽĚĞ ůĂĐƌŝƐŝƐĞŶůĂnjŽŶĂĞƵƌŽ͕LJůĂŶĞĐĞƐŝĚĂĚĚĞůŝƋƵŝĚĞnjƋƵĞ ŽŶƐƵŵƉƟŽŶƐƚĂƌƚĞĚƚŽƐŚŽǁŝŶĚŝĐĂƟŽŶƐŽĨƌĞĐŽǀĞƌLJŝŶƚŚĞ ƌĞƋƵŝƌŝſĞůƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽĞƵƌŽƉĞŽĂĮŶĂůĞƐĚĞĞƐĞ ƵƌŽ ĂƌĞĂ͕ ǁŚŝĐŚ ĞŶĐŽƵƌĂŐĞĚ ƚŚĞ ĂƵƚŚŽƌŝƟĞƐ ƚŽ ŝŶĐƌĞĂƐĞ ĂŹŽ͕ŽďůŝŐĂƌŽŶĂƌĞǀŝƐĂƌ͕ĞƐƚĂǀĞnjĂůĂďĂũĂ͕ĞůƟƉŽĚĞ ŝŶƚĞƌĞƐƚƌĂƚĞƐϬ͘ϮϱƉŽŝŶƚƐŝŶ:ƵůLJϮϬϭϭĨŽƌƚŚĞƐĞĐŽŶĚƟŵĞ ŝŶƚĞƌǀĞŶĐŝſŶLJĮũĂƌůŽ͕ĚĞƐĚĞĞůŵĞƐĚĞĚŝĐŝĞŵďƌĞĚĞ ŝŶ Ă LJĞĂƌ͕ ƌĞĂĐŚŝŶŐ ϭ͘ϱϬй͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ǁŽƌƐĞŶŝŶŐ ŽĨ ƚŚĞ 2011 en el 1,00 por ciento. ĐƌŝƐŝƐ ŝŶ ƚŚĞ ƵƌŽnjŽŶĞ ĂŶĚ ƚŚĞ ŶĞĞĚ ĨŽƌ ůŝƋƵŝĚŝƚLJ ƚŚĂƚ ƚŚĞ ƵƌŽƉĞĂŶĮŶĂŶĐŝĂůƐLJƐƚĞŵĞdžƉĞƌŝĞŶĐĞĚůĂƚĞƌƚŚŝƐLJĞĂƌĨŽƌĐĞĚ ZĞƐƵůƚĂĞǀŝĚĞŶƚĞƋƵĞůĂƐĚĞĐŝƐŝŽŶĞƐĚĞů͕ĞŶĐĂŵŝ- ŝŶƚĞƌǀĞŶƟŽŶƌĂƚĞƐĚŽǁŶ͘dŚĞLJǁĞƌĞƐĞƚĂƚϭ͘ϬϬƉĞƌĐĞŶƚŝŶ ŶĂĚĂƐ Ă ĐŽŶƚƌŽůĂƌ ƵŶĂ ĞǀĞŶƚƵĂů ŝŶŇĂĐŝſŶ ƋƵĞ ƚĞƌŵŝ- December 2011. ŶĂƌĂƌĞƉĞƌĐƵƟĞŶĚŽŶĞŐĂƟǀĂŵĞŶƚĞƐŽďƌĞůĂĐŽŵƉĞƟ- ƟǀŝĚĂĚ ĚĞ ƐƵ ƐŝƐƚĞŵĂ ƉƌŽĚƵĐƟǀŽ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ĞŶ It is obvious that the decisions made by the ECB were ĞůĞdžƚĞƌŝŽƌ͕ŶŽĞŶĐŽŶƚƌĂďĂƵŶƐƵƐƚĞŶƚŽƌĞĂů͕ƉƵĞƐůĂƐ ĂŝŵĞĚ Ăƚ ĐŽŶƚƌŽůůŝŶŐ ƉŽƐƐŝďůĞ ŝŶŇĂƟŽŶ ƌŝƐĞƐ͕ ǁŚŝĐŚ ĐŽƵůĚ ƉƌĞƐŝŽŶĞƐƐŽďƌĞůŽƐƉƌĞĐŝŽƐĚƵƌĂŶƚĞĞůƚƌĂŶƐĐƵƌƐŽĚĞ ŚĂǀĞŚĂĚŶĞŐĂƟǀĞƌĞƉĞƌĐƵƐƐŝŽŶƐŽŶƚŚĞĐŽŵƉĞƟƟǀĞŶĞƐƐŽĨ ϮϬϭϭĞŶĐŽŶƚƌĂďĂŶƐƵŽƌŝŐĞŶĞŶƐŚŽĐŬƐĚĞŽĨĞƌƚĂĚĞůŽƐ ƚŚĞ ƉƌŽĚƵĐƟǀĞ ƐLJƐƚĞŵ͕ ĞƐƉĞĐŝĂůůLJ ĂďƌŽĂĚ͘ dŚĞƐĞ ĚĞĐŝƐŝŽŶƐ ŵĞƌĐĂĚŽƐĞŶĞƌŐĠƟĐŽƐ͕LJŶŽĞŶĨĂĐƚŽƌĞƐŝŶƚĞƌŶŽƐĚĞůĂ ĐŽƵůĚŶŽƚĮŶĚĂƌĞĂůƐƵƉƉŽƌƚ͕ƐŝŶĐĞƚŚĞƉƌĞƐƐƵƌĞŽŶƉƌŝĐĞƐ ĞĐŽŶŽŵşĂĞƵƌŽƉĞĂ͘ throughout 2011 was originated because of supply shocks in energy markets, and not because of internal factors in the ^şƚĞŶşĂƐĞŶƟĚŽ͕ĞŶĐĂŵďŝŽ͕ĐŽŵďĂƟƌĞůĂƐĐĞŶƐŽĚĞůŽƐ European economy. ƉƌĞĐŝŽƐĞŶůĂƐĞĐŽŶŽŵşĂƐĞŵĞƌŐĞŶƚĞƐ͕ƉƵĞƐĞůĐƌĞĐŝ- ŵŝĞŶƚŽĞŶĞƐƚĂƐnjŽŶĂƐŚĂƐŝĚŽĚĞŵĂLJŽƌŝŶƚĞŶƐŝĚĂĚ͕ ,ŽǁĞǀĞƌ͕ŝƚĚŝĚŵĂŬĞƐĞŶƐĞƚŽĮŐŚƚĂŐĂŝŶƐƚƚŚĞŝŶĐƌĞĂƐĞŝŶ LJĞŶĞƐĞĞƐĐĞŶĂƌŝŽƐşƐŽŶƉƌĞǀŝƐŝďůĞƐůŽƐƌŝĞƐŐŽƐĚĞƐŽ- prices in emerging economies. These areas have grown a lot, ďƌĞĐĂůĞŶƚĂŵŝĞŶƚŽ͘ ĂŶĚƚŚĞƌŝƐŬƐŽĨŽǀĞƌŚĞĂƟŶŐĂƌĞĨŽƌĞƐĞĞĂďůĞ͘

 

 

  
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 Tabla 1.2 Table 1.2

17 CONCLUSIONES CONCLUSIONS 2011

ƐĞŚĂƐŝĚŽĞůĐĂƐŽĚĞƉĂşƐĞƐĐŽŵŽ/ŶĚŝĂ͕ƌĂƐŝůLJŚŝ- ŶĂ͕ ĚŽŶĚĞ ůĂƐ ĂƵƚŽƌŝĚĂĚĞƐ ŵŽŶĞƚĂƌŝĂƐ ĚŽŵĠƐƟĐĂƐ ŚĂŶŝĚŽĞůĞǀĂŶĚŽĚĞŵĂŶĞƌĂƉƌŽŐƌĞƐŝǀĂůŽƐƟƉŽƐĚĞ ŝŶƚĞƌĠƐĂůŽůĂƌŐŽĚĞϮϬϭϭ͕ĐŽŶĞůŽďũĞƟǀŽĚĞĂƐĞŶƚĂƌ This has been the case of some countries, such as India, ƵŶĂĞƐƚƌĂƚĞŐŝĂĚĞĐĂƌĄĐƚĞƌĂĐŽŵŽĚĂƟĐŝŽĞŶƐƵƉŽůşƟĐĂ monetaria. ƌĂnjŝů ĂŶĚ ŚŝŶĂ͕ ǁŚĞƌĞ ĚŽŵĞƐƟĐ ŵŽŶĞƚĂƌLJ ĂƵƚŚŽƌŝƟĞƐ have progressively increased interest rates in 2011. Their ƚĞŶĚŝĞŶĚŽĂůĂĞǀŽůƵĐŝſŶƉĂƌƟĐƵůĂƌƋƵĞŚĂŶƐĞŐƵŝĚŽ ŽďũĞĐƟǀĞŝƐƚŽĞƐƚĂďůŝƐŚĂŶĂĐĐŽŵŵŽĚĂƟŶŐƐƚƌĂƚĞŐLJŝŶƚŚĞŝƌ ůĂƐƉƌŝŶĐŝƉĂůĞƐƉŽƚĞŶĐŝĂƐŵƵŶĚŝĂůĞƐ͕ĞŶ Estados Uni- monetary policy. dos ĞůĞĨĞĐƚŽĚĞůĂƐƉŽůşƟĐĂƐĞdžƉĂŶƐŝǀĂƐĚĞĐĂƌĄĐƚĞƌĮƐ- ĐĂůLJŵŽŶĞƚĂƌŝŽƋƵĞǀŝĞŶĞŶĞũĞĐƵƚĄŶĚŽƐĞĚĞƐĚĞϮϬϭϬ dŚĞ ŵĂŝŶ ǁŽƌůĚ ƉŽǁĞƌƐ ŚĂǀĞ ĞǀŽůǀĞĚ ŝŶ Ă ƉĂƌƟĐƵůĂƌ ǁĂLJ͘ USA ŚĂŶůŽŐƌĂĚŽƌĞĂĐƟǀĂƌĞůĐŽŶƐƵŵŽLJĐŽŶĞůůŽƉƌŽƉŝĐŝĂƌ has been carrying out expansionary policies, both ƵŶĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĞŵƉůĞŽĚƵƌĂŶƚĞϮϬϭϭ͕ĂƵŶƋƵĞ ŵŽŶĞƚĂƌLJ ĂŶĚ ĮƐĐĂů͕ ƐŝŶĐĞ ϮϬϭϬ͘ dŚĞƐĞ ƉŽůŝĐŝĞƐ ŚĂǀĞ ƚĂŵďŝĠŶŚĂŶƉƌŽƉŝĐŝĂĚŽƵŶĂĞƐĐĂůĂĚĂĞŶůŽƐŶŝǀĞůĞƐĚĞ ŵĂŶĂŐĞĚƚŽƌĞĂĐƟǀĂƚĞĐŽŶƐƵŵƉƟŽŶĂŶĚƚŽŐŝǀĞĂƐƚƚŽ ĚĞƵĚĂƋƵĞĐŽŵŝĞŶnjĂŶĂĚĞƐƉĞƌƚĂƌƌĞĐĞůŽƐĞŶƚƌĞůŽƐŝŶ- employment recovery in 2011. However, these measures versores internacionales. ŚĂǀĞ ĂůƐŽ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ĂŶ ĞƐĐĂůĂƟŽŶ ŝŶ ƚĞƌŵƐ ŽĨ ĚĞďƚ͕ ǁŚŝĐŚŝƐƐƚĂƌƟŶŐƚŽƌĂŝƐĞƐƵƐƉŝĐŝŽŶƐĂŵŽŶŐƐƚŝŶƚĞƌŶĂƟŽŶĂů Ŷ ĞƐƚĂ njŽŶĂ ĚĞů'ůŽďŽ͕ ĞůĂŐƌĂǀĂŵŝĞŶƚŽ ĚĞ ůĂ ĐƌŝƐŝƐ investors. ĞƵƌŽƉĞĂĂĮŶĂůĞƐĚĞĂŹŽĨƌĞŶſůĂĂƉŽƌƚĂĐŝſŶĚĞůĂĚĞ- ŵĂŶĚĂĞdžƚĞƌŝŽƌLJůĂĞĐŽŶŽŵşĂŶŽƌƚĞĂŵĞƌŝĐĂŶĂĂĐƵƐſ In this area of the Globe, the worsening of the European crisis ƵŶĂĚĞƐĂĐĞůĞƌĂĐŝſŶĞŶĞůƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞŚĂ- ƐƚŽƉƉĞĚƚŚĞĐŽŶƚƌŝďƵƟŽŶĐŽŵŝŶŐĨƌŽŵƚŚĞĞdžƚĞƌŝŽƌĚĞŵĂŶĚ ďşĂƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞϮϬϭϬ͘ later that year. Moreover, the American economy showed a ĚĞĐĞůĞƌĂƟŽŶŝŶƚŚĞŐƌŽǁƚŚƌŚLJƚŚŵƌĞŐŝƐƚĞƌĞĚŝŶϮϬϭϬ͘ &ŝŶĂůŵĞŶƚĞ͕ůĂĞĐŽŶŽŵşĂĚĞ͘hh͘ĐĞƌƌſĞůĂŹŽĐŽŶ ƵŶĂƵŵĞŶƚŽĚĞůW/ĚĞůϭ͕ϳй͕ƌĞĚƵĐŝĞŶĚŽĐĂƐŝĂůĂŵŝ- Finally, the USA economy ended the year with an increase of ƚĂĚĞůƌŝƚŵŽĚĞĂǀĂŶĐĞƋƵĞŚĂďşĂƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞ ϭ͘ϳйŝŶŝƚƐ'W͕ǁŚŝĐŚƌĞĚƵĐĞĚďLJĂůŵŽƐƚŚĂůĨƚŚĞƌŚLJƚŚŵŽĨ ĞůĞũĞƌĐŝĐŝŽĂŶƚĞƌŝŽƌ͕ĂƵŶƋƵĞůĂƐƉƌĞǀŝƐŝŽŶĞƐĂƉƵŶƚĂŶ growth registered the previous year. Nevertheless, previsions ĂƋƵĞĚƵƌĂŶƚĞϮϬϭϮLJϮϬϭϯ͕ƌĞĐƵƉĞƌĞŝŵƉƵůƐŽLJůŽŐƌĞ indicate that it may recover strength and grow by more than crecer por encima del 2 por ciento. 2 per cent.

TIPOS DE INTERÉS DE INTERVENCIÓN DEL BCE Y EL FED. ENE 2002-MAY 2012. 

 

   
  


 

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BCE / ECB FED / EDF

.YmÄJV Graph 1.6

18 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕LJƉĞƐĞĂƋƵĞůŽƐƌĞƐƵůƚĂĚŽƐƋƵĞǀŝĞŶĞ ŵŽƐƚƌĂŶĚŽĞůŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽĞŶĞƐƚĂĞĐŽŶŽŵşĂ ĐŽŶƟŶƷĂŶĞŶƚĞŶĚĞŶĐŝĂƉŽƐŝƟǀĂĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐ ŵĞƐĞƐĚĞϮϬϭϮ͕ůŽĐŝĞƌƚŽĞƐƋƵĞĞůĨƵƚƵƌŽĚĞůĂƉƌŝŶ- ĐŝƉĂůĞĐŽŶŽŵşĂŵƵŶĚŝĂůĞŶĞůĐŽƌƚŽƉůĂnjŽƐĞĞŶĐƵĞŶ- ƚƌĂ ĐŽŶĚŝĐŝŽŶĂĚĂ ƉŽƌ ůĂ ĚĞďŝůŝĚĂĚ ƋƵĞ ĂƷŶ ƉƌĞƐĞŶƚĂ ĞůŵĞƌĐĂĚŽĚĞůĂǀŝǀŝĞŶĚĂ͖ƉŽƌůĂĚŝĮĐƵůƚĂĚƉĂƌĂĐŽŶ- ĐƌĞƚĂƌƵŶĂĞƐƚƌĂƚĞŐŝĂĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂůĂŵĞĚŝŽ ƉůĂnjŽ͖LJƉŽƌůĂŝŶĐĞƌƟĚƵŵďƌĞƋƵĞĂƷŶƉůĂŶĞĂƐŽďƌĞůĂ /ŶƐƉŝƚĞŽĨƚŚĞƉŽƐŝƟǀĞƌĞƐƵůƚƐƚŚĂƚƚŚĞĞŵƉůŽLJŵĞŶƚŵĂƌŬĞƚŝƐ ƉŽƐŝďŝůŝĚĂĚĚĞŵĂŶƚĞŶĞƌůĂƐŵĞĚŝĚĂƐĚĞŝŵƉƵůƐŽ͕ĂůĂ showing in this economy in early 2012, the truth is that the ǀŝƐƚĂĚĞƋƵĞŵƵĐŚĂƐĚĞůĂƐĚŝƐƉŽƐŝĐŝŽŶĞƐŶŽƌŵĂƟǀĂƐ ƐŚŽƌƚͲƚĞƌŵĨƵƚƵƌĞŽĨƚŚĞŵĂŝŶǁŽƌůĚĞĐŽŶŽŵLJŝƐĐŽŶƐƚƌĂŝŶĞĚ ĂĚŽƉƚĂĚĂƐƉŽƌĞů'ŽďŝĞƌŶŽĚĞƵƐŚ͕ƋƵĞĐŽŶƚĞŵƉůĂ- ďLJƚŚĞƐƟůůǁĞĂŬŚŽƵƐŝŶŐŵĂƌŬĞƚ͕ƚŚĞĚŝĸĐƵůƚLJŝŶƐĞƫŶŐĂ ďĂŶ ƵŶĂ ƌĞĚƵĐĐŝſŶ ĚĞ ŝŵƉƵĞƐƚŽƐ LJ ƵŶ ĂƵŵĞŶƚŽ ĚĞů ŵŝĚͲƚĞƌŵ ĮƐĐĂů ĐŽŶƐŽůŝĚĂƟŽŶ ƐƚƌĂƚĞŐLJ ĂŶĚ ƚŚĞ ƵŶĐĞƌƚĂŝŶƚLJ ŐĂƐƚŽƉƷďůŝĐŽ͕ĞƐƚĄŶƉƌſdžŝŵĂƐĂƐƵǀĞŶĐŝŵŝĞŶƚŽ͘ ƚŚĂƚ ƐƟůů ŚŽǀĞƌƐ ŽǀĞƌ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ŬĞĞƉŝŶŐ ŐƌŽǁƚŚ ŵĞĂƐƵƌĞƐ͘ DĂŶLJ ŽĨ ƚŚĞ ƌĞŐƵůĂƟŶŐ ƉƌŽǀŝƐŝŽŶƐ ĂĚŽƉƚĞĚ ďLJ WĞƌŽĂĚĞŵĄƐĚĞĞůĞŵĞŶƚŽƐŝŶƚĞƌŶŽƐ͕ůĂĞĐŽŶŽŵşĂĚĞ the Bush government contemplated reducing taxes and ͘hh͘ƉŽĚƌşĂǀĞƌƐĞĐŽŶĚŝĐŝŽŶĂĚĂƉŽƌƉŽƐŝďůĞƐĞĨĞĐƚŽƐ increasing public spending, and now they are now coming ĚĞ ĐŽŶƚĂŐŝŽ ĂŶƚĞ ƵŶ ĞǀĞŶƚƵĂů ƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ to an end. ĐƌŝƐŝƐĞƵƌŽƉĞĂ͘ But apart from internal elements, the USA economy could - hŶŶƵĞǀŽďƌŽƚĞĞŶůĂnjŽŶĂĚĞůĞƵƌŽĐĂƵƐĂĚŽƉŽƌůĂŝŶ ďĞĐŽŶĚŝƟŽŶĞĚďLJƉŽƐƐŝďůĞĐŽŶƚĂŐŝŽŶŝĨƚŚĞƵƌŽƉĞĂŶĐƌŝƐŝƐ ƚĞŶƐŝĮĐĂĐŝſŶ ĚĞ ůĂƐ ƚĞŶƐŝŽŶĞƐ ƐŽďĞƌĂŶĂƐ LJ ďĂŶĐĂƌŝĂƐ worsens. ƉŽĚƌşĂĨĄĐŝůŵĞŶƚĞŚĂĐĞƌƚĂŵďĂůĞĂƌůĂĐŽŶĮĂŶnjĂĞŶĞů ƐĞĐƚŽƌĞŵƉƌĞƐĂƌŝĂůĞƐƚĂĚŽƵŶŝĚĞŶƐĞLJĐŽŵƉƌŝŵŝƌĂƐşůĂ A new outbreak in the Euro area caused by the intensity of ŝŶǀĞƌƐŝſŶLJůĂĚĞŵĂŶĚĂ͕ƉƌŽƉŝĐŝĂŶĚŽ͕ĚĞĞƐƚĂŵĂŶĞƌĂ͕ sovereign and bank tensions could easily shake the faith ƵŶĂĐŽŶƚƌĂĐĐŝſŶĞŶĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂĞŶ of the American business sector and suppress investment ƐƵĐŽŶũƵŶƚŽ͕ŵĄdžŝŵĞĐƵĂŶĚŽĞůŵĂƌŐĞŶĚĞŵĂŶŝŽďƌĂ ĂŶĚĚĞŵĂŶĚ͘dŚŝƐĐŽƵůĚƌĞƐƵůƚŝŶĂĐŽŶƚƌĂĐƟŽŶŽĨĞĐŽŶŽŵŝĐ ĚĞůĂƉŽůşƟĐĂŵŽŶĞƚĂƌŝĂĞƐŵƵLJƌĞĚƵĐŝĚŽ͕ĚĂĚŽƋƵĞ ŐƌŽǁƚŚ͕ĞƐƉĞĐŝĂůůLJǁŚĞŶƚŚĞƌĞŝƐǀĞƌLJůŝƩůĞƌŽŽŵĨŽƌŵŽŶĞƚĂƌLJ ůŽƐƟƉŽƐĚĞŝŶƚĞƌĠƐLJĂƐĞĞŶĐƵĞŶƚƌĂŶƉƌſdžŝŵŽƐĂĐĞƌŽ͘ policy error, since interest rates are already close to zero.

TIPO DE CAMBIO. DÓLAR/EURO. ENE 2002-ABR 2012 /  

   




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.YmÄJV Graph 1.7

19 CONCLUSIONES CONCLUSIONS 2011

ŶŵĂƚĞƌŝĂĐĂŵďŝĂƌŝĂ͕LJĂůĂďƌŝŐŽĚĞůĂƌĞůĂƟǀĂŵĞũŽƌşĂ LJĚĞůĂƐďƵĞŶĂƐƉĞƌƐƉĞĐƟǀĂƐƋƵĞƐĞĚĞƐĐƌŝďşĂŶƉĂƌĂ ůĂĞĐŽŶŽŵşĂĞƵƌŽƉĞĂ͕ĞůĞƵƌŽĐŽďƌſĨƵĞƌnjĂĨƌĞŶƚĞĂů ĚſůĂƌ͕ĂůŵĞŶŽƐĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϭ͕ ĚĞƐĐƌŝďŝĠŶĚŽƐĞƵŶĂƚĞŶĚĞŶĐŝĂĂůĐŝƐƚĂƋƵĞĞůĞǀſůĂĐŽ- ƟnjĂĐŝſŶ ĚĞ ůĂ ŵŽŶĞĚĂ ƷŶŝĐĂ ĞƵƌŽƉĞĂ ŚĂƐƚĂ ůŽƐ ϭ͕ϰϰ ĚſůĂƌĞƐƉŽƌĞƵƌŽĚƵƌĂŶƚĞĞůŵĞƐĚĞũƵŶŝŽ͕ƚƌĂƐŚĂďĞƌ ĐĞƌƌĂĚŽĞůĞũĞƌĐŝĐŝŽϮϬϭϬĐŽŶƵŶĂĐŽƟnjĂĐŝſŶĚĞϭ͕ϯϮ ĚſůĂƌĞƐͬĞƵƌŽ͘ĞĞƐƚĂĨŽƌŵĂ͕ĞůĞƵƌŽĞdžƉĞƌŝŵĞŶƚĂďĂ /ŶĞdžĐŚĂŶŐĞŵĂƩĞƌƐ͕ƚŚĂŶŬƐƚŽƚŚĞƌĞůĂƟǀĞŝŵƉƌŽǀĞŵĞŶƚĂŶĚ ƵŶĂƵŵĞŶƚŽĚĞůǀĂůŽƌĨƌĞŶƚĞĂůĚſůĂƌĚĞůϴ͕ϴйĚƵƌĂŶƚĞ ƚŚĞŐŽŽĚƉĞƌƐƉĞĐƟǀĞƐƚŚĂƚǁĞƌĞĚĞƐĐƌŝďĞĚĨŽƌƚŚĞƵƌŽƉĞĂŶ la primera mitad del año. economy, the euro gathered strength against the dollar, at ƉĂƌƟƌĚĞĞŶƚŽŶĐĞƐ͕ĞůĂŇŽƌĂŵŝĞŶƚŽĚĞŶƵĞǀŽƐƚĞŵŽ- ůĞĂƐƚ ŝŶ ƚŚĞ ĮƌƐƚ ƐĞŵĞƐƚĞƌ ŽĨ ϮϬϭϭ͘ /ƚ ƌŽƐĞ ƚŽ ϭ͘ϰϰ ĚŽůůĂƌƐ ƌĞƐĚĞƵŶƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽĚĞůĂĐƌŝƐŝƐĚĞĚĞƵĚĂĞŶůĂ ƉĞƌĞƵƌŽŝŶ:ƵŶĞ͕ĂŌĞƌŚĂǀŝŶŐĞŶĚĞĚƚŚĞLJĞĂƌϮϬϭϬĂƚϭ͘ϯϮ njŽŶĂĞƵƌŽLJůĂƐƉĞƌƐŝƐƚĞŶƚĞƐŝŶĐĞƌƟĚƵŵďƌĞƐƐŽďƌĞĞů ĚŽůůĂƌͬĞƵƌŽ͘dŚƵƐ͕ƚŚĞĞƵƌŽƌŽƐĞŝŶǀĂůƵĞďLJϴ͘ϴйĂŐĂŝŶƐƚƚŚĞ ƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽĞƵƌŽƉĞŽ͕ƌĞƉĞƌĐƵơĂŶĞŶĞůŵĞƌĐĂ- ĚŽůůĂƌĚƵƌŝŶŐƚŚĞĮƌƐƚŚĂůĨŽĨƚŚĞLJĞĂƌ͘ ĚŽĐĂŵďŝĂƌŝŽ͕ƉƌŽƉŝĐŝĂŶĚŽƵŶĂĂƉƌĞĐŝĂĐŝſŶĚĞůĚſůĂƌ͘ Since then, new worries have arisen, especially about ŽŶĐůƵŝĚŽ Ğů ŵĞƐ ĚĞ ũƵŶŝŽ͕ ĐŽŵĞŶnjſ Ă ĚŝďƵũĂƌƐĞ ƵŶ a worsening of the debt crisis in the Euro area and the ĞƐĐĞŶĂƌŝŽƉŽĐŽƉƌŽƉŝĐŝŽƉĂƌĂĞůĞƵƌŽƋƵĞĐŽŵĞŶnjſĂ ƉĞƌƐŝƐƚĞŶƚ ƵŶĐĞƌƚĂŝŶƟĞƐ ĂďŽƵƚ ƚŚĞ ƵƌŽƉĞĂŶ ĮŶĂŶĐŝĂů perder posiciones frente a la moneda norteamericana, ƐLJƐƚĞŵ͕ǁŚŝĐŚŚĂƐůĞĚƚŽĂŶĂƉƉƌĞĐŝĂƟŽŶŽĨƚŚĞĚŽůůĂƌ͘ ŝŶŝĐŝĂŶĚŽ͕ĞŶĞƐĞĞŶƚŽŶĐĞƐ͕ƵŶĂĨĂƐĞĚĞƌĞůĂƟǀĂĚĞƉƌĞ- KŶĐĞ :ƵŶĞ ĞŶĚĞĚ͕ ĂŶ ƵŶĨĂǀŽƵƌĂďůĞ ƐĐĞŶĂƌŝŽ ĨŽƌ ƚŚĞ ĞƵƌŽ ĐŝĂĐŝſŶƋƵĞƐĞŵĂŶƚƵǀŽŚĂƐƚĂĞůĮŶĂůĚĞůĂŹŽ͕LJƋƵĞ started to appear. It began to fall against the American ƐŝƚƵſ Ğů ǀĂůŽƌ ĚĞ ůĂ ŵŽŶĞĚĂ ĞƵƌŽƉĞĂ Ăů ŵŝƐŵŽ ŶŝǀĞů ĐƵƌƌĞŶĐLJ͘ &Žƌ ƚŚĂƚ ƌĞĂƐŽŶ͕ ŝƚ ƐƚĂƌƚĞĚ Ă ƉŚĂƐĞ ŽĨ ƌĞůĂƟǀĞ ƋƵĞĞůƌĞŐŝƐƚƌĂĚŽƵŶĂŹŽĂŶƚĞƐ͘ ĚĞƉƌĞĐŝĂƟŽŶƚŚĂƚĐŽŶƟŶƵĞĚƵŶƟůƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͕ĂŶĚƐĞƚ WŽƌůŽƋƵĞƐĞƌĞĮĞƌĞĂJapón͕LJƚƌĂƐůŽŐƌĂƌƵŶĐƌĞĐŝ- the value of the European currency at the same level as the ŵŝĞŶƚŽĚĞƐƚĂĐĂĚŽĚƵƌĂŶƚĞϮϬϭϬĚĞůϰ͕ϰй͕ůŽƐĞĨĞĐƚŽƐ previous year. ĚĞůƚĞƌƌĞŵŽƚŽLJĞůƚƐƵŶĂŵŝƋƵĞƐĂĐƵĚŝĞƌŽŶĂůŶŽƌƚĞĚĞů Japan ƉĂşƐĚƵƌĂŶƚĞĞůŵĞƐĚĞŵĂƌnjŽ͕ŽƌŝŐŝŶĂƌŽŶƉƌŽĨƵŶĚŽƐ Meanwhile, ŚĂƐŵĂŶĂŐĞĚƚŽŐƌŽǁϰ͘ϰйŝŶϮϬϭϬ͘dŚĞ ƚƌĂƐƚŽƌŶŽƐĞŶůĂŽĨĞƌƚĂƋƵĞůůĞǀĂƌŽŶĂůW/ĂĚĞƐĐĞŶĚĞƌ ĐŽŶƐĞƋƵĞŶĐĞƐŽĨƚŚĞĞĂƌƚŚƋƵĂŬĞĂŶĚƚŚĞƚƐƵŶĂŵŝƚŚĂƚƐŚŽŽŬ ĞŶƵŶϬ͕ϳйĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽ͘ ƚŚĞŶŽƌƚŚŽĨƚŚĞĐŽƵŶƚƌLJŝŶDĂƌĐŚĐĂƵƐĞĚĚĞĞƉĚŝƐƌƵƉƟŽŶƐ ŝŶƚĞƌŵƐŽĨƐƵƉƉůLJ͕ǁŚŝĐŚůĞĚƚŽĂĚĞĐƌĞĂƐĞŽĨϬ͘ϳйŝŶ'W >ĂĐŽŶĐĂƚĞŶĂĐŝſŶĚĞĂŵďĂƐĐĂƚĄƐƚƌŽĨĞƐŵĞƌŵſůĂĐĂ- last year. ƉĂĐŝĚĂĚĚĞůĂƐĞŵƉƌĞƐĂƐLJĚĞƐƚƌƵLJſƵŶďƵĞŶŶƷŵĞƌŽ ĚĞŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐLJďŝĞŶĞƐĐĂƉŝƚĂů͕ĂĚĞŵĄƐĚĞƉƌŽƉŝ- Both disasters diminished the capacity of companies and ĐŝĂƌƵŶĚĠĮĐŝƚĞŶĞƌŐĠƟĐŽĂƉĂƌƟƌĚĞůĂĐƌŝƐŝƐŶƵĐůĞĂƌĞŶ destroyed a great number of infrastructure and capital ůĂĐĞŶƚƌĂůĚĞ&ƵŬƵƐŚŝŵĂ͘ goods. Moreover, the nuclear crisis in Fukushima has also ĐĂƵƐĞĚĂŶĞŶĞƌŐLJƐŚŽƌƞĂůů͘ WĞƐĞĂĞůůŽ͕ůĂƐƚĂƌĞĂƐĚĞƌĞĐŽŶƐƚƌƵĐĐŝſŶƉƌŽƉŝĐŝĂƌŽŶƵŶĂ ƌĞĂĐƟǀĂĐŝſŶĚĞůĂĞĐŽŶŽŵşĂŶŝƉŽŶĂĚƵƌĂŶƚĞůĂƐĞŐƵŶĚĂ /Ŷ ƐƉŝƚĞ ŽĨ ƚŚŝƐ ƐŝƚƵĂƟŽŶ͕ ƚŚĞ ƌĞĐŽŶƐƚƌƵĐƟŽŶ ƚĂƐŬƐ ůĞĚ ƚŽ Ă ŵŝƚĂĚĚĞůĂŹŽ͕ƐƵƉĞƌŝŽƌŝŶĐůƵƐŽĂůĂƋƵĞƐĞŚĂďşĂƉƌĞǀŝƐ- ƌĞĂĐƟǀĂƟŽŶ ŽĨ ƚŚĞ :ĂƉĂŶĞƐĞ ĞĐŽŶŽŵLJ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ŚĂůĨ ƚŽŝŶŝĐŝĂůŵĞŶƚĞ͕LJƐƵƐĞĨĞĐƚŽƐƐŽďƌĞĞůW/ƐĞƚƌĂƐůĂĚĂƌĄŶ of the year, which even surpassed the recovery that was ƚĂŵďŝĠŶĂůŽƐƌĞƐƵůƚĂĚŽƐĚĞϮϬϭϮ͕ĐƵĂŶĚŽƐĞƉƌĞǀĠƋƵĞ ŝŶŝƟĂůůLJ ĞdžƉĞĐƚĞĚ͘ dŚĞ ĞīĞĐƚƐ ŽŶ 'W ǁŝůů ĂůƐŽ ĂīĞĐƚ ƚŚĞ ůŽŐƌĞƌĞĐƵƉĞƌĂƌƉĂƌƚĞĚĞůĚŝŶĂŵŝƐŵŽƋƵĞůůĞŐſĂƌĞŐŝƐ- ƌĞƐƵůƚƐŽĨϮϬϭϮ͕ǁŚĞŶ:ĂƉĂŶŝƐĞdžƉĞĐƚĞĚƚŽŐĞƚďĂĐŬƉĂƌƚŽĨ ƚƌĂƌĚƵƌĂŶƚĞϮϬϭϬ͕ƌĞŐŝƐƚƌĂŶĚŽƵŶĂĂǀĂŶĐĞƋƵĞƉŽĚƌşĂ the dynamism registered in 2010. This advance could be of ĞƐƟŵĂƌƐĞĞŶĞůĞŶƚŽƌŶŽĐĞƌĐĂŶŽĂůϮ͕ϬƉŽƌĐŝĞŶƚŽ͘ approximately 2.0 per cent.

20 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

dŽĚŽĂƉƵŶƚĂĂƋƵĞĞůƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĞĐŽ- ŶŽŵşĂ ŶŝƉŽŶĂ ƐĞ ĂƉŽLJĂƌĄ͕ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ͕ ĞŶ ĨĂĐƚŽƌĞƐŝŶƚĞƌŶŽƐ͕ƉƵĞƐůŽƐƉƌŝŵĞƌŽƐĚĂƚŽƐƌĞĐĂďĂĚŽƐ ĚƵƌĂŶƚĞϮϬϭϮĂƉƵŶƚĂŶĂƋƵĞĞůĐŽŶƐƵŵŽƉĂƌĞĐĞĞƐ- ƚĂƌ ĚĞƐĐƌŝďŝĞŶĚŽ ƵŶ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ƌĞůĂƟǀĂŵĞŶƚĞ ƐſůŝĚŽ͕ĂŶŝŵĂĚŽƉŽƌĞůŝŵƉƵůƐŽƋƵĞŚĂŶŐĞŶĞƌĂĚŽůŽƐ ƐƵďƐŝĚŝŽƐƉƷďůŝĐŽƐĂůĂĐŽŵƉƌĂĚĞĂƵƚŽŵſǀŝůĞƐLJƵŶĂ ǀĞƌLJƚŚŝŶŐƐƵŐŐĞƐƚƐƚŚĂƚƚŚĞŐƌŽǁƚŚƌŚLJƚŚŵŽĨƚŚĞ:ĂƉĂŶĞƐĞ ƌĞůĂƟǀĂŵĞũŽƌĂĂƉƌĞĐŝĂĚĂĞŶůĂŝŶǀĞƌƐŝſŶĞŶǀŝǀŝĞŶĚĂ͘ economy will be mainly based on internal factors. The ŶĐĂŵďŝŽ͕ůĂĚĞŵĂŶĚĂĞdžƚĞƌŶĂƉŽĚƌşĂƐĞŐƵŝƌƌĞƐƚĂŶĚŽ ĮƌƐƚ ĚĂƚĂ ǁĞƌĞ ŽďƚĂŝŶĞĚ ŝŶ ϮϬϭϮ͕ ĂŶĚ ƚŚĞLJ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ĚĠĐŝŵĂƐĂůĐƌĞĐŝŵŝĞŶƚŽ͕ĞŶƚĂŶƚŽůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂů ĐŽŶƐƵŵƉƟŽŶ ƐĞĞŵƐ ƚŽ ďĞ ƉĞƌĨŽƌŵŝŶŐ ŝŶ Ă ƌĞůĂƟǀĞůLJ ƐŽůŝĚ LJĞůǀŽůƵŵĞŶĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞĂ ĨĂƐŚŝŽŶ͘ ŽŶƐƵŵƉƟŽŶ ŝƐ ďĞŝŶŐ ĞŶĐŽƵƌĂŐĞĚ ƚŚĂŶŬƐ ƚŽ ƚŚĞ ƵƌŽƉĂ͕ĐŽŶƟŶƷĞŶƌĞƐŝŶƟĠŶĚŽƐĞ͘ impulse that has been generated by public subsidies for ǀĞŚŝĐůĞƉƵƌĐŚĂƐŝŶŐĂŶĚĂƌĞůĂƟǀĞŝŵƉƌŽǀĞŵĞŶƚŝŶŝŶǀĞƐƚŵĞŶƚ ZĞƐƵůƚĂŶĞĐĞƐĂƌŝŽƌĞŵĂƌĐĂƌƋƵĞ͕ĞŶĞƐƚĞĐŽŶƚĞdžƚŽ͕Ğů in the housing sector. ĂŶĐŽĚĞ:ĂƉſŶŵĂŶƚƵǀŽĞůƟƉŽĚĞŝŶƚĞƌĠƐĞŶĞůϬ͕ϭй͕ LJĂŵƉůŝſƐƵƉƌŽŐƌĂŵĂĚĞĐŽŵƉƌĂĚĞĂĐƟǀŽƐŚĂƐƚĂůŽƐ However, external demand may remain at a low level ϯϬďŝůůŽŶĞƐĚĞLJĞŶĞƐ͕ƵŶϲ͕ϰйĚĞůW/ŶŝƉſŶ͘ ďĞĐĂƵƐĞŽĨƚŚĞĚĞƚĞƌŝŽƌĂƟŽŶŽĨďŽƚŚƚŚĞǁŽƌůĚĞĐŽŶŽŵLJĂŶĚ ƚŚĞĞdžƉŽƌƚĂƟŽŶǀŽůƵŵĞƚŽƵƌŽƉĞ͘ WŽƌůŽƋƵĞƐĞƌĞĮĞƌĞĂůĂĞǀŽůƵĐŝſŶĚĞůĂƐĞĐŽŶŽŵşĂƐ ĞŵĞƌŐĞŶƚĞƐĚĞů'ůŽďŽůŽƐĚĂƚŽƐƌĞĨĞƌŝĚŽƐĂůĐŽŶũƵŶƚŽ In this context, it is necessary to emphasize that the Bank ĚĞůĂŹŽϮϬϭϭĚĂŶŵƵĞƐƚƌĂƐ͕ƵŶĂǀĞnjŵĄƐ͕ĚĞůĂƐŝŐŶŝĮ- ŽĨ:ĂƉĂŶŬĞƉƚŝŶƚĞƌĞƐƚƌĂƚĞƐĂƚϬ͘ϭйĂŶĚƚŚĂƚŝƚĞdžƉĂŶĚĞĚŝƚƐ ĐĂƟǀĂƌĞƐŝƐƚĞŶĐŝĂƋƵĞƉĂƌĞĐĞŶŚĂďĞƌŵŽƐƚƌĂĚŽĂŶƚĞůĂ ĂƐƐĞƚƉƵƌĐŚĂƐŝŶŐƉƌŽŐƌĂŵƵƉƚŽϯϬďŝůůŝŽŶLJĞŶ͕ǁŚŝĐŚŝƐƚŚĞ ĚĞƐĂĐĞůĞƌĂĐŝſŶĞĐŽŶſŵŝĐĂĞŶĞůĐŽŶũƵŶƚŽĚĞůŽƐƉĂşƐĞƐ ĞƋƵŝǀĂůĞŶƚŽĨϲ͘ϰйŽĨƚŚĞ:ĂƉĂŶĞƐĞ'W͘ ŵĄƐĚĞƐĂƌƌŽůůĂĚŽƐ͕ĂƵŶƋƵĞĐŝĞƌƚĂŵĞŶƚĞ͕ůĂĚĞŵĂŶĚĂ ĞdžƚĞƌŶĂĞŶĞƐƚĂƐĞĐŽŶŽŵşĂƐƐĞŚĂƌĞƐĞŶƟĚŽ͕LJůĂĂĐƟǀŝ- The emerging economies of the Globe seem to have ĚĂĚƐĞŚĂĚĞƐĂĐĞůĞƌĂĚŽ͕ĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůĨƵĞƌƚĞ ƐŚŽǁŶ͕ŽŶĐĞĂŐĂŝŶ͕ĂƐŝŐŶŝĮĐĂŶƚƌĞƐŝƐƚĂŶĐĞƚŽƚŚĞĞĐŽŶŽŵŝĐ ĂǀĂŶĐĞĚĞƐĐƌŝƚŽĚƵƌĂŶƚĞϮϬϭϬ͘ ĚĞĐĞůĞƌĂƟŽŶ ŝŶ ĚĞǀĞůŽƉĞĚ ĐŽƵŶƚƌŝĞƐ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ĚĂƚĂ ŐĂƚŚĞƌĞĚ ŝŶ ϮϬϭϭ͘ ,ŽǁĞǀĞƌ͕ ĞdžƚĞƌŶĂů ĚĞŵĂŶĚ ĂŶĚ ĂĐƟǀŝƚLJ ŶƉƌŝŶĐŝƉŝŽ͕ůĂƐƉƌĞǀŝƐŝŽŶĞƐƉĂƌĂϮϬϭϮĂƉƵŶƚĂŶĂƵŶ have weakened in these economies, in comparison to the ĐƌĞĐŝŵŝĞŶƚŽ ĞŶ ĞƐƚĂƐ ĞĐŽŶŽŵşĂƐ ƋƵĞ ƉŽĚƌşĂ ƐŝƚƵĂƌƐĞ great advance registered in 2010. ĞŶĞůĞŶƚŽƌŶŽĚĞůϱ͕ϳй͕ƵŶĂǀĂŶĐĞƋƵĞƐŝďŝĞŶƌĞƐƵůƚĂ ŵĄƐŵŽĚĞƌĂĚŽƋƵĞĞůŽďƐĞƌǀĂĚŽĚƵƌĂŶƚĞϮϬϭϭ͕ĐŝĨƌĂ- /Ŷ ƉƌŝŶĐŝƉůĞ͕ ƉƌĞĚŝĐƟŽŶƐ ĨŽƌ ϮϬϭϮ ƐƵŐŐĞƐƚ Ă ŐƌŽǁƚŚ ŽĨ ĚŽĞŶĞůϲ͕Ϯй͕ƐƵƉŽŶĞƉƌĄĐƟĐĂŵĞŶƚĞĐƵĂĚƌƵƉůŝĐĂƌĞů ĂƉƉƌŽdžŝŵĂƚĞůLJϱ͘ϳйŝŶƚŚĞƐĞĞĐŽŶŽŵŝĞƐ͘ŶĚĂůƚŚŽƵŐŚƚŚŝƐ ƉƌĞǀŝƐƚŽƉĂƌĂůĂƐĞĐŽŶŽŵşĂƐĂǀĂŶnjĂĚĂƐ͕ƋƵĞƐĞĞƐƟŵĂ advance is more moderate than that of 2011, which was ŶŽƐƵƉĞƌĞĞůϭ͕ϰƉŽƌĐŝĞŶƚŽ͘ ŽĨ ϲ͘Ϯй͕ ŝƚ ĂůŵŽƐƚ ƋƵĂĚƌƵƉůĞƐ ƚŚĞ ĞdžƉĞĐƚĞĚ ƉƌŽŐƌĞƐƐ ŝŶ ĂĚǀĂŶĐĞĚ ĞĐŽŶŽŵŝĞƐ͕ ǁŚŝĐŚ ŝƐ ĞƐƟŵĂƚĞĚ Ăƚ ŶŽ ŵŽƌĞ ƚŚĂŶ - EŽŽďƐƚĂŶƚĞ͕ĞƐƚĂƐĞĐŽŶŽŵşĂƐĚĞďĞŶĐĂůŝďƌĂƌĂĚĞĐƵĂ 1.4 per cent. ĚĂŵĞŶƚĞůĂƐƉŽůşƟĐĂƐŵĂĐƌŽĞĐŽŶſŵŝĐĂƐƉĂƌĂŵŝƟŐĂƌ ůŽƐƉŽƐŝďůĞƐƌŝĞƐŐŽƐĂůĂďĂũĂĐŽŶůŽƐƋƵĞĂŵĞŶĂnjĂůĂ Nonetheless, these economies must properly gauge their ĞǀŽůƵĐŝſŶĞĐŽŶſŵŝĐĂĚĞůŽƐƉĂşƐĞƐŵĄƐĚĞƐĂƌƌŽůůĂĚŽƐ͕ ŵĂĐƌŽĞĐŽŶŽŵŝĐ ƉŽůŝĐŝĞƐ ŝŶ ŽƌĚĞƌ ƚŽ ŵŝƟŐĂƚĞ ƚŚĞ ƉŽƐƐŝďůĞ ƐŝŶŝŶĐƵƌƌŝƌĞŶůŽƐƉĞůŝŐƌŽƐĚĞƵŶƉŽƐŝďůĞƐŽďƌĞĐĂůĞŶƚĂ- downward risks that could be caused by the economic ŵŝĞŶƚŽĚĞƌŝǀĂĚŽƐĚĞůĚŝŶĂŵŝƐŵŽĚĞůĂĂĐƟǀŝĚĂĚŝŶƚĞƌ- ĞǀŽůƵƟŽŶ ŽĨ ƚŚĞ ŵŽƌĞ ĚĞǀĞůŽƉĞĚ ĐŽƵŶƚƌŝĞƐ͘ dŚĞLJ ŵƵƐƚ ĚŽ ŶĂ͕ĚĞůĨƵĞƌƚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĐƌĠĚŝƚŽĞŶĞƐƚĂƐĞĐŽŶŽ- ƚŚŝƐǁŝƚŚŽƵƚĨĂůůŝŶŐŝŶƚŽƚŚĞĚĂŶŐĞƌŽĨƉŽƐƐŝďůĞŽǀĞƌŚĞĂƟŶŐ ŵşĂƐ͕ĚĞůĂǀŽůĂƟůŝĚĂĚĞŶůŽƐŇƵũŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐĚĞ ĚĞƌŝǀĞĚĨƌŽŵƚŚĞĚLJŶĂŵŝƐŵŽĨŝŶƚĞƌŶĂůĂĐƟǀŝƚLJ͕ƚŚĞƐƚƌŽŶŐ ĐĂƉŝƚĂů͕ĚĞůĂĞǀŽůƵĐŝſŶĚĞůŽƐƉƌĞĐŝŽƐĚĞůĂƐŵĂƚĞƌŝĂƐ ŐƌŽǁƚŚ ŽĨ ůŽĂŶƐ͕ ƚŚĞ ǀŽůĂƟůŝƚLJ ŽĨ ŝŶƚĞƌŶĂƟŽŶĂů ĐĂƉŝƚĂů

21 CONCLUSIONES CONCLUSIONS 2011

ƉƌŝŵĂƐLJĚĞůƉŽƐŝďůĞĂŇŽƌĂŵŝĞŶƚŽĚĞƌŝĞƐŐŽƐƌĞůĂĐŝŽŶĂ- ĚŽƐĐŽŶĞůĂƵŐĞĞŶůŽƐƉƌĞĐŝŽƐĚĞůĂĞŶĞƌŐşĂ͘ hŶĂĚĞůŽƐƉƌŝŶĐŝƉĂůĞƐĞdžƉŽŶĞŶƚĞƐĚĞůŽƐƉĂşƐĞƐĞŵĞƌ- ŐĞŶƚĞƐĞƐChina͕ĐƵLJŽƉƌŽĚƵĐƚŽĐŽŶƟŶƵſĂǀĂŶnjĂŶĚŽ ĐŽŶĨƵĞƌnjĂĚƵƌĂŶƚĞϮϬϭϭĂůĐƌĞĐĞƌƉŽƌĞŶĐŝŵĂĚĞůϵй ;ϵ͕ϮйͿ͕ ĂƉŽLJĄŶĚŽƐĞ ĞŶ ůĂ ĨŽƌƚĂůĞnjĂ ĚĞ ƐƵ ĚĞŵĂŶĚĂ ŝŶƚĞƌŶĂ͕ŵŝĞŶƚƌĂƐƋƵĞĞůĂũƵƐƚĞĞŶůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞůĂƐĚĞƐƟŶĂĚĂƐĂůĐŽŶƟŶĞŶƚĞĞƵƌŽƉĞŽ͕ limita la aportación de la demanda externa al creci- ŇŽǁƐ͕ƚŚĞĞǀŽůƵƟŽŶŽĨƌĂǁŵĂƚĞƌŝĂůƉƌŝĐĞƐĂŶĚƚŚĞƉŽƐƐŝďůĞ ŵŝĞŶƚŽĚĞůƉĂşƐ͘ appearance of risks related to the increase in energy prices. ĞĐĂƌĂĂůĨƵƚƵƌŽŵĄƐŝŶŵĞĚŝĂƚŽ͕ůĂƐƉƌĞǀŝƐŝŽŶĞƐĂƉƵŶ- One of the main exponents of emerging countries is China, ƚĂŶĂƋƵĞĞůŐŝŐĂŶƚĞĂƐŝĄƟĐŽĐŽŶƟŶƷĞĐƌĞĐŝĞŶĚŽ͕ĂƵŶ- ǁŚŽƐĞƉƌŽĚƵĐƚĐŽŶƟŶƵĞĚƚŽŐƌŽǁƐƚƌŽŶŐůLJĚƵƌŝŶŐϮϬϭϭ͕ďLJ ƋƵĞůŽŚĂƌşĂĂƌŝƚŵŽƐŵĄƐŵŽĚĞƌĂĚŽƐ͘ ŽǀĞƌϵй;ϵ͘ϮйͿ͘dŚŝƐŐƌŽǁƚŚǁĂƐďĂƐĞĚŽŶƚŚĞƐƚƌĞŶŐƚŚŽĨ ů'ŽďŝĞƌŶŽŚĂĮũĂĚŽĞůƌŝƚŵŽŽĮĐŝĂůĚĞĐƌĞĐŝŵŝĞŶƚŽ internal demand, whereas the adjustment of exports, mainly ĚĞůW/ĚƵƌĂŶƚĞϮϬϭϮĂůϳ͕ϱй͕ĂƵŶƋƵĞůĂŵĂLJŽƌşĂĚĞ ƚŽƵƌŽƉĞ͕ƌĞƐƚƌŝĐƚĞĚƚŚĞĐŽŶƚƌŝďƵƟŽŶŽĨĞdžƚĞƌŶĂůĚĞŵĂŶĚƚŽ ůŽƐŽƌŐĂŶŝƐŵŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐĐŽŶİĂŶĞŶƋƵĞůĂĞĐŽ- the country’s growth. ŶŽŵşĂĐŚŝŶĂůŽŐƌĞƌĞŐŝƐƚƌĂƌƚĂƐĂƐĚĞĂǀĂŶĐĞƐŵĄƐĐĞƌ- /ŶƚŚĞŶĞĂƌĨƵƚƵƌĞ͕ƉƌĞĚŝĐƟŽŶƐƐƵŐŐĞƐƚƚŚĂƚƚŚĞƐŝĂŶŐŝĂŶƚ ĐĂŶĂƐĂůϴй͕ĞŶƵŶĐŽŶƚĞdžƚŽĚŽŶĚĞůĂŝŶŇĂĐŝſŶƉŽĚƌşĂ contenerse en valores inferiores al 4 por ciento. will keep growing, but at a slower pace.

A diferencia del caso anterior, en la República de la dŚĞ'ŽǀĞƌŶŵĞŶƚŚĂƐƐĞƚƚŚĞŽĸĐŝĂů'WŐƌŽǁƚŚƉĂĐĞŝŶϮϬϭϮ IndiaůŽƐĨĂĐƚŽƌĞƐŝŶƚĞƌŶŽƐŚĂŶĐŽŶƚƌŝďƵŝĚŽƚĂŵďŝĠŶĂ Ăƚϳ͘ϱй͕ĂůƚŚŽƵŐŚŵŽƐƚŝŶƚĞƌŶĂƟŽŶĂůŝŶƐƟƚƵƟŽŶƐĞdžƉĞĐƚƚŚĞ ůĂĚĞƐĂĐĞůĞƌĂĐŝſŶ͕LJĂƋƵĞĞůĚĞƚĞƌŝŽƌŽĚĞůĂĐŽŶĮĂŶnjĂ ŚŝŶĞƐĞĞĐŽŶŽŵLJƚŽŐƌŽǁďLJŶĞĂƌůLJϴй͕ŝŶĂĐŽŶƚĞdžƚǁŚĞƌĞ ĞŵƉƌĞƐĂƌŝĂůĚĞďŝůŝƚſůĂŝŶǀĞƌƐŝſŶLJĞůĞŶĚƵƌĞĐŝŵŝĞŶƚŽ ŝŶŇĂƟŽŶĐŽƵůĚƌĞŵĂŝŶĂƚƌĂƚĞƐŽĨůĞƐƐƚŚĂŶϰƉĞƌĐĞŶƚ͘ ĚĞůĂƉŽůşƟĐĂŵŽŶĞƚĂƌŝĂĞŶĐĂƌĞĐŝſůĂĐĂƉƚĂĐŝſŶĚĞůĐƌĠ- Unlike the previous case, in the Republic of India internal dito. ĨĂĐƚŽƌƐŚĂǀĞĂůƐŽĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞĚĞĐĞůĞƌĂƟŽŶ͕ƐŝŶĐĞƚŚĞ ĞĞƐƚĞŵŽĚŽ͕LJƚƌĂƐƌĞŐŝƐƚƌĂƌƵŶĐƌĞĐŝŵŝĞŶƚŽƐƵƉĞƌŝŽƌ worsening of business trust has weakened investments, and ĂůϭϬйĚƵƌĂŶƚĞϮϬϭϬ͕ůĂĞĐŽŶŽŵşĂŝŶĚŝĂĂǀĂŶnjſĂƵŶ the hard monetary policy has increased the price of credit ƌŝƚŵŽĚĞůϳ͕ϮйĞŶϮϬϭϭ͘ ĂƩƌĂĐƟŽŶ͘

>ĂƐƉƌĞǀŝƐŝŽŶĞƐĂƉƵŶƚĂŶĂƋƵĞĞůĐƌĞĐŝŵŝĞŶƚŽĞŶĞƐƚĂ dŚĞƌĞĨŽƌĞ͕ƚŚĞ/ŶĚŝĂŶĞĐŽŶŽŵLJŐƌĞǁďLJϳ͘ϮйŝŶϮϬϭϭ͕ĂŌĞƌ ƌĞŐŝſŶĐŽŶƟŶƷĞĂƚĞŵƉĞƌĄŶĚŽƐĞ͕ƌĞŐŝƐƚƌĂŶĚŽĂǀĂŶĐĞƐ ŚĂǀŝŶŐƐƵƌƉĂƐƐĞĚϭϬйŝŶϮϬϭϬ͘ ŝŶĨĞƌŝŽƌĞƐĂůϳйĚƵƌĂŶƚĞϮϬϭϮ͕ĞŶƌĞƐƉƵĞƐƚĂĂůĂƐƵďŝĚĂ ĚĞƟƉŽƐĚĞŝŶƚĞƌĠƐLJƵŶĞĨĞĐƚŽŵĄƐŝŶƚĞŶƐŽĞŶůĂĐĂşĚĂ WƌĞĚŝĐƟŽŶƐ ƐƵŐŐĞƐƚ ƚŚĂƚ ƚŚĞ ŐƌŽǁƚŚ ŝŶ ƚŚŝƐ ƌĞŐŝŽŶ ǁŝůů de la demanda externa. ĐŽŶƟŶƵĞƚŽǁĞĂŬĞŶ͕ƌĞĂĐŚŝŶŐĂĚǀĂŶĐĞƐŽĨůĞƐƐƚŚĂŶϳйŝŶ 2012, due to the increasing interest rates and a more intense ŶĞƐƚĞĐĂƐŽ͕ůŽƐƉƌŽďůĞŵĂƐĚĞƌŝǀĂĚŽƐĚĞƵŶƉŽƐŝďůĞ ĞīĞĐƚŽĨƚŚĞĨĂůůŝŶĞdžƚĞƌŶĂůĚĞŵĂŶĚ͘ ƐŽďƌĞĐĂůĞŶƚĂŵŝĞŶƚŽ ĂĚƋƵŝĞƌĞŶ ŵĂLJŽƌ ŶŽƚŽƌŝĞĚĂĚ͕ ĚĂĚŽƋƵĞůĂŝŶŇĂĐŝſŶĐŽŶƟŶƷĂĞŶǀĂůŽƌĞƐĞůĞǀĂĚŽƐƋƵĞ /ŶƚŚŝƐĐĂƐĞ͕ƚŚĞƉƌŽďůĞŵƐĐĂƵƐĞĚďLJĂƉŽƐƐŝďůĞŽǀĞƌŚĞĂƟŶŐ ƌŽŶĚĂŶĞůϴƉŽƌĐŝĞŶƚŽ͘ ďĞĐŽŵĞĞǀĞŶŵŽƌĞǁŽƌƌLJŝŶŐ͕ƐŝŶĐĞŝŶŇĂƟŽŶƌĞŵĂŝŶƐŚŝŐŚĂƚ approximately 8 per cent. ^ŽďƌĞĞƐƚĞĂƐƉĞĐƚŽ͕ĞůŐŽďŝĞƌŶŽŝŶĚŝŽLJĂŚĂĂŶƵŶĐŝĂĚŽ ĞůŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞƉŽůşƟĐĂƐŵŽŶĞƚĂƌŝĂƐƌĞƐƚƌŝĐƟǀĂƐ The Indian government has already announced the support ĐŽŶůĂƐƋƵĞƉƌĞƚĞŶĚĞŶĐŽŶƚĞŶĞƌĞůĐƌĠĚŝƚŽ͕ŵŝƟŐĂƌůŽƐ ŽĨ ƌĞƐƚƌŝĐƟǀĞ ŵŽŶĞƚĂƌLJ ƉŽůŝĐŝĞƐ͘ dŚĞLJ ŝŶƚĞŶĚ ƚŽ ĐŽŶƚĂŝŶ

22 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ĞĨĞĐƚŽƐŶĞŐĂƟǀŽƐĚĞůĂǀŽůĂƟůŝĚĂĚĞŶůŽƐŵĞƌĐĂĚŽƐĚĞ ĐĂƉŝƚĂůĞƐLJĞǀŝƚĂƌƵŶĂĞƐƉŝƌĂůŝŶŇĂĐŝŽŶŝƐƚĂ͘

ŶŶƵĞƐƚƌŽĂŶĄůŝƐŝƐĐŽŶǀŝĞŶĞƚĂŵďŝĠŶƌĞƉĂƌĂƌĞŶůĂƚƌĂ- LJĞĐƚŽƌŝĂƋƵĞŚĂĚĞƐĐƌŝƚŽRusiaĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽ͘

ŶĞƐƚĞƉĂşƐ͕ůĂĞĐŽŶŽŵşĂůŽŐƌſŵĂŶƚĞŶĞƌĞůƌŝƚŵŽĚĞ ĂǀĂŶĐĞƋƵĞŚĂďşĂƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞϮϬϭϬ͕ĐŝĨƌĂĚŽĞŶ ƵŶϰ͕ϯй͕ĂƵŶƋƵĞƉƵĞĚĞƉƌĞǀĞƌƐĞƋƵĞ͕ĞŶϮϬϭϮ͕ĞůW/ ĐƌĞĚŝƚ͕ ƚŽ ŵŝƟŐĂƚĞ ƚŚĞ ŶĞŐĂƟǀĞ ĞīĞĐƚƐ ŽĨ ƚŚĞ ǀŽůĂƟůŝƚLJ ŝŶ ƌƵƐŽĮŶĂůŵĞŶƚĞĐĞĚĂĂůŐƵŶĂƐĚĠĐŝŵĂƐLJĚĞƐĂĐĞůĞƌĞƐƵ ĐĂƉŝƚĂůŵĂƌŬĞƚƐĂŶĚƚŽĂǀŽŝĚĂŶŝŶŇĂƟŽŶƐƉŝƌĂů͘ ĐƌĞĐŝŵŝĞŶƚŽ͕ ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ĚĞďŝůŝƚĂŵŝĞŶƚŽ In this analysis, it is also appropriate to take into account ĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĂƵƌŽƉĂLJĚĞůĚĞƐĐĞŶƐŽĞŶůŽƐ Russia’s trajectory during last year. precios de las materias primas previsto para este año. This country managed to keep the growth rhythm of 2010, WƌĞĐŝƐĂŵĞŶƚĞ͕ Ğů ĞŶĐĂƌĞĐŝŵŝĞŶƚŽ ƋƵĞ ŚĂďşĂŶ ĞdžƉĞƌŝ- ǁŚŝĐŚǁĂƐϰ͘ϯй͘,ŽǁĞǀĞƌ͕ŝƚĐĂŶďĞƉƌĞĚŝĐƚĞĚƚŚĂƚ͕ŝŶϮϬϭϮ͕ ŵĞŶƚĂĚŽ ůĂƐ ŵĂƚĞƌŝĂƐƉƌŝŵĂƐ ĚƵƌĂŶƚĞϮϬϭϬLJƉƌŝŶĐŝ- Russian GDP will drop slightly and growth will decelerate. ƉŝŽƐĚĞϮϬϭϭŚĂŶŝŵƉƵůƐĂĚŽĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂƌĞ- dŚŝƐǁŝůůďĞĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞǁĞĂŬĞŶŝŶŐŽĨĞdžƉŽƌƚƐƚŽ ŐŝſŶĚƵƌĂŶƚĞĞƐŽƐĂŹŽƐ͘ Europe and the fall in raw material prices that is expected ^ĞŐƷŶůĂƐĞdžƉĞĐƚĂƟǀĂƐƉĂƌĂϮϬϭϮ͕LJůŽƐĞůĞǀĂĚŽƐƉƌĞ- this year. ĐŝŽƐƋƵĞǀŝĞŶĞƌĞŐŝƐƚƌĂŶĚŽĞůƉĞƚƌſůĞŽƉŽĚƌşĂďĞŶĞĮ- ĐŝĂƌĂůĂĞĐŽŶŽŵşĂƌƵƐĂ͕ůĂĐŽƌƌĞĐĐŝſŶĂůĂďĂũĂĞŶĞƐƚŽƐ The rising prices of raw materials in 2010 and early 2011 ƉƌĞĐŝŽƐLJůĂƉĞƌƐŝƐƚĞŶĐŝĂĚĞůĂĐƌŝƐŝƐĞŶƵƌŽƉĂĐŽŶĚŝ- have given rise to a boost in the region’s growth during those ĐŝŽŶĂƌĄŶůĂĞǀŽůƵĐŝſŶĚĞůĂĞĐŽŶŽŵşĂƌƵƐĂĚƵƌĂŶƚĞůŽƐ years. próximos dos años. For 2012, it is expected that the high price of crude oil will En el caso de ŵĠƌŝĐĂ >ĂƟŶĂ͕ ĂůŝŶĞĄŶĚŽƐĞ ĐŽŶ ůĂ ďĞŶĞĮƚ ƚŚĞ ZƵƐƐŝĂŶ ĞĐŽŶŽŵLJ͘ dŚĞ ĚŽǁŶǁĂƌĚ ƌĞǀŝƐŝŽŶ ŽĨ ĞǀŽůƵĐŝſŶĚĞůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂů͕LJƚƌĂƐŵŽƐƚƌĂƌƵŶ these prices and the persistent European crisis will determine ĨƵĞƌƚĞĚŝŶĂŵŝƐŵŽĚƵƌĂŶƚĞůĂƉƌŝŵĞƌĂŵŝƚĂĚĚĞϮϬϭϭ͕ ƚŚĞĞǀŽůƵƟŽŶŽĨƚŚĞZƵƐƐŝĂŶĞĐŽŶŽŵLJŝŶƚŚĞŶĞdžƚƚǁŽLJĞĂƌƐ͘ Ğů ƐĞŐƵŶĚŽ ƐĞŵĞƐƚƌĞ ĚĞů ĂŹŽ ǀŝŶŽ ŵĂƌĐĂĚŽ ƉŽƌ ƵŶĂ >ĂƟŶ ŵĞƌŝĐĂ ĂůŝŐŶĞĚ ŝƚƐĞůĨ ǁŝƚŚ ƚŚĞ ĞǀŽůƵƟŽŶ ŽĨ ƚŚĞ ĐůĂƌĂ ĚĞƐĂĐĞůĞƌĂĐŝſŶ ĂƵƐƉŝĐŝĂĚĂ ƉŽƌ Ğů ŵĞŶŽƌ ƉƵůƐŽ ǁŽƌůĚĞĐŽŶŽŵLJĂŶĚŝƚǁĂƐǀĞƌLJĚLJŶĂŵŝĐŝŶƚŚĞĮƌƐƚŚĂůĨŽĨ ƋƵĞŵŽƐƚƌĂƌŽŶĞĐŽŶŽŵşĂƐĐŽŵŽDĠdžŝĐŽ͕ƌŐĞŶƟŶĂŽ 2011. The second semester of the year was notable for a ƌĂƐŝů͘ ĐůĞĂƌĚĞĐĞůĞƌĂƟŽŶĚƵĞƚŽƚŚĞůŽǁŐƌŽǁƚŚůĞǀĞůƐƐŚŽǁĞĚďLJ ƐƚĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐůůĞǀĂƌŽŶĂůĐŽŶũƵŶƚŽĚĞůĂƌĞŐŝſŶĂ ĐŽƵŶƚƌŝĞƐƐƵĐŚĂƐDĞdžŝĐŽ͕ƌŐĞŶƟŶĂŽƌƌĂnjŝů͘ ƌĞĚƵĐŝƌĞůƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĞŶĐĂƐŝĚŽƐƉƵŶƚŽƐƉŽƌ- ĐĞŶƚƵĂůĞƐ͕ƉƵĞƐƚƌĂƐĂǀĂŶnjĂƌĞŶƵŶϲ͕ϮйĚƵƌĂŶƚĞϮϬϭϬ͕ dŚĞƐĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ůĞĚ ƚŽ Ă ƌĞĚƵĐƟŽŶ ŝŶ ƚŚĞ ƌĞŐŝŽŶ͛Ɛ ĞůW/ĚĞŵĠƌŝĐĂ>ĂƟŶĂĐƌĞĐŝſƵŶϰ͕ϱйĚƵƌĂŶƚĞϮϬϭϭ͘ ŐƌŽǁƚŚ ƌŚLJƚŚŵ ďLJ ĂůŵŽƐƚ ƚǁŽ ƉĞƌĐĞŶƚĂŐĞ ƉŽŝŶƚƐ͘ ŌĞƌ ŚĂǀŝŶŐƌĞĂĐŚĞĚϲ͘ϮйŝŶϮϬϭϬ͕ƚŚĞ>ĂƟŶŵĞƌŝĐĂŶ'WŐƌĞǁ WĞƐĞĂĞůůŽ͕LJĂƵŶƋƵĞĞůĂƵŵĞŶƚŽŐĞŶĞƌĂůŝnjĂĚŽĞŶůĂ ďLJϰ͘ϱйŝŶϮϬϭϭ͘ ĂǀĞƌƐŝſŶĂůƌŝĞƐŐŽƋƵĞŐĞŶĞƌſĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽĚĞůĂ ĐƌŝƐŝƐĞŶƵƌŽƉĂƚƵǀŽŝŵƉŽƌƚĂŶƚĞƐĞĨĞĐƚŽƐƐŽďƌĞĞƐƚĂ dŚĞ ŐƌŽǁƚŚ ŽĨ >ĂƟŶ ŵĞƌŝĐĂ ĚƵƌŝŶŐ ůĂƐƚ LJĞĂƌ ĐƵƌƌĞŶƚůLJ njŽŶĂ ĚĞů 'ůŽďŽ͕ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ŵŽƐƚƌĂĚŽ ĚƵƌĂŶƚĞ Ğů remains strong, despite the widespread increase in risk ƉĂƐĂĚŽĂŹŽƉŽƌŵĠƌŝĐĂ>ĂƟŶĂĐŽŶƟŶƷĂƐŝĞŶĚŽǀŝŐŽ- aversion generated by the worsening of the European crisis roso. ĂŶĚƚŚĞŝŵƉŽƌƚĂŶƚĞīĞĐƚƐƚŚĂƚŚĂĚŝŶƚŚŝƐĂƌĞĂŽĨƚŚĞ'ůŽďĞ͘

ĞůůŽĐŽŶƚƌŝďƵLJſĞůĂůƚŽŶŝǀĞůĚĞƉƌĞĐŝŽƐĚĞůĂƐŵĂƚĞ- In this context of uncertainty, the increasing price of raw ƌŝĂƐƉƌŝŵĂƐ͕LJůĂŵĞŶŽƌĂŇƵĞŶĐŝĂĚĞĐĂƉŝƚĂůĞƐ͕ĞŶƵŶ ŵĂƚĞƌŝĂůƐĂŶĚƚŚĞĨĂůůŝŶĐĂƉŝƚĂůŝŶŇŽǁƐĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞ

23 CONCLUSIONES CONCLUSIONS 2011

ĐŽŶƚĞdžƚŽĚĞŵĂLJŽƌŝŶĐĞƌƟĚƵŵďƌĞ͕ůŽƋƵĞƉĞƌŵŝƟſůĂ ĐŽŶƚĞŶĐŝſŶ ĚĞ ůĂƐ ƉƌĞƐŝŽŶĞƐ ĚĞ ƐŽďƌĞĐĂůĞŶƚĂŵŝĞŶƚŽ ƋƵĞƉƌĞƐĞŶƚĂďĂŶĂůŐƵŶŽƐƉĂşƐĞƐĚĞůĂƌĞŐŝſŶ͘

ŶĞůĐŽƌƚŽƉůĂnjŽ͕ƐĞĐŽŶİĂĞŶƋƵĞůĂƌĞŐŝſŶĂƚĞŵƉĞƌĞ ŶƵĞǀĂŵĞŶƚĞƐƵĐƌĞĐŝŵŝĞŶƚŽĐŽŶĂǀĂŶĐĞƐŝŶĨĞƌŝŽƌĞƐĂů ϰй ĚƵƌĂŶƚĞ ϮϬϭϮ͕ ĂƵŶƋƵĞ ƉŽĚƌşĂ ƚĞŶĚĞƌ Ă ƵŶ ĐƌĞĐŝ- ŵŝĞŶƚŽ͕ŵĄƐŝŶƚĞŶƐŽ͕ĚƵƌĂŶƚĞϮϬϭϯ͘

Ŷ ůŽƐ ƉĂşƐĞƐ ĞdžƉŽƌƚĂĚŽƌĞƐ ĚĞ ŵĂƚĞƌŝĂƐ ƉƌŝŵĂƐ͕ Ğů ĂďŽǀĞŵĞŶƟŽŶĞĚŐƌŽǁƚŚŝŶ>ĂƟŶŵĞƌŝĐĂ͕ǁŚŝĐŚĂůůŽǁĞĚ ĨƵĞƌƚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂƐĞŵŽĚĞƌſ ƚŚĞƉƌĞƐƐƵƌĞƐŽĨŽǀĞƌŚĞĂƟŶŐƐŚŽǁĞĚďLJƐŽŵĞĐŽƵŶƚƌŝĞƐŽĨ ĂŵĞĚŝĚĂƋƵĞĞŵƉĞnjĂƌŽŶĂƐƵƌƟƌĞĨĞĐƚŽůĂƐƉŽůşƟĐĂƐ the region to be contained. ŵĂĐƌŽĞĐŽŶſŵŝĐĂƐ ŵĄƐ ƌĞƐƚƌŝĐƟǀĂƐ LJ ƐĞ ĚĞďŝůŝƚĂďĂ ůĂ ĚĞŵĂŶĚĂĞdžƚĞƌŶĂ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞŶƌĂƐŝů͕ĚŽŶĚĞĞů /ƚŝƐĞdžƉĞĐƚĞĚƚŚĂƚŝŶƚŚĞƐŚŽƌƚͲƚĞƌŵŐƌŽǁƚŚŝŶƚŚĞƌĞŐŝŽŶǁŝůů ĐƌĞĐŝŵŝĞŶƚŽĚĞůW/ƐĞĮũſĞŶĞůϮ͕ϳй͕ƚƌĂƐŚĂďĞƌŵĂƌ- ĨĂůůǁŝƚŚĂĚǀĂŶĐĞƐŽĨůĞƐƐƚŚĂŶϰйŝŶϮϬϭϮ͘,ŽǁĞǀĞƌ͕ŝƚĐŽƵůĚ ĐĂĚŽ ƵŶ ĂǀĂŶĐĞ ĚĞƐƚĂĐĂĚŽ͕ ƐƵƉĞƌŝŽƌ Ăů ϳй ĚƵƌĂŶƚĞ ŐƌŽǁŵŽƌĞŝŶƚĞŶƐŝǀĞůLJŝŶϮϬϭϯ͘ 2010. /Ŷ ƌĂǁ ŵĂƚĞƌŝĂů ĞdžƉŽƌƟŶŐ ĐŽƵŶƚƌŝĞƐ͕ ƚŚĞ ƐƚƌŽŶŐ ŐƌŽǁƚŚ ŶDĠdžŝĐŽ͕ƉŽƌĐŝƚĂƌƵŶŽĚĞůŽƐƌĞĨĞƌĞŶƚĞƐŵĄƐĚĞƐƚĂ- ŽĨ ŝŶƚĞƌŶĂů ĚĞŵĂŶĚ ǁĂƐ ŵŽĚĞƌĂƚĞĚ ĂƐ ƚŚĞ ƌĞƐƚƌŝĐƟǀĞ ĐĂĚŽĚĞůĄƌĞĂĐĞŶƚƌĂů͕ĞůĐƌĞĐŝŵŝĞŶƚŽƌĞƐƵůƚſŵĄƐǀŝŐŽ- ŵĂĐƌŽĞĐŽŶŽŵŝĐƉŽůŝĐŝĞƐƐƚĂƌƚĞĚƚŽƚĂŬĞĞīĞĐƚĂŶĚĞdžƚĞƌŶĂů ƌŽƐŽĂůƌĞŐŝƐƚƌĂƌƵŶĂǀĂŶĐĞĚĞůϰ͕ϬйĚƵƌĂŶƚĞϮϬϭϭ͕ĞŶ ĚĞŵĂŶĚǁĞĂŬĞŶĞĚ͕ƉĂƌƟĐƵůĂƌůLJŝŶƌĂnjŝů͘'WŐƌŽǁƚŚŝŶƚŚŝƐ ĞƐƚƌĞĐŚĂĐŽƌƌĞůĂĐŝſŶĐŽŶĞůƌĞƉƵŶƚĞƋƵĞĞdžƉĞƌŝŵĞŶƚſ ĐŽƵŶƚƌLJƐƚŽŽĚĂƚϮ͘ϳй͕ĂŌĞƌŚĂǀŝŶŐŵĂĚĞĂŐƌĞĂƚƉƌŽŐƌĞƐƐ ůĂĞĐŽŶŽŵşĂŶŽƌƚĞĂŵĞƌŝĐĂŶĂĐŽŶůĂƋƵĞŵĂŶƟĞŶĞƵŶĂ ŽĨϳйŝŶϮϬϭϬ͘ ǀŝŶĐƵůĂĐŝſŶŵƵLJĞƐƚƌĞĐŚĂ͘ In Mexico, one of the most important reference points in the WƌĞĐŝƐĂŵĞŶƚĞ͕ ůŽƐ ůĂnjŽƐ ƋƵĞ ŵĂŶƟĞŶĞ ůĂ ĞĐŽŶŽŵşĂ central area, there was a strong growth with an advance of ŵĞdžŝĐĂŶĂĐŽŶůĂĚĞ͘hh͘ĂďƵĞŶƐĞŐƵƌŽůĞĐŽŶĨĞƌŝƌĄ ϰ͘ϬйŝŶϮϬϭϭ͘dŚŝƐŐƌŽǁƚŚŝƐĐůŽƐĞůLJƌĞůĂƚĞĚƚŽƚŚĞƌĞĐŽǀĞƌLJ ƵŶĂŵĂLJŽƌƌĞƐŝƐƚĞŶĐŝĂĂůŽƐĞĨĞĐƚŽƐĚĞůĂĚĞƐĂĐĞůĞƌĂ- ŽĨƚŚĞh͘^͘ĞĐŽŶŽŵLJ͕ǁŝƚŚǁŚŝĐŚŝƚŬĞĞƉƐĂĐůŽƐĞĐŽŶŶĞĐƟŽŶ͘ ĐŝſŶƉƌĞǀŝƐƚĂĞŶůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂů͕ĂƵŶƋƵĞĞůůŽŶŽ ŝŵƉĞĚŝƌĄƋƵĞĞůƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽƐĞĂƚĞŵƉĞƌĞĚƵ- Precisely, the bond that the Mexican economy has with USA rante 2012. ǁŝůůƐƵƌĞůLJŐƌĂŶƚƚŚĞŽƌŵĞƌŵŽƌĞƌĞƐŝƐƚĂŶĐĞƚŽƚŚĞĞīĞĐƚƐŽĨ ƚŚĞĚĞĐĞůĞƌĂƟŽŶƉƌĞĚŝĐƚĞĚĨŽƌƚŚĞǁŽƌůĚĞĐŽŶŽŵLJ͘,ŽǁĞǀĞƌ͕ ŶĞůƌĞƐƚŽĚĞůĂƐĞĐŽŶŽŵşĂƐĚĞůĄƌĞĂůĂƟŶŽĂŵĞƌŝĐĂ- this will not prevent its growth rhythm from weakening in ŶĂ͕ƐŝďŝĞŶƐĞƌĞŐŝƐƚƌĂƌĄƵŶŵĞŶŽƌĂǀĂŶĐĞĚƵƌĂŶƚĞĞƐĞ 2012. ĂŹŽ͕ůĂŝŶƚĞŶƐŝĚĂĚǀĂƌŝĂƌĄĞŶĨƵŶĐŝſŶĚĞůĂĚŝƐƟŶƚĂĞdž- ƉŽƐŝĐŝſŶƋƵĞƉƌĞƐĞŶƚĞŶůĂƐĚŝĨĞƌĞŶƚĞƐĞĐŽŶŽŵşĂƐĂůĂ ůƚŚŽƵŐŚŝŶƚŚĞƌĞƐƚŽĨ>ĂƟŶŵĞƌŝĐĂŶĞĐŽŶŽŵŝĞƐƚŚĞƌĞǁŝůů demanda externa. be few advances this year, the intensity will vary depending ŽŶ ƚŚĞ ĞdžƉŽƐƵƌĞ ŽĨ ƚŚĞ ĚŝīĞƌĞŶƚ ĞĐŽŶŽŵŝĞƐ ƚŽ ĞdžƚĞƌŶĂů Ɛş͕ ƉŽƌ ĞũĞŵƉůŽ͕ ŵŝĞŶƚƌĂƐ ƌĂƐŝů ƉŽĚƌşĂ ƐŽƌƚĞĂƌ ĐŽŶ demand. ŵĞũŽƌ ĨŽƌƚƵŶĂ ůĂ ŵĄƐ ƋƵĞ ƉƌĞǀŝƐŝďůĞ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ĞdžƉŽƌƚĂĐŝŽŶĞƐŐƌĂĐŝĂƐĂůŵĂLJŽƌŝŵƉƵůƐŽĚĞƐƵĚĞŵĂŶ- For example, Brazil could avoid the expected decrease in ĚĂ ŝŶƚĞƌŶĂ͕ ĞŶ Ğů ĐĂƐŽ ĚĞ ŽƚƌĂƐ ĞĐŽŶŽŵşĂƐ ĚĞů ŽŶŽ ĞdžƉŽƌƚƐǁŝƚŚďĞƩĞƌĨŽƌƚƵŶĞ͕ƚŚĂŶŬƐƚŽƚŚĞŐƌĞĂƚĞƌƐƚƌĞŶŐƚŚ ^Ƶƌ͕ ĐŽŵŽ ƉƵĞĚĞŶ ƐĞƌ ŽůŽŵďŝĂ͕ ŚŝůĞ Ž ƌŐĞŶƟŶĂ͕ of its internal demand. Nonetheless, other economies from ĂĐƵƐĂƌĄŶĐŽŶŵĂLJŽƌŝŶƚĞŶƐŝĚĂĚůĂĚĞƐĂĐĞůĞƌĂĐŝſŶĞĐŽ- ƚŚĞ ^ŽƵƚŚĞƌŶ ŽŶĞ͕ ƐƵĐŚ ĂƐ ŽůŽŵďŝĂ͕ ŚŝůĞ Žƌ ƌŐĞŶƟŶĂ͕ ŶſŵŝĐĂ ĚƵƌĂŶƚĞ ϮϬϭϮ ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ĂũƵƐƚĞ ǁŝůůƐƵīĞƌƚŚĞĞĐŽŶŽŵŝĐĚĞĐĞůĞƌĂƟŽŶŝŶϮϬϭϮŵŽƌĞŝŶƚĞŶƐĞůLJ ĂŹĂĚŝĚŽƋƵĞŝŶĨĞƌŝƌĄĞŶĞƐƚĂƐƌĞŐŝŽŶĞƐůĂŵŽĚĞƌĂĐŝſŶ ĂƐ Ă ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚĞ ĂĚĚĞĚ ĂĚũƵƐƚŵĞŶƚ ĐĂƵƐĞĚ ďLJ Ă en el precio de las materias primas. ŵŽĚĞƌĂƟŽŶŝŶƌĂǁŵĂƚĞƌŝĂůƉƌŝĐĞƐŝŶƚŚĞƐĞƌĞŐŝŽŶƐ͘

24 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

WĞƐĞĂĞůůŽ͕ĞŶƚĠƌŵŝŶŽƐŐĞŶĞƌĂůĞƐ͕ůŽƐƌŝĞƐŐŽƐĚĞƐŽ- ďƌĞĐĂůĞŶƚĂŵŝĞŶƚŽĚĞůĂƐĞĐŽŶŽŵşĂƐůĂƟŶĂƐĐŽŶƟŶƵĂ- ƌĄŶĐŽŶĚŝĐŝŽŶĂŶĚŽůĂĞǀŽůƵĐŝſŶĞŶĞůĐŽƌƚŽƉůĂnjŽ͕LJŚĂ- /Ŷ ƐƉŝƚĞ ŽĨ ƚŚŝƐ ĨĂĐƚ͕ ŐĞŶĞƌĂůůLJ ƐƉĞĂŬŝŶŐ͕ ƚŚĞ ƌŝƐŬ ŽĨ >ĂƟŶ ďƌĄƋƵĞĐŽŶƚĞdžƚƵĂůŝnjĂƌƉŽůşƟĐĂƐĂĚĞĐƵĂĚĂƐĞŶĨƵŶĐŝſŶ ŵĞƌŝĐĂŶĞĐŽŶŽŵŝĞƐŽǀĞƌŚĞĂƟŶŐǁŝůůĐŽŶƟŶƵĞƚŽĚĞƚĞƌŵŝŶĞ ĚĞůĂƐƉĂƌƟĐƵůĂƌŝĚĂĚĞƐĚĞĐĂĚĂĐĂƐŽ͘ ƐŚŽƌƚͲƚĞƌŵĞǀŽůƵƟŽŶ͘/ƚǁŝůůĂůƐŽďĞŶĞĐĞƐƐĂƌLJƚŽĐŽŶƚĞdžƚƵĂůŝnjĞ Ɛş ƉŽƌ ĞũĞŵƉůŽ͕ ĞŶ sĞŶĞnjƵĞůĂ͕ ůĂƐ ƉƌĞŽĐƵƉĂĐŝŽŶĞƐ ƉƌŽƉĞƌ ƉŽůŝĐŝĞƐ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ĐŚĂƌĂĐƚĞƌŝƐƟĐƐ ŽĨ ĞĂĐŚ ƉŽƌůĂĞůĞǀĂĚĂŝŶŇĂĐŝſŶĂĚƋƵŝĞƌĞŶƵŶĂƌĞůĞǀĂŶĐŝĂŵĂ- case. LJŽƌ͕ƉƵĞƐůĂƐƉŽůşƟĐĂƐĮƐĐĂůĞƐĂƉůŝĐĂĚĂƐŚĂŶƐŝĚŽŵĄƐ In Venezuela, for example, the concerns about increasing ůĂdžĂƐƋƵĞůĂƐĂĚŽƉƚĂĚĂƐĞŶŽƚƌŽƐƉĂşƐĞƐ͕ĂůŝŐƵĂůƋƵĞ ŝŶŇĂƟŽŶĂƌĞŵŽƌĞƌĞůĞǀĂŶƚ͕ƐŝŶĐĞĮƐĐĂůƉŽůŝĐŝĞƐŚĂǀĞďĞĞŶ ĞŶƌŐĞŶƟŶĂ͕ĚŽŶĚĞĂĚĞŵĄƐĂƷŶƐĞƌĞŐŝƐƚƌĂŶĨƵĞƌƚĞƐ more moderate than those applied in other countries. The ĐƌĞĐŝŵŝĞŶƚŽƐĚĞůĐƌĠĚŝƚŽƋƵĞƉƵĞĚĞŶĂƵŵĞŶƚĂƌůĂĞdž- ƐĂŵĞ ƚŚŝŶŐ ĐĂŶ ďĞ ƐĂŝĚ ŝŶ ƌŐĞŶƟŶĂ͕ ǁŚĞƌĞ ƚŚĞƌĞ ŝƐ ƐƟůů ƉŽƐŝĐŝſŶĚĞůƉĂşƐĂůĂǀŽůĂƟůŝĚĂĚĐƌĞĐŝĞŶƚĞĞŶĞůŇƵũŽ internacional de capital. a strong credit growth that may increase the country’s ĞdžƉŽƐƵƌĞ ƚŽ ƚŚĞ ƌŝƐŝŶŐ ǀŽůĂƟůŝƚLJ ŝŶ ŝŶƚĞƌŶĂƟŽŶĂů ĐĂƉŝƚĂů WŽƌĞůĐŽŶƚƌĂƌŝŽ͕ĞŶƉĂşƐĞƐĐŽŵŽDĠdžŝĐŽ͕ůĂŝŶŇĂĐŝſŶ ŝŶŇŽǁƐ͘ ŵƵĞƐƚƌĂƐşŶƚŽŵĂƐĚĞŵĂLJŽƌĐŽŶƚĞŶĐŝſŶ͕LJĞůůŽƉĞƌŵŝƟ- ƌşĂůĂĂƉůŝĐĂĐŝſŶĚĞƉŽůşƟĐĂƐŵŽŶĞƚĂƌŝĂƐĂĐŽŵŽĚĂƟĐŝĂƐ KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ŝŶĐŽƵŶƚƌŝĞƐůŝŬĞDĞdžŝĐŽ͕ŝŶŇĂƟŽŶƐŚŽǁƐ ƋƵĞŝŵƉƵůƐĂƌĂŶĞůĐƌĞĐŝŵŝĞŶƚŽ͘ ƐŝŐŶƐŽĨĂďŝŐŐĞƌƌĞƐƚƌĂŝŶƚ͘dŚŝƐĐŽƵůĚĂůůŽǁƚŚĞĂƉƉůŝĐĂƟŽŶŽĨ ĂĐĐŽŵŵŽĚĂƟŶŐŵŽŶĞƚĂƌLJƉŽůŝĐŝĞƐƚŚĂƚƐƚŐƌŽǁƚŚ͘ ŶŽƚƌŽĄŵďŝƚŽ͕ůŽƐpaíses africanos del área subsaha- riana ŚĂŶĂƌƌŽũĂĚŽƌĞƐƵůƚĂĚŽƐĚĞĐƌĞĐŝŵŝĞŶƚŽƐſůŝĚŽƐ ĨƌŝĐĂŶ ĐŽƵŶƚƌŝĞƐ ĨƌŽŵ ƚŚĞ ^ƵďͲ^ĂŚĂƌĂŶ area have ĚƵƌĂŶƚĞϮϬϭϭ͕ĐŽŶƵŶĂĞdžƉĂŶƐŝſŶĐĞƌĐĂŶĂĂůϱй͕LJĞůůŽ showed results of solid growth in 2011. They have grown ƉĞƐĞĂůĂĚĞƐĂĐĞůĞƌĂĐŝſŶƌĞŐŝƐƚƌĂĚĂĞŶ^ƵĚĄĨƌŝĐĂLJĂůŽƐ ĂƉƉƌŽdžŝŵĂƚĞůLJϱйŝŶƐƉŝƚĞŽĨƚŚĞĚĞĐĞůĞƌĂƟŽŶŝŶ^ŽƵƚŚĨƌŝĐĂ ƐŚŽĐŬƐĂĚǀĞƌƐŽƐĚĞůĂŽĨĞƌƚĂƌĞůĂĐŝŽŶĂĚŽƐĐŽŶůĂƐĞ- and the adverse supply shocks related to the drought that ƋƵşĂƋƵĞĂĨĞĐƚſĂůĐŽŶƟŶĞŶƚĞ͘ ĂīĞĐƚĞĚƚŚĞǁŚŽůĞĐŽŶƟŶĞŶƚ͘

ůƌĞůĂƟǀŽĂŝƐůĂŵŝĞŶƚŽƋƵĞŚĂŵŽƐƚƌĂĚŽůĂƌĞŐŝſŶĂůŽƐ dŚĞ ƌĞŐŝŽŶ ŚĂƐ ƌĞŵĂŝŶĞĚ ƌĞůĂƟǀĞůLJ ŝƐŽůĂƚĞĚ ĨƌŽŵ ƚŚĞ ĞĨĞĐƚŽƐ ĚĞ ĐŽŶƚĂŐŝŽ ĚĞƌŝǀĂĚŽƐ ĚĞ ůĂ ĐƌŝƐŝƐ ĮŶĂŶĐŝĞƌĂ ĐŽŶƚĂŐŝŽƵƐ ĞīĞĐƚƐ ŽĨ ƚŚĞ ƵƌŽƉĞĂŶ ĮŶĂŶĐŝĂů ĐƌŝƐŝƐ͘ dŚŝƐ ĞƵƌŽƉĞĂĂLJƵĚſĂƉƌŽƚĞŐĞƌĂůĂƌĞŐŝſŶĚĞůĂƚƵƌďƵůĞŶĐŝĂ ŝƐŽůĂƟŽŶŚĞůƉĞĚƚŽƉƌŽƚĞĐƚƚŚĞƌĞŐŝŽŶĨƌŽŵƚŚĞƚƵƌŵŽŝůƚŚĂƚ

  

 


 
 
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25 CONCLUSIONES CONCLUSIONS 2011

ƌĞŐŝƐƚƌĂĚĂĂĮŶĂůĞƐĚĞĂŹŽ͕ĂĞdžĐĞƉĐŝſŶĚĞ^ƵĚĄĨƌŝĐĂ ƋƵĞŵĂŶƟĞŶĞŵĂLJŽƌĞƐǀşŶĐƵůŽƐĐŽŶĞůĐŽŶƟŶĞŶƚĞĞƵ- ropeo. dĂŵďŝĠŶŚĂĂLJƵĚĂĚŽůĂĚŝǀĞƌƐŝĮĐĂĐŝſŶĚĞůĂƐĞdžƉŽƌƚĂ- ĐŝŽŶĞƐĚĞůĨƌŝĐĂƐƵďƐĂŚĂƌŝĂŶĂŚĂĐŝĂŵĞƌĐĂĚŽƐĞŵĞƌ- ŐĞŶƚĞƐĚĞƌĄƉŝĚŽĐƌĞĐŝŵŝĞŶƚŽ͕ůŽƋƵĞŚĂƉĞƌŵŝƟĚŽƌĞ- ĚƵĐŝƌůĂĞdžƉŽƐŝĐŝſŶĐŽŵĞƌĐŝĂůĚĞĞƐƚĂƌĞŐŝſŶĂůĂŵĞŶŽƌ ĚĞŵĂŶĚĂĞŶƵƌŽƉĂ͘

ƐƚŽƐĨĂĐƚŽƌĞƐŚĂŶĐŽŶĨĞƌŝĚŽƌĞƐŝƐƚĞŶĐŝĂĂĞƐƚĞĄƌĞĂĚĞů ƉůĂŶĞƚĂLJůĂƐƉƌĞǀŝƐŝŽŶĞƐƉĂƌĂĞůĂŹŽϮϬϭϮĂƉƵŶƚĂŶĂ happened later in 2011, except from South Africa, which ƵŶůŝŐĞƌŽƌĞƉƵŶƚĞĚĞůĐƌĞĐŝŵŝĞŶƚŽŐƌĂĐŝĂƐĂůĂĞŶƚƌĂĚĂ ŵĂŝŶƚĂŝŶƐĐůŽƐĞĐŽŶŶĞĐƟŽŶƐǁŝƚŚƚŚĞƵƌŽƉĞĂŶĐŽŶƟŶĞŶƚ͘ ĞŶŽƉĞƌĂĐŝſŶĚĞŶƵĞǀĂƐĨƵĞŶƚĞƐĚĞŵŝŶĞƌĂůĞƐLJƉĞƚƌſ- dŚĞ ĚŝǀĞƌƐŝĮĐĂƟŽŶ ŽĨ ^ƵďͲ^ĂŚĂƌĂŶ ĨƌŝĐĂ ĞdžƉŽƌƚƐ ƚŽ ĨĂƐƚ ůĞŽ͕LJĂůĂĐŽƌƌĞĐĐŝſŶĚĞůŽƐƐŚŽĐŬƐĚĞŽĨĞƌƚĂƋƵĞƐĞ growth emerging markets has also helped. This has allowed ŚĂŶƐƵĐĞĚŝĚŽĚƵƌĂŶƚĞϮϬϭϭ͘ ĨŽƌĂƌĞĚƵĐƟŽŶŝŶĐŽŵŵĞƌĐŝĂůĞdžƉŽƐƵƌĞŽĨƚŚŝƐƌĞŐŝŽŶĚƵĞƚŽ WŽƌĞůĐŽŶƚƌĂƌŝŽ͕ĞŶůŽƐƉĂşƐĞƐĚĞůnorte de África, las the lower demand in Europe. ǀŝŶĐƵůĂĐŝŽŶĞƐĐŽŶƵƌŽƉĂƐŽŶŵĄƐĞǀŝĚĞŶƚĞƐ͕ƚĂŶƚŽĞŶ ůĂƐƌĞůĂĐŝŽŶĞƐĐŽŵĞƌĐŝĂůĞƐ͕ĐŽŵŽĞŶůĂĂĐƟǀŝĚĂĚƚƵƌşƐ- dŚĞƐĞĨĂĐƚŽƌƐŚĂǀĞŵĂĚĞƚŚŝƐĂƌĞĂŵŽƌĞƌĞƐŝƐƚĂŶƚ͘WƌĞĚŝĐƟŽŶƐ ƟĐĂ͕ŽĞŶůĂĞŶƚƌĂĚĂĚĞĚŝǀŝƐĂƐǀşĂƌĞŵĞƐĂƐ͘ for 2012 suggest that it will grow slightly thanks to the entry ŽĨŶĞǁŵŝŶĞƌĂůĂŶĚŽŝůƐŽƵƌĐĞƐ͕ĂŶĚƚŚĞĐŽƌƌĞĐƟŽŶŽĨƐƵƉƉůLJ ŶĞƐƚĞƐĞŶƟĚŽ͕ĂůŽƐƌŝĞƐŐŽƐĞdžƚĞƌŶŽƐƋƵĞŐŝƌĂŶĞŶƚŽƌ- shocks in 2011. ŶŽĂůĂĞǀŽůƵĐŝſŶĚĞůĂĞĐŽŶŽŵşĂĞƵƌŽƉĞĂ͕ƐĞĂŹĂĚĞŶ ŽƚƌŽƐ͕ĚĞşŶĚŽůĞŝŶƚĞƌŶŽĚĞƌŝǀĂĚŽƐĚĞůĂŝŶĞƐƚĂďŝůŝĚĂĚ On the other hand, in the EŽƌƚŚ ĨƌŝĐĂŶ ĐŽƵŶƚƌŝĞƐ , the ƉŽůşƟĐĂƉŽƌůĂƋƵĞǀŝĞŶĞĂƚƌĂǀĞƐĂŶĚŽůĂƌĞŐŝſŶĚĞƐĚĞ ĐŽŶŶĞĐƟŽŶƐƚŽƵƌŽƉĞĂƌĞŵŽƌĞŽďǀŝŽƵƐŝŶƚĞƌŵƐŽĨďƵƐŝŶĞƐƐ ƉƌŝŶĐŝƉŝŽƐĚĞϮϬϭϭ͕ƋƵĞƚĂŵďŝĠŶƚĞŶĚƌĄŶŝŵƉĂĐƚŽƐŽ- ƌĞůĂƟŽŶƐŚŝƉƐ͕ƚŽƵƌŝƐƚĂĐƟǀŝƚLJĂŶĚŝŶŇŽǁŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƐ ďƌĞůĂĞĐŽŶŽŵşĂ͘ ǀŝĂƌĞŵŝƩĂŶĐĞƐ͘

WŽƌ ƉĂşƐĞƐ͕ EŝŐĞƌŝĂ ŵĂŶƚĞŶĚƌĄ ƵŶ ĐŝĞƌƚŽ ĚŝŶĂŵŝƐŵŽ dŚĞƌĞ ĂƌĞ ĞdžƚĞƌŶĂů ƌŝƐŬƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĞǀŽůƵƟŽŶ ŽĨ ƚŚĞ ĞŶƐƵĐƌĞĐŝŵŝĞŶƚŽ͕ĂƵŶƋƵĞĐŽŶƵŶƌŝƚŵŽŵĄƐĚĞƐĂĐĞ- European economy. However, there also are external risks ůĞƌĂĚŽ͕ĞŶƵŶĞƐĐĞŶĂƌŝŽĨĂǀŽƌĂďůĞƉĂƌĂƵŶĂĞĐŽŶŽŵşĂ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƉŽůŝƟĐĂů ŝŶƐƚĂďŝůŝƚLJ ŽĨ ƚŚĞ ƌĞŐŝŽŶ ƐŝŶĐĞ ĞĂƌůLJ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ ĞdžƉŽƌƚĂĚŽƌĂ ĚĞ ƉĞƚƌſůĞŽ͕ ŵŝĞŶ- 2011 that will have an impact on the economy. ƚƌĂƐ ƋƵĞ ŽƚƌĂƐ ĞĐŽŶŽŵşĂƐ ĚĞ ŝŶƚĞƌĠƐ ƉĂƌĂ ĂŶĂƌŝĂƐ͕ ĐŽŵŽĂďŽsĞƌĚĞŽDĂƌƌƵĞĐŽƐ͕ĂĐƵƐĂƌĄŶƵŶĂĚĞƐĂĐĞ- Nigeria will remain fairly dynamic, but at a more decelerated ůĞƌĂĐŝſŶŵĄƐŝŶƚĞŶƐĂĞŶƐƵƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĞŶĞů ƌŚLJƚŚŵ ĂŶĚ ŝŶ Ă ĨĂǀŽƵƌĂďůĞ ƐĐĞŶĂƌŝŽ ĨŽƌ ĂŶ ŽŝůͲĞdžƉŽƌƟŶŐ próximo año. economy. Meanwhile, other economies of interest to the ĂŶĂƌLJ/ƐůĂŶĚƐ͕ƐƵĐŚĂƐĂƉĞsĞƌĚĞŽƌDŽƌŽĐĐŽ͕ǁŝůůƐƵīĞƌĂ Área del euro ŵŽƌĞŝŶƚĞŶƐĞĚĞĐĞůĞƌĂƟŽŶŝŶƚŚĞŝƌŐƌŽǁƚŚƌŚLJƚŚŵŶĞdžƚLJĞĂƌ͘

>ĂƐĞŶĚĂĚĞĐƌĞĐŝŵŝĞŶƚŽĂůĂƋƵĞŚĂďşĂƌĞƚŽƌŶĂĚŽůĂ Euro area ĞĐŽŶŽŵşĂĚĞůnjŽŶĂĞƵƌŽĚƵƌĂŶƚĞϮϬϭϬƐĞŵĂŶƚƵǀŽĚƵ- ƌĂŶƚĞůĂƉƌŝŵĞƌĂŵŝƚĂĚĚĞůĂŹŽϮϬϭϭ͕ƉƵĞƐĞůƌĞĐƌƵĚĞĐŝ- The Eurozone economy managed to grow again in 2010 and ŵŝĞŶƚŽĚĞůĂĐƌŝƐŝƐĮŶĂŶĐŝĞƌĂĚƵƌĂŶƚĞĞůƚƌĂŵŽĮŶĂůĚĞů it maintained this weak yet sustained tendency during the ĞũĞƌĐŝĐŝŽ͕ƐƵŵŝſŶƵĞǀĂŵĞŶƚĞĂůĂĞĐŽŶŽŵşĂĚĞůĐŽŶ- ĮƌƐƚŚĂůĨŽĨϮϬϭϭ͘dŚĞǁŽƌƐĞŶŝŶŐŽĨƚŚĞĮŶĂŶĐŝĂůĐƌŝƐŝƐŝŶƚŚĞ ũƵŶƚŽĚĞƉĂşƐĞƐƋƵĞŽƉĞƌĂŶĐŽŶĞůĞƵƌŽĞŶƵŶĂŶƵĞǀĂ second half of 2011 plunged the countries using the euro ĨĂƐĞŵĂƌĐĂĚĂƉŽƌůĂĚĞƐĂĐĞůĞƌĂĐŝſŶƋƵĞĐŽŶĚƵũŽĂƵŶ ŽŶĐĞĂŐĂŝŶŝŶƚŽĂĂĚĞĐĞůĞƌĂƟŽŶŝŶŐƌŽǁƚŚƚŚĂƚůĞĚƚŽůŽǁĞƌ retroceso respecto de las previsiones de crecimiento. ĞdžƉĞĐƚĂƟŽŶƐŽĨŐƌŽǁƚŚ͘

26 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ĞĞƐƚĞŵŽĚŽ͕LJƚƌĂƐĞůŝŶĐƌĞŵĞŶƚŽĚĞůϭ͕ϵйƋƵĞŚĂďşĂ ƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞϮϬϭϬ͕ĞůW/ĚĞůĂŽŶĂĞƵƌŽĂŵŝŶŽ- ƌſƐƵƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĞŶĐƵĂƚƌŽĚĠĐŝŵĂƐ͕ŚĂƐƚĂ ĂǀĂŶnjĂƌƵŶϭ͕ϰйĞŶĞůĐŽŶũƵŶƚŽĚĞůĂŹŽϮϬϭϭ͘

>Ă ƌĞĐƵƉĞƌĂĐŝſŶ ĚĞů ĐŽŶƐƵŵŽ ƉƌŝǀĂĚŽ LJ Ğů ŵĞũŽƌ ŌĞƌƚŚĞŝŶĐƌĞĂƐĞŽĨϭ͘ϵйŝŶϮϬϭϬ͕ƚŚĞƵƌŽĂƌĞĂ'WƐůŽǁĞĚ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐŚĂĐşĂŶƉĞŶƐĂƌ͕ ďLJĨŽƵƌƉŽŝŶƚƐ͕ƌĞĂĐŚŝŶŐϭ͘ϰйŝŶϮϬϭϭ͘ Ă ĐŽŵŝĞŶnjŽƐ ĚĞů ĞũĞƌĐŝĐŝŽ͕ ƋƵĞ ůĂ ĞĐŽŶŽŵşĂ ĚĞů ĄƌĞĂ ĂƌůLJƚŚĂƚLJĞĂƌ͕ƚŚĞƌĞĐŽǀĞƌLJŽĨƉƌŝǀĂƚĞĐŽŶƐƵŵƉƟŽŶĂŶĚĂŶ ĐŽŶƐĞŐƵŝƌşĂĐŽŶƐŽůŝĚĂƌůĂƌĞĐƵƉĞƌĂĐŝſŶLJĚĞũĂƌĂƚƌĄƐůĂ improved export performance suggested that the economy ƌĞĐĞƐŝſŶƋƵĞůĂŚĂďşĂůůĞǀĂĚŽĂƌĞŐŝƐƚƌĂƌƵŶĂƉƌŽĨƵŶĚĂ of the area would be able to consolidate its recovery. It ĐĂşĚĂĚĞůW/ĚĞůϰ͕ϭй͕ĂůĐŝĞƌƌĞĚĞϮϬϬϵ͘ also led people to think that the recession that registered ƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭ͕ĞůW/ĚĞůƌĞĂ Ă ƉƌŽĨŽƵŶĚ ĨĂůů ŝŶ 'W ŽĨ ϰ͘ϭй ŝŶ ůĂƚĞ ϮϬϬϵ ǁŽƵůĚ ďĞ ůĞŌ ĞƵƌŽůŽŐƌĂďĂƌĞƉƵŶƚĂƌĂůĂůnjĂĐŽŶƵŶĂǀĂŶĐĞĚĞůϮ͕ϱй͕ behind. ƐƵƉĞƌĂŶĚŽĚĞĞƐƚĞŵŽĚŽĞůĐƌĞĐŝŵŝĞŶƚŽƋƵĞŚĂďşĂƌĞ- ŐŝƐƚƌĂĚŽ ĚƵƌĂŶƚĞ Ğů ƚƌŝŵĞƐƚƌĞ ĂŶƚĞƌŝŽƌ͕ Ğ ŝŶĐůƵƐŽ ƉŽƌ ƵƌŝŶŐ ƚŚĞ ĮƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϭ͕ ƚŚĞ ƵƌŽ ĂƌĞĂ͛Ɛ 'W ĞŶĐŝŵĂĚĞůďĂůĂŶĐĞĚĞϮϬϭϬ͘ ŵĂŶĂŐĞĚƚŽƌŝƐĞϮ͘ϱй͕ǁŚŝĐŚŝƐƐƵƉĞƌŝŽƌƚŽƚŚĞŐƌŽǁƚŚƚŚĂƚ ŚĂĚƌĞŐŝƐƚĞƌĞĚŝŶƚŚĞƉƌĞǀŝŽƵƐƋƵĂƌƚĞƌ͕ĂŶĚĞǀĞŶƐƵƌƉĂƐƐĞĚ EŽŽďƐƚĂŶƚĞ͕LJĂůŵĂƌŐĞŶĚĞĞƐƚĞĐƌĞĐŝŵŝĞŶƚŽƉƵŶƚƵĂů͕ the 2010 balance. ůĂƐƐĞŹĂůĞƐĚĞƌĞĐƵƉĞƌĂĐŝſŶĂƷŶƌĞƐƵůƚĂďĂŶŵƵLJĚĠďŝ- ůĞƐLJĐŽŶĚŝĐŝŽŶĂĚĂƐĂŶƵŵĞƌŽƐŽƐĞůĞŵĞŶƚŽƐĚĞƌŝĞƐ- ,ŽǁĞǀĞƌ͕ ĂƉĂƌƚ ĨƌŽŵ ƚŚŝƐ ŽŶĞͲŽī  ŐƌŽǁƚŚ͕ ƚŚĞ ƐŝŐŶƐ ŽĨ ŐŽ͕ ƉƵĞƐůĂŵĂLJŽƌşĂĚĞůŽƐƉĂşƐĞƐĚĞďşĂŶ ĂĨƌŽŶƚĂƌůĂ ƌĞĐŽǀĞƌLJǁĞƌĞƐƟůůǀĞƌLJǁĞĂŬĂŶĚĚĞƚĞƌŵŝŶĞĚďLJŵĂŶLJƌŝƐŬ ĮŶĂůŝnjĂĐŝſŶĚĞůŽƐĞƐơŵƵůŽƐƉƷďůŝĐŽƐ͕ŵŝĞŶƚƌĂƐƋƵĞůĂ ĞůĞŵĞŶƚƐ͘DŽƐƚŽĨƚŚĞĐŽƵŶƚƌŝĞƐŚĂĚƚŽĨĂĐĞƚŚĞĐŽŵƉůĞƟŽŶ ŝŶǀĞƌƐŝſŶƉƌŝǀĂĚĂĐŽŶƟŶƵĂďĂĞƐƚĂŶĐĂĚĂĞŶĞůĐŽŶũƵŶƚŽ ŽĨƉƵďůŝĐƐƟŵƵůŝ͕ŵĞĂŶǁŚŝůĞƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚŬĞƉƚŝŶƚŚĞ ĚĞůƌĞĂ͘ Area ground to a halt.

ƐƚŽƐ ĨĂĐƚŽƌĞƐ ƐĞ ƐƵŵĂďĂŶ Ă ůĂ ŝŶĐĞƌƟĚƵŵďƌĞ ƐŽďƌĞ These factors together with the uncertainty about the ĞůƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽĞƵƌŽƉĞŽLJůĂƐĐŽŶƟŶƵĂƐƚĞŶƐŝŽ- ƵƌŽƉĞĂŶĮŶĂŶĐŝĂůƐLJƐƚĞŵĂŶĚƚŚĞĐŽŶƐƚĂŶƚƚĞŶƐŝŽŶƐƚŚĂƚ͕ ŶĞƐƋƵĞĂƚĞŶĂnjĂďĂŶƵŶĂLJŽƚƌĂǀĞnjůĂĐĂƉĂĐŝĚĂĚĚĞĮ- ƟŵĞĂŶĚĂŐĂŝŶ͕ŐƌŝƉƉĞĚƚŚĞĮŶĂŶĐŝĂůĐĂƉĂĐŝƚLJŽĨĂŐŽŽĚƉĂƌƚ



 



 
  
  

 



 

  
 























































 















 
















.YmÄJV Graph 1.8

27 CONCLUSIONES CONCLUSIONS 2011

ŶĂŶĐŝĂĐŝſŶĚĞďƵĞŶĂƉĂƌƚĞĚĞůŽƐƐƚĂĚŽƐŵŝĞŵďƌŽƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĚĞ ůŽƐ ƉĞƌŝĨĠƌŝĐŽƐ͕ ƋƵĞ ĐŽŶĚƵũĞƌŽŶ Ă ůĂĞĐŽŶŽŵşĂĚĞůĂƵƌŽnjŽŶĂĂƌĞŐƌĞƐĂƌŶƵĞǀĂŵĞŶƚĞĂ ƵŶĂĨĂƐĞĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞƐĂĐĞůĞƌĂĚŽĚƵƌĂŶƚĞůĂƐĞ- ŐƵŶĚĂŵŝƚĂĚĚĞůĂŹŽ͘ zĂĞŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭ͕ĞůĐƌĞĐŝŵŝĞŶƚŽĚĞů ŽĨ ƚŚĞ DĞŵďĞƌ ^ƚĂƚĞƐ͕ ƉĂƌƟĐƵůĂƌůLJ ƚŚŽƐĞ ŝŶ ƚŚĞ ƉĞƌŝƉŚĞƌLJ͘ W/ĐĞĚşĂĐĂƐŝƵŶƉƵŶƚŽLJĂƵŵĞŶƚĂďĂĂƵŶƌŝƚŵŽŝŶĨĞ- This area led the Euro zone economy to a decelerated growth ƌŝŽƌĂůƋƵĞůŽŚŝnjŽĂůĐŽŵŝĞŶnjŽĚĞůĂŹŽ͕ĐŽŶƵŶŝŶĐƌĞ- phase during the second half of the year. ŵĞŶƚŽĚĞůϭ͕ϳй͕ƋƵĞůĞũŽƐĚĞĐŽŶƚĞŶĞƌƐĞ͕ǀŽůǀşĂĂŵŽ- ĚĞƌĂƌƐĞĚƵƌĂŶƚĞůŽƐƚƌŝŵĞƐƚƌĞƐƐŝŐƵŝĞŶƚĞƐ͕ƌĞŐŝƐƚƌĂŶĚŽ /ŶƚŚĞƐĞĐŽŶĚƋƵĂƌƚĞƌŽĨϮϬϭϭ͕'WŐƌŽǁƚŚĚƌŽƉƉĞĚĂůŵŽƐƚ ƵŶĂǀĂŶĐĞĚĞůϭ͕ϯйĚƵƌĂŶƚĞĞůƚĞƌĐĞƌƚƌŝŵĞƐƚƌĞ͕ƉĂƌĂ one point and increased at a slower pace than that registered ĮŶĂůŝnjĂƌ Ğů ĂŹŽ ĐŽŶ ƵŶ ƉƌĄĐƟĐŽ ĞƐƚĂŶĐĂŵŝĞŶƚŽ ĚĞ ůĂ ĞĂƌůŝĞƌƚŚĂƚLJĞĂƌ͘/ƚƌŽƐĞďLJϭ͘ϳйĂŶĚ͕ĨĂƌĨƌŽŵƐƚĂLJŝŶŐƐƟůů͕ ĂĐƟǀŝĚĂĚ;Ϭ͕ϯйͿ͘ ƐƚĂLJĞĚŵŽĚĞƌĂƚĞĂŐĂŝŶĚƵƌŝŶŐƚŚĞŶĞdžƚƋƵĂƌƚĞƌƐ͘/ƚƌĞŐŝƐƚĞƌĞĚ ĂŶĂĚǀĂŶĐĞŽĨϭ͘ϯйŝŶƚŚĞƚŚŝƌĚƋƵĂƌƚĞƌĂŶĚĞŶĚĞĚƚŚĞLJĞĂƌ ůơŵŝĚŽĐƌĞĐŝŵŝĞŶƚŽƋƵĞƌĞŐŝƐƚƌſůĂƵƌŽnjŽŶĂĞŶĞů ǁŝƚŚĂǀŝƌƚƵĂůƐƚĂŐŶĂƟŽŶŽĨĂĐƟǀŝƚLJ;Ϭ͘ϯйͿ͘ ĐŽŶũƵŶƚŽ ĚĞů ĂŹŽ ϮϬϭϭ ƐĞ ĂƉŽLJĂďĂ͕ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ͕ ĞŶĞůĂǀĂŶĐĞĚĞůĂĞĐŽŶŽŵşĂĂůĞŵĂŶĂƋƵĞ͕ĚƵƌĂŶƚĞůŽƐ The lukewarm growth of the Euro area in 2011 was mainly ĚŽƐƉƌŝŵĞƌŽƐƚƌŝŵĞƐƚƌĞƐĚĞůĂŹŽ͕ůŽŐƌĂďĂĐƌĞĐĞƌĂƌŝƚ- based on the progress of the German economy, which ŵŽƐĚĞůϮ͕ϵйLJĚĞůϮ͕ϳйŝŶƚĞƌĂŶƵĂů͘ ŵĂŶĂŐĞĚƚŽŐƌŽǁďLJϮ͘ϵйĂŶĚϮ͘ϳйLJĞĂƌͲŽŶͲLJĞĂƌĚƵƌŝŶŐƚŚĞ ĮƌƐƚƚǁŽƋƵĂƌƚĞƌƐŽĨƚŚĞLJĞĂƌ͘ WŽƌĞůĐŽŶƚƌĂƌŝŽ͕ĞůƌĞƐƚŽĚĞůŽƐƉĂşƐĞƐƋƵĞĐŽŶĨŽƌŵĂŶ ůĂhŶŝſŶŵŽŶĞƚĂƌŝĂĐŽŶƟŶƵĂƌŽŶŵŽƐƚƌĂŶĚŽƵŶƉĞƌĮů On the other hand, the rest of the Monetary Union countries ĚĞĐƌĞĐŝŵŝĞŶƚŽďĂũŽƋƵĞ͕ŝŶĐůƵƐŽƚŽƌŶĂďĂĞŶŶĞŐĂƟǀŽ ĐŽŶƟŶƵĞĚƚŽƐŚŽǁĂůŽǁƉƌŽĮůĞŐƌŽǁƚŚƚŚĂƚƚƵƌŶĞĚŽƵƚƚŽ

  
 
 





 
 
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28 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ĞŶĞůĐĂƐŽĚĞ'ƌĞĐŝĂLJWŽƌƚƵŐĂů͕ƋƵĞƉĞƌŵĂŶĞĐşĂŶŝŶ- mersas en el proceso recesivo.

ŵĞĚŝĚĂƋƵĞƚƌĂŶƐĐƵƌƌşĂĞůĂŹŽ͕ŝďĂŶƐƵƌŐŝĞŶĚŽŶƵĞ- ǀĂƐĚŝĮĐƵůƚĂĚĞƐƋƵĞŝŵƉŝĚŝĞƌŽŶĐŽƌƌĞŐŝƌůŽƐĚĞƐĞƋƵŝůŝ- ďƌŝŽƐĚĞůĂĚĞƵĚĂƉƷďůŝĐĂƋƵĞǀĞŶşĂĂƌƌĂƐƚƌĂŶĚŽĞůĐŽŶ- ďĞ ŶĞŐĂƟǀĞ ŝŶ 'ƌĞĞĐĞ ĂŶĚ WŽƌƚƵŐĂů͕ ƐŝŶĐĞ ƚŚĞLJ ƌĞŵĂŝŶĞĚ ũƵŶƚŽĚĞůĂhŶŝſŶŵŽŶĞƚĂƌŝĂLJƋƵĞLJĂ͕ĚƵƌĂŶƚĞϮϬϭϬ͕ immersed in a recession. ŚĂďşĂŶ ĚĂĚŽ ƉŝĞ Ă ƌĞƐĐĂƚĞƐ ĞŶ ƉĂşƐĞƐ ĐŽŵŽ /ƌůĂŶĚĂ͕ Ɛ ƚŚĞ LJĞĂƌ ǁĞŶƚ ďLJ͕ ƚŚĞƌĞ ǁĞƌĞ ŶĞǁ ĚŝĸĐƵůƟĞƐ ƚŚĂƚ 'ƌĞĐŝĂLJWŽƌƚƵŐĂů͘ prevented the imbalances of the Monetary Union’s public >ĂŝŶĐĂƉĂĐŝĚĂĚĚĞůĂƋƵĞŚŝnjŽŐĂůĂĞůĐŽŶũƵŶƚŽĚĞůĂ debt from being corrected. In 2010, these imbalances had hŶŝſŶ ƉĂƌĂ njĂŶũĂƌ ĞƐƚŽƐ ĚĞƐĞƋƵŝůŝďƌŝŽƐ ĂůŝŵĞŶƚĂďĂŶ given cause for rescuing countries like Ireland, Greece and ŶƵĞǀŽƐƚĞŵŽƌĞƐĞŶĞůĄŵďŝƚŽĮŶĂŶĐŝĞƌŽ͕LJůĂĐƌŝƐŝƐƚŽ- Portugal. ŵĂďĂĂƐşƵŶŶƵĞǀŽŝŵƉƵůƐŽĚƵƌĂŶƚĞĞůƚƌĂŵŽĮŶĂůĚĞů ĂŹŽ͕ƉŽŶŝĞŶĚŽĚĞŵĂŶŝĮĞƐƚŽƋƵĞĂƵŶƋƵĞůŽƐŶŝǀĞůĞƐ The Union displayed its incapacity to resolve these imbalances, ĚĞĚĞƵĚĂƉƷďůŝĐĂLJĞdžƚĞƌŶĂĚĞůĂnjŽŶĂĞƵƌŽƐŽŶŵĄƐ ǁŚŝĐŚĨĞĚŶĞǁĨĞĂƌƐŝŶƚŚĞĮŶĂŶĐŝĂůĞŶǀŝƌŽŶŵĞŶƚ͘>ĂƚĞƌƚŚĂƚ ďĂũŽƐƋƵĞůŽƐĚĞ͘hh͘LJ:ĂƉſŶ͕ůĂĨĂůƚĂĚĞŝŶƚĞŐƌĂĐŝſŶ year, the crisis gathered momentum and highlighted that ĮƐĐĂů͕ũƵŶƚŽĐŽŶůĂŚĞƚĞƌŽŐĞŶĞŝĚĂĚƋƵĞŵŽƐƚƌĂďĂŶůĂƐ the level of public and external debts of the Euro zone is ĞĐŽŶŽŵşĂƐĚĞůĞƵƌŽ͕ƐƵƉŽŶşĂŶĐůĂƌĂƐĚĞĮĐŝĞŶĐŝĂƐĞŶůĂ ůŽǁĞƌ ƚŚĂŶ ƚŚŽƐĞ ŽĨ h^ ĂŶĚ :ĂƉĂŶ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ůĂĐŬ ŽĨ ĞƐƚƌƵĐƚƵƌĂĚĞŐŽďŝĞƌŶŽĚĞůĄƌĞĂƋƵĞŶĞĐĞƐĂƌŝĂŵĞŶƚĞ ĮƐĐĂů ŝŶƚĞŐƌĂƟŽŶ ĂŶĚ ƚŚĞ ĚŝǀĞƌƐŝƚLJ ŽĨ ƚŚĞ ƵƌŽ ĞĐŽŶŽŵŝĞƐ ĐŽŶĚŝĐŝŽŶĂĞůĨƵƚƵƌŽĚĞůĂŵŽŶĞĚĂƷŶŝĐĂ͘ ŝŵƉůŝĞĚĐůĞĂƌĚŝīĞƌĞŶĐĞƐŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚƐƚƌƵĐƚƵƌĞŽĨƚŚĞ area that will necessarily determine the future of the single dĂůLJ ĐŽŵŽ ƌĞĐŽŐĞ Ğů &D/ ĞŶ ƐƵ ŝŶĨŽƌŵĞ ĚĞ Ăďƌŝů ĚĞ currency. ϮϬϭϮƐŽďƌĞWĞƌƐƉĞĐƟǀĂƐĚĞůĂĐŽŶŽŵşĂDƵŶĚŝĂů͕ůĂ ŝŶƚĞŐƌĂĐŝſŶĚĞůŽƐŵĞƌĐĂĚŽƐŚĂďşĂƉƌŽƉŝĐŝĂĚŽůĂĐŽŶ- As the IMF report from April 2012 on the World Economic ĐĞƐŝſŶĚĞƵŶĂĞŶŽƌŵĞĐĂŶƟĚĂĚĚĞƉƌĠƐƚĂŵŽƐƚƌĂŶƐ- KƵƚůŽŽŬ ƐƚĂƚĞƐ͕ ƚŚĞ ŵĂƌŬĞƚ ŝŶƚĞŐƌĂƟŽŶ ŚĂĚ ĐĂƵƐĞĚ ƚŚĞ ĨƌŽŶƚĞƌŝnjŽƐ͕ ŵŝĞŶƚƌĂƐ ůĂ ƐƵƉĞƌǀŝƐŝſŶ LJ ƌĞŐƵůĂĐŝſŶ ƐĞ- ŐƌĂŶƟŶŐŽĨĂůĂƌŐĞŶƵŵďĞƌŽĨĐƌŽƐƐͲďŽƌĚĞƌůŽĂŶƐ͘DĞĂŶǁŚŝůĞ͕

  
 




 
  
 

 





     
 
   
  

  
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29 CONCLUSIONES CONCLUSIONS 2011

ŐƵşĂŶĐŝƌĐƵŶƐĐƌŝƚĂƐĂůĄŵďŝƚŽŶĂĐŝŽŶĂůĚĞĐĂĚĂƐƚĂĚŽ ŵŝĞŵďƌŽ͘

ůĂŶĐŽĞŶƚƌĂůƵƌŽƉĞŽƚĞŶşĂĞdžƉƌĞƐĂŵĞŶƚĞƉƌŽŚŝďŝ- ĚŽĂĐƚƵĂƌĐŽŵŽƉƌĞƐƚĂŵŝƐƚĂĚĞƷůƟŵĂŝŶƐƚĂŶĐŝĂ͖LJ͕ƐŝŶ ƐƵƉĞƌǀŝƐŝŽŶĂŶĚƌĞŐƵůĂƟŽŶǁĞƌĞůŝŵŝƚĞĚƚŽĂŶĂƟŽŶĂůůĞǀĞůŝŶ ĞŵďĂƌŐŽ͕ůŽƐŵĞƌĐĂĚŽƐŽƉĞƌĂƌŽŶďĂũŽĞůƐƵƉƵĞƐƚŽĚĞ each Member State. ƋƵĞůŽƐŐŽďŝĞƌŶŽƐLJůŽƐďĂŶĐŽƐĐĞŶƚƌĂůĞƐŽĨƌĞĐşĂŶƵŶĂ

ƌĞĚĚĞƐĞŐƵƌŝĚĂĚĞŶůĂƐŽƉĞƌĂĐŝŽŶĞƐĚĞŝŶǀĞƌƐŝſŶ͘ dŚĞƵƌŽƉĞĂŶĞŶƚƌĂůĂŶŬǁĂƐŶŽƚĂůůŽǁĞĚƚŽĂĐƚĂƐĂůĂƐƚͲ >Ă ƉĞƌĐĞƉĐŝſŶ ĚĞ ƋƵĞ ůĂƐ ĞĐŽŶŽŵşĂƐ Ž ůŽƐ ƐŝƐƚĞŵĂƐ resort lender. Nevertheless, the markets worked under the ďĂŶĐĂƌŝŽƐĞƌĂŶĚĞŵĂƐŝĂĚŽŐƌĂŶĚĞƐŽĐŽŵƉůĞũŽƐƉĂƌĂ ĂƐƐƵŵƉƟŽŶƚŚĂƚƚŚĞŐŽǀĞƌŶŵĞŶƚƐĂŶĚĐĞŶƚƌĂůďĂŶŬƐŽīĞƌĞĚ ƋƵĞďƌĂƌĚĂďĂƉŝĞĂůĂŝĚĞĂĚĞƋƵĞƐƵƐƉĂƐŝǀŽƐŐŽnjĂďĂŶ ĂƐĞĐƵƌŝƚLJŶĞƚǁŽƌŬŝŶŝŶǀĞƐƚŵĞŶƚƚƌĂŶƐĂĐƟŽŶƐ͘ ĚĞŐĂƌĂŶơĂƐŝŵƉůşĐŝƚĂƐ͘ dŚĞ ƉĞƌĐĞƉƟŽŶ ĞdžŝƐƚĞĚ ƚŚĂƚ ƚŚĞ ĞĐŽŶŽŵŝĞƐ Žƌ ƚŚĞ ďĂŶŬ ŶĞƐƚĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ůŽƐƌŝĞƐŐŽƐƐŽďĞƌĂŶŽƐLJĚĞĐƌĠ- systems were too big or complex to go bankrupt. This ĚŝƚŽƐĞƐƵďĞƐƟŵĂƌŽŶLJƌĞĐŝďŝĞƌŽŶǀĂůŽƌĂĐŝŽŶĞƐĞƋƵŝ- ƐŝƚƵĂƟŽŶŐĂǀĞƌŝƐĞƚŽƚŚĞŝĚĞĂƚŚĂƚƚŚĞŝƌůŝĂďŝůŝƟĞƐĞŶũŽLJĞĚ ǀŽĐĂĚĂƐ͕ĚĂŶĚŽůƵŐĂƌĂŐƌĂŶĚĞƐĚŝǀĞƌŐĞŶĐŝĂƐĞŶƚƌĞůŽƐ implicit guarantees. ƐĂůĚŽƐ ĮƐĐĂůĞƐ LJ ĚĞ ĐƵĞŶƚĂ ĐŽƌƌŝĞŶƚĞ ĞdžƚĞƌŶĂ ĚĞ ůŽƐ In these circumstances, the sovereign and the credit risks ĚŝƐƟŶƚŽƐƉĂşƐĞƐ͘ ǁĞƌĞ ƵŶĚĞƌĞƐƟŵĂƚĞĚ ĂŶĚ ƌĞĐĞŝǀĞĚ ŵŝƐŐƵŝĚĞĚ ĞǀĂůƵĂƟŽŶƐ͘ >ĂĐŽƌƌĞĐĐŝſŶĚĞĞƐƚĂƐŝƚƵĂĐŝſŶŶŽƐƵƉŽŶĞƵŶƌĞƚŽĨĄĐŝů dŚŝƐŐĂǀĞƌŝƐĞƚŽďŝŐĚŝīĞƌĞŶĐĞƐďĞƚǁĞĞŶĮƐĐĂůĂŶĚĞdžƚĞƌŶĂů ĚĞĂĐŽŵĞƚĞƌ͕ŵĄdžŝŵĞĐƵĂŶĚŽůĂƐĮŶĂŶnjĂƐƉƷďůŝĐĂƐĚĞ ĐƵƌƌĞŶƚĂĐĐŽƵŶƚďĂůĂŶĐĞƐŝŶƚŚĞĚŝīĞƌĞŶƚĐŽƵŶƚƌŝĞƐ͘


   
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30 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ŵƵĐŚŽƐƐƚĂĚŽƐŵŝĞŵďƌŽƐĚĞůĂnjŽŶĂŚĂŶĚĞŵŽƐƚƌĂĚŽ ŶŽĞƐƚĂƌĂĚĞĐƵĂĚĂŵĞŶƚĞƉƌĞƉĂƌĂĚĂƐƉĂƌĂĂĨƌŽŶƚĂƌĞů ĞĨĞĐƚŽĚĞůŽƐĞƐƚĂďŝůŝnjĂĚŽƌĞƐĂƵƚŽŵĄƟĐŽƐ͕ůŽƐƉƌŽŐƌĂ- ŽƌƌĞĐƟŶŐƚŚŝƐƐŝƚƵĂƟŽŶŝƐŶŽƚĂŶĞĂƐLJĐŚĂůůĞŶŐĞ͕ĞƐƉĞĐŝĂůůLJ ŵĂƐĚĞĞƐơŵƵůŽƐĮƐĐĂůŽĞůĂƉŽLJŽƉƌĞƐƚĂĚŽĂůƐĞĐƚŽƌ ǁŚĞŶ ƚŚĞ ƉƵďůŝĐ ĮŶĂŶĐĞƐ ŽĨ ŵĂŶLJ DĞŵďĞƌ ^ƚĂƚĞƐ ŚĂǀĞ ĮŶĂŶĐŝĞƌŽ͕ĐŽŶĞůƋƵĞƐĞŚĂƉƌĞƚĞŶĚŝĚŽĚŝůƵŝƌůĂƐŝŶĐĞƌ- shown their incapacity to be properly prepared to face ƟĚƵŵďƌĞƐƐŽďƌĞƐƵǀŝĂďŝůŝĚĂĚ͘ ƚŚĞĞīĞĐƚŽĨĂƵƚŽŵĂƟĐƐƚĂďŝůŝƐĞƌƐ͘DŽƌĞŽǀĞƌ͕ƚŚĞLJĂƌĞŶŽƚ ŶĐŽŶƐĞĐƵĞŶĐŝĂ͕ůĂƌĞǀŝƐŝſŶĂůĂůnjĂĚĞůŽƐƌŝĞƐŐŽƐĂƐŽ- ƉƌĞƉĂƌĞĚƚŽĐŽŶĨƌŽŶƚƚŚĞĮƐĐĂůƐƟŵƵůŝƉƌŽŐƌĂŵƐŽƌƐƵƉƉŽƌƚ ĐŝĂĚŽƐĂůĂĚĞƵĚĂĚĞŶƵŵĞƌŽƐŽƐƉĂşƐĞƐĚĞůĂƵƌŽnjŽŶĂ ƚŚĞĮŶĂŶĐŝĂůƐĞĐƚŽƌ͕ǁŚŝĐŚǁĂƐĞdžƉĞĐƚĞĚƚŽĚŝůƵƚĞƚŚĞĚŽƵďƚƐ ƋƵĞ ƐĞ ƐƵĐĞĚŝſ ĚƵƌĂŶƚĞ ϮϬϭϭ͕ ĞŶĚƵƌĞĐşĂŶ ůĂƐ ĐŽŶĚŝ- about its viability. ĐŝŽŶĞƐ ĚĞ ĮŶĂŶĐŝĂĐŝſŶ ĞŶ ƵŶ ĐŽŶƚĞdžƚŽ ŵĂƌĐĂĚŽ ƉŽƌ ĞůĐŽŶƟŶƵŽĚĞƚĞƌŝŽƌŽĚĞůĂĐŽŶĮĂŶnjĂĚĞĞŵƉƌĞƐĂƐLJ ƐĂĐŽŶƐĞƋƵĞŶĐĞ͕ƚŚĞƵƉǁĂƌĚƌĞǀŝƐŝŽŶŽĨƚŚĞƌŝƐŬƐƌĞůĂƚĞĚƚŽ ĨĂŵŝůŝĂƐ͖ĂƐşĐŽŵŽƉŽƌůŽƐĞĨĞĐƚŽƐĂĐŽƌƚŽƉůĂnjŽĚĞůŽƐ the debt of numerous Euro area countries in 2011 hardened ƉƌŽĐĞƐŽƐ ĚĞ ĐŽŶƐŽůŝĚĂĐŝſŶ ĮƐĐĂů ƉƵĞƐƚŽƐ ĞŶ ŵĂƌĐŚĂ ƚŚĞ ĮŶĂŶĐŝŶŐ ĐŽŶĚŝƟŽŶƐ ŝŶ Ă ĐŽŶƚĞdžƚ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJ ƚŚĞ ƉŽƌůĂŵĂLJŽƌşĂĚĞůŽƐƉĂşƐĞƐ͕LJƉŽƌůĂƌĞǀŝƐŝſŶĂůĂďĂũĂ constant worsening of the trust of businesses and families. de la demanda exterior. dŚŝƐĐŽŶƚĞdžƚǁĂƐĂůƐŽĚĞƚĞƌŵŝŶĞĚďLJƚŚĞƐŚŽƌƚͲƚĞƌŵĞīĞĐƚƐ ŽĨĮƐĐĂůĐŽŶƐŽůŝĚĂƟŽŶƉƌŽĐĞƐƐĞƐƚŚĂƚǁĞƌĞŚĂƉƉĞŶŝŶŐŝŶƚŚĞ dŽĚŽĞůůŽ͕ĞŶĐŽŶũƵŶƚŽ͕ƉƌŽƉŝĐŝſƵŶĂĐĂşĚĂďƌƵƐĐĂĞŶ majority of countries, and the downward revision of external ůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĂƵƌŽnjŽŶĂĚƵƌĂŶ- demand. ƚĞĞůƷůƟŵŽƚƌĂŵŽĚĞůĂŹŽ͕ƋƵĞůůĞǀſ͕ŝŶĐůƵƐŽ͕ĂĂůŐƵ- ŶŽƐŽƌŐĂŶŝƐŵŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ͕ĂďĂƌĂũĂƌůĂƉŽƐŝďŝůŝ- ůůŽĨƚŚŝƐĐĂƵƐĞĚĂƐŚĂƌƉĨĂůůŝŶƚŚĞŐƌŽǁƚŚƉĞƌƐƉĞĐƟǀĞƐĨŽƌ ĚĂĚĚĞƵŶĂƌĞĐĞƐŝſŶĞŶĞůĐŽŶũƵŶƚŽĚĞůƌĞĂĞƵƌŽƉĂƌĂ ƚŚĞƵƌŽĂƌĞĂůĂƚĞƌƚŚĂƚLJĞĂƌ͘dŚŝƐƐŝƚƵĂƟŽŶĞǀĞŶůĞĚƐŽŵĞ el año 2012. ŝŶƚĞƌŶĂƟŽŶĂů ŽƌŐĂŶŝnjĂƟŽŶƐ ƚŽ ĐŽŶƐŝĚĞƌ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ Ă recession in the whole Area for 2012. ĞƐĚĞƋƵĞĞƐƚĂůůĂƌĂůĂĐƌŝƐŝƐĂĮŶĂůĞƐĚĞϮϬϬϳ͕ůĂnjŽŶĂ ĚĞůĞƵƌŽƐĞŚĂǀŝƐƚŽŽďůŝŐĂĚĂĂŝŵƉůĞŵĞŶƚĂƌŵĞĐĂŶŝƐ- ^ŝŶĐĞƚŚĞŽƵƚďƌĞĂŬŽĨƚŚĞĐƌŝƐŝƐŝŶůĂƚĞϮϬϬϳ͕ƚŚĞƵƌŽnjŽŶĞ ŵŽƐĚĞĂƉŽLJŽƉĂƌĂůŽƐƉĂşƐĞƐŵŝĞŵďƌŽƐŵƵLJĞŶĚĞƵ- has had no choice but to implement support mechanisms for ĚĂĚŽƐLJĂůŵŝƐŵŽƟĞŵƉŽŝŵƉŽŶĞƌƵŶĂĂƵƐƚĞƌŝĚĂĚĮƐ- ƚŚĞŵŽƐƚŝŶĚĞďƚĞĚDĞŵďĞƌ^ƚĂƚĞƐ͘ƚƚŚĞƐĂŵĞƟŵĞ͕ĮƐĐĂů ĐĂůĂůĐŽŶũƵŶƚŽĚĞůĄƌĞĂ͘ austerity has also been imposed on the Area.

 
    










 
 




 


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31 CONCLUSIONES CONCLUSIONS 2011

ůƉƌŝŵĞƌŽĚĞĞůůŽƐ͕ĞůĚĞůĂĞĐŽŶŽŵşĂŐƌŝĞŐĂ͕ƐĞƉƌŽ- ĚƵũŽ ŐƌĂĐŝĂƐ Ă ůĂ ĂĐƚƵĂĐŝſŶ ĐŽŵďŝŶĂĚĂ ĚĞ ůŽƐ ƐŽĐŝŽƐ ĞƵƌŽƉĞŽƐLJĚĞů&D/ĚƵƌĂŶƚĞŵĂLJŽĚĞϮϬϭϬ͕ƋƵĞĂƉŽƌ- taron los 110.000 millones necesarios para rescatar las ĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐŐƌŝĞŐĂƐLJƐĂůǀĂŐƵĂƌĚĂƌĂƐşůĂ ĞƐƚĂďŝůŝĚĂĚĚĞůĞƵƌŽ͘ dŚĞĮƌƐƚŽĨƚŚĞĂďŽǀĞͲŵĞŶƟŽŶĞĚŵĞĐŚĂŶŝƐŵƐǁĂƐĨŽƌƚŚĞ dƌĂƐĞƐƚĞƉƌŝŵĞƌƌĞƐĐĂƚĞĚĞ'ƌĞĐŝĂ͕ůĂƐƚĞŶƐŝŽŶĞƐƐŽďƌĞ 'ƌĞĞŬĞĐŽŶŽŵLJ͘/ƚƚŽŽŬƉůĂĐĞƚŚĂŶŬƐƚŽƚŚĞĐŽŵďŝŶĞĚĂĐƟŽŶ ůĂĚĞƵĚĂƐŽďĞƌĂŶĂ͕ůĞũŽƐĚĞĐŽƌƌĞŐŝƌƐĞ͕ƐĞŚĂŶƚƌĂƐůĂ- of European members and the IMF in May 2010. They ĚĂĚŽĂƵŶďƵĞŶŶƷŵĞƌŽĚĞƉĂşƐĞƐ͕ĐŽŵŽ/ƌůĂŶĚĂLJWŽƌ- contributed the 110 billion needed to rescue the Greek public ƚƵŐĂů͕ĂĚĞŵĄƐĚĞƐƉĂŹĂ͕/ƚĂůŝĂŽĠůŐŝĐĂ͘ ĂĚŵŝŶŝƐƚƌĂƟŽŶƐĂŶĚƚŽƐĂĨĞŐƵĂƌĚƚŚĞƐƚĂďŝůŝƚLJŽĨƚŚĞĞƵƌŽ͘

^ŝďŝĞŶĞƐĐŝĞƌƚŽƋƵĞĞƐĂƐƚĞŶƐŝŽŶĞƐůŽŐƌĂƌŽŶĐŽŶƚĞŶĞƌ- ŌĞƌƚŚĞĮƌƐƚďĂŝůŽƵƚŽĨ'ƌĞĞĐĞ͕ƚŚĞƚĞŶƐŝŽŶƐŽǀĞƌƐŽǀĞƌĞŝŐŶ ƐĞĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϭ͕LJĂĞŶůĂƐĞŐƵŶ- debt have increased in a large number of countries, such as ĚĂŵŝƚĂĚ͕ĐŽŵĞŶnjĂƌŽŶĂĂƉƌĞĐŝĂƌƐĞƌĞƉƵŶƚĞƐĚĞƐƚĂĐĂ- Ireland, Portugal, Spain, Italy or Belgium. ĚŽƐĞŶůĂƐƉƌŝŵĂƐĚĞƌŝĞƐŐŽĚĞŶƵŵĞƌŽƐŽƐŵĞƌĐĂĚŽƐ ŶĂĐŝŽŶĂůĞƐ͕ ĞŶ ůşŶĞĂ ĐŽŶ Ğů ĂŇŽƌĂŵŝĞŶƚŽ ĚĞ ŶƵĞǀĂƐ Although it is true that these tensions were contained during ƉƌĞŽĐƵƉĂĐŝŽŶĞƐƋƵĞƐƵƌŐşĂŶĞŶƚŽƌŶŽĂůĂƌĞĞƐƚƌƵĐƚƵ- ƚŚĞĮƌƐƚƐĞŵĞƐƚĞƌŽĨϮϬϭϭ͕ƚŚĞƌĞǁĞƌĞŶŽƟĐĞĂďůĞŝŶĐƌĞĂƐĞƐ ƌĂĐŝſŶĚĞůĂĚĞƵĚĂƐŽďĞƌĂŶĂĚĞ'ƌĞĐŝĂ͕ŝŶĐŽƌƉŽƌĂŶĚŽĂ ŝŶ ƚŚĞ ƌŝƐŬ ƉƌĞŵŝƵŵƐ ŽĨ ƐĞǀĞƌĂů ŶĂƟŽŶĂů ŵĂƌŬĞƚƐ ŝŶ ƚŚĞ ůĂƐŶĞŐŽĐŝĂĐŝŽŶĞƐŝŶĐůƵƐŽĂůƐĞĐƚŽƌƉƌŝǀĂĚŽ͘ second half of the year. Moreover, new worries about the ƌĞŽƌŐĂŶŝnjĂƟŽŶŽĨƚŚĞ'ƌĞĞŬƐŽǀĞƌĞŝŐŶĚĞďƚĐĂŵĞƵƉ͘ǀĞŶ Ğ ĞƐƚĂ ŵĂŶĞƌĂ͕ ŶƵĞǀŽƐ ĨŽĐŽƐ ĚĞ ŝŶĐĞƌƟĚƵŵďƌĞ ƐĞ ƚŚĞƉƌŝǀĂƚĞƐĞĐƚŽƌũŽŝŶĞĚƚŚĞŶĞŐŽƟĂƟŽŶƐ͘ ƐƵŵĂďĂŶĂůŽƐŵĞƌĐĂĚŽƐĮŶĂŶĐŝĞƌŽƐĚĞůĄƌĞĂĞƵƌŽLJ ůůĞŐĂďĂŶŝŶĐůƵƐŽĂƉŽŶĞƌĞŶƚĞůĂĚĞũƵŝĐŝŽůĂǀŝĂďŝůŝĚĂĚ dŚĞƌĞĨŽƌĞ͕ ŶĞǁ ĚŽƵďƚƐ ĂƉƉĞĂƌĞĚ ŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ŵĂƌŬĞƚƐ ĚĞŽƚƌŽƐƐƚĂĚŽƐŵŝĞŵďƌŽƐ͕ĞŶƚƌĞĞůůŽƐƐƉĂŹĂ͘ ĨƌŽŵ ƚŚĞ ƵƌŽ njŽŶĞ͘ dŚŝƐ ƐŝƚƵĂƟŽŶ ĞǀĞŶ ƋƵĞƐƟŽŶĞĚ ƚŚĞ viability of other Member States, Spain among them. En este escenario, las operaciones en el mercado in- ƚĞƌďĂŶĐĂƌŝŽĞŶůĂŽŶĂĚĞůĞƵƌŽƐĞƌĞĚƵũĞƌŽŶĚƌĄƐƟ- /Ŷ ƚŚŝƐ ƐĐĞŶĂƌŝŽ͕ ƚƌĂŶƐĂĐƟŽŶƐ ŝŶ ƚŚĞ ŝŶƚĞƌďĂŶŬ ŵĂƌŬĞƚ ŽĨ ĐĂŵĞŶƚĞ͕LJĞůůŽĐŽůŽĐſĂůĐŽŶũƵŶƚŽĚĞůŽƐďĂŶĐŽƐĞŶ ƚŚĞƵƌŽĂƌĞĂĚƌŽƉƉĞĚĚƌĂŵĂƟĐĂůůLJ͕ǁŚŝĐŚƉůĂĐĞĚďĂŶŬƐŝŶ

   
  

 
 


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32 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ĂĐƌŝƟĐĂůƉŽƐŝƟŽŶĚƵĞƚŽƚŚĞůĂĐŬŽĨůŝƋƵŝĚŝƚLJ͘dŚŝƐƐŝƚƵĂƟŽŶ ƵŶĂ ƐŝƚƵĂĐŝſŶ ĐƌşƟĐĂ ĚĂĚĂ ůĂ ĨĂůƚĂ ĚĞ ůŝƋƵŝĚĞnj͕ ĞƐƉĞ- ƉĂƌƟĐƵůĂƌůLJĂīĞĐƚĞĚƚŚĞƉĞƌŝƉŚĞƌĂůĞĐŽŶŽŵŝĞƐĂŶĚƚŚĞ ĐŝĂůŵĞŶƚĞĚĞůŽƐƉĂşƐĞƐƉĞƌŝĨĠƌŝĐŽƐ͕ƋƵĞŽďůŝŐſĂů ǁĂƐĨŽƌĐĞĚƚŽŝŶƚĞƌǀĞŶĞĂŶĚĨĂĐŝůŝƚĂƚĞĮŶĂŶĐŝŶŐŽƉĞƌĂƟŽŶƐ Ă ŝŶƚĞƌǀĞŶŝƌ ĨĂĐŝůŝƚĂŶĚŽ ŽƉĞƌĂĐŝŽŶĞƐ ĚĞ ĮŶĂŶĐŝĂĐŝſŶ͕ ŽǀĞƌƚŚƌĞĞŵŽŶƚŚƐĂŶĚƚŚƌĞĞLJĞĂƌƐ͘dŚĞĮŶĂŶĐŝŶŐŽƉĞƌĂƟŽŶƐ ƉƌŝŵĞƌŽ Ă ƚƌĞƐ ŵĞƐĞƐ͕ ĐŽŵŽ ůĂƐ ĞũĞĐƵƚĂĚĂƐ ĚƵƌĂŶƚĞ over three months were exactly the same as the ones ĞůŵĞƐĚĞƐĞƉƟĞŵďƌĞ͕LJůƵĞŐŽ͕ĂƚƌĞƐĂŹŽƐ͕ĐŽŵŽůĂƐ ĞdžĞĐƵƚĞĚ ŝŶ ^ĞƉƚĞŵďĞƌ͕ ĂŶĚ ƚŚĞ ĮŶĂŶĐŝŶŐ ŽƉĞƌĂƟŽŶƐ ŽǀĞƌ ĂƉƌŽďĂĚĂƐĞŶĞůŵĞƐĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϭLJŵĂƌnjŽ three years were also the same as the approved ones in ĚĞϮϬϭϮ͕ƋƵĞůŽŐƌĂƌŽŶŝŶLJĞĐƚĂƌĞŶƚŽƌŶŽĂƵŶďŝůůſŶĚĞ ĞĐĞŵďĞƌ ϮϬϭϭ ĂŶĚ DĂƌĐŚ ϮϬϭϮ͘ dŚĞƐĞ ůĂƐƚƐ ŽƉĞƌĂƟŽŶƐ ĞƵƌŽƐĂůƐŝƐƚĞŵĂďĂŶĐĂƌŝŽĞƵƌŽƉĞŽ͕LJĐĂůŵĂƌ͕ĂůŵĞŶŽƐ managed to inject about one thousand billion Euros into the ƚĞŵƉŽƌĂůŵĞŶƚĞ͕ůĂĨƵĞƌƚĞƐƵďŝĚĂƋƵĞĞdžƉĞƌŝŵĞŶƚĂďĂŶ European banking system. They also calmed down, at least

  

 



 

 



 

  

  
 

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33 CONCLUSIONES CONCLUSIONS 2011

ůŽƐ ŵĞƌĐĂĚŽƐ ĚĞ ĚĞƵĚĂ ƐŽďĞƌĂŶĂ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ España e Italia.

^ĞƚƌĂƚĂďĂĚĞŽƉĞƌĂĐŝŽŶĞƐĐŽŶũƵŶƚĂƐƋƵĞŚĂďşĂŶĐŽŽƌ- ĚŝŶĂĚŽůĂ/ŶƐƟƚƵĐŝſŶĞƵƌŽƉĞĂĐŽŶŽƚƌŽƐďĂŶĐŽƐŶĂĐŝŽ- ŶĂůĞƐĐŽŵŽůĂ&͕ĞŶ͘hh͕͘ĞůĂŶĐŽĚĞ/ŶŐůĂƚĞƌƌĂ͕ ĞůĂŶĐŽĚĞ:ĂƉſŶLJĞůĂŶĐŽEĂĐŝŽŶĂůĚĞ^ƵŝnjĂ͖LJƐƵ- ƉŽŶĞŶƵŶĂĐůĂƌĂŵƵĞƐƚƌĂĚĞůŐƌĂĚŽĚĞĐŽŶƚĂŐŝŽŵƵŶ- ĚŝĂůƋƵĞŚĂďşĂĂĚƋƵŝƌŝĚŽůĂĐƌŝƐŝƐĮŶĂŶĐŝĞƌĂůŽĐĂůŝnjĂĚĂ ĞŶƵƌŽƉĂ͘ temporarily, the strong increase in sovereign debt markets, especially in Spain and Italy. sŝƐƚĂůĂĐŽŵƉƌŽŵĞƟĚĂƌĞĂůŝĚĂĚƉŽƌůĂƋƵĞĂƚƌĂǀŝĞƐĂŶ ůŽƐƐŽĐŝŽƐĞƵƌŽƉĞŽƐ͕LJĞůĐĂƌĄĐƚĞƌƋƵĞĐŽŵĞŶnjſĂƚŽ- dŚĞƐĞ ǁĞƌĞ ũŽŝŶƚ ŽƉĞƌĂƟŽŶƐ ƚŚĂƚ ǁĞƌĞ ĐŽŽƌĚŝŶĂƚĞĚ ďLJ ƚŚĞ ŵĂƌůĂĐƌŝƐŝƐĂĮŶĂůĞƐĚĞϮϬϭϭ͕ĞǀŽůƵĐŝŽŶĂŶĚŽĚĞĐƌŝ- ƵƌŽƉĞĂŶ/ŶƐƟƚƵƟŽŶƐĂůŽŶŐǁŝƚŚƚŚĞ&ŝŶh^͕ƚŚĞĂŶŬ ƐŝƐĮŶĂŶĐŝĞƌĂĂĐƌŝƐŝƐĚĞĚĞƵĚĂƐŽďĞƌĂŶĂ͕ůĂƐŵĄdžŝŵĂƐ ŽĨ ŶŐůĂŶĚ͕ ƚŚĞ ĂŶŬ ŽĨ :ĂƉĂŶ ĂŶĚ ƚŚĞ ^ǁŝƐƐ EĂƟŽŶĂů ĂƵƚŽƌŝĚĂĚĞƐ ĞĐŽŶſŵŝĐĂƐ LJ ŵŽŶĞƚĂƌŝĂƐ ŚĂŶ ǀƵĞůƚŽ Ă ĂŶŬ͘dŚĞƐĞŽƉĞƌĂƟŽŶƐĂƌĞĂĐůĞĂƌĞdžĂŵƉůĞŽĨƚŚĞůĞǀĞůŽĨ ƉŽŶĞƌĞůĂĐĞŶƚŽ͕ƵŶĂǀĞnjŵĄƐ͕ĞŶĞůŶĞĐĞƐĂƌŝŽƌĞĨŽƌnjĂ- ǁŽƌůĚǁŝĚĞĐŽŶƚĂŐŝŽŶƚŚĂƚƚŚĞƵƌŽƉĞĂŶĮŶĂŶĐŝĂůĐƌŝƐŝƐǁĂƐ ŵŝĞŶƚŽĚĞůŵĂƌĐŽĚĞŐŽďĞƌŶĂŶnjĂĞĐŽŶſŵŝĐĂĚĞůĂh͕ ƐƵīĞƌŝŶŐ͘ ĞŶƉĂƌƟĐƵůĂƌ͕ĞŶůŽƋƵĞƌĞƐƉĞĐƚĂĂůĂnjŽŶĂĞƵƌŽ͕ĐŽŶĞů dŚĞ ƵƌŽƉĞĂŶ ƉĂƌƚŶĞƌƐ ĂƌĞ ŐŽŝŶŐ ƚŚƌŽƵŐŚ Ă ĚŝĸĐƵůƚ ƟŵĞ͘ ĮŶĚĞĂƐĞŐƵƌĂƌůĂĞƐƚĂďŝůŝĚĂĚLJĞůĐŽƌƌĞĐƚŽĨƵŶĐŝŽŶĂ- Moreover, the path that the crisis started to take in late 2011 ŵŝĞŶƚŽĚĞůĂhŶŝſŶĐŽŶſŵŝĐĂLJDŽŶĞƚĂƌŝĂ͘ ŚĂƐĐŚĂŶŐĞĚĨƌŽŵďĞŝŶŐĂĮŶĂŶĐŝĂůĐƌŝƐŝƐƚŽĂƐŽǀĞƌĞŝŐŶĚĞďƚ ĞƐĚĞĞůϭĚĞĞŶĞƌŽĚĞϮϬϭϮ͕ĐŽŵĞŶnjĂƌşĂĂŝŵƉůĂŶ- ĐƌŝƐŝƐ͘dŚĞůĞĂĚŝŶŐĞĐŽŶŽŵŝĐĂŶĚŵŽŶĞƚĂƌLJĂƵƚŚŽƌŝƟĞƐŚĂǀĞ ƚĂƌƐĞĞůůůĂŵĂĚŽ͞ƐĞŵĞƐƚƌĞĞƵƌŽƉĞŽ͕͟ĐŽŵŽƵŶŝŶƐƚƌƵ- highlighted the importance of the need to strengthen the UE ŵĞŶƚŽƉĂƌĂůĂĐŽŽƌĚŝŶĂĐŝſŶĞdžĂŶƚĞƐĚĞůĂƐƉŽůşƟĐĂƐ ĞĐŽŶŽŵŝĐ ŐŽǀĞƌŶĂŶĐĞ͕ ƉĂƌƟĐƵůĂƌůLJ ŝŶ ƚŚĞ ƵƌŽ ĂƌĞĂ͘ dŚĞŝƌ ĞĐŽŶſŵŝĐĂƐ͕ŝŶĐůƵLJĞŶĚŽƵŶĐĂůĞŶĚĂƌŝŽƋƵĞƐĞĂƉůŝĐĂĂ purpose is to assure the stability and the correct running of ƚŽĚŽƐůŽƐĞůĞŵĞŶƚŽƐŽďũĞƚŽĚĞǀŝŐŝůĂŶĐŝĂ͕ŝŶĐůƵŝĚĂƐůĂƐ the Economic and Monetary Union. ƉŽůşƟĐĂƐƉƌĞƐƵƉƵĞƐƚĂƌŝĂƐ͕ŵĂĐƌŽĞĐŽŶſŵŝĐĂƐLJĞƐƚƌƵĐ- ƚƵƌĂůĞƐ͘ ^ŝŶĐĞ:ĂŶƵĂƌLJϭƐƚϮϬϭϮ͕ƚŚĞƐŽͲĐĂůůĞĚ͞ƵƌŽƉĞĂŶƐĞŵĞƐƚĞƌ͟ ǁĂƐĞƐƚĂďůŝƐŚĞĚĂƐĂŶŝŶƐƚƌƵŵĞŶƚĨŽƌĞdžĂŶƚĞĐŽŽƌĚŝŶĂƟŽŶŽĨ Ŷ Ğů ĄŵďŝƚŽ ĚĞ ůĂ ƐƵƉĞƌǀŝƐŝſŶ ƉƌĞƐƵƉƵĞƐƚĂƌŝĂ͕ LJ ĞŶ economic policies. These policies included a schedule that is ǀŝƌƚƵĚĚĞůĂƐŶƵĞǀĂƐŶŽƌŵĂƐĚĞŐŽďĞƌŶĂŶnjĂĞƵƌŽƉĞĂ͕ applicable to all the elements under surveillance, including ĚƵƌĂŶƚĞůŽƐƐĞŝƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞĐĂĚĂĂŹŽƐĞƌĞǀŝ- budgetary, macroeconomic and structural policies. ƐĂƌĄŶůĂƐƉŽůşƟĐĂƐƉƌĞƐƵƉƵĞƐƚĂƌŝĂƐLJĞƐƚƌƵĐƚƵƌĂůĞƐĚĞ ůŽƐ ƐƚĂĚŽƐ ŵŝĞŵďƌŽƐ LJ ƐĞ ƌĞĨŽƌnjĂƌĄ ůĂ ĐŽŽƌĚŝŶĂĐŝſŶ ƵĞƚŽƚŚĞŶĞǁƵƌŽƉĞĂŶŐŽǀĞƌŶĂŶĐĞƌƵůĞƐ͕ĚƵƌŝŶŐƚŚĞĮƌƐƚ ĐŽŶůĂŽŵŝƐŝſŶƵƌŽƉĞĂĞŶŵĂƚĞƌŝĂƉƌĞƐƵƉƵĞƐƚĂƌŝĂ͘ six months of the year budgetary and structural policies of ƚŚĞDĞŵďĞƌ^ƚĂƚĞƐǁŝůůďĞƌĞǀŝĞǁĞĚĂŶĚĐŽŽƌĚŝŶĂƟŽŶǁŝƚŚ - ŶůŽƐŵĞƐĞƐĚĞŵĂƌnjŽ͕ĞůŽŶƐĞũŽƵƌŽƉĞŽĚĞƚĞƌŵŝ ƚŚĞ ƵƌŽƉĞĂŶ ŽŵŵŝƐƐŝŽŶ ŝŶ ďƵĚŐĞƚĂƌLJ ŵĂƩĞƌƐ ǁŝůů ďĞ ŶĂƌĄůŽƐƉƌŝŶĐŝƉĂůĞƐƌĞƚŽƐĞĐŽŶſŵŝĐŽƐƋƵĞĂĨƌŽŶƚĂůĂ reinforced. h͕ LJ ƉƌŽƉŽƌĐŝŽŶĂƌĄ ŽƌŝĞŶƚĂĐŝŽŶĞƐ ĞƐƚƌĂƚĠŐŝĐĂƐ Ă ůŽƐ ƐƚĂĚŽƐŵŝĞŵďƌŽƐƋƵŝĠŶĞƐŚĂďƌĄŶĚĞƉƌĞƐĞŶƚĂƌ͕LJĂĞŶ Every March, the European Council will determine the main ĞůŵĞƐĚĞĂďƌŝůĚĞĐĂĚĂĂŹŽ͕ƐƵƐƌĞƐƉĞĐƟǀŽƐƉƌŽŐƌĂ- ĞĐŽŶŽŵŝĐĐŚĂůůĞŶŐĞƐĨĂĐĞĚďLJƚŚĞh͘/ŶĂĚĚŝƟŽŶ͕ƚŚĞǁŝůů ŵĂƐĚĞĞƐƚĂďŝůŝĚĂĚLJĚĞĐŽŶǀĞƌŐĞŶĐŝĂ͕ĂůƟĞŵƉŽƋƵĞ provide Member States with strategic guidance, and they will ĞůĂďŽƌĂŶ ƉƌŽŐƌĂŵĂƐ ŶĂĐŝŽŶĂůĞƐ ĚĞ ƌĞĨŽƌŵĂ ƋƵĞ ĞƐ- ŚĂǀĞ ƚŽ ƉƌĞƐĞŶƚ ƚŚĞŝƌ ƌĞƐƉĞĐƟǀĞ ƐƚĂďŝůŝƚLJ ĂŶĚ ĐŽŶǀĞƌŐĞŶĐĞ ƚĂďůĞĐĞƌĄŶůĂƐŵĞĚŝĚĂƐƋƵĞŚĂLJĂŶĚĞĂĚŽƉƚĂƌƐĞƉĂƌĂ ƉƌŽŐƌĂŵŵĞƐĞǀĞƌLJŵŽŶƚŚŽĨƉƌŝů͘ƚƚŚĞƐĂŵĞƟŵĞ͕ƚŚĞLJ ƌĞĨŽƌnjĂƌƐƵƐƉŽůşƟĐĂƐĞŶĄŵďŝƚŽƐĐŽŵŽĞůĞŵƉůĞŽLJůĂ ǁŝůů ĚĞǀĞůŽƉ ŶĂƟŽŶĂů ƌĞĨŽƌŵ ƉƌŽŐƌĂŵŵĞƐ ƚŽ ĞƐƚĂďůŝƐŚ ŝŶƚĞŐƌĂĐŝſŶƐŽĐŝĂů͘ ƉŽůŝĐŝĞƐƌĞŝŶĨŽƌĐŝŶŐĞŵƉůŽLJŵĞŶƚĂŶĚƐŽĐŝĂůŝŶƚĞŐƌĂƟŽŶ͘

34 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ĂĚĂŵĞƐĚĞũƵůŝŽ͕ďĂƐĄŶĚŽƐĞĞŶůŽƐƉƌŽŐƌĂŵĂƐƉƌĞ- ƐĞŶƚĂĚŽƐĞŶĂďƌŝů͕ĞůŽŶƐĞũŽƵƌŽƉĞŽLJůĂŽŵŝƐŝſŶ ƉƌŽƉŽƌĐŝŽŶĂƌĄŶĂƐĞƐŽƌĂŵŝĞŶƚŽƉŽůşƟĐŽĂŶƚĞƐĚĞƋƵĞ ůŽƐƐƚĂĚŽƐŵŝĞŵďƌŽƐĮŶĂůŝĐĞŶƐƵƐƉƌĞƐƵƉƵĞƐƚŽƐƉĂƌĂ ĞůĂŹŽƐŝŐƵŝĞŶƚĞ͘ According to the programmes presented in April, every >Ă ƐƵƉĞƌǀŝƐŝſŶ ƉƌĞƐƵƉƵĞƐƚĂƌŝĂ ƐĞ ĐŽŵƉůĞŵĞŶƚĂƌĄ͕ :ƵůLJ͕ƚŚĞƵƌŽƉĞĂŶŽƵŶĐŝůĂŶĚŽŵŵŝƐƐŝŽŶǁŝůůƉƌŽǀŝĚĞƚŚĞ ĂĚĞŵĄƐ͕ ĐŽŶ ƵŶĂ ƐƵƉĞƌǀŝƐŝſŶ ŵĂĐƌŽĞĐŽŶſŵŝĐĂ͕ ĞŶ DĞŵďĞƌ^ƚĂƚĞƐǁŝƚŚƉŽůŝƟĐĂůĂƐƐĞƐƐŵĞŶƚďĞĨŽƌĞƚŚĞLJĮŶĂůŝnjĞ ĂƉůŝĐĂĐŝſŶĚĞůůůĂŵĂĚŽWƌŽĐĞĚŝŵŝĞŶƚŽĚĞĞƐĞƋƵŝůŝďƌŝŽ their budgets for the next year. DĂĐƌŽĞĐŽŶſŵŝĐŽ;D/WĞŶƐƵƐƐŝŐůĂƐĞŶŝŶŐůĠƐͿ͕ƋƵĞ ĂĐƚƵĂƌĄĂŵŽĚŽĚĞŵĞĐĂŶŝƐŵŽĚĞĂůĞƌƚĂĞŶǀŝƌƚƵĚĚĞů Moreover, there will be both budgetary and macroeconomic ĐƵĂů͕ůĂŽŵŝƐŝſŶŝĚĞŶƟĮĐĂƌĄĂůŽƐƐƚĂĚŽƐŵŝĞŵďƌŽƐ ƐƵƉĞƌǀŝƐŝŽŶ͘dŚĞDĂĐƌŽĞĐŽŶŽŵŝĐ/ŵďĂůĂŶĐĞWƌŽĐĞĚƵƌĞ;D/WͿ ĐƵLJĂƐŝƚƵĂĐŝſŶŵĂĐƌŽĞĐŽŶſŵŝĐĂĚĞďĞĞdžĂŵŝŶĂƌƐĞŵĄƐ will be applied as a warning mechanism. The Commission detenidamente. ǁŝůů ĂůƐŽ ŝĚĞŶƟĨLJ DĞŵďĞƌ ^ƚĂƚĞƐ ǁŚŽƐĞ ŵĂĐƌŽĞĐŽŶŽŵŝĐ ƐŝƚƵĂƟŽŶŵƵƐƚďĞĞdžĂŵŝŶĞĚŵŽƌĞĐůŽƐĞůLJ͘ WĂƌĂ ĞůůŽ͕ ůĂ ŽŵŝƐŝſŶ ĞǀĂůƵĂƌĄ ŚĂƐƚĂ ϭϬ ŝŶĚŝĐĂĚŽƌĞƐ ŵĂĐƌŽĞĐŽŶſŵŝĐŽƐ͕ƚĂůĞƐĐŽŵŽƉĠƌĚŝĚĂƐĚĞĐŽŵƉĞƟƟ- To this end, the Commission will evaluate up to 10 ǀŝĚĂĚ͕ĂůƚŽŶŝǀĞůĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽŽƉƌĞĐŝŽƐĚĞůŽƐ ŵĂĐƌŽĞĐŽŶŽŵŝĐŝŶĚŝĐĂƚŽƌƐ͕ƐƵĐŚĂƐůŽƐƐŽĨĐŽŵƉĞƟƟǀĞŶĞƐƐ͕ ĂĐƟǀŽƐ͕LJĞŶĐĂƐŽĚĞƌĞƐƵůƚĂƌŶĞĐĞƐĂƌŝŽ͕ĚŝƌŝŐŝƌĄƌĞĐŽ- high level of indebtedness or asset prices. If necessary, it will ŵĞŶĚĂĐŝŽŶĞƐ ƉĂƌĂ ĐŽƌƌĞŐŝƌ ůĂ ƐŝƚƵĂĐŝſŶ Ž ŝŵƉĞĚŝƌ ůĂ ŐŝǀĞƌĞĐŽŵŵĞŶĚĂƟŽŶƐƚŽƚĂĐŬůĞƚŚĞƐŝƚƵĂƟŽŶŽƌƚŽƐƚŽƉƚŚĞ ƉĞƌƐŝƐƚĞŶĐŝĂĚĞĚĞƐĞƋƵŝůŝďƌŝŽƐ͘ persistence of imbalances.

^ŽďƌĞĞƐƚĞƉĂƌƟĐƵůĂƌ͕ůĂŽŵŝƐŝſŶƵƌŽƉĞĂĞŵŝƟſ͕ĞŶ In February 2012, the European Commission announced the ĞůŵĞƐĚĞĨĞďƌĞƌŽĚĞϮϬϭϮ͕ůĂƐĐŽŶĐůƵƐŝŽŶĞƐĚĞƐƵƉƌŝ- ĐŽŶĐůƵƐŝŽŶƐŽĨƚŚĞŝƌĮƌƐƚƌĞƉŽƌƚŽŶƚŚĞǁĂƌŶŝŶŐŵĞĐŚĂŶŝƐŵ͘ ŵĞƌŝŶĨŽƌŵĞƐŽďƌĞĞůŵĞĐĂŶŝƐŵŽĚĞĂůĞƌƚĂ͕ƐĞŹĂůĂŶĚŽ This report pointed out that there were twelve Member ĂĚŽĐĞƐƚĂĚŽƐŵŝĞŵďƌŽƐĐƵLJĂƐŝƚƵĂĐŝſŶŵĂĐƌŽĞĐŽŶſ- ^ƚĂƚĞƐǁŚŽƐĞŵĂĐƌŽĞĐŽŶŽŵŝĐƐŝƚƵĂƟŽŶŚĂĚƚŽďĞĂŶĂůLJnjĞĚŝŶ ŵŝĐĂĚĞďşĂĂŶĂůŝnjĂƌƐĞŵĄƐĂĨŽŶĚŽ͖ĂƐĂďĞƌ͕ĠůŐŝĐĂ͕ more detail. These countries were Belgium, Bulgaria, Cyprus, ƵůŐĂƌŝĂ͕ ŚŝƉƌĞ͕ ŝŶĂŵĂƌĐĂ͕ ƐƉĂŹĂ͕ ƐůŽǀĞŶŝĂ͕ &ŝŶ- Denmark, Spain, Slovenia, Finland, France, Hungary, Italy, ůĂŶĚŝĂ͕&ƌĂŶĐŝĂ͕,ƵŶŐƌşĂ͕/ƚĂůŝĂ͕ĞůZĞŝŶŽhŶŝĚŽLJ^ƵĞĐŝĂ͘ the United Kingdom and Sweden.

    
  



 
  

   
 
   

 


 
  
 
   

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35 CONCLUSIONES CONCLUSIONS 2011

ƐĞŝŶĨŽƌŵĞŶŽĐŽŶƚĞŵƉůſĂ'ƌĞĐŝĂ͕/ƌůĂŶĚĂŽWŽƌƚƵŐĂů͕ ƉŽƌĐŽŶƐŝĚĞƌĂƌƋƵĞĞƐƚŽƐƉĂşƐĞƐLJĂĞƐƚĂďĂŶƐŽŵĞƟĚŽƐ This report did not consider Greece, Ireland or Portugal ĂƵŶĂƐƵƉĞƌǀŝƐŝſŶĞĐŽŶſŵŝĐĂƉŽƌƉĂƌƚĞĚĞůĂhLJĞů because the EU and the IMF were already supervising the &D/͕ĐŽŶŵŽƟǀŽĚĞůŽƐƌĞƐĐĂƚĞƐƋƵĞŚĂŶƌĞĐŝďŝĚŽ͘ ĞĐŽŶŽŵŝĐ ƐŝƚƵĂƟŽŶ ŽĨ ƚŚĞƐĞ ĐŽƵŶƚƌŝĞƐ͕ ĚƵĞ ƚŽ ƚŚĞ ďĂŝůŽƵƚƐ ƐƚĂƐŵĞĚŝĚĂƐƉƌĞǀĞŶƟǀĂƐƐĞƐƵŵĂďĂŶĂůŽƐĐŽŵƉƌŽ- they had received. ŵŝƐŽƐƉŽůşƟĐŽƐƋƵĞĐŽŶƚĞŶşĂĞůWĂĐƚŽƉŽƌĞůƵƌŽWůƵƐ dŚĞƐĞ ƉƌĞĐĂƵƟŽŶĂƌLJ ŵĞĂƐƵƌĞƐ ĐĂŵĞ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ƋƵĞĂƐƵŵşĂŶůŽƐƐŽĐŝŽƐĞƵƌŽƉĞŽƐLJƉĂşƐĞƐĐŽŵŽƵůŐĂ- ƉŽůŝƟĐĂů ĐŽŵŵŝƩŵĞŶƚƐ ŽĨ ƚŚĞ ƵƌŽ WůƵƐ WĂĐƚ͘ ^ŝŶĐĞ ƚŚĞŝƌ ƌŝĂ͕ŝŶĂŵĂƌĐĂ͕>ĞƚŽŶŝĂ͕>ŝƚƵĂŶŝĂ͕WŽůŽŶŝĂLJZƵŵĂŶşĂ͕Ă ĂƉƉƌŽǀĂůŝŶDĂƌĐŚŽĨƚŚĂƚLJĞĂƌ͕ƚŚĞƐĞĐŽŵŵŝƩŵĞŶƚƐǁĞƌĞ ƉĂƌƟƌĚĞƐƵĂƉƌŽďĂĐŝſŶĞŶŵĂƌnjŽĚĞĞƐĞŵŝƐŵŽĂŹŽ͘ taken on board by European partners and countries like dĂŵďŝĠŶ͕ĚƵƌĂŶƚĞϮϬϭϭ͕ƐĞĚŝƐĞŹſĞůDĞĐĂŶŝƐŵŽƵƌŽ- Bulgaria, Denmark, Latvia, Lithuania, Poland and Romania. ƉĞŽĚĞƐƚĂďŝůŝĚĂĚ;DͿ͕ƵŶŶƵĞǀŽŝŶƐƚƌƵŵĞŶƚŽĚĞ ĐĂƌĄĐƚĞƌƉĞƌŵĂŶĞŶƚĞĚŽƚĂĚŽĐŽŶϳϬϬ͘ϬϬϬŵŝůůŽŶĞƐĚĞ /Ŷ ϮϬϭϭ͕ ƚŚĞ ƵƌŽƉĞĂŶ ^ƚĂďŝůŝƚLJ DĞĐŚĂŶŝƐŵ ;^DͿ ǁĂƐ ĞƵƌŽƐ͕ƋƵĞƉƌĞƚĞŶĚĞƐƵƐƟƚƵŝƌĂůĂĐƚƵĂů&ŽŶĚŽƵƌŽƉĞŽ also designed. It was a new permanent instrument worth ĚĞƐƚĂďŝůŝnjĂĐŝſŶ&ŝŶĂŶĐŝĞƌĂ͘ ϳϬϬďŝůůŝŽŶƵƌŽƐƚŚĂƚǁĂƐĞdžƉĞĐƚĞĚƚŽƌĞƉůĂĐĞƚŚĞĞdžŝƐƟŶŐ European Financial Stability Facility. ƵŶƋƵĞŝŶŝĐŝĂůŵĞŶƚĞĞƐƚĂďĂƉƌĞǀŝƐƚĂƐƵĞŶƚƌĂĚĂĞŶǀŝ- ŐŽƌƉĂƌĂũƵŶŝŽĚĞϮϬϭϯ͕ĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽĚĞůĂĐƌŝƐŝƐ dŚĞǁŽƌƐĞŶŝŶŐŽĨƚŚĞĐƌŝƐŝƐŝŶƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌŽĨƚŚĞLJĞĂƌ ĚƵƌĂŶƚĞĞůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽ͕ŚĂƉƌŽƉŝĐŝĂĚŽƵŶ ďƌŽƵŐŚƚĨŽƌǁĂƌĚƚŚĞĚĂƚĞĨŽƌŝƚƚŽďĞƉƵƚŝŶƚŽƉƌĂĐƟĐĞƚŽŵŝĚ ĂĚĞůĂŶƚŽĚĞƐƵƉƵĞƐƚĂĞŶŵĂƌĐŚĂƉĂƌĂŵĞĚŝĂĚŽƐĚĞ ϮϬϭϮ͕ĂůƚŚŽƵŐŚŝƚǁĂƐŝŶƚĞŶĚĞĚƚŽĐŽŵĞŝŶƚŽĨŽƌĐĞŝŶ:ƵŶĞ 2012. ϮϬϭϯ͘

EŽ ŽďƐƚĂŶƚĞ͕ ƚŽĚŽƐ ĞƐƚŽƐ ĂǀĂŶĐĞƐ ƉĂƌĞĐĞŶ ŶŽ ĞƐƚĂƌ However, all of these advances do not seem to be stabilizing ŽƚŽƌŐĂŶĚŽůĂĞƐƚĂďŝůŝĚĂĚŶĞĐĞƐĂƌŝĂĂůŽƐŵĞƌĐĂĚŽƐĚĞ debt markets. The design of an aid scheme for Greece went ĚĞƵĚĂ͕LJƚƌĂƐůĂƐĚŝĮĐƵůƚĂĚĞƐƉŽƌůĂƐƋƵĞĂƚƌĂǀĞƐſĞů ƚŚƌŽƵŐŚĚŝĸĐƵůƟĞƐŝŶ:ƵůLJĂŶĚƵŐƵƐƚůĂƐƚLJĞĂƌ͘ĞĐĂƵƐĞŽĨ ĚŝƐĞŹŽĚĞƵŶƉƌŽŐƌĂŵĂĚĞĂLJƵĚĂƐĂ'ƌĞĐŝĂĚƵƌĂŶƚĞůŽƐ ƚŚĂƚƐŝƚƵĂƟŽŶ͕,ĞĂĚƐŽĨ^ƚĂƚĞĨƌŽŵƚŚĞƵƌŽnjŽŶĞĂƩĞŶĚĞĚ ŵĞƐĞƐĚĞũƵůŝŽLJĂŐŽƐƚŽĚĞůƉĂƐĂĚŽĂŹŽ͕ůŽƐ:ĞĨĞƐĚĞ ƚǁŽƐƵŵŵŝƚƐŝŶϮϬϭϭ͖ŽŶĞŽŶKĐƚŽďĞƌϮϲĂŶĚƚŚĞŽƚŚĞƌŽŶ

  
 
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36 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

'ŽďŝĞƌŶŽĚĞůĂnjŽŶĂĚĞůĞƵƌŽ͕ĞŶƐĞŶĚĂƐĐƵŵďƌĞƐĐĞ- ůĞďƌĂĚĂƐĞůϮϲĚĞŽĐƚƵďƌĞLJĞůϵĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϭ͕ ĂĐŽƌĚĂƌŽŶŚĂĐĞƌĨƌĞŶƚĞĂůĂĐƌŝƐŝƐĚĞĚĞƵĚĂƐŽďĞƌĂŶĂ LJƉŽŶĞƌĮŶĂƐƵŝŶƚĞƌĂĐĐŝſŶŶĞŐĂƟǀĂĐŽŶĞůƐŝƐƚĞŵĂĮ- nanciero.

WƌĞĐŝƐĂŵĞŶƚĞ͕ĞŶůĂƵŵďƌĞĚĞůŵĞƐĚĞĚŝĐŝĞŵďƌĞ͕ƐĞ ĞĐĞŵďĞƌϵ͘dŚĞLJĂŐƌĞĞĚƚŽĨĂĐĞƚŚĞƐŽǀĞƌĞŝŐŶĚĞďƚĐƌŝƐŝƐ ĂĐŽƌĚſƋƵĞƚŽĚŽƐůŽƐƉĂşƐĞƐŝŶĐůƵLJĞƐĞŶĞŶƐƵŽŶƐƟ- ĂŶĚ ƚŽ ƉƵƚ ĂŶ ĞŶĚ ƚŽ ƚŚĞŝƌ ŶĞŐĂƟǀĞ ŝŶƚĞƌĂĐƟŽŶ ǁŝƚŚ ƚŚĞ ƚƵĐŝſŶƵŶůşŵŝƚĞĞŶĞůĚĠĮĐŝƚƉĂƌĂƐƵƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐ ĮŶĂŶĐŝĂůƐLJƐƚĞŵ͘ LJƵŶĐŽŵƉƌŽŵŝƐŽĞĨĞĐƟǀŽĐŽŶůĂĂƵƐƚĞƌŝĚĂĚ͕ĞŶƚĠƌ- In the Summit of December, all the countries agreed to ŵŝŶŽƐ ŵƵLJ ƐŝŵŝůĂƌĞƐ Ă ůŽƐ ƋƵĞ LJĂ ƚĞŶşĂ ŝŶĐŽƌƉŽƌĂĚŽ ŝŶĐůƵĚĞŝŶƚŚĞŝƌŽŶƐƟƚƵƟŽŶƐĂďƵĚŐĞƚĚĞĮĐŝƚůŝŵŝƚĂŶĚĂŶ ůĞŵĂŶŝĂĞŶƐƵůĞŐŝƐůĂĐŝſŶ͘ ĞīĞĐƟǀĞ ĐŽŵŵŝƚŵĞŶƚ ƚŽ ĂƵƐƚĞƌŝƚLJ͖ ƐŽŵĞƚŚŝŶŐ ƚŚĂƚ ŝƐ ǀĞƌLJ WĂƌĂĞƐĞĞŶƚŽŶĐĞƐ͕ƐƉĂŹĂLJĂŚĂďşĂĂƉƌŽďĂĚŽĚĞƐĚĞ ƐŝŵŝůĂƌƚŽƚŚĞ'ĞƌŵĂŶůĞŐŝƐůĂƟŽŶ͘ ĞůŵĞƐĚĞƐĞƉƟĞŵďƌĞĚĞϮϬϭϭ͕ůĂƌĞĨŽƌŵĂĚĞůĂƌơĐƵůŽ ϭϯϱĚĞƐƵŽŶƐƟƚƵĐŝſŶ͕ĞŶǀŝƌƚƵĚĚĞůĂĐƵĂů͕ƚŽĚĂƐůĂƐ ƵƚďLJƚŚĂƚƟŵĞͲŝŶ^ĞƉƚĞŵďĞƌϮϬϭϭͲ͕^ƉĂŝŶŚĂĚĂůƌĞĂĚLJ ĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ WƷďůŝĐĂƐ ĚĞďĞŶ ĂĚĞĐƵĂƌ ƐƵƐ ĂĐƚƵĂ- ĂƉƉƌŽǀĞĚĂƌĞĨŽƌŵŽĨƌƟĐůĞϭϯϱŽĨƚŚĞ^ƉĂŶŝƐŚŽŶƐƟƚƵƟŽŶ͘ ĐŝŽŶĞƐĂůƉƌŝŶĐŝƉŝŽĚĞĞƐƚĂďŝůŝĚĂĚƉƌĞƐƵƉƵĞƐƚĂƌŝĂ͕LJĞů ĐĐŽƌĚŝŶŐ ƚŽ ƚŚŝƐ ƌĞĨŽƌŵ͕ ĞĂĐŚ ƉƵďůŝĐ ĂĚŵŝŶŝƐƚƌĂƟŽŶ ŵƵƐƚ ƐƚĂĚŽLJůĂƐŽŵƵŶŝĚĂĚĞƐƵƚſŶŽŵĂƐŶŽƉŽĚƌĄŶŝŶĐƵ- ĨƵůĮůů ƚŚĞ ƉƌŝŶĐŝƉůĞ ŽĨ ďƵĚŐĞƚĂƌLJ ƐƚĂďŝůŝƚLJ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ƚŚĞ ƌƌŝƌĞŶƵŶĚĠĮĐŝƚĞƐƚƌƵĐƚƵƌĂůƋƵĞƐƵƉĞƌĞůŽƐŵĄƌŐĞŶĞƐ ^ƚĂƚĞ ĂŶĚ ƚŚĞ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ĐĂŶŶŽƚ ŝŶĐƵƌ ĞƐƚĂďůĞĐŝĚŽƐ͕ĞŶƐƵĐĂƐŽ͕ƉŽƌůĂhŶŝſŶƵƌŽƉĞĂƉĂƌĂ Ă ƐƚƌƵĐƚƵƌĂů ĚĞĮĐŝƚ ƚŚĂƚ ĞdžĐĞĞĚƐ ƚŚĞ ŵĂƌŐŝŶƐ ƐĞƚ ďLJ ƚŚĞ ƐƵƐƐƚĂĚŽƐŵŝĞŵďƌŽƐ͘ European Union for its Member States.

>ŽƐĂĐƵĞƌĚŽƐĚĞůĂƵŵďƌĞĚĞĚŝĐŝĞŵďƌĞĮŶĂůŵĞŶƚĞ dŚĞ ĂŐƌĞĞŵĞŶƚƐ ŵĂĚĞ Ăƚ ƚŚĞ ĞĐĞŵďĞƌ ^Ƶŵŵŝƚ ĮŶĂůůLJ ĐƌŝƐƚĂůŝnjĂƌŽŶ ĞŶ ůĂ ĮƌŵĂ ĚĞů dƌĂƚĂĚŽ ĚĞ ƐƚĂďŝůŝĚĂĚ͕ materialized in the signing of the Treaty on Stability, ŽŽƌĚŝŶĂĐŝſŶLJ'ŽďĞƌŶĂŶnjĂĞŶůĂhŶŝſŶĐŽŶſŵŝĐĂLJ ŽŽƌĚŝŶĂƟŽŶĂŶĚ'ŽǀĞƌŶĂŶĐĞŝŶƚŚĞĐŽŶŽŵŝĐĂŶĚDŽŶĞƚĂƌLJ DŽŶĞƚĂƌŝĂĞŶŵĂƌnjŽĚĞϮϬϭϮ͕ĞŶƚƌĞƚŽĚŽƐůŽƐƐƚĂĚŽƐ Union in March 2012, between all of the EU Member States, ŵŝĞŵďƌŽƐĚĞůĂh͕ĂĞdžĐĞƉĐŝſŶĚĞůZĞŝŶŽhŶŝĚŽLJůĂ except for the United Kingdom and the Czech Republic. ZĞƉƷďůŝĐĂŚĞĐĂ͘ This Treaty on Stability includes the budgetary pact, ƐĞdƌĂƚĂĚŽ͕ƋƵĞƐĞŚĂĚĂĚŽĞŶůůĂŵĂƌ͞dƌĂƚĂĚŽĚĞƐ- ƚŚĞ ĞĐŽŶŽŵŝĐ ƉŽůŝĐLJ ĐŽŽƌĚŝŶĂƟŽŶ ĂŶĚ ĐŽŶǀĞƌŐĞŶĐĞ ĂŶĚ ƚĂďŝůŝĚĂĚ͕͟ŝŶĐůƵLJĞĞůƉĂĐƚŽƉƌĞƐƵƉƵĞƐƚĂƌŝŽ͕ĞůĨŽŵĞŶ- measures related to the Euro zone governance. ƚŽĚĞůĂĐŽŽƌĚŝŶĂĐŝſŶĚĞůĂƐƉŽůşƟĐĂƐĞĐŽŶſŵŝĐĂƐLJůĂ ĐŽŶǀĞƌŐĞŶĐŝĂ͕ĂƐşĐŽŵŽŵĞĚŝĚĂƐƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŶůĂ Since this Treaty does not have the support of all States, it will ŐŽďĞƌŶĂŶnjĂĚĞůĂnjŽŶĂĚĞůĞƵƌŽ͘ be formally assumed as an intergovernmental agreement ďĞƚǁĞĞŶĐŽŶƚƌĂĐƟŶŐƉĂƌƟĞƐ͘/ƚǁŝůůĞŶƚĞƌŝŶƚŽĨŽƌĐĞĂŌĞƌŝƚŝƐ ĂĚŽƋƵĞĞůdƌĂƚĂĚŽŶŽĐƵĞŶƚĂĐŽŶĞůĂƉŽLJŽĚĞƚŽĚŽƐ ƌĂƟĮĞĚďLJƚǁĞůǀĞŽƵƚŽĨƚŚĞƐĞǀĞŶƚĞĞŶƵƌŽĂƌĞĂĐŽƵŶƚƌŝĞƐ͘ ůŽƐƐƚĂĚŽƐ͕ĨŽƌŵĂůŵĞŶƚĞƐĞĂƐƵŵŝƌĄĐŽŵŽƵŶĂĐƵĞƌĚŽ ŝŶƚĞƌŐƵďĞƌŶĂŵĞŶƚĂůĞŶƚƌĞƉĂƌƚĞƐĐŽŶƚƌĂƚĂŶƚĞƐLJĞŶƚƌĂ- Recently in late May, Ireland held a referendum on this ƌĄĞŶǀŝŐŽƌĐƵĂŶĚŽůŽŚĂLJĂŶƌĂƟĮĐĂĚŽ͕ĂůŵĞŶŽƐĚŽĐĞ dƌĞĂƚLJ͕ŝŶǁŚŝĐŚϲϬ͘ϯйŽĨĐŝƟnjĞŶƐƐƵƉƉŽƌƚĞĚŝƚ͘ ĚĞůŽƐĚŝĞĐŝƐŝĞƚĞƉĂşƐĞƐƋƵĞĐŽŶĨŽƌŵĂŶůĂƵƌŽnjŽŶĂ͘ This Treaty will play an important role in the European ZĞĐŝĞŶƚĞŵĞŶƚĞ͕ĞŶůŽƐƷůƟŵŽƐĚşĂƐĚĞŵĂLJŽ͕/ƌůĂŶĚĂ ^ƚĂďŝůŝƚLJ DĞĐŚĂŶŝƐŵ ;^DͿ͘ &ƌŽŵ DĂƌĐŚ ϭƐƚ ϮϬϭϯ͕ ƚŚĞ LJĂŚĂƐŽŵĞƟĚŽĞƐƚĞdƌĂƚĂĚŽĂƌĞĨĞƌĠŶĚƵŵ͕ŽďƚĞŶŝĠŶ- ŐƌĂŶƟŶŐ ŽĨ ĮŶĂŶĐŝĂů ĂƐƐŝƐƚĂŶĐĞ ǁŝƚŚŝŶ ƚŚĞ ĨƌĂŵĞǁŽƌŬ ŽĨ ĚŽƐĞ ƵŶ ĂŵƉůŝŽ ƌĞƐƉĂůĚŽ ĚĞ ůĂ ĐŝƵĚĂĚĂŶşĂ͕ ĐŽŶ ƵŶ establishing new programs for this mechanism will be ϲϬ͕ϯйĚĞůŽƐǀŽƚŽƐĂĨĂǀŽƌ͘ ĐŽŶĚŝƟŽŶĞĚďLJƚŚĞƌĂƟĮĐĂƟŽŶŽĨƚŚĞdƌĞĂƚLJŽŶ^ƚĂďŝůŝƚLJ͘

37 CONCLUSIONES CONCLUSIONS 2011

ƐƚĞ dƌĂƚĂĚŽ ĚĞƐĞŵƉĞŹĂƌĄ ƵŶ ƉĂƉĞů ĚĞƐƚĂĐĂĚŽ ƉĂƌĂ ĞůDĞĐĂŶŝƐŵŽƵƌŽƉĞŽĚĞƐƚĂďŝůŝĚĂĚ;DͿ͕ƉƵĞƐĂ ƉĂƌƟƌĚĞůϭĚĞŵĂƌnjŽĚĞϮϬϭϯ͕ůĂĐŽŶĐĞƐŝſŶĚĞĂƐŝƐ- ƚĞŶĐŝĂĮŶĂŶĐŝĞƌĂĞŶĞůŵĂƌĐŽĚĞůŽƐŶƵĞǀŽƐƉƌŽŐƌĂŵĂƐ ĞƐƚĂďůĞĐŝĚŽƐĞŶĞůŵĂƌĐŽĚĞĞƐƚĞŵĞĐĂŶŝƐŵŽ͕ƐĞĐŽŶ- ĚŝĐŝŽŶĂƌĄĂůĂƌĂƟĮĐĂĐŝſŶĚĞůdƌĂƚĂĚŽĚĞƐƚĂďŝůŝĚĂĚ͘

>ĂĂƉƌŽďĂĐŝſŶĚĞĞƐƚĞdƌĂƚĂĚŽ͕ĂƐşĐŽŵŽĚĞůĂŶƚĞƌŝŽƌ WĂĐƚŽƉŽƌůĂƐƚĂďŝůŝĚĂĚLJĞůƌĞĐŝŵŝĞŶƚŽ͕ŚĂŶƉƌĞƚĞŶ- ĚŝĚŽĐƵďƌŝƌƵŶĂĚĞĮĐŝĞŶĐŝĂĞƐƚƌƵĐƚƵƌĂůĞŶĞůƐĞŶŽĚĞůĂ hŶŝſŶƵƌŽƉĞĂƋƵĞĞůƚƌĂŶƐĐƵƌƐŽĚĞůĂĐƌŝƐŝƐŚĂƉƵĞƐƚŽ ĚĞŵĂŶŝĮĞƐƚŽ͘ The approval of this Treaty and the Stability and Growth Pact ŶůĂhŶŝſŶƵƌŽƉĞĂLJDŽŶĞƚĂƌŝĂ͕ƚĂůLJĐŽŵŽƐĞŚĂďşĂ ŚĂƐĂƩĞŵƉƚĞĚƚŽĐŽǀĞƌĂƐƚƌƵĐƚƵƌĂůĚĞĨĞĐƚŝŶƚŚĞƵƌŽƉĞĂŶ ĂĐŽƌĚĂĚŽ ĞŶ ƐƵ ĚŝƐĞŹŽ͕ ůĂ ƉŽůşƟĐĂ ŵŽŶĞƚĂƌŝĂ ƐĞ ŝŶƐ- Union that the crisis has highlighted. ƚƌƵŵĞŶƚĂĂĞƐĐĂůĂƐƵƉƌĂŶĂĐŝŽŶĂů͕ĂƵŶƋƵĞůĂƐƉŽůşƟĐĂƐ As it was designed, the monetary policy in the European ƉƌĞƐƵƉƵĞƐƚĂƌŝĂƐ͕ĮŶĂŶĐŝĞƌĂƐLJĞƐƚƌƵĐƚƵƌĂůĞƐŚĂŶƐĞŐƵŝ- ĂŶĚDŽŶĞƚĂƌLJhŶŝŽŶǁĂƐŝŵƉůĞŵĞŶƚĞĚŽŶĂƚƌĂŶƐŶĂƟŽŶĂů ĚŽƐŝĞŶĚŽĐŽŵƉĞƚĞŶĐŝĂĚĞůŽƐŐŽďŝĞƌŶŽƐŶĂĐŝŽŶĂůĞƐ͘ ƐĐĂůĞ͘ ,ŽǁĞǀĞƌ͕ ŶĂƟŽŶĂů ŐŽǀĞƌŶŵĞŶƚƐ ŵĂŝŶƚĂŝŶ ĐŽŵƉůĞƚĞ >Ă ĐƌŝƐŝƐ ŚĂ ĞǀŝĚĞŶĐŝĂĚŽ ƋƵĞ ƵŶĂ ƉŽůşƟĐĂ ŵŽŶĞƚĂƌŝĂ ĂƵƚŚŽƌŝƚLJŽŶƚŚĞďƵĚŐĞƚĂƌLJ͕ĮŶĂŶĐŝĂůĂŶĚƐƚƌƵĐƚƵƌĂůƉŽůŝĐŝĞƐ͘ ŽƌŝĞŶƚĂĚĂ ŚĂĐŝĂ ůĂ ĞƐƚĂďŝůŝĚĂĚ ĚĞ ƉƌĞĐŝŽƐ ŶŽ ĞƐ ƐƵĮ- dŚĞĐƌŝƐŝƐŚĂƐƉƌŽǀĞĚƚŚĂƚĂƉƌŝĐĞƐƚĂďŝůŝƚLJͲŽƌŝĞŶƚĞĚŵŽŶĞƚĂƌLJ ĐŝĞŶƚĞ͕ ƉŽƌ Ɛş ƐŽůĂ͕ ƉĂƌĂ ĂƐĞŐƵƌĂƌ ƵŶ ďƵĞŶ ĨƵŶĐŝŽŶĂ- policy is not enough to assure the good running of the ŵŝĞŶƚŽĚĞůĂhŶŝſŶĐŽŶſŵŝĐĂLJDŽŶĞƚĂƌŝĂĞŶĞůĄƌĞĂ Economic and Monetary Union. The Member States have ĞƵƌŽ͕ĚĞĂŚşƋƵĞůŽƐƐƚĂĚŽƐŵŝĞŵďƌŽƐŚĂLJĂŶŝĚĞĂĚŽ ĐƌĞĂƚĞĚƚŚĞƐĞŵĞĐŚĂŶŝƐŵƐƚŽĂǀŽŝĚĞdžĐĞƐƐŝǀĞďƵĚŐĞƚĚĞĮĐŝƚƐ ĞƐƚŽƐƷůƟŵŽƐŵĞĐĂŶŝƐŵŽƐĐŽŶůŽƐƋƵĞƉƌĞƚĞŶĚĞŶĞǀŝ- and to keep a streamlined and sustainable economy. They ƚĂƌ ůŽƐ ĚĠĮĐŝƚƐ ƉƷďůŝĐŽƐ ĞdžĐĞƐŝǀŽƐ͕ LJ ŵĂŶƚĞŶĞƌ ƵŶĂƐ ŚĂǀĞŝŶƐŝƐƚĞĚŽŶďĞƩĞƌĐŽŽƌĚŝŶĂƟŽŶŝŶŵĂƩĞƌƐŽĨĞĐŽŶŽŵŝĐ ĮŶĂŶnjĂƐ ƐĂŶĞĂĚĂƐ LJ ƐŽƐƚĞŶŝďůĞƐ͕ ŝŶƐŝƐƟĞŶĚŽ ĞŶ ƵŶĂ policies. ŵĂLJŽƌĐŽŽƌĚŝŶĂĐŝſŶĞŶŵĂƚĞƌŝĂĚĞƉŽůşƟĐĂĞĐŽŶſŵŝĐĂ͘

>ĂƐŝƚƵĂĐŝſŶĞŶůŽƐŵĞƌĐĂĚŽƐĚĞĚĞƵĚĂƉĂƌĞĐŝſĂůŝǀŝĂƌ- dŚĞ ƐŝƚƵĂƟŽŶ ŽĨ ĚĞďƚ ŵĂƌŬĞƚƐ ƐĞĞŵĞĚ ƚŽ ŝŵƉƌŽǀĞ ŝŶ ĞĂƌůLJ ƐĞĂĐŽŵŝĞŶnjŽƐĚĞϮϬϭϮ͕LJůĂƉƌŝŵĂĚĞƌŝĞƐŐŽĚĞůŽƐ 2012. Moreover, the risk premium of the leading countries ƉƌŝŶĐŝƉĂůĞƐƉĂşƐĞƐĐŽŵĞŶnjĂďĂĂŵŽĚĞƌĂƌƐĞ͕ĂĞdžĐĞƉ- ƐƚĂƌƚĞĚƚŽŵŽĚĞƌĂƚĞ͕ǁŝƚŚƚŚĞĞdžĐĞƉƟŽŶŽĨƚŚŽƐĞĐŽƵŶƚƌŝĞƐ ĐŝſŶ ĚĞ ĂƋƵĞůůŽƐ ĞƐƚĂĚŽƐ ĞŶ ůŽƐ ƋƵĞ ĂƷŶ ƉĞƌƐŝƐơĂ ůĂ ƚŚĂƚǁĞƌĞƐƟůůŝŶĐƌŝƐŝƐ͘ crisis. dŚĞĮŶĂŶĐĞŽƉĞƌĂƟŽŶƐŽǀĞƌƚŚƌĞĞLJĞĂƌƐƚŚĂƚƚŚĞƐĞƚƵƉŝŶ WĞƌŽĞŶĞƐƚĂŵĞũŽƌĂŝŶŇƵLJĞƌŽŶƚĂŵďŝĠŶůŽƐĞĨĞĐƚŽƐĚĞ ŵŝĚĞĐĞŵďĞƌĂůƐŽŝŶŇƵĞŶĐĞĚƚŚŝƐŝŵƉƌŽǀĞŵĞŶƚ͘dŚĞŐŽĂůƐ ůĂƐŽƉĞƌĂĐŝŽŶĞƐĚĞĮŶĂŶĐŝĂĐŝſŶĂƚƌĞƐĂŹŽƐƋƵĞƉƵƐŽ ŽĨƚŚĞƐĞŽƉĞƌĂƟŽŶƐǁĞƌĞƚŽƌĞĚƵĐĞƐŽůǀĞŶĐLJƌŝƐŬƐĐĂƵƐĞĚďLJ ĞŶŵĂƌĐŚĂĞůĂŵĞĚŝĂĚŽƐĚĞĚŝĐŝĞŵďƌĞ͕ƉĂƌĂƌĞĚƵ- ƚŚĞůŝƋƵŝĚŝƚLJƉƌŽďůĞŵƐŽĨƚŚĞƵƌŽnjŽŶĞďĂŶŬƐ͕ĂŶĚƚŽŝŵƉƌŽǀĞ ĐŝƌůŽƐƌŝĞƐŐŽƐĚĞƐŽůǀĞŶĐŝĂƉŽƌƉƌŽďůĞŵĂƐĚĞůŝƋƵŝĚĞnj ĂĐƟǀŝƚLJŝŶŽƚŚĞƌƌĞŐŝŽŶƐ͕ƉĂƌƟĐƵůĂƌůLJŝŶh^͘ ƋƵĞƉĞƐĂďĂŶƐŽďƌĞůŽƐďĂŶĐŽƐĚĞůĂnjŽŶĂĚĞůĞƵƌŽ͕LJ dŚĞƌĞŝƐŶŽĚŽƵďƚƚŚĂƚŐƌŽǁƚŚƉƌĞĚŝĐƟŽŶƐĨŽƌƚŚĞƵƌŽĂƌĞĂ ůĂƐŵĞũŽƌĂƐĞŶůĂĂĐƟǀŝĚĂĚĚĞŽƚƌĂƐƌĞŐŝŽŶĞƐ͕ƉƌŝŶĐŝ- palmente en Estados Unidos. ǁŝůůďĞĐŽŶĚŝƟŽŶĞĚďLJƚŚĞƐƵĐĐĞƐƐŽĨƚŚĞƌĞƐƚƌĂŝŶƚŵĞĂƐƵƌĞƐ designed by Heads of State. However, the strong character EŽĐĂďĞĚƵĚĂĚĞƋƵĞůĂƐƉƌĞǀŝƐŝŽŶĞƐĚĞĐƌĞĐŝŵŝĞŶƚŽ ŽĨ ƚŚĞ ďƵĚŐĞƚĂƌLJ ĐŽŶƐŽůŝĚĂƟŽŶ ǁŝůů ŶĞĐĞƐƐĂƌŝůLJ ŚĂǀĞ ĂŶ ĞŶůĂnjŽŶĂĞƵƌŽĞƐƚĂƌĄŶĐŽŶĚŝĐŝŽŶĂĚĂƐĂƋƵĞůĂƐŵĞ- impact on the area’s growth index of the area, especially in ĚŝĚĂƐ ĚĞ ĐŽŶƚĞŶĐŝſŶ ƋƵĞ ŚĂŶ ĚŝƐĞŹĂĚŽ ůŽƐ :ĞĨĞƐ ĚĞ those countries that have been more exposed to the tensions ƐƚĂĚŽ ƐƵƌƚĂŶ Ğů ĞĨĞĐƚŽ ĚĞƐĞĂĚŽ͕ ĂƵŶƋƵĞ Ğů ĨƵĞƌƚĞ ŽĨƚŚĞĮŶĂŶĐŝĂůĐƌŝƐŝƐ͘

38 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ĐĂƌĄĐƚĞƌƋƵĞƐĞĞƐƚĄŝŵƉƌŝŵŝĞŶĚŽĂůĂĐŽŶƐŽůŝĚĂĐŝſŶ ĮƐĐĂů͕ ŶĞĐĞƐĂƌŝĂŵĞŶƚĞ ƌĞƉĞƌĐƵƟƌĄ ƐŽďƌĞ ůŽƐ şŶĚŝĐĞƐ ĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĂnjŽŶĂ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞŶĂƋƵĞůůŽƐ ƉĂşƐĞƐƋƵĞƐĞŚĂŶǀŝƐƚŽŵĄƐĞdžƉƵĞƐƚŽƐĂůĂƐƚĞŶƐŝŽŶĞƐ ĚĞůĂĐƌŝƐŝƐĮŶĂŶĐŝĞƌĂ͘

ZĞĐŝĞŶƚĞŵĞŶƚĞ͕ LJ ƚƌĂƐ ůĂ ĞůĞĐĐŝſŶ ĚĞ &ƌĂŶĕŽŝƐĞ ,Ž- ůůĂŶĚĞĐŽŵŽWƌĞƐŝĚĞŶƚĞĚĞůĂZĞƉƷďůŝĐĂ&ƌĂŶĐĞƐĂ͕ƐĞ ŚĂƌĞĂďŝĞƌƚŽĞůĚĞďĂƚĞĞŶĞůƐĞŶŽĚĞůĂhŶŝſŶƐŽďƌĞ ůĂŶĞĐĞƐŝĚĂĚĚĞĞŵƉƌĞŶĚĞƌŵĞĚŝĚĂƐĚĞĞƐơŵƵůŽƋƵĞ ĨĂǀŽƌĞnjĐĂŶůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĞĐŽŶŽŵşĂĞƵƌŽƉĞĂ͕ ĞŶŐĞŶĞƌĂů͕LJĚĞůĂnjŽŶĂĞƵƌŽ͕ĞŶƉĂƌƟĐƵůĂƌ͘ ZĞĐĞŶƚůLJ͕ĂŌĞƌƚŚĞĞůĞĐƟŽŶŽĨ&ƌĂŶĕŽŝƐ,ŽůůĂŶĚĞĂƐWƌĞƐŝĚĞŶƚ ŶĞůŵŽŵĞŶƚŽĚĞůĂƉƵďůŝĐĂĐŝſŶĚĞĞƐƚĞŝŶĨŽƌŵĞ͕ĂƷŶ of the French Republic, there has been debate about the ŶŽƐĞŚĂŶĐŽŶĐƌĞƚĂĚŽƋƵĠĂĐĐŝŽŶĞƐƉƵĞĚĞŶůůĞǀĂƌƐĞĂ ŶĞĞĚƚŽƚĂĐŬůĞƐƟŵƵůƵƐŵĞĂƐƵƌĞƐƚŽŝŵƉƌŽǀĞƚŚĞƌĞĐŽǀĞƌLJ ĐĂďŽ͕LJƚĂŵƉŽĐŽƐĞŚĂĚĞƚĞƌŵŝŶĂĚŽĞŶƋƵĠŵĞĚŝĚĂ of the European economy in general, and the Euro area in ůĂƉŽƐŝďŝůŝĚĂĚĚĞĞŵƉƌĞŶĚĞƌŶƵĞǀŽƐĞƐơŵƵůŽƐŝŵƉůŝĐĂ ƉĂƌƟĐƵůĂƌ͘ ƌĞĚƵĐŝƌĞůĐŽŵƉƌŽŵŝƐŽĚĞůĚĠĮĐŝƚ͘

^ĞƚƌĂƚĂ͕ƐŝŶĚƵĚĂ͕ĚĞƵŶĚĞďĂƚĞĐůĂǀĞƋƵĞĚĞƚĞƌŵŝŶĂƌĄ tŚĞŶƚŚŝƐƌĞƉŽƌƚǁĂƐƉƵďůŝƐŚĞĚ͕ƚŚĞƌĞǁĞƌĞƐƟůůŶŽĐŽŶĐƌĞƚĞ ůĂƐďĂƐĞƐƐŽďƌĞůĂƐƋƵĞŚĂďƌĄĚĞĂƌƟĐƵůĂƌƐĞůĂĨƵƚƵƌĂ ĂĐƟŽŶƐ ĂŶĚ ŶŽƌ ŚĂĚ ƚŚĞ ĞdžƚĞŶƚ ƚŽ ǁŚŝĐŚ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ƌĞĐƵƉĞƌĂĐŝſŶĚĞůƌĞĂĞƵƌŽ͘ ĐƌĞĂƟŶŐŶĞǁƐƟŵƵůŝƚŽƌĞĚƵĐĞƚŚĞĚĞĮĐŝƚĐŽŵŵŝƚŵĞŶƚďĞĞŶ determined. ŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ůĂƐƉƌĞǀŝƐŝŽŶĞƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂ ĞƐƚĂŽŶĂĂƉƵŶƚĂŶĂƋƵĞĚƵƌĂŶƚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞ This is, without a doubt, a key debate that will establish the ϮϬϭϮƐĞŝŶŝĐŝĞƵŶĂƌĞĐƵƉĞƌĂĐŝſŶŐƌĂĚƵĂůĚĞůĂƐŝƚƵĂĐŝſŶ bases of the future recovery of the Euro area. ĞĐŽŶſŵŝĐĂ ƋƵĞ ƉŽĚƌşĂ͕ ŝŶĐůƵƐŽ͕ ĂĐĞůĞƌĂƌƐĞ ĚƵƌĂŶƚĞ /ŶĂŶLJĐĂƐĞ͕ƚŚĞŐƌŽǁƚŚƉƌĞĚŝĐƟŽŶƐĨŽƌƚŚŝƐŽŶĞƐƵŐŐĞƐƚƚŚĂƚ ϮϬϭϯ͘ ƚŚĞĞĐŽŶŽŵŝĐƐŝƚƵĂƟŽŶǁŝůůŐƌĂĚƵĂůůLJŝŵƉƌŽǀĞŝŶƚŚĞƐĞĐŽŶĚ EŽŽďƐƚĂŶƚĞ͕ĞƐƚĂƌĞĐƵƉĞƌĂĐŝſŶƟĞŶĞƚŽĚŽƐůŽƐǀŝƐŽƐ ŚĂůĨŽĨϮϬϭϮ͕ĂŶĚŝƚĐŽƵůĚĞǀĞŶƐƉĞĞĚƵƉŝŶϮϬϭϯ͘ ĚĞƐĞƌŵƵLJŵŽĚĞƌĂĚĂƉƵĞƐĞdžŝƐƚĞŶĂƷŶĨĂĐƚŽƌĞƐƋƵĞ ůŝŵŝƚĂƌĄŶůĂĞdžƉĂŶƐŝſŶĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͘ Nonetheless, this recovery seems to be moderate, since ƚŚĞƌĞĂƌĞƐƟůůĨĂĐƚŽƌƐƚŚĂƚŵĂLJůŝŵŝƚƚŚĞĞdžƉĂŶƐŝŽŶŽĨŝŶƚĞƌŶĂů >ĂƌĞĞƐƚƌƵĐƚƵƌĂĐŝſŶĚĞůƐŝƐƚĞŵĂďĂŶĐĂƌŝŽĞŶĞůĐŽŶũƵŶ- demand. ƚŽĚĞůĂĞƵƌŽnjŽŶĂĐŽŶƟŶƵĂƌĄůŝŵŝƚĂŶĚŽůĂĚŝƐƉŽŶŝďŝůŝ- ĚĂĚĚĞĐƌĠĚŝƚŽ͕ĂůƟĞŵƉŽƋƵĞůŽƐĨƵĞƌƚĞƐĂũƵƐƚĞƐĞŶůŽƐ Reorganizing the banking system in the Euro area will ƉƌĞƐƵƉƵĞƐƚŽƐĚĞůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐĂĨĞĐƚĂ- ĐŽŶƟŶƵĞ ƚŽ ůŝŵŝƚ ĐƌĞĚŝƚ ĂǀĂŝůĂďŝůŝƚLJ͘ /Ŷ ĂĚĚŝƟŽŶ͕ ƚŚĞ ƐƚƌŽŶŐ ƌĄŶĂůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͕ĞŶƵŶĐŽŶƚĞdžƚŽĞŶĞůƋƵĞĞů ĂĚũƵƐƚŵĞŶƚƐŝŶƚŚĞƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐ͛ďƵĚŐĞƚǁŝůůĂīĞĐƚ ĐŽŶƐƵŵŽƉƌŝǀĂĚŽĂĐƵƐĂƌĄůŽƐĞĨĞĐƚŽƐĚĞůĚĞƐĞŵƉůĞŽ͕ ŝŶƚĞƌŶĂů ĚĞŵĂŶĚ͘ /Ŷ ƚŚŝƐ ĐŽŶƚĞdžƚ͕ ƉƌŝǀĂƚĞ ĐŽŶƐƵŵƉƟŽŶ ǁŝůů ůĂĐŽŶƚĞŶĐŝſŶĚĞůŽƐƐĂůĂƌŝŽƐLJůĂŵĞŶŽƌŝŶŇĂĐŝſŶ͘ ƐƵīĞƌ ƚŚĞ ĞīĞĐƚƐ ŽĨ ƵŶĞŵƉůŽLJŵĞŶƚ͕ ǁĂŐĞ ƌĞƐƚƌĂŝŶƚƐ ĂŶĚ ůŽǁĞƌŝŶŇĂƟŽŶ͘ >ĂŝŶǀĞƌƐŝſŶƉƌŝǀĂĚĂ͕ƉŽƌƐƵƉĂƌƚĞ͕ƐĞŐƵŝƌĄĐŽŶƚƌĂLJĠŶ- ĚŽƐĞĂƵŶƋƵĞƉŽĚƌşĂĐŽŵĞŶnjĂƌĂĂŇŽƌĂƌ͕ůŝŐĞƌĂŵĞŶƚĞ͕ WƌŝǀĂƚĞ ŝŶǀĞƐƚŵĞŶƚ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ĐŽŶƚƌĂĐƚ͕ ĂůƚŚŽƵŐŚ ŝƚ ĂŵĞĚŝĚĂƋƵĞŵĞũŽƌĞůĂĐŽŶĮĂŶnjĂĞŶƵŶĞŶƚŽƌŶŽĚĞ ĐŽƵůĚ ƐƚĂƌƚ ƚŽ ŝŵƉƌŽǀĞ ƐůŝŐŚƚůLJ͕ ĂƐ ƚŚĞ ĐŽŶĮĚĞŶĐĞ ŝŶ ůŽǁ ƟƉŽƐ ĚĞ ŝŶƚĞƌĠƐ ďĂũŽƐ LJ ƵŶĂ ĐŽŶƐŽůŝĚĂĐŝſŶ ƉĂƵůĂƟŶĂ ŝŶƚĞƌĞƐƚƌĂƚĞƐĂŶĚĂƉƌŽŐƌĞƐƐŝǀĞĐŽŶƐŽůŝĚĂƟŽŶŽĨƚŚĞŐƌŽǁƚŚ del ritmo de crecimiento. rhythm also increase.

39 CONCLUSIONES CONCLUSIONS 2011

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂĚĞŵĂŶĚĂĞdžƚĞƌŶĂƐĞƌĄĞůƉƌŝŶĐŝ- ƉĂůĨĂĐƚŽƌƋƵĞĞƐƟŵƵůĞĞůĐƌĞĐŝŵŝĞŶƚŽĞŶůĂnjŽŶĂĞƵƌŽ ĂƵŶƋƵĞ͕ ůĂƐ ƉƌĞǀŝƐŝŽŶĞƐ ƉĂƌĂ Ğů ĂŹŽ ϮϬϭϮ ĂƉƵŶƚĂŶ Ă ƵŶĂĐĂşĚĂĚĞůW/ĚĞůĐŽŶũƵŶƚŽĚĞůĂƵƌŽnjŽŶĂĚĞůϬ͕ϯ por ciento.

^ŝďŝĞŶůĂƌĂůĞŶƟnjĂĐŝſŶŚĂĂĨĞĐƚĂĚŽĂƚŽĚŽƐůŽƐƐƚĂĚŽƐ ŵŝĞŵďƌŽƐ͕ƐĞƉƌĞǀĠƋƵĞƐĞŵĂŶƚĞŶŐĂŶůĂƐĚŝĨĞƌĞŶĐŝĂƐ In this context, external demand will be the main factor that ŐĞŽŐƌĄĮĐĂƐ ĚĞďŝĚŽ Ă ůĂƐ ĚŝĨĞƌĞŶƚĞƐ ŶĞĐĞƐŝĚĂĚĞƐ ƋƵĞ ƐƟŵƵůĂƚĞƐƚŚĞƵƌŽnjŽŶĞŐƌŽǁƚŚ͘,ŽǁĞǀĞƌ͕ƉƌĞĚŝĐƟŽŶƐĨŽƌ ĚĞďĞŶ ĂĐŽŵĞƚĞƌ ůŽƐ ĚŝƐƟŶƚŽƐ ƉĂşƐĞƐ ĞŶ ŵĂƚĞƌŝĂ ĚĞ ϮϬϭϮƐƵŐŐĞƐƚƚŚĂƚƵƌŽnjŽŶĞ'WǁŝůůĚƌŽƉϬ͘ϯƉĞƌĐĞŶƚ͘ ĐŽƐƚĞĚĞĮŶĂŶĐŝĂĐŝſŶ͕ĂĚĞŵĄƐĚĞůĂŶĞĐĞƐŝĚĂĚĚĞĂĐŽ- - ŵĞƚĞƌĂũƵƐƚĞƐƉĂƌĂƌĞĐŽŶĚƵĐŝƌůŽƐƐĂůĚŽƐƉƌĞƐƵƉƵĞƐƚĂ ůƚŚŽƵŐŚƚŚĞƐůŽǁŝŶŐĚŽǁŶŚĂƐĂīĞĐƚĞĚĂůůŽĨƚŚĞDĞŵďĞƌ ƌŝŽƐŶĞŐĂƟǀŽƐ͘ ^ƚĂƚĞƐ͕ŝƚŝƐĞdžƉĞĐƚĞĚƚŚĂƚƚŚĞŐĞŽŐƌĂƉŚŝĐĚŝīĞƌĞŶĐĞƐǁŝůůƐƚĂLJ ƚŚĞƐĂŵĞďĞĐĂƵƐĞŽĨƚŚĞĚŝīĞƌĞŶƚŶĞĞĚƐƚŚĞĐŽƵŶƚƌŝĞƐŚĂǀĞ WŽƌƉĂşƐĞƐ͕LJĂĞdžĐĞƉĐŝſŶĚĞƐƉĂŹĂ͕ƋƵĞĂďŽƌĚĂƌĞŵŽƐ ƚŽƚĂĐŬůĞ͕ƐƵĐŚĂƐĮŶĂŶĐŝŶŐĐŽƐƚƐĂŶĚĂĚũƵƐƚŵĞŶƚƐƚŽƌĞĚŝƌĞĐƚ ĞŶĞůƐŝŐƵŝĞŶƚĞĞƉşŐƌĂĨĞ͕ĐŽŶǀŝĞŶĞĚĞƚĞŶĞƌĞůĂŶĄůŝƐŝƐ ƚŚĞŶĞŐĂƟǀĞďƵĚŐĞƚďĂůĂŶĐĞƐ͘ ĞŶĂƋƵĞůůŽƐƋƵĞŐƵĂƌĚĂŶŵĂLJŽƌĞƐǀşŶĐƵůŽƐĞĐŽŶſŵŝ- cos con Canarias. /ƚ ŝƐ ŽƉƉŽƌƚƵŶĞ ƚŽ ƉĂLJ ĐůŽƐĞƌ ĂƩĞŶƟŽŶ ƚŽ ƚŚĞ ĂŶĂůLJƐŝƐ ŽĨ ƐƚĞĞƐĞůĐĂƐŽĚĞůĞŵĂŶŝĂƋƵŝĞŶ͕ƚƌĂƐĐĞƌƌĂƌĞůĞũĞƌĐŝ- ƚŚŽƐĞĐŽƵŶƚƌŝĞƐƚŚĂƚĂƌĞŵŽƐƚĮŶĂŶĐŝĂůůLJĐŽŶŶĞĐƚĞĚƚŽƚŚĞ ĐŝŽϮϬϭϭĐŽŶƵŶĂǀĂŶĐĞĚĞƐƚĂĐĂĚŽĚĞůϯ͕Ϭй͕ƐĞƉƌĞǀĠ ĂŶĂƌLJ/ƐůĂŶĚƐ͘DŽƌĞŽǀĞƌ͕ǁĞǁŝůůƚĂĐŬůĞƚŚĞŝƌĐŽŶŶĞĐƟŽŶƚŽ ƋƵĞƉƵĞĚĂƐĂůǀĂƌĞŶƉŽƐŝƟǀŽĞůĚŝİĐŝůĐŽŶƚĞdžƚŽĐŽŶƵŶ ^ƉĂŝŶŝŶƚŚĞŶĞdžƚƐĞĐƟŽŶ͘ ŵŽĚĞƌĂĚŽĂǀĂŶĐĞĚĞůϬ͕ϳƉŽƌĐŝĞŶƚŽ͕ƐĞŐƷŶůĂƐĞƐƟŵĂ- This is the case of Germany, which closed 2011 with an ĐŝŽŶĞƐŵĄƐƌĞĐŝĞŶƚĞƐƋƵĞŚĂŚĞĐŚŽƉƷďůŝĐĂƐůĂŽŵŝ- ĂĚǀĂŶĐĞŽĨϯ͘Ϭй͘ĐĐŽƌĚŝŶŐƚŽƚŚĞƌĞĐĞŶƚĞƐƟŵĂƚĞƐŵĂĚĞďLJ ƐŝſŶƵƌŽƉĞĂĞŶĞůŵĞƐĚĞŵĂLJŽ͘ the European Commission in May, this country is expected to >ĂĞĐŽŶŽŵşĂŐĞƌŵĂŶĂƉŽĚƌĄĂƉƌŽǀĞĐŚĂƌůĂŵĞũŽƌĂĚĞ ŽǀĞƌĐŽŵĞƚŚĞĚŝĸĐƵůƚƐŝƚƵĂƟŽŶǁŝƚŚĂŵŽĚĞƌĂƚĞĂĚǀĂŶĐĞŽĨ ůĂĚĞŵĂŶĚĂŵƵŶĚŝĂůLJĐŽŶĞůůŽƐĞǀĞƌĄŶĨĂǀŽƌĞĐŝĚĂƐ Ϭ͘ϳƉĞƌĐĞŶƚ͘ ƚĂŶƚŽůĂŝŶǀĞƌƐŝſŶƉƌŽĚƵĐƟǀĂĐŽŵŽĞůĞŵƉůĞŽĚƵƌĂŶƚĞ The German economy will be able to make the most of the ϮϬϭϮLJϮϬϭϯ͘ improvement in worldwide demand. This will ensure the WĞƐĞĂůŽƐĂǀĂƚĂƌĞƐĚĞůĂĐƌŝƐŝƐ͕ůĞŵĂŶŝĂĐŽŶƟŶƷĂĚĂŶ- ƉƌŽŐƌĞƐƐŽĨƉƌŽĚƵĐƟǀĞŝŶǀĞƐƚŵĞŶƚƐĂŶĚĞŵƉůŽLJŵĞŶƚŝŶϮϬϭϮ ĚŽ ŵƵĞƐƚƌĂƐ ĚĞ ƌĞůĂƟǀĂ ƐŽůǀĞŶĐŝĂ͕ ĐŽŶĮƌŵĂŶĚŽ ĂƐş ĂŶĚϮϬϭϯ͘ ƵŶĂŵĞũŽƌƉŽƐŝĐŝſŶĚĞƉĂƌƟĚĂƋƵĞůĞƉĞƌŵŝƟƌĄĂƉƌŽ- ǀĞĐŚĂƌĐŽŶŵĂLJŽƌĞƐŐĂƌĂŶơĂƐůĂƐƉƌŝŵĞƌĂƐƐĞŹĂůĞƐĚĞ Despite the ups and downs of the crisis, Germany keeps ƌĞĐƵƉĞƌĂĐŝſŶ͕ƋƵĞƉŽĚƌşĂŶĐŽŵĞŶnjĂƌĂŵĂƚĞƌŝĂůŝnjĂƌƐĞ ƐŚŽǁŝŶŐ Ă ƌĞůĂƟǀĞ ƐŽůǀĞŶĐLJ͕ ǁŚŝĐŚ ĐŽŶĮƌŵƐ ŝƚƐ ĨĂǀŽƵƌĂďůĞ ĚƵƌĂŶƚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞůĂŹŽ͘ ƐƚĂƌƟŶŐƉŽŝŶƚƚŽŵĂŬĞƚŚĞŵŽƐƚŽĨƚŚĞĮƌƐƚƐŝŐŶƐŽĨƌĞĐŽǀĞƌLJ͕ which could start to materialize in the second half of the year. WŽƌĞůĐŽŶƚƌĂƌŝŽ͕ĞŶĞůZĞŝŶŽhŶŝĚŽ͕ŽƚƌŽĚĞůŽƐƐŽĐŝŽƐ ĞƵƌŽƉĞŽƐ ĐŽŶ ƌĞůĞǀĂŶĐŝĂ ƉĂƌĂ ĂŶĂƌŝĂƐ͕ ĂĨƌŽŶƚĂ ƵŶĂ Another relevant European partner for the Canary Islands is ƌĞĐƵƉĞƌĂĐŝſŶŵĄƐůĞŶƚĂĚĂĚŽĞůĞĨĞĐƚŽĚĞůƐĞǀĞƌŽƉůĂŶ the United Kingdom. This country, unlike Germany, is going ĚĞĂũƵƐƚĞƋƵĞĞŵƉƌĞŶĚŝſĞů'ŽďŝĞƌŶŽĚƵƌĂŶƚĞϮϬϭϭ͕LJ through a slower recovery due to the severe adjustment plan ƋƵĞƐƵƐĞĐƚŽƌĮŶĂŶĐŝĞƌŽƐĞŚĂǀŝƐƚŽŵĄƐĞdžƉƵĞƐƚŽĂůĂ introduced by the Government in 2011 and to the fact that ĐƌŝƐŝƐŵƵŶĚŝĂů͘ ŝƚƐĮŶĂŶĐĞƐĞĐƚŽƌŚĂƐƐƵīĞƌĞĚŵŽƌĞĨƌŽŵƚŚĞǁŽƌůĚĐƌŝƐŝƐ͘

>ĂƐ ƉƌĞǀŝƐŝŽŶĞƐ ĂƉƵŶƚĂŶ Ă ƵŶ ơŵŝĚŽ ĂǀĂŶĐĞ ĚĞů W/ WƌĞĚŝĐƟŽŶƐƉŽŝŶƚƚŽĂƐůŝŐŚƚĂĚǀĂŶĐĞŽĨϬ͘ϱйŝŶƌŝƟƐŚ'WŝŶ ďƌŝƚĄŶŝĐŽĚĞĂƉĞŶĂƐƵŶϬ͕ϱйĚƵƌĂŶƚĞϮϬϭϮ͕ƚƌĂƐŚĂďĞƌ ϮϬϭϮ͕ĂŌĞƌŚĂǀŝŶŐĐůŽƐĞĚϮϬϭϭǁŝƚŚĂŐƌŽǁƚŚŽĨϬ͘ϳƉĞƌĐĞŶƚ͘

40 LA ECONOMÍA INTERNACIONAL INTERNATIONAL ECONOMY1

ĐĞƌƌĂĚŽ Ğů ĞũĞƌĐŝĐŝŽ ϮϬϭϭ ĐŽŶ ƵŶ ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ƚĂŶ ƐŽůŽƵŶϬ͕ϳƉŽƌĐŝĞŶƚŽ͘ dĂŵďŝĠŶƌĞƐƵůƚĂƌĞůĞǀĂŶƚĞĞůĂŶĄůŝƐŝƐĚĞůŽƐŶƵĞǀŽƐƐ- ƚĂĚŽƐŵŝĞŵďƌŽƐĚĞůĂhŶŝſŶƵƌŽƉĞĂŶŽĂĚƐĐƌŝƚŽƐĂ ůĂhŶŝſŶŵŽŶĞƚĂƌŝĂ͕ƉŽƌůŽƐĨƵĞƌƚĞƐůĂnjŽƐĞĐŽŶſŵŝĐŽƐ ƋƵĞůŽƐǀŝŶĐƵůĂŶĐŽŶƐƵƐƐŽĐŝŽƐĚĞůĂhD͘ /ƚŝƐĂůƐŽƌĞůĞǀĂŶƚƚŽŵĞŶƟŽŶƚŚĞĂŶĂůLJƐŝƐŽĨƚŚĞŶĞǁDĞŵďĞƌ ƐƚŽƐ ƉĂşƐĞƐ ŚĂŶ ůŽŐƌĂĚŽ ƌĞƐŝƐƟƌ ŵĞũŽƌ Ğů ƌĞĐƌƵĚĞĐŝ- States of the European Union not belonging to the Economic ŵŝĞŶƚŽĚĞůĂĐƌŝƐŝƐŽďƐĞƌǀĂĚĂĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽ͕ and Monetary Union, mainly because of the strong economic ĐŽŶŝŶĐƌĞŵĞŶƚŽƐĂŶƵĂůĞƐƋƵĞŚĂŶƐƵƉĞƌĂĚŽ͕ĞŶƚŽĚŽƐ ƟĞƐƚŚĂƚůŝŶŬƚŚĞŵƚŽƚŚĞDh͛ƐƉĂƌƚŶĞƌƐ͘ ůŽƐĐĂƐŽƐ͕Ğůϭ͕ϳƉŽƌĐŝĞŶƚŽ͘ These countries have managed to resist the worsening of the >ŽƐŶƵĞǀŽƐŵŝĞŵďƌŽƐĚĞůĂhŚĂŶĨƵŶĚĂŵĞŶƚĂĚŽƐƵ ĐƌŝƐŝƐĚƵƌŝŶŐƚŚĞƉĂƐƚLJĞĂƌŵƵĐŚďĞƩĞƌ͘dŚĞLJŚĂǀĞƌĞŐŝƐƚĞƌĞĚ ĐƌĞĐŝŵŝĞŶƚŽĞŶĞůŝŶĐŝƉŝĞŶƚĞĚŝŶĂŵŝƐŵŽĚĞƐƵƐĞĐƚŽƌ ĂŶŶƵĂůŝŶĐƌĞŵĞŶƚƐŽǀĞƌϭ͘ϳƉĞƌĐĞŶƚ͘ ĞdžƚĞƌŝŽƌLJĞŶůĂĨĂǀŽƌĂďůĞĞǀŽůƵĐŝſŶĚĞůĂƉƌŽĚƵĐĐŝſŶ ŝŶĚƵƐƚƌŝĂů͕ĂƵŶƋƵĞĞƐƚĂĞǀŽůƵĐŝſŶŶŽƐĞƌĞƉƌŽĚƵĐĞĚĞ The new EU members have based their growth on the ŵĂŶĞƌĂŚŽŵŽŐĠŶĞĂĞŶĞůĄƌĞĂ͘ ĞŵĞƌŐŝŶŐĚLJŶĂŵŝƐŵŽĨƚŚĞŝƌĨŽƌĞŝŐŶƐĞĐƚŽƌĂŶĚƚŚĞƉŽƐŝƟǀĞ ĞǀŽůƵƟŽŶŽĨŝŶĚƵƐƚƌŝĂůƉƌŽĚƵĐƟŽŶ͕ĂůƚŚŽƵŐŚƚŚŝƐĞǀŽůƵƟŽŶŝƐ ĞƐƚĂĐĂŶ͕ƉŽƌƐƵĚŝŶĂŵŝƐŵŽ͕ƐƚŽŶŝĂ͕ĐƵLJŽĐƌĞĐŝŵŝĞŶ- not happening homogeneously in the region. ƚŽĂůĐĂŶnjſĞůϳ͕ϲй͕ĂĚĞŵĄƐĚĞ>ĞƚŽŶŝĂLJ>ŝƚƵĂŶŝĂĚŽŶ- ĚĞ ƐĞ ĂƉƌĞĐŝſ ƵŶ ĂǀĂŶĐĞ ĚĞů W/ ƐƵƉĞƌŝŽƌ Ăů ϱ͕ϱ ƉŽƌ ƐƚŽŶŝĂ͕ >ĂƚǀŝĂ ĂŶĚ >ŝƚŚƵĂŶŝĂ ƐƚĂŶĚ ŽƵƚ ĂƐ ƉĂƌƟĐƵůĂƌůLJ ĐŝĞŶƚŽ͕ĐŽŶƚƌĂƐƚĂŶĚŽĐŽŶůĂƐŵĂLJŽƌĞƐĚŝĮĐƵůƚĂĚĞƐƋƵĞ ĚLJŶĂŵŝĐ͘ ƐƚŽŶŝĂ ŐƌĞǁ ϳ͘ϲй͕ ĂŶĚ >ĂƚǀŝĂ ĂŶĚ >ŝƚŚƵĂŶŝĂ ƐĞŽďƐĞƌǀĂƌŽŶĞŶƉĂşƐĞƐĐŽŵŽ,ƵŶŐƌşĂ͕ƵůŐĂƌŝĂŽůĂ ƌĞŐŝƐƚĞƌĞĚĂŶĂĚǀĂŶĐĞŽĨŵŽƌĞƚŚĂŶϱ͘ϱƉĞƌĐĞŶƚŝŶƚŚĞŝƌ'W͘ ZĞƉƷďůŝĐĂ ŚĞĐĂ͕ ĚŽŶĚĞ Ğů WƌŽĚƵĐƚŽ /ŶƚĞƌŝŽƌ ƌƵƚŽ dŚŝƐƐŝƚƵĂƟŽŶĐŽŶƚƌĂƐƚƐǁŝƚŚƚŚĞĚŝĸĐƵůƟĞƐŽĨĐŽƵŶƚƌŝĞƐůŝŬĞ ĂǀĂŶnjſ Ă ƵŶ ƌŝƚŵŽ ŵƵĐŚŽ ŵĄƐ ŵŽĚĞƌĂĚŽ ĚĞů ŽƌĚĞŶ Hungary, Bulgaria or the Czech Republic, where GDP grew at ĚĞůϭ͕ϳƉŽƌĐŝĞŶƚŽ͘ ƚŚĞŵŽĚĞƌĂƚĞƉĂĐĞŽĨϭ͘ϳƉĞƌĐĞŶƚ͘

41

BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

>ĂƐĞŶĚĂĚĞƌĞĐƵƉĞƌĂĐŝſŶŝŶŝĐŝĂĚĂƉŽƌůĂĞĐŽŶŽŵşĂĞƐ- ƉĂŹŽůĂĂƉĂƌƟƌĚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞϮϬϭϬĐŽŵĞŶnjſ ൰ ĂĚĞƚĞƌŝŽƌĂƌƐĞĂŵĞĚŝĚĂƋƵĞƚƌĂŶƐĐƵƌƌşĂĞůƉĂƐĂĚŽĂŹŽ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞƚƌĂƐĞůǀĞƌĂŶŽ͕ĐŽŶĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽ The recovery process started by the Spanish economy during ĚĞůĂĐƌŝƐŝƐĚĞĚĞƵĚĂĞŶƵƌŽƉĂLJƐƵĐŽŶƚĂŐŝŽĂŶƵĞƐƚƌŽ the second half of 2010 began to wear out as the year went ƐŝƐƚĞŵĂƉƌŽĚƵĐƟǀŽ͘ ďLJ͕ĞƐƉĞĐŝĂůůLJĂŌĞƌƚŚĞƐƵŵŵĞƌ͕ǁŝƚŚƚŚĞǁŽƌƐĞŶŝŶŐŽĨƚŚĞ debt crisis in Europe and its contagion all throughout our ƵƌĂŶƚĞ Ğů ƚƌĂŵŽ ĮŶĂů ĚĞů ĂŹŽ͕ ůĂƐ ƚĞŶƐŝŽŶĞƐ ĞŶ ůŽƐ ƉƌŽĚƵĐƟŽŶƐLJƐƚĞŵ͘ ŵĞƌĐĂĚŽƐĚĞĚĞƵĚĂƉƌŽƉŝĐŝĂƌŽŶƋƵĞůĂƐĞdžƉĞĐƚĂƟǀĂƐ ĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂĞůĐŽŶũƵŶƚŽĚĞůĂĞƵƌŽnjŽŶĂ͕LJĚĞ Towards the end of the year, the tensions within the debt ůĂƐƉƌŝŶĐŝƉĂůĞƐĞĐŽŶŽŵşĂƐĂǀĂŶnjĂĚĂƐĚĞůŐůŽďŽƐĞƌĞǀŝ- markets resulted in the downward revision of the Eurozone ƐĂƌĂŶĂůĂďĂũĂ͘ and most important advanced economies around the world.

  

 


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45 CONCLUSIONES CONCLUSIONS 2011

ŶĞůĐĂƐŽĚĞƐƉĂŹĂ͕ĞƐƚŽƐĞĨĞĐƚŽƐ͕ũƵŶƚŽĐŽŶĞůĚĞ- ƚĞƌŝŽƌŽĚĞůĂƉĞƌĐĞƉĐŝſŶĚĞƐŽůǀĞŶĐŝĂĚĞůĂƐĞŶƟĚĂĚĞƐ ĮŶĂŶĐŝĞƌĂƐ͕ƌĞƉĞƌĐƵƟĞƌŽŶ ĂƷŶ ĐŽŶ ŵĂLJŽƌŝŶƚĞŶƐŝĚĂĚ ĞŶƵŶĂƉĠƌĚŝĚĂĚĞĐŽŶĮĂŶnjĂƉƌŽƉŝĐŝĂŶĚŽĞůƉƌĄĐƟĐŽ ĞƐƚĂŶĐĂŵŝĞŶƚŽ ĚĞ ŶƵĞƐƚƌĂ ĞĐŽŶŽŵşĂ͕ ƋƵĞ ŝŵƉŝĚŝſůĂ ƌĞĐƵƉĞƌĂĐŝſŶĚĞůŵĞƌĐĂĚŽůĂďŽƌĂůŝŶŝĐŝĂůŵĞŶƚĞƉƌĞǀŝƐ- /ŶƚŚĞ^ƉĂŶŝƐŚĐĂƐĞ͕ƚŚĞƐĞĞīĞĐƚƐ͕ǁŝƚŚĂĚĞƚĞƌŝŽƌĂƟŽŶŝŶƚŚĞ ƚĂƉĂƌĂĞůƐĞŐƵŶĚŽƐĞŵĞƐƚƌĞĚĞϮϬϭϭ͘ ƉĞƌĐĞƉƟŽŶ ŽĨ ƚŚĞ ĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐ ŽĨ ĮŶĂŶĐŝĂů ŝŶƐƟƚƵƟŽŶƐ En esos momentos, la desaceleración en el ritmo de ƉƌŽĚƵĐĞĚ ĂŶ ĞǀĞŶ ĚĞĞƉĞƌ ůŽƐƐ ŽĨ ĐŽŶĮĚĞŶĐĞ͘ dŚŝƐ ĞŶƚĂŝůĞĚ ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ŶƵĞƐƚƌĂƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ ĐŽŵŽ ĐŽŶƐĞ- ƚŚĞ ƐƚĂŐŶĂƟŽŶ ŽĨ ŽƵƌ ĞĐŽŶŽŵLJ ƚŚĂƚ ďůŽĐŬĞĚ ƚŚĞ ůĂďŽƵƌ ĐƵĞŶĐŝĂĚĞůĂŵĞŶŽƌĚĞŵĂŶĚĂĞŶƵƌŽƉĂ͕ĂŹĂĚşĂŶƵĞ- ŵĂƌŬĞƚƌĞĐŽǀĞƌLJ͕ŝŶŝƟĂůůLJĞdžƉĞĐƚĞĚĨŽƌƚŚĞƐĞĐŽŶĚƋƵĂƌƚĞƌŽĨ ǀĂƐƚĞŶƐŝŽŶĞƐĂůĂďĂũĂ͖ŵŝĞŶƚƌĂƐƋƵĞůĂƉƌŽďĂďŝůŝĚĂĚ 2011. ĚĞ ŝŶĐƵŵƉůŝƌ ůŽƐ ĐŽŵƉƌŽŵŝƐŽƐ ĚĞ ĚĠĮĐŝƚ ƋƵĞ ŚĂďşĂ ĂĚƋƵŝƌŝĚŽŶƵĞƐƚƌŽƉĂşƐƉĂƌĂĞůĐŽŶũƵŶƚŽĚĞůĂŹŽ͕ĂĐĞŶ- At that point, new downward pressures were added by ƚƵſůĂĚĞƐĂĐĞůĞƌĂĐŝſŶĞĐŽŶſŵŝĐĂ͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂ ƚŚĞƐůŽǁĚŽǁŶŝŶƚŚĞŐƌŽǁƚŚŽĨĞdžƉŽƌƚƐ͕ĂƐĂĐŽŶƐĞƋƵĞŶĐĞ ĚĞůĂĐĂşĚĂĚĞůŐĂƐƚŽƉƷďůŝĐŽƚƌĂƐůĂŝŶƚĞŶƐŝĮĐĂĐŝſŶĚĞů of the lower demand in Europe. Meanwhile, the economic ƉƌŽĐĞƐŽĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂů͘ ƐůŽǁĚŽǁŶ ǁĂƐ ŝŶƚĞŶƐŝĮĞĚ ďLJ ƚŚĞ ůŝŬĞůŝŚŽŽĚ ŽĨ ƚŚĞ ^ƉĂŶŝƐŚ ĚĞĮĐŝƚĐŽŵŵŝƚŵĞŶƚƐĨŽƌϮϬϭϭĨĂŝůŝŶŐ͕ĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨ ĞĞƐƚĂŵĂŶĞƌĂ͕ůĂĞĐŽŶŽŵşĂĞƐƉĂŹŽůĂĮŶĂůŵĞŶƚĞƐĂů- ƚŚĞĨĂůůŝŶƉƵďůŝĐĞdžƉĞŶĚŝƚƵƌĞĂŌĞƌƚŚĞĞƐĐĂůĂƟŽŶŽĨƚŚĞĮƐĐĂů ĚĂďĂĞůĞũĞƌĐŝĐŝŽϮϬϭϭĐŽŶƵŶơŵŝĚŽĂǀĂŶĐĞĚĞůϬ͕ϳй ĐŽŶƐŽůŝĚĂƟŽŶƉƌŽĐĞƐƐ͘ ƋƵĞ͕ ĂƵŶƋƵĞ ƉŽƐŝƟǀŽ͕ ƌĞƐƵůƚĂďĂ ĐŽŶƐŝĚĞƌĂďůĞŵĞŶƚĞ ŝŶĨĞƌŝŽƌĂůƉƌĞǀŝƐƚŽ͕ĐƵĂŶĚŽ͕ƉƌĄĐƟĐĂŵĞŶƚĞƚŽĚŽƐůŽƐ dŚƵƐ͕ƚŚĞ^ƉĂŶŝƐŚĞĐŽŶŽŵLJĮŶĂůůLJĞŶĚĞĚϮϬϭϭǁŝƚŚĂƐůŝŐŚƚ ŽƌŐĂŶŝƐŵŽƐ ŶĂĐŝŽŶĂůĞƐ Ğ ŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ͕ ĐŽŶĮĂďĂŶ Ϭ͘ϳй ƉƌŽŐƌĞƐƐ͕ ǁŚŝĐŚ͕ ĂůƚŚŽƵŐŚ ƉŽƐŝƟǀĞ͕ ǁĂƐ ĐŽŶƐŝĚĞƌĂďůLJ ĞŶ ƋƵĞ ůĂ ĞĐŽŶŽŵşĂ ĞƐƉĂŹŽůĂ ĐŽŵĞŶnjĂƌşĂ Ă ŵŽƐƚƌĂƌ ůŽǁĞƌ ƚŚĂŶ ĞdžƉĞĐƚĞĚ͖ ǁŚŝůĞ ĂůŵŽƐƚ ĞǀĞƌLJ ŶĂƟŽŶĂů ĂŶĚ ƐŝŐŶŽƐ ĞǀŝĚĞŶƚĞƐ ĚĞ ŵĞũŽƌĂ ĚƵƌĂŶƚĞ Ğů ƉĂƐĂĚŽ ĂŹŽ͕ ŝŶƚĞƌŶĂƟŽŶĂů ŝŶƐƟƚƵƟŽŶ ŚŽƉĞĚ ƚŚĂƚ ƚŚĞ ^ƉĂŶŝƐŚ ĞĐŽŶŽŵLJ ƋƵĞůĞĐŽŶĚƵĐŝƌşĂŶĂƵŶŝŶĐƌĞŵĞŶƚŽƐƵƉĞƌŝŽƌĂůϭƉŽƌ would start showing signs of improvement last year, which ĐŝĞŶƚŽ͕ĞŶĞůĐŽŶũƵŶƚŽĚĞůĂŹŽ͘ would lead it to an increase of more than 1 per cent, over the year as a whole. >ĞũŽƐĚĞĞůůŽ͕ĞůĞŶĐĂƌĞĐŝŵŝĞŶƚŽĚĞůĐƌĠĚŝƚŽLJůĂƐĐŽŶ- ƟŶƵĂƐĚŝĮĐƵůƚĂĚĞƐƉĂƌĂŽďƚĞŶĞƌĮŶĂŶĐŝĂĐŝſŶƚĞƌŵŝŶĂ- &ĂƌĨƌŽŵƚŚĂƚ͕ƚŚĞŝŶĐƌĞĂƐĞŝŶĐƌĞĚŝƚĐŽƐƚƐĂŶĚƚŚĞĐŽŶƟŶƵŽƵƐ ƌŽŶ ƚƌĂƐůĂĚĄŶĚŽƐĞĂůĂĞĐŽŶŽŵşĂƌĞĂů͕ĚĂĚĂ ůĂŝŶƚĞƌ- ĚŝĸĐƵůƟĞƐƚŽŽďƚĂŝŶĨƵŶĚŝŶŐĞŶĚĞĚƵƉƚƌĂŶƐĨĞƌƌŝŶŐŝŶƚŽƚŚĞ

 


 

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46 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ĐŽŶĞdžŝſŶ ĚĞ ůŽƐ ŵĞƌĐĂĚŽƐ ĚĞ ĚĞƵĚĂ ƉƷďůŝĐĂ ĐŽŶ Ğů ƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽĚĞŶƵĞƐƚƌŽƉĂşƐ͕ĞŶƵŶĐŽŶƚĞdžƚŽĞŶ ĞůƋƵĞ͕ĂĚĞŵĄƐ͕ĞůŵĞƌĐĂĚŽůĂďŽƌĂů͕ůĞũŽƐĚĞŵŽƐƚƌĂƌ ĂůŐƷŶƐŝŐŶŽĚĞŵĞũŽƌĂ͕ĂƷŶĐŽŶƟŶƵſĚĞƚĞƌŝŽƌĄŶĚŽƐĞ͘ dŽĚŽĞůůŽƉƌŽƉŝĐŝſƋƵĞĞůŐĂƐƚŽĮŶĂůĚĞůŽƐŚŽŐĂƌĞƐƐĞ ĞƐƚĂŶĐĂƌĂĚƵƌĂŶƚĞϮϬϭϭ͕ƌĞŐŝƐƚƌĂŶĚŽƵŶĚĞƐĐĞŶƐŽĚĞů ƌĞĂůĞĐŽŶŽŵLJ͘dŚŝƐǁĂƐĚƵĞƚŽƚŚĞŝŶƚĞƌĐŽŶŶĞĐƟŽŶďĞƚǁĞĞŶ Ϭ͕ϭй͕ ƚƌĂƐ ŚĂďĞƌ ůŽŐƌĂĚŽ ƵŶ ơŵŝĚŽ ĂǀĂŶĐĞ ĚƵƌĂŶƚĞ ƉƵďůŝĐ ĚĞďƚ ŵĂƌŬĞƚƐ ĂŶĚ ƚŚĞ ^ƉĂŶŝƐŚ ĮŶĂŶĐŝĂů ƐLJƐƚĞŵ͖ Ăůů ϮϬϭϬ͕ĚĞůϬ͕ϳƉŽƌĐŝĞŶƚŽ͘ ƚŚŝƐ͕ŝŶĂĐŽŶƚĞdžƚǁŝƚŚĂƐƟůůǁŽƌƐĞŶŝŶŐůĂďŽƵƌŵĂƌŬĞƚ͘

>ĂĚĞďŝůŝĚĂĚĚĞůĐŽŶƐƵŵŽƉƌŝǀĂĚŽƐĞƐƵŵĂďĂ͕ĞŶĞƐƚĂ dŚŝƐ ƉƌŽǀŽŬĞĚ ƚŚĞ ƐƚĂŐŶĂƟŽŶ ŽĨ ŚŽƵƐĞŚŽůĚƐ͛ ĮŶĂů ŽĐĂƐŝſŶ͕ Ă ůĂ ĐĂşĚĂ ĚĞ ŵĂLJŽƌ ŝŶƚĞŶƐŝĚĂĚ ƋƵĞ ĞdžƉĞƌŝ- ĞdžƉĞŶĚŝƚƵƌĞŝŶϮϬϭϭ͕ǁŝƚŚĂϬ͘ϭйĨĂůů͕ĂŌĞƌĂĐŚŝĞǀŝŶŐĂƐůŝŐŚƚ ŵĞŶƚſ Ğů ĐŽŶƐƵŵŽ ĚĞ ůĂƐ ĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ ƉƷďůŝĐĂƐ Ϭ͘ϳйĂĚǀĂŶĐĞŝŶϮϬϭϬ͘ ƋƵĞ͕ ƚƌĂƐ ŚĂďĞƌ ĂƵŵĞŶƚĂĚŽ ĞŶ ĂƉĞŶĂƐ ĚŽƐ ĚĠĐŝŵĂƐ dŚĞǁĞĂŬƉƌŝǀĂƚĞĐŽŶƐƵŵƉƟŽŶĐŽŶǀĞƌŐĞĚǁŝƚŚƚŚĞďŝŐŐĞƐƚ ĚƵƌĂŶƚĞϮϬϭϬ͕ĐĞƌƌſĞůƉĂƐĂĚŽĂŹŽĐŽŶƵŶĚĞƐĐĞŶƐŽ ĨĂůůŽĨƚŚĞWƵďůŝĐĚŵŝŶŝƐƚƌĂƟŽŶĐŽŶƐƵŵƉƟŽŶ͕ĂŌĞƌŐĂŝŶŝŶŐ ŝŶƚĞƌĂŶƵĂůĚĞůϮ͕Ϯй͕ƉŽƌůĂŝŶƚĞŶƐŝĮĐĂĐŝſŶĚĞůƉƌŽĐĞƐŽ ũƵƐƚƚǁŽƚĞŶƚŚƐŝŶϮϬϭϬ͘dŚĞWƵďůŝĐĚŵŝŶŝƐƚƌĂƟŽŶĞŶĚĞĚůĂƐƚ ĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂů͘ LJĞĂƌǁŝƚŚĂϮ͘ϮйŝŶƚĞƌͲĂŶŶƵĂůĨĂůůĚƵĞƚŽƚŚĞŝŶƚĞŶƐŝĮĐĂƟŽŶ >Ă ŝŶǀĞƌƐŝſŶ ĞŶ ĐŽŶƐƚƌƵĐĐŝſŶ͕ ƉŽƌ ƐƵ ƉĂƌƚĞ͕ ĂƵŶƋƵĞ ŽĨƚŚĞĮƐĐĂůĐŽŶƐŽůŝĚĂƟŽŶƉƌŽĐĞƐƐ͘ ĂƉƌĞĐŝſƵŶĂƌĞůĂƟǀĂĐŽŶƚĞŶĐŝſŶĞŶĞůƌŝƚŵŽĚĞƌĞƚƌŽ- ĐĞƐŽƋƵĞǀĞŶşĂƌĞŐŝƐƚƌĂŶĚŽĞŶĂŹŽƐĂŶƚĞƌŝŽƌĞƐ͕ƚĂŵ- /Ŷ ƚƵƌŶ͕ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĐŽŶƐƚƌƵĐƟŽŶ ǁĂƐ ĂůƐŽ ŝŶ ŶĞŐĂƟǀĞ ďŝĠŶƐĞƐŝƚƵĂďĂĞŶnjŽŶĂĚĞŶĞŐĂƟǀŽƐ͕ĐŽŶƵŶĂĐĂşĚĂ ƚĞƌƌŝƚŽƌLJ͕ǁŝƚŚĂϴ͘ϭƉĞƌĐĞŶƚĞƐƟŵĂƚĞĚĚƌŽƉĂůƚŚŽƵŐŚƚŚŝƐ ĞƐƟŵĂĚĂĞŶĞůϴ͕ϭƉŽƌĐŝĞŶƚŽ͘ ƐĞĐƚŽƌ ŚĂƐ ƉƌĞǀŝŽƵƐůLJ ƐŚŽǁĞĚ Ă ƌĞůĂƟǀĞ ƌĞƐƚƌĂŝŶƚ ŽŶ ƚŚĞ recession rate. >ĂŝŶǀĞƌƐŝſŶĞŶďŝĞŶĞƐĚĞĞƋƵŝƉŽ͕ĞŶĐĂŵďŝŽ͕ůŽŐƌſƌĞ- ŵŽŶƚĂƌůŽƐĚĞƐĐĞŶƐŽƐƋƵĞŚĂďşĂĂĐƵŵƵůĂĚŽĚƵƌĂŶƚĞ However, capital assets investment rose again from the 2010 ϮϬϭϬ͕LJƐĂůǀſĞůĞũĞƌĐŝĐŝŽĐŽŶƵŶŝŶĐƌĞŵĞŶƚŽŵĞĚŝŽĚĞů drops and could save the year with an average increase of ϭ͕ϰйĞŶϮϬϭϭ͘ ϭ͘ϰйŝŶϮϬϭϭ͘

EŽ ŽďƐƚĂŶƚĞ͕ ĚĞďĞŵŽƐ ŵĂƟnjĂƌ ƋƵĞ ůĂ ĞǀĞŶƚƵĂů ŵĞ- EĞǀĞƌƚŚĞůĞƐƐ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽƋƵĂůŝĨLJƚŚĂƚƚŚĞŝŵƉƌŽǀĞŵĞŶƚ ũŽƌşĂƋƵĞĐŽŵĞŶnjſĂŵŽƐƚƌĂƌůĂŝŶǀĞƌƐŝſŶĞŶŶƵĞƐƚƌŽ ŝŶŝŶǀĞƐƚŵĞŶƚ͕ǁŚŝĐŚďĞŐĂŶƚŽĂƉƉĞĂƌŝŶ^ƉĂŝŶŝŶƚŚĞĮƌƐƚ ƉĂşƐĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐƚƌŝŵĞƐƚƌĞƐĚĞůĂŹŽ͕ƉĞƌ̺à ƋƵĂƌƚĞƌƐ ŽĨ ƚŚĞ LJĞĂƌ͕ ǁĂƐ ŐƌĂĚƵĂůůLJ ůŽƐŝŶŐ ŵŽŵĞŶƚƵŵ ĂƐ

 


  
  

 

  


 






   

 
  
 
 
  

 
  









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47 CONCLUSIONES CONCLUSIONS 2011

ŝŵƉƵůƐŽĂŵĞĚŝĚĂƋƵĞƚƌĂŶƐĐƵƌƌşĂĞůĞũĞƌĐŝĐŝŽ͕ĞŶƌĞƐ- ƉƵĞƐƚĂĂůĚĞƚĞƌŝŽƌŽĚĞůĂƐƉĞƌƐƉĞĐƟǀĂƐĞĐŽŶſŵŝĐĂƐ͕Ăů ĚĞďŝůŝƚĂŵŝĞŶƚŽĚĞůĂĐĂƌƚĞƌĂĚĞƉĞĚŝĚŽƐĂůĞdžƚĞƌŝŽƌ͕LJ ůĂƐĐĂĚĂǀĞnjŵĄƐĚŝİĐŝůĞƐĐŽŶĚŝĐŝŽŶĞƐĚĞĮŶĂŶĐŝĂĐŝſŶ ƋƵĞŝŵƉĞƌĂďĂŶĞŶůŽƐŵĞƌĐĂĚŽƐ͘

Ŷ ĐŽŶƐĞĐƵĞŶĐŝĂ͕ ůĂ ĐŽŶƚƌĂĐĐŝſŶ ĚĞů ĐŽŶƐƵŵŽ͕ ƚĂŶƚŽ ƉƷďůŝĐŽĐŽŵŽƉƌŝǀĂĚŽ͕ũƵŶƚŽĐŽŶůĂŝŶĐĂƉĂĐŝĚĂĚĚĞƌĞ- ĐƵƉĞƌĂĐŝſŶĞŶůĂŝŶǀĞƌƐŝſŶ͕ĂĐƌĞĐĞŶƚĂƌŽŶůĂĚĞďŝůŝĚĂĚ ĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽ͕ƋƵĞĚĞ- ƚŚĞLJĞĂƌǁĞŶƚďLJ͘dŚŝƐǁĂƐĚƵĞƚŽƚŚĞĚĞƚĞƌŝŽƌĂƟŽŶŽĨƚŚĞ ƚƌĂũŽϯ͕ϮƉƵŶƚŽƐĂůĐƌĞĐŝŵŝĞŶƚŽĚĞůW/ĚƵƌĂŶƚĞϮϬϭϭ͘ economic outlook, a decrease in the number of orders ĂďƌŽĂĚĂŶĚƚŚĞĞǀĞƌŚĂƌƐŚĞƌĮŶĂŶĐŝŶŐĐŽŶĚŝƟŽŶƐĨŽƵŶĚŝŶ WŽƌůŽƋƵĞƐĞƌĞĮĞƌĞĂůƐĞĐƚŽƌĞdžƚĞƌŝŽƌ͕ĠƐƚĞŚĂǀƵĞůƚŽĂ the markets. ũƵŐĂƌƵŶƉĂƉĞůĚĞĐŝƐŝǀŽƉĂƌĂĂŵŽƌƟŐƵĂƌůŽƐĚĞƐĐĞŶƐŽƐ ĞŶůĂĂĐƟǀŝĚĂĚ͕ƐŝďŝĞŶĞƐĐŝĞƌƚŽƋƵĞĞůĨƵĞƌƚĞĚŝŶĂŵŝƐ- ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ ĐŽŶƚƌĂĐƟŽŶ ŽĨ ƉƌŝǀĂƚĞ ĂŶĚ ƉƵďůŝĐ ŵŽƋƵĞŵŽƐƚƌĂƌŽŶůĂƐǀĞŶƚĂƐĂůĞdžƚĞƌŝŽƌĚƵƌĂŶƚĞůŽƐ ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ƌĞĐŽǀĞƌLJ ŝŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŝŵĞƌŽƐ ŵĞƐĞƐ ĨƵĞ ƉĞƌĚŝĞŶĚŽ ŝŶƚĞŶƐŝĚĂĚ Ă ŵĞĚŝĚĂ ǁĞĂŬĞŶĞĚ ĞǀĞŶ ĨƵƌƚŚĞƌ ƚŚĞ ĚŽŵĞƐƟĐ ĚĞŵĂŶĚ ůĂƐƚ LJĞĂƌ͕ ƋƵĞƚƌĂŶƐĐƵƌƌşĂĞůĂŹŽ͕ĞŶůşŶĞĂĐŽŶůĂĚĞƐĂĐĞůĞƌĂĐŝſŶ ǁŚŝĐŚƚŽŽŬĂǁĂLJϯ͘ϮƉŽŝŶƚƐĨƌŽŵ'WŐƌŽǁƚŚŝŶϮϬϭϭ͘ ĚĞůŽƐƉƌŝŶĐŝƉĂůĞƐŵĞƌĐĂĚŽƐĚĞĞdžƉŽƌƚĂĐŝſŶĞƵƌŽƉĞŽƐ͕ ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽĚĞůĂĐƌŝƐŝƐĚĞ As far as the external sector is concerned, it has played a ĚĞƵĚĂĞŶůĂŽŶĂĞƵƌŽ͘ ĐƌƵĐŝĂůƌŽůĞŝŶƐŽŌĞŶŝŶŐƚŚĞĂĐƟǀŝƚLJĚƌŽƉƐ͘EĞǀĞƌƚŚĞůĞƐƐ͕ŝƚŝƐ true that the strong dynamism found in external sales during De esta manera, las exportaciones españolas, tras re- ƚŚĞĮƌƐƚŵŽŶƚŚƐĚĞĐůŝŶĞĚĂƐƚŚĞLJĞĂƌǁĞŶƚďLJ͕ŝŶůŝŶĞǁŝƚŚƚŚĞ - ŐŝƐƚƌĂƌŝŶĐƌĞŵĞŶƚŽƐƋƵĞƐƵƉĞƌĂƌŽŶŝŶĐůƵƐŽĞůϵйĚƵ slowdown of the main European export markets, caused by ƌĂŶƚĞůŽƐƚƌĞƐƉƌŝŵĞƌŽƐƚƌŝŵĞƐƚƌĞƐ͕ĐĞƌƌĂƌŽŶĞůƷůƟŵŽ the worsening of European debt crisis. ƉĞƌŝŽĚŽĚĞϮϬϭϭĐŽŶƵŶĂǀĂŶĐĞĚĞĂƉĞŶĂƐƵŶϮ͕ϵй͕ĞŶ ĐůĂƌĂƐŝŶƚŽŶşĂĐŽŶůĂĐĂşĚĂĚĞůĂĚĞŵĂŶĚĂƋƵĞĞdžƉĞƌŝ- dŚƵƐ͕ ĂŌĞƌ ƌĞĐŽƌĚŝŶŐ ŝŶĐƌĞĂƐĞƐ͕ ŽĨ ĞǀĞŶ ŽǀĞƌ ϵй ĚƵƌŝŶŐ ŵĞŶƚĂďĂŶ͕ƉŽƌĞƐĞĞŶƚŽŶĐĞƐ͕ƉĂşƐĞƐĐŽŵŽůĞŵĂŶŝĂ͕ ƚŚĞ ĮƌƐƚ ƋƵĂƌƚĞƌƐ͕ ^ƉĂŶŝƐŚ ĞdžƉŽƌƚƐ ĞŶĚĞĚ ƚŚĞ ůĂƐƚ ƚĞƌŵ ŽĨ /ƚĂůŝĂ͕ZĞŝŶŽhŶŝĚŽ͕ĠůŐŝĐĂ͕WŽƌƚƵŐĂůLJWĂşƐĞƐĂũŽ͕ĞŶ ϮϬϭϭǁŝƚŚũƵƐƚĂϮ͘ϵйƉƌŽŐƌĞƐƐ͕ŝŶƚƵŶĞǁŝƚŚƚŚĞƐŚĂƌƉĨĂůů

 




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48 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ƚŽƌŶŽĂůŽƐƋƵĞƐĞĐŽŶĐĞŶƚƌĂŵĄƐĚĞůϰϬйĚĞůĂƐĞdžƉŽƌ- taciones españolas.

ŶƚĠƌŵŝŶŽƐĂŶƵĂůĞƐ͕ĞůǀĂůŽƌĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐƐĞ ŝŶĐƌĞŵĞŶƚſĞŶƵŶϵ͕ϬйĞŶĞůĐŽŶũƵŶƚŽĚĞůĂŹŽůŽƋƵĞ ƐƵƉŽŶĞƵŶƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞĐĂƐŝĐƵĂƚƌŽƉƵŶ- ƚŽƐƉŽƌĐĞŶƚƵĂůĞƐŝŶĨĞƌŝŽƌĂůƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞϮϬϭϬ͕ ĐƵĂŶĚŽůĂƐǀĞŶƚĂƐĂůĞdžƚĞƌŝŽƌƐĞŚĂďşĂŶŝŶĐƌĞŵĞŶƚĂĚŽ ĂƌĂnjſŶĚĞƵŶϭϯ͕ϱƉŽƌĐŝĞŶƚŽ͘ La desaceleración afectó, principalmente, a las ventas ĚĞďŝĞŶĞƐƋƵĞƐĂůĚĂďĂŶĞůĂŹŽƌĞŐŝƐƚƌĂŶĚŽƵŶŝŶĐƌĞ- ŝŶ ĚĞŵĂŶĚ ĨŽƵŶĚ ŝŶ ĐŽƵŶƚƌŝĞƐ ǁŚĞƌĞ ŽǀĞƌ ϰϬй ŽĨ ^ƉĂŶŝƐŚ ŵĞŶƚŽϰ͕ϰƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐŝŶĨĞƌŝŽƌĂůĂŶŽƚĂĚŽĚƵ- exports are concentrated, such as Germany, Italy, United rante el ejercicio precedente. Kingdom, Belgium, Portugal and Holland.

WŽƌĞůĐŽŶƚƌĂƌŝŽ͕ůĂĞǀŽůƵĐŝſŶĚĞůĂƐǀĞŶƚĂƐĚĞƐĞƌǀŝ- KŶĂŶĂŶŶƵĂůďĂƐŝƐ͕ĞdžƉŽƌƚƐ͛ǀĂůƵĞŝŶĐƌĞĂƐĞĚďLJϵ͘ϬйŽǀĞƌ ĐŝŽƐĞƐƚƵǀŽŵĂƌĐĂĚĂƉŽƌůĂŵĂLJŽƌĂŇƵĞŶĐŝĂĚĞƚƵƌŝƐ- the whole year, which means a rate of growth almost four ƚĂƐƌĞĐŝďŝĚŽƐƉŽƌŶƵĞƐƚƌŽƉĂşƐĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞ percentage points lower than that registered in 2010, when ůŽƐƉƌŽďůĞŵĂƐŐĞŽƉŽůşƟĐŽƐƋƵĞĂŇŽƌĂƌŽŶĞŶĚĞƐƟŶŽƐ ĞdžƉŽƌƚƐŝŶĐƌĞĂƐĞĚďLJϭϯ͘ϱƉĞƌĐĞŶƚ͘ ĐŽŵƉĞƟĚŽƌĞƐĚĞůEŽƌƚĞĚĞĨƌŝĐĂLJĚĞKƌŝĞŶƚĞWƌſdžŝ- ŵŽ͕ĂƉĂƌƟƌĚĞůĂƉƌŝŵĂǀĞƌĂĚĞϮϬϭϭ͘ dŚĞ ƐůŽǁĚŽǁŶ ŵĂŝŶůLJ ĂīĞĐƚĞĚ ŐŽŽĚ ƐĂůĞƐ ƚŚĂƚ ĞŶĚĞĚ ƚŚĞ LJĞĂƌǁŝƚŚĂŶŝŶĐƌĞĂƐĞϰ͘ϰйůŽǁĞƌƚŚĂŶƚŚĂƚƌĞŐŝƐƚĞƌĞĚƚŚĞ ů ĚĞƐǀşŽ ĚĞ ŶƵĞǀŽƐ ƚƵƌŝƐƚĂƐ Ă ŶƵĞƐƚƌŽ ƉĂşƐ ƉƌŽƉŝĐŝſ previous year. ƋƵĞĞůŐĂƐƚŽĚĞůŽƐŚŽŐĂƌĞƐƌĞƐŝĚĞŶƚĞƐĞŶĞůƌĞƐƚŽĚĞ ŵƵŶĚŽĞdžƉĞƌŝŵĞŶƚĂƌĂƵŶĂƵŵĞŶƚŽĚĞůϲ͕ϰйĚƵƌĂŶƚĞ KŶ ƚŚĞ ĐŽŶƚƌĂƌLJ͕ ƐĂůĞƐ ŽĨ ƐĞƌǀŝĐĞƐ͛ ĞǀŽůƵƟŽŶ ƐŚŽǁĞĚ Ă ĞůƉĂƐĂĚŽĂŹŽ͕ůŽƋƵĞƐƵƉŽŶşĂ͕ƉƌĄĐƟĐĂŵĞŶƚĞ͕ƚƌŝƉůŝĐĂƌ ůĂƌŐĞƌŶƵŵďĞƌŽĨƚŽƵƌŝƐƚƐŝŶ^ƉĂŝŶĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞ ĞůƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞŚĂďşĂƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞ ŐĞŽƉŽůŝƟĐĂůƉƌŽďůĞŵƐŽĐĐƵƌƌŝŶŐŝŶĐŽŵƉĞƟŶŐůŽĐĂƟŽŶƐĨƌŽŵ ϮϬϭϬ͕ĐƵĂŶĚŽĂŶŽƚſƵŶĂǀĂŶĐĞĚĞůϮ͕ϲƉŽƌĐŝĞŶƚŽ͘ North Africa and Middle East, since Spring 2011.

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐĂĐƵƐĂƌŽŶůĂĚĞďŝůŝ- dŚĞĚŝǀĞƌƐŝŽŶŽĨŶĞǁƚŽƵƌŝƐƚƐƚŽǁĂƌĚƐ^ƉĂŝŶĨĂǀŽƵƌĞĚĂϲ͘ϰй ĚĂĚĚĞůĂĚĞŵĂŶĚĂĞŶĞůŵĞƌĐĂĚŽŝŶƚĞƌŝŽƌ͕LJĮŶĂůŵĞŶ- increase in foreign household expenditure during last year, ƚĞƐĞĐŽŶƚƌĂLJĞƌŽŶ͕ƌĞŐŝƐƚƌĂŶĚŽƵŶĚĞƐĐĞŶƐŽĚĞůϬ͕ϭйĂů which virtually meant trebling the rate of growth registered cierre de 2011. ŝŶϮϬϭϬ͕ǁŚŝĐŚǁĂƐĂŶĂĚǀĂŶĐĞŽĨϮ͘ϲй͘

ŽŵŽƌĞƐƵůƚĂŶƚĞĚĞůŽƐĞĨĞĐƚŽƐĂŶƚĞƌŝŽƌĞƐ͕ůĂĚĞŵĂŶĚĂ /Ŷ ƚŚŝƐ ĐŽŶƚĞdžƚ͕ ŝŵƉŽƌƚƐ ǁŽƌƐĞŶĞĚ ƚŚĞ ĚŽŵĞƐƟĐ ŵĂƌŬĞƚ ĞdžƚĞƌŶĂƐƵŵſƵŶĂŶƵĞǀĂĂƉŽƌƚĂĐŝſŶĂůĐƌĞĐŝŵŝĞŶƚŽĚĞů ĚĞŵĂŶĚ͕ĂŶĚ͕ĮŶĂůůLJ͕ĐŽŶƚƌĂĐƚĞĚ͕ƌĞĐŽƌĚŝŶŐĂϬ͘ϭйĚƌŽƉĂƚ W/ŶĂĐŝŽŶĂůĚƵƌĂŶƚĞϮϬϭϭ͕ĚĞϮ͕ϴƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂ- the end of 2011. ůĞƐ͕ƐŝďŝĞŶŵĄƐŵŽĚĞƌĂĚĂƋƵĞůĂƌĞŐŝƐƚƌĂĚĂĚƵƌĂŶƚĞĞů ĂŹŽĂŶƚĞƌŝŽƌ͕ĐƵĂŶĚŽĂƉŽƌƚſϯ͕ϮƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐ ƐĂƌĞƐƵůƚŽĨƚŚĞĞīĞĐƚƐďĞůŽǁ͕ĞdžƚĞƌŶĂůĚĞŵĂŶĚŚĞůƉĞĚ'W ĂůĐƌĞĐŝŵŝĞŶƚŽĚĞůW/͘ grow by 2.8 percentage points during 2011, although its ĐŽŶƚƌŝďƵƟŽŶǁĂƐƐŵĂůůĞƌƚŚĂŶƚŚĂƚƌĞŐŝƐƚĞƌĞĚƚŚĞƉƌĞǀŝŽƵƐ >ĂĚĞƐĂĐĞůĞƌĂĐŝſŶƉƵĞƐƚĂĞŶŵĂƌĐŚĂĞŶĞůƚƌĂŶƐĐƵƌƐŽ LJĞĂƌ͕ǁŚŝĐŚǁĂƐϯ͘Ϯй͘ ĚĞϮϬϭϭ͕ůĞũŽƐĚĞĐŽƌƌĞŐŝƌƐĞ͕ŚĂĐŽŶƟŶƵĂĚŽƚƌĂƐůĂĚĄŶ- ĚŽƐĞĂůĂŹŽϮϬϭϮ͕ĂĚŽƉƚĂŶĚŽŝŶĐůƵƐŽƵŶĂŵĂLJŽƌŝŶƚĞŶ- Far from improving, the slowdown started in 2011, has been ƐŝĚĂĚ͖ĐŽŶĚƵĐŝĞŶĚŽĂƵŶĚĞƐĐĞŶƐŽĚĞůW/ĚƵƌĂŶƚĞĞů ƚƌĂŶƐĨĞƌƌĞĚ͕ĞǀĞŶŵŽƌĞĂĐƵƚĞůLJ͕ƚŽϮϬϭϮ͕ĐĂƵƐŝŶŐĂƌĞĚƵĐƟŽŶ primer trimestre. ŽĨ'WĚƵƌŝŶŐƚŚĞĮƌƐƚƋƵĂƌƚĞƌ͘

49 CONCLUSIONES CONCLUSIONS 2011

 ƚĞŶŽƌ ĚĞ ůŽƐ ĚĂƚŽƐ ƉƵďůŝĐĂĚŽƐ ƉŽƌ Ğů /ŶƐƟƚƵƚŽ EĂ- ĐŝŽŶĂůĚĞƐƚĂĚşƐƟĐĂ͕ĞůW/ĚĞůĂĞĐŽŶŽŵşĂĞƐƉĂŹŽůĂ ŚĂĐú̎ƵŶϬ͕ϰйĞŶƚƌĞĞŶĞƌŽLJŵĂƌnjŽĚĞϮϬϭϮ͕ĞŶƵŶ ĞŶƚŽƌŶŽŵĂƌĐĂĚŽƉŽƌĞůĚĞďŝůŝƚĂŵŝĞŶƚŽĚĞůĂƐĞdžƉŽƌ- ƚĂĐŝŽŶĞƐLJĚĞůĐŽŶƐƵŵŽƉƌŝǀĂĚŽ͖LJ͕ƐŽďƌĞƚŽĚŽ͕ƉŽƌĞů ƌĞƚƌŽĐĞƐŽ ĚĞů ŐĂƐƚŽ ƉƷďůŝĐŽ͕ ƋƵĞ ĂŶŽƚſ ƵŶ ĚĞƐĐĞŶƐŽ ƌĞůĂƟǀŽĚĞůϱ͕ϮƉŽƌĐŝĞŶƚŽĚƵƌĂŶƚĞĞƐĞƉĞƌŝŽĚŽ͘

Desde la ƉĞƌƐƉĞĐƟǀĂ ĚĞ ůĂ ŽĨĞƌƚĂ͕ ƐĞ ŚĂ ŝĚŽ ĐŽŶĮƌ- ŵĂŶĚŽůĂĚĞďŝůŝĚĂĚĚĞůŽƐƐĞĐƚŽƌĞƐƉƌŽĚƵĐƟǀŽƐĂŵĞ- ĚŝĚĂ ƋƵĞ ƚƌĂŶƐĐƵƌƌşĂ Ğů ĂŹŽ ϮϬϭϭ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĚĂƚĂ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ ^ƉĂŶŝƐŚ EĂƟŽŶĂů la industriaƋƵĞ͕ƚƌĂƐĐŽŵĞŶnjĂƌĞůĞũĞƌĐŝĐŝŽĐŽŶŝŶĐƌĞ- /ŶƐƟƚƵƚĞ ŽĨ ^ƚĂƟƐƟĐƐ͕ 'W ŚĂƐ ƌĞŐŝƐƚĞƌĞĚ Ă Ϭ͘ϰй ĚƌŽƉ ŵĞŶƚŽƐƐƵƉĞƌŝŽƌĞƐĂůϮ͕ϯйĚƵƌĂŶƚĞůŽƐƚƌĞƐƉƌŝŵĞƌŽƐ ďĞƚǁĞĞŶ:ĂŶƵĂƌLJĂŶĚDĂƌĐŚŽĨϮϬϭϮ͘ůůƚŚŝƐŚĂƐŽĐĐƵƌƌĞĚ͕ ƚƌŝŵĞƐƚƌĞƐ͕ĐŝĞƌƌĂŶĞůĞũĞƌĐŝĐŝŽĐŽŶƵŶĂĐĂşĚĂĚĞůϬ͕ϰй͕ in a context marked by the weakening of exports and ĚƵƌĂŶƚĞĞůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞ͘ ƉƌŝǀĂƚĞĐŽŶƐƵŵƉƟŽŶĂŶĚĞƐƉĞĐŝĂůůLJďLJƚŚĞƐĞƚďĂĐŬŝŶƉƵďůŝĐ WƌĞĐŝƐĂŵĞŶƚĞ͕ ĚƵƌĂŶƚĞ ůŽƐ ƷůƟŵŽƐ ŵĞƐĞƐ ĚĞů ĂŹŽ͕ ĞdžƉĞŶĚŝƚƵƌĞ͕ ǁŚŝĐŚ ƌĞƉƌĞƐĞŶƚĞĚ Ă ϱ͘Ϯ ƉĞƌ ĐĞŶƚ ƌĞůĂƟǀĞ ƉƌĄĐƟĐĂŵĞŶƚĞƚŽĚŽƐůŽƐŝŶĚŝĐĂĚŽƌĞƐĚĞůƐĞĐƚŽƌŝŶĚƵƐ- decrease during that period. ƚƌŝĂůƉŽŶşĂŶĚĞŵĂŶŝĮĞƐƚŽůĂĚĞďŝůŝĚĂĚĞƐĚĞůĂĂĐƟǀŝ- dad transformadora. From a ƐƵƉƉůLJ ƉĞƌƐƉĞĐƟǀĞ͕ ƚŚĞ ƉƌŽĚƵĐƟǀĞ ƐĞĐƚŽƌƐ ŚĂǀĞ ĐŽŶĮƌŵĞĚƚŚĞŝƌǁĞĂŬŶĞƐƐƚŚƌŽƵŐŚŽƵƚϮϬϭϭ͘dŚŝƐŝƐĞƐƉĞĐŝĂůůLJ ƐşŽĐƵƌƌşĂĐŽŶůĂĞǀŽůƵĐŝſŶĚĞůĂĐŝĨƌĂĚĞŶĞŐŽĐŝŽƐLJĚĞ so in ŝŶĚƵƐƚƌLJ͕ ǁŚŝĐŚ ƌĞŐŝƐƚĞƌĞĚ ƌŝƐĞƐ ŽĨ ŵŽƌĞ ƚŚĂŶ Ϯ͘ϯй ůĂƐĐĂƌƚĞƌĂƐĚĞƉĞĚŝĚŽƐŝŶƚĞƌŝŽƌĞƐLJĞdžƚĞƌŝŽƌĞƐ͕LJƚĂŵ- ĚƵƌŝŶŐ ƚŚĞ ĮƌƐƚ ƚŚƌĞĞ ƋƵĂƌƚĞƌƐ͕ ďƵƚ ĐůŽƐĞĚ ƚŚĞ LJĞĂƌ ǁŝƚŚ Ă ďŝĠŶ ĐŽŶ Ğů 1ŶĚŝĐĞ ĚĞ WƌŽĚƵĐĐŝſŶ /ŶĚƵƐƚƌŝĂů͕ ƋƵĞ ĐŽ- Ϭ͘ϰйĚƌŽƉŝŶƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌ͘ ŵĞŶnjſĂƌĞŐŝƐƚƌĂƌĚĞƐĐĞŶƐŽƐŝŶĐůƵƐŽĞŶĂƋƵĞůůĂƐƌĂŵĂƐ ĚĞƉƌŽĚƵĐĐŝſŶƋƵĞƐĞŚĂďşĂŶŵŽƐƚƌĂĚŽŵĄƐĚŝŶĄŵŝĐĂƐ Precisely, the last few months of the year, almost all industry ĂůĐŽŵŝĞŶnjŽĚĞůƉĞƌŝŽĚŽ͕ĐŽŵŽĞƌĂŶůĂƉƌŽĚƵĐĐŝſŶĚĞ ŝŶĚŝĐĂƚŽƌƐŚŝŐŚůŝŐŚƚĞĚƚŚĞŝŶĚƵƐƚƌŝĂůĂĐƟǀŝƚLJǁĞĂŬŶĞƐƐ͘ ďŝĞŶĞƐĚĞĞƋƵŝƉŽLJĚĞĐŽŶƐƵŵŽŶŽĂůŝŵĞŶƟĐŝŽ͘ dŚĞƐĂŵĞŽĐĐƵƌƌĞĚĨŽƌƚŚĞĞǀŽůƵƟŽŶŽĨƚŚĞƚƵƌŶŽǀĞƌĂŶĚƚŚĞ WĞƐĞĂĞůůŽ͕ůĂďƵĞŶĂĞǀŽůƵĐŝſŶƋƵĞĞdžƉĞƌŝŵĞŶƚſĞƐƚĞ ĚŽŵĞƐƟĐĂŶĚĨŽƌĞŝŐŶŽƌĚĞƌŬƐ͕ĂŶĚĂůƐŽĨŽƌƚŚĞ/ŶĚĞdžŽĨ ƐĞĐƚŽƌĚƵƌĂŶƚĞůĂƉƌŝŵĞƌĂƉĂƌƚĞĚĞůĞũĞƌĐŝĐŝŽůĞŚĂƉĞƌ- /ŶĚƵƐƚƌŝĂůWƌŽĚƵĐƟŽŶ͕ǁŚŝĐŚƐƚĂƌƚĞĚƚŽƐŚŽǁĚĞĐƌĞĂƐĞƐĞǀĞŶ ŵŝƟĚŽĐĞƌƌĂƌĞůĂŹŽϮϬϭϭĐŽŶƵŶŝŶĐƌĞŵĞŶƚŽŵĞĚŝŽ ŝŶƚŚĞŵŽƐƚĚLJŶĂŵŝĐĮĞůĚƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƚĞƌŵ͕ƐƵĐŚ ĂŶƵĂůĚĞůϭ͕ϵƉŽƌĐŝĞŶƚŽ͘ ĂƐĐĂƉŝƚĂůĂƐƐĞƚƐĂŶĚŶŽŶͲĨŽŽĚĐŽŶƐƵŵƉƟŽŶ͘

ZĞƐƵůƚĂŽďǀŝŽƋƵĞůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞůĂŝŶĚƵƐƚƌŝĂĞƐ- Despite that, it has been possible to end 2011 with an ƉĂŹŽůĂĞŶĞůĐŽƌƚŽLJŵĞĚŝŽƉůĂnjŽǀŝĞŶĞŶŵĂƌĐĂĚĂƐƉŽƌ ĂǀĞƌĂŐĞ ĂŶŶƵĂů ŝŶĐƌĞĂƐĞ ŽĨ ϭ͘ϵй ƚŚĂŶŬƐ ƚŽ ƚŚĞ ƉŽƐŝƟǀĞ ĞůĞŵƉĞŽƌĂŵŝĞŶƚŽĚĞůĂƐŝƚƵĂĐŝſŶĞĐŽŶſŵŝĐĂĞŶŶƵĞƐ- development of this sector. ƚƌŽƉĂşƐLJĞŶĞůƌĞƐƚŽĚĞƵƌŽƉĂ͘ /ƚŝƐŽďǀŝŽƵƐƚŚĂƚ^ƉĂŶŝƐŚŝŶĚƵƐƚƌLJƉĞƌƐƉĞĐƟǀĞƐŝŶƚŚĞƐŚŽƌƚ ^ĞŐƷŶůŽƐĚĂƚŽƐƌĞĨĞƌŝĚŽƐĂůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϮ͕ and medium term are marked by the worsening economic ĞůƌĞƚƌŽĐĞƐŽĚĞůĂĂĐƟǀŝĚĂĚŝŶĚƵƐƚƌŝĂůƐĞŚĂĞdžƚĞŶĚŝĚŽ ƐŝƚƵĂƟŽŶŝŶ^ƉĂŝŶĂŶĚƵƌŽƉĞ͘ ĂůŝŶŝĐŝŽĚĞĞƐƚĞĞũĞƌĐŝĐŝŽ͕ĂůƌĞŐŝƐƚƌĂƌƵŶĂĐĂşĚĂĚĞůϯ͕Ϭ por ciento. ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĚĂƚĂ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ĮƌƐƚ ƋƵĂƌƚĞƌŽĨ ϮϬϭϮ͕ ƚŚĞŶĞŐĂƟǀĞƉĞƌĨŽƌŵĂŶĐĞŽĨŝŶĚƵƐƚƌLJŚĂƐĐŽŶƟŶƵĞĚĂƚƚŚĞ - ůĂĐĂşĚĂĞŶůĂƐƌĂŵĂƐŝŶĚƵƐƚƌŝĂůĞƐLJĞŶĞƌŐĠƟĐĂƐŚĞ ďĞŐŝŶŶŝŶŐŽĨƚŚŝƐLJĞĂƌ͕ƌĞŐŝƐƚĞƌŝŶŐĂϯ͘ϬƉĞƌĐĞŶƚĚƌŽƉ͘ ŵŽƐĚĞĂŹĂĚŝƌƚĂŵďŝĠŶĞůĚĞƚĞƌŝŽƌŽƋƵĞ͕ƚŽĚĂǀşĂĚƵ- ƌĂŶƚĞϮϬϭϭ͕ŚĂĐŽŶƟŶƵĂĚŽŵŽƐƚƌĂŶĚŽůĂĂĐƟǀŝĚĂĚĚĞ dŽ ƚŚĞ ŝŶĚƵƐƚƌLJ ĂŶĚ ĞŶĞƌŐLJ ĨĂůů͕ ǁĞ ŵƵƐƚ ĂĚĚ ƚŚĞ ĞǀĞƌͲ la construcción. ǁŽƌƐĞŶŝŶŐƐŝƚƵĂƟŽŶŽĨĐŽŶƐƚƌƵĐƟŽŶ͕ƐƟůůŝŶϮϬϭϭ͘

50 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

^ĞŐƷŶůŽƐĚĂƚŽƐŽĮĐŝĂůĞƐ͕ƚƌĂƐĐĞƌƌĂƌĞůĞũĞƌĐŝĐŝŽϮϬϭϬ ĐŽŶ ƵŶ ĚĞƐĐĞŶƐŽ ĂŶƵĂů ĚĞů ϳ͕ϴй͕ ǀƵĞůǀĞ Ă ĐĂĞƌ ĞŶ ϮϬϭϭ͕ ĂƵŶƋƵĞ ĚĞ ĨŽƌŵĂ ŵĄƐ ŵŽĚĞƌĂĚĂ͕ ƌĞŐŝƐƚƌĂŶĚŽ ƵŶĚĞƐĐĞŶƐŽĚĞůϯ͕ϴйĚƵƌĂŶƚĞϮϬϭϭ͘

ŶĞƐƚĞƷůƟŵŽĞũĞƌĐŝĐŝŽ͕ĞůŵĞƌĐĂĚŽŝŶŵŽďŝůŝĂƌŝŽ͕ƋƵĞ ŚĂƋƵĞĚĂĚŽƉƌĄĐƟĐĂŵĞŶƚĞƉĂƌĂůŝnjĂĚŽƚƌĂƐĐƵĂƚƌŽĂŹŽƐ ĚĞŝŶƚĞŶƐŽƐĂũƵƐƚĞƐ͕ƉĂƌĞĐĞŚĂďĞƌŵŽƐƚƌĂĚŽƵŶĂƌĞůĂƟ- ĐĐŽƌĚŝŶŐƚŽƚŚĞŽĸĐŝĂůĚĂƚĂ͕ƚŚŝƐƐĞĐƚŽƌƌĞŐŝƐƚĞƌĞĚĂϳ͘ϴй ǀĂĐŽŶƚĞŶĐŝſŶ͕ĂƵŶƋƵĞĞůƐĞŐŵĞŶƚŽŶŽƌĞƐŝĚĞŶĐŝĂůŚĂ ĂŶŶƵĂů ĚĞĐƌĞĂƐĞ ŝŶ ϮϬϭϬ͕ ǁŚŝůĞ ŝƚ ƐŚŽǁĞĚ Ă ůŝŐŚƚĞƌ ϯ͘ϴй ĂĐƵƐĂĚŽĐĂşĚĂƐŵĄƐŝŶƚĞŶƐĂƐĂŵĞĚŝĚĂƋƵĞĮŶĂůŝnjĂďĂ decline in 2011. ĞůĂŹŽ͕ĞŶƌĞƐƉƵĞƐƚĂĂůĂŵĞŶŽƌĞũĞĐƵĐŝſŶĚĞŽďƌĂĐŝǀŝů͕ ŝŵƉƵĞƐƚĂƉŽƌůŽƐƉůĂŶĞƐĚĞĂƵƐƚĞƌŝĚĂĚƉƌĞƐƵƉƵĞƐƚĂƌŝĂ͘ dŚĞ ƉƌŽƉĞƌƚLJ ŵĂƌŬĞƚ ǁĂƐ ŶĞĂƌůLJ ƐƚĂŐŶĂŶƚ ĂŌĞƌ ϰ LJĞĂƌƐ plagued with strong adjustments and it seems to show a WĞƐĞ Ă ĞůůŽ͕ ƚŽĚŽ ŝŶĚŝĐĂ Ă ƋƵĞ ĂƷŶ ƋƵĞĚĂ ƌĞĐŽƌƌŝĚŽ ƌĞůĂƟǀĞ ƌĞƐƚƌĂŝŶƚ ƚŚĞ LJĞĂƌ͕ ĂůƚŚŽƵŐŚ ƚŚĞ ŶŽŶͲƌĞƐŝĚĞŶƟĂů ƉĂƌĂĞŶĐĂĚĞŶĂƌƵŶŶƵĞǀŽĚĞƐĐĞŶƐŽĚĞůƐĞĐƚŽƌ͕ŵĄdžŝ- ƐĞĐƚŽƌ ŚĂƐ ƐŚŽǁĞĚ ĚĞĞƉĞƌ ĨĂůůƐ ĂƐ ƚŚĞ LJĞĂƌ ĮŶŝƐŚĞĚ͕ ŝŶ ŵĞĐƵĂŶĚŽůŽƐƌĞĐŽƌƚĞƐĞŶůĂŝŶǀĞƌƐŝſŶƉƷďůŝĐĂ͕ƉƌŝŶ- ƌĞƐƉŽŶƐĞ ƚŽ Ă ůŽǁĞƌ ŶƵŵďĞƌ ŽĨ Đŝǀŝů ǁŽƌŬƐ ĞdžĞĐƵƟŽŶƐ͕ ĐŝƉĂůƐŽƉŽƌƚĞĚĞůĂĂĐƟǀŝĚĂĚĚƵƌĂŶƚĞĞƐƚŽƐĂŹŽƐ͕ĂĚ- imposed by the budget austerity plans. ƋƵŝƌŝƌĄŶŵĂLJŽƌƌĞůĞǀĂŶĐŝĂĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂƐ ŶĞĐĞƐŝĚĂĚĞƐ ĚĞ ĐŽŶƐŽůŝĚĂĐŝſŶ ƉƌĞƐƵƉƵĞƐƚĂƌŝĂ ĚĞ ůĂƐ Despite this, everything suggests that the decline in this - ĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐĞŶƚŽĚŽƐƐƵƐĄŵďŝƚŽƐƚĞƌƌŝ ƐĞĐƚŽƌŝƐƐƟůůĨĂƌĨƌŽŵŽǀĞƌ͘dŚŝƐŝƐĞƐƉĞĐŝĂůůLJƐŽǁŚĞŶƚŚĞĐƵƚƐ toriales. in public investment, the sector’s main support, will become >ŽƐĚĂƚŽƐƌĞĨĞƌŝĚŽƐĂůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϮŵƵĞƐ- ŵŽƌĞŝŵƉŽƌƚĂŶƚĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞŶĞĞĚƐŽĨďƵĚŐĞƚĂƌLJ ƚƌĂŶ͕ĂůŝŐƵĂůƋƵĞĞŶĞůĐĂƐŽĚĞůĂŝŶĚƵƐƚƌŝĂ͕ƵŶĂĐĂşĚĂ ĐŽŶƐŽůŝĚĂƟŽŶĂƚĂůůƚĞƌƌŝƚŽƌŝĂůůĞǀĞůƐ͘ ŵĄƐĂĐĞŶƚƵĂĚĂŝŶĐůƵƐŽ͕ƋƵĞůĂƌĞŐŝƐƚƌĂĚĂĂůĐŝĞƌƌĞĚĞ ĐĐŽƌĚŝŶŐƚŽƚŚĞ^ƉĂŶŝƐŚEĂƟŽŶĂů/ŶƐƟƚƵƚĞŽĨ^ƚĂƟƐƟĐƐ͕ƚŚĞ ϮϬϭϭ͕ĐŽŶƵŶĚĞƐĐĞŶƐŽĚĞůϱ͕ϯй͕ƐĞŐƷŶŚĂĂǀĂŶnjĂĚŽ el INE. ĚĂƚĂƌĞĨĞƌƌŝŶŐƚŚĞĮƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϮƐŚŽǁĂϱ͘ϯйĚƌŽƉ͕ which means, as happened in industry, a sharper fall than WŽƌůŽƋƵĞƐĞƌĞĮĞƌĞĂůĂĞǀŽůƵĐŝſŶĚĞůĂĂĐƟǀŝĚĂĚĞŶĞů that registered at the end of 2011. ĐŽŶũƵŶƚŽĚĞůŽƐƐĞƌǀŝĐŝŽƐ͕ĠƐƚĂŚĂǀĞŶŝĚŽŵĂƌĐĂĚĂƉŽƌ dŚĞ ĞǀŽůƵƟŽŶ ŽĨ ƐĞƌǀŝĐĞƐ ĂĐƟǀŝƚLJ ŚĂƐ ďĞĞŶ ŵĂƌŬĞĚ ďLJ Ă ůĂĂƚŽŶşĂĚĞůŽƐƷůƟŵŽƐƚƌŝŵĞƐƚƌĞƐ͕ĚŽŶĚĞĞůƌŝƚŵŽĚĞ ƐůƵŐŐŝƐŚƐƚĂƚĞŝŶƚŚĞůĂƐƚƋƵĂƌƚĞƌƐ͕ǁŚĞƌĞƚŚĞŐƌŽǁƚŚƌĂƚĞŚĂƐ ĐƌĞĐŝŵŝĞŶƚŽŶŽŚĂƐƵƉĞƌĂĚŽĞůϭ͕ϬƉŽƌĐŝĞŶƚŽ͘ not been higher than 1.0 per cent. WĞƐĞĂĞůůŽ͕ůŽƐƐĞƌǀŝĐŝŽƐǀƵĞůǀĞŶĂĐƌĞĐĞƌƉŽƌĞŶĐŝŵĂ ĚĞůĂŵĞĚŝĂ͕ĞdžƉĞƌŝŵĞŶƚĂŶĚŽƵŶĂǀĂŶĐĞĚĞůϭ͕ϭй͕LJ Despite this, the services sector is growing faster than ƐĞƐŝƚƷĂŶ͕ŶƵĞǀĂŵĞŶƚĞ͕ĐŽŵŽĞůƐĞĐƚŽƌƋƵĞŵĞŶŽƐŚĂ ĂǀĞƌĂŐĞ͕ƐŚŽǁŝŶŐĂϭ͘ϭйƉƌŽŐƌĞƐƐĂŶĚƌĞǀĞĂůŝŶŐŝƚƐĞůĨĂƐƚŚĞ ƉĂĚĞĐŝĚŽĞůĚĞƐŐĂƐƚĞĚĞůĂĐƌŝƐŝƐ͘ ƐĞĐƚŽƌůĞĂƐƚĂīĞĐƚĞĚďLJƚŚĞĐƌŝƐŝƐŽŶĐĞĂŐĂŝŶ͘

EŽŽďƐƚĂŶƚĞ͕ĞůĐŽŶũƵŶƚŽĚĞĂĐƟǀŝĚĂĚĞƐƋƵĞĐŽŶĨŽƌ- EĞǀĞƌƚŚĞůĞƐƐ͕ ƚŚĞ ƐƵŵ ŽĨ ĂĐƟǀŝƟĞƐ ĐŽŶƐƟƚƵƟŶŐ ƐĞƌǀŝĐĞƐ man los servicios no han permanecido ajenas al con- ŚĂƐ ŶŽƚ ƌĞŵĂŝŶĞĚ ƵŶĂīĞĐƚĞĚ ďLJ ƚŚĞ ĚĞĐĞůĞƌĂƟŽŶ ĐŽŶƚĞdžƚ ƚĞdžƚŽĚĞĚĞƐĂĐĞůĞƌĂĐŝſŶƋƵĞŚĂƌĞŐŝƐƚƌĂĚŽůĂĞĐŽŶŽŵşĂ ƌĞŐŝƐƚĞƌĞĚ ŝŶ ƚŚĞ ^ƉĂŶŝƐŚ ĞĐŽŶŽŵLJ ŝŶ ƉĂƌƟĐƵůĂƌ͕ ĂŶĚ ƚŚĞ ĞƐƉĂŹŽůĂ ĞŶ ƉĂƌƟĐƵůĂƌ͕ LJ ĞŶ ŐĞŶĞƌĂů͕ ůĂƐ ƉƌŝŶĐŝƉĂůĞƐ main developed economies in general, especially in Europe, ĞĐŽŶŽŵşĂƐ ĚĞƐĂƌƌŽůůĂĚĂƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ůĂ ĞƵƌŽƉĞĂ͕ during the second half of the year. ĚƵƌĂŶƚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞůĂŹŽ͘ dŚŝƐŝƐƉƌŽǀĞĚďLJƚŚĞŵŽĚĞƌĂƟŽŶŝŶƚŚĞŝŶƚĞƌͲĂŶŶƵĂůƌĂƚĞƐ ƐşůŽĚĞŵƵĞƐƚƌĂůĂŵŽĚĞƌĂĐŝſŶƋƵĞŚĂŶĞǀŝĚĞŶĐŝĂĚŽ ŽĨŐƌŽǁƚŚĂůůƚŚĞƋƵĂƌƚĞƌƐŽĨƚŚĞLJĞĂƌ͕ǁŚŝĐŚ͕ĨĂƌĨƌŽŵďĞŝŶŐ ůĂƐ ƚĂƐĂƐ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ ŝŶƚĞƌĂŶƵĂů ĚƵƌĂŶƚĞ ůŽƐ ĚŝĨĞ- ĐŽƌƌĞĐƚĞĚ͕ŚĂǀĞƌĞŵĂŝŶĞĚĚƵƌŝŶŐƚŚĞĮƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϮ͘

51 CONCLUSIONES CONCLUSIONS 2011

ƌĞŶƚĞƐƚƌŝŵĞƐƚƌĞƐĚĞůĂŹŽƋƵĞ͕ůĞũŽƐĚĞĐŽƌƌĞŐŝƌƐĞ͕ƐĞ ŚĂŶŵĂŶƚĞŶŝĚŽĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϮ͘

ůĚĞƚĞƌŝŽƌŽĚĞůŵĞƌĐĂĚŽůĂďŽƌĂůLJůĂƐĐŽŶƟŶƵĂƐĚŝĮ- ĐƵůƚĂĚĞƐƋƵĞŚĂŶůŝŵŝƚĂĚŽĞůĐƌĠĚŝƚŽĂůĐŽŶƐƵŵŽ͕ĂƐş ĐŽŵŽĞůĞŵƉĞŽƌĂŵŝĞŶƚŽĚĞůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞƌĞĐƵ- ƉĞƌĂĐŝſŶĞŶĞůƷůƟŵŽĂŹŽ͕ŚĂŶƐƵŵŝĚŽĂůĐŽŶƐƵŵŽƉƌŝ- ǀĂĚŽĞŶƵŶĂĐůĂƌĂĨĂƐĞƌĞĐĞƐŝǀĂ͕ƷŶŝĐĂŵĞŶƚĞĂůŝŐĞƌĂĚĂ ƉŽƌůĂƌĞůĂƟǀĂŵĞũŽƌşĂĚĞůĂƐĂĐƟǀŝĚĂĚĞƐƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŶĞůƚƵƌŝƐŵŽ͘

WŽƌƐƵƉĂƌƚĞ͕ůŽƐĂũƵƐƚĞƐƋƵĞƐĞĞƐƚĄŶĂĐŽŵĞƟĞŶĚŽĞŶ ĞůĄŵďŝƚŽĚĞůĂĂĐƟǀŝĚĂĚƉƷďůŝĐĂƚĂŵďŝĠŶŚĂŶƚĞƌŵŝ- ŶĂĚŽĂĨĞĐƚĂŶĚŽĂůĐŽŶũƵŶƚŽĚĞůŽƐƐĞƌǀŝĐŝŽƐ͕ĞƐƉĞĐŝĂů- ŵĞŶƚĞĚƵƌĂŶƚĞĞůƚƌĂŵŽĮŶĂůĚĞůĂŹŽ͕ĞŶĞůƋƵĞƌĂŵĂƐ WƌŝǀĂƚĞĐŽŶƐƵŵƉƟŽŶĞŶƚĞƌĞĚĂƌĞĂůƌĞĐĞƐƐŝŽŶĂƌLJƉŚĂƐĞĚƵĞ ĚĞĂĐƟǀŝĚĂĚĐŽŵŽ͕ůĂƐĂŶŝĚĂĚLJůĂĞĚƵĐĂĐŝſŶ͕ŚĂŶĂŵŝ- ƚŽƚŚĞǁŽƌƐĞŶŝŶŐŽĨƚŚĞůĂďŽƵƌŵĂƌŬĞƚĂŶĚƚŚĞĐŽŶƟŶƵŽƵƐ ŶŽƌĂĚŽƐƵƐƚĂŶĐŝĂůŵĞŶƚĞƐƵƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽ͘ ĚŝĸĐƵůƟĞƐƚŚĂƚůŝŵŝƚĞĚĐŽŶƐƵŵĞƌĐƌĞĚŝƚ͕ǁŚŝĐŚŚĂƐŽŶůLJďĞĞŶ ŵŝƟŐĂƚĞĚ ďLJ ƚŚĞ ƌĞůĂƟǀĞ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƚŽƵƌŝƐŵͲƌĞůĂƚĞĚ ^ĞƚƌĂƚĂĚĞƵŶĂƐŝƚƵĂĐŝſŶƋƵĞŶĞĐĞƐĂƌŝĂŵĞŶƚĞĐŽŶƟ- ĂĐƟǀŝƟĞƐ͘ ŶƵĂƌĄĚƵƌĂŶƚĞϮϬϭϮ͕ĞŶůĂŵĞĚŝĚĂĞŶƋƵĞĐŽŵŝĞŶĐĞŶ ĂŵĂƚĞƌŝĂůŝnjĂƌƐĞůŽƐŶƵĞǀŽƐĐŽŵƉƌŽŵŝƐŽƐĚĞƌĞĚƵĐĐŝſŶ dŚĞ ŶĞǁ ĂĚũƵƐƚŵĞŶƚƐ ŝŶ ƚŚĞƉƵďůŝĐ ĂĐƟǀŝƚLJ ĂƌĞĂŚĂǀĞĂůƐŽ ĚĞůĚĠĮĐŝƚĂŶƵŶĐŝĂĚŽƐƉŽƌĞůũĞĐƵƟǀŽĞŶůĂĞůĂďŽƌĂ- ĂīĞĐƚĞĚĂůůƐĞƌǀŝĐĞƐ͕ĞƐƉĞĐŝĂůůLJĚƵƌŝŶŐƚŚĞůĂƐƚƋƵĂƌƚĞƌŽĨƚŚĞ ĐŝſŶ ĚĞ ůŽƐ WƌĞƐƵƉƵĞƐƚŽƐ 'ĞŶĞƌĂůĞƐ ĚĞů ƐƚĂĚŽ ƉĂƌĂ LJĞĂƌ͕ǁŚĞŶƐĞĐƚŽƌƐƐƵĐŚĂƐŚĞĂůƚŚĐĂƌĞĂŶĚĞĚƵĐĂƟŽŶŚĂǀĞ este año. decreased their rate of growth.

Finalmente, ůĂĂĐƟǀŝĚĂĚĂŐƌşĐŽůĂ͕ŐĂŶĂĚĞƌĂ͕ĚĞƐŝůǀŝ- /ƚŝƐĂƐŝƚƵĂƟŽŶƚŚĂƚǁŝůůŶĞĐĞƐƐĂƌŝůLJĐŽŶƟŶƵĞŝŶϮϬϭϮ͕ǁŚĞŶ cultura y pesca ŚĂ ĐĞƌƌĂĚŽ Ğů ĞũĞƌĐŝĐŝŽ ĂŶŽƚĂŶĚŽ ƵŶ ƚŚĞŶĞǁĚĞĮĐŝƚƌĞĚƵĐƟŽŶĐŽŵŵŝƚŵĞŶƚƐǁŝůůďĞĞdžĞĐƵƚĞĚ͕ĂƐ ĐƌĞĐŝŵŝĞŶƚŽĚĞůϬ͕ϲй͕ŵĞũŽƌĂŶĚŽĂƐşĞůƌĞƚƌŽĐĞƐŽĞdž- ƚŚĞ'ŽǀĞƌŶŵĞŶƚŚĂƐŝŶĐůƵĚĞĚƚŚĞŵŝŶƚŚĞŶĂƟŽŶĂůďƵĚŐĞƚ͘ ƉĞƌŝŵĞŶƚĂĚŽ ĚƵƌĂŶƚĞ ϮϬϭϬ͕ ĐƵĂŶĚŽ ĐŽŶƚĂďŝůŝnjĂƌŽŶ ƵŶĂĐĂşĚĂĞŶĞůsĚĞůϭ͕ϭƉŽƌĐŝĞŶƚŽ͘ Finally, ĨĂƌŵŝŶŐ͕ ĨŽƌĞƐƚƌLJ͕ ĂŐƌŝĐƵůƚƵƌĞ ĂŶĚ ĮƐŚŝŶŐ have ĐůŽƐĞĚƚŚĞLJĞĂƌǁŝƚŚĂϬ͘ϲйŐƌŽǁƚŚ͕ŝŵƉƌŽǀŝŶŐƚŚĞƐĞƚďĂĐŬ >ĂŵĞũŽƌşĂŚĂƐŝĚŽůĂƉĂƵƚĂĐŽŵƷŶĚĞůƐĞĐƚŽƌƉƌŝŵĂƌŝŽ registered in 2010, when there was a 1.1 per cent fall of the ĞŶŶƵĞƐƚƌŽƉĂşƐĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽϮϬϭϭ͕ƐŝďŝĞŶ GVA. ĞƐĐŝĞƌƚŽƋƵĞ͕ŝĚĠŶƟĐĂŵĞŶƚĞĂůŽƐƵĐĞĚŝĚŽĞŶĞůƌĞƐ- ƚŽĚĞůĂƐƌĂŵĂƐĚĞĂĐƟǀŝĚĂĚ͕ƐĞĂƉƌĞĐŝĂƵŶĂŶŽƚĂďůĞ dŚĞŝŵƉƌŽǀĞŵĞŶƚŚĂƐďĞĞŶƚŚĞƉĂƩĞƌŶŽĨƚŚĞƉƌŝŵĂƌLJƐĞĐƚŽƌ ĚĞƐĂĐĞůĞƌĂĐŝſŶĞŶƐƵƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĐŽŶĨŽƌŵĞ in Spain in 2011. While it is true that, just as the rest of ƚƌĂŶƐĐƵƌƌşĂĞůĞũĞƌĐŝĐŝŽ͘ ĂĐƟǀŝƟĞƐ͕ĂƐůŽǁĚŽǁŶŝŶƚŚĞƌĂƚĞŽĨŐƌŽǁƚŚǁĂƐƌĞŐŝƐƚĞƌĞĚ as the year went by. >ĂƐ ĞdžƉĞĐƚĂƟǀĂƐ ĚĞů ƐĞĐƚŽƌ ƋƵĞĚĂŶ ƐƵƉĞĚŝƚĂĚĂƐ͕ ĞŶ ŐƌĂŶ ŵĞĚŝĚĂ͕ Ă ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĐůŝŵĂƚŽůſŐŝĐĂƐ͕ Ă ůĂ dŚĞ ƐĞĐƚŽƌ ĞdžƉĞĐƚĂƟŽŶƐ ƌĞŵĂŝŶ ƐƵďŽƌĚŝŶĂƚĞĚ ƚŽ ŵĂŶLJ ƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŝŽƌLJ͕ŵƵLJĞƐƉĞĐŝĂů- ĨĂĐƚŽƌƐ͗ ƐŝŐŶŝĮĐĂŶƚůLJ͕ ƚŽ ƚŚĞ ǁĞĂƚŚĞƌ ĐŽŶĚŝƟŽŶƐ͕ ƚŚĞ ŵĞŶƚĞ͕ĂůĞĨĞĐƚŽĚĞůŽƐĂĐƵĞƌĚŽƐƉƌĞĨĞƌĞŶƚĞƐƉĂƌĂůĂ ĚŽŵĞƐƟĐĚĞŵĂŶĚƌĞĐŽǀĞƌLJĂŶĚĞƐƉĞĐŝĂůůLJ͕ƚŽƚŚĞƉƌĞĨĞƌĞŶƟĂů ĞdžƉŽƌƚĂĐŝſŶŚĂĐŝĂƵƌŽƉĂĚĞĚĞƚĞƌŵŝŶĂĚĂƐƉƌŽĚƵĐĐŝŽ- ĂŐƌĞĞŵĞŶƚƐ ŽĨ ĐĞƌƚĂŝŶ ŶĂƟŽŶĂů ĂŐƌŝĐƵůƚƵƌĂů ŚŽůĚŝŶŐƐ ĨŽƌ ŶĞƐĂŐƌşĐŽůĂƐŶĂĐŝŽŶĂůĞƐ͕ĂƐşĐŽŵŽĂůĂƌĞŶŽǀĂĐŝſŶĚĞ exports towards Europe. Another factor is the renewal of the ůŽƐĐƵĞƌĚŽƐĚĞWĞƐĐĂĞŶƚƌĞůĂhLJƉĂşƐĞƐĚĞůĐŽŶƟ- ĮƐŚĞƌŝĞƐĂŐƌĞĞŵĞŶƚƐďĞƚǁĞĞŶƚŚĞhĂŶĚĨƌŝĐĂŶĐŽƵŶƚƌŝĞƐ ŶĞŶƚĞĂĨƌŝĐĂŶŽĐŽŵŽDĂƌƌƵĞĐŽƐŽDĂƵƌŝƚĂŶŝĂ͕ƚŽĚŽƐ with a special interest for Canary Islands, such as Morocco ellos de especial relevancia para Canarias. and Mauritania.

52 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

En este contexto, el empleo͕ŵĞĚŝĚŽĞŶƚĠƌŵŝŶŽƐĚĞ ůĂŶĐƵĞƐƚĂĚĞWŽďůĂĐŝſŶĐƟǀĂ͕ŚĂĐŽŶƟŶƵĂĚŽůĂƐĞŶ- ĚĂ ĚĞ ĚĞƐĐĞŶƐŽƐ ƋƵĞ ǀĞŶşĂ ĚĞƐĐƌŝďŝĞŶĚŽ ĚĞƐĚĞ ƋƵĞ ƐĞŝŶŝĐŝĂƌĂůĂĐƌŝƐŝƐ͕ǀŝĠŶĚŽƐĞ͕ŝŶĐůƵƐŽ͕ĂĐƌĞĐĞŶƚĂĚŽĞů ƌŝƚŵŽĚĞĚĞƐƚƌƵĐĐŝſŶĚĞĞŵƉůĞŽĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐ trimestres del año. In this context, the ĞŵƉůŽLJŵĞŶƚƐŝƚƵĂƟŽŶ, according to the ^ĞŐƷŶůŽƐĚĂƚŽƐĚĞůĂW͕ĚĞƐĚĞĞůŝŶŝĐŝŽĚĞůĂĐƌŝƐŝƐ͕ >ĂďŽƵƌ &ŽƌĐĞ ^ƵƌǀĞLJ͕ ŚĂƐ ĐŽŶƟŶƵĞĚ ƚŚĞ ĚĞĐƌĞĂƐŝŶŐ ƉĂƚŚ͕ ĂĮŶĂůĞƐĚĞϮϬϬϳ͕ĞůŶƷŵĞƌŽĚĞƉĂƌĂĚŽƐĞŶŶƵĞƐƚƌŽ which started at beginning of the crisis, with an even higher ƉĂşƐŚĂĂƵŵĞŶƚĂĚŽĞŶϯ͕ϯŵŝůůŽŶĞƐĚĞĚĞƐĞŵƉůĞĂĚŽƐ͕ ƌĂƚĞŽĨũŽďůŽƐƐĞƐŝŶƚŚĞůĂƐƚƋƵĂƌƚĞƌƐŽĨƚŚĞLJĞĂƌ͘ ŚĂƐƚĂƐƵƉĞƌĂƌůĂĐŝĨƌĂĚĞůŽƐĐŝŶĐŽŵŝůůŽŶĞƐĚĞƉĂƌĂĚŽƐ ĂůĐŝĞƌƌĞĚĞůĂŹŽ;ϱ͘Ϯϳϯ͘ϲϬϬƉĂƌĂĚŽƐĚƵƌĂŶƚĞĞůĐƵĂƌƚŽ According to the LFS data, since the start of the crisis, in ƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭͿ͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚŝƌĞĐƚĂĚĞůĂ ůĂƚĞ ϮϬϬϳ͕ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƵŶĞŵƉůŽLJĞĚ ŚĂƐ ŐƌŽǁŶ ďLJ ϯ͘ϯ ŝŶƚĞŶƐĂĚĞƐƚƌƵĐĐŝſŶĚĞĞŵƉůĞŽƉĂĚĞĐŝĚŽƉŽƌŶƵĞƐƚƌŽ ŵŝůůŝŽŶ͕ ĐŽŵŝŶŐ ƚŽ ĮǀĞ ŵŝůůŝŽŶ ŽĨ ƵŶĞŵƉůŽLJĞĚ Ăƚ ƚŚĞ ĞŶĚ ƉĂşƐ͕ĐŽŶŵĄƐĚĞϮ͕ϲŵŝůůŽŶĞƐĚĞƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽ ŽĨ ƚŚĞ LJĞĂƌ ;ϱ͕Ϯϳϯ͕ϲϬϬ ƵŶĞŵƉůŽLJĞĚ ƚŚĞ ĨŽƵƌƚŚ ƋƵĂƌƚĞƌ ŽĨ ƉĞƌĚŝĚŽƐĞŶůŽƐƷůƟŵŽƐĐŝŶĐŽĂŹŽƐ͕ĞŶƵŶĐŽŶƚĞdžƚŽĚĞ ϮϬϭϭͿ͘dŚĂƚǁĂƐĂĐůĞĂƌĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞƐƚƌŽŶŐůĂďŽƵƌ ĂƵŵĞŶƚŽĚĞůĂƉŽďůĂĐŝſŶĂĐƟǀĂƋƵĞ͕ĞŶĞůƉĞƌŝŽĚŽĚĞ ƐŚĞĚĚŝŶŐĞdžƉĞƌŝĞŶĐĞĚŝŶ^ƉĂŝŶŵŽƌĞƚŚĂŶϮ͘ϲŵŝůůŝŽŶůŽƐƚũŽďƐ ĐƌŝƐŝƐ͕ƐĞŚĂĂĐƌĞĐĞŶƚĂĚŽ͕ĂƵŶƋƵĞĂƵŶƌŝƚŵŽŵƵLJŵŽ- ƚŚĞůĂƐƚĮǀĞLJĞĂƌƐ͕ĂŐĂŝŶƐƚĂďĂĐŬŐƌŽƵŶĚŽĨŝŶĐƌĞĂƐĞĚĂĐƟǀĞ derado. ƉŽƉƵůĂƟŽŶ͕ǁŚŝĐŚŚĂƐŐƌŽǁŶ͕ĂƚĂŵŽĚĞƌĂƚĞƌĂƚĞ͕ĚƵƌŝŶŐƚŚĞ crisis period. ƐƚŽƐĚĂƚŽƐŚĂŶĞůĞǀĂĚŽůĂƚĂƐĂĚĞƉĂƌŽ͕ĚĞƐĚĞĞůϴ͕ϲй ƋƵĞƐĞĞƐƟŵĂďĂĚƵƌĂŶƚĞĞůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϬϳ͕ dŚĞƐĞĚĂƚĂŚĂǀĞƌĂŝƐĞĚƚŚĞƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞ͕ĨƌŽŵϴ͘ϲй͕ ŚĂƐƚĂĞůϮϮ͕ϴϱйĞŶĞůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭ͘ ĞƐƟŵĂƚĞĚ ƚŚĞ ůĂƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϬϳ͕ ƚŽ ϮϮ͘ϴϱй ƚŚĞ ůĂƐƚ ƋƵĂƌƚĞƌŽĨϮϬϭϭ͘ ůƚƌĂŶƐĐƵƌƐŽĚĞůŽƐƚƌĞƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮŶŽ ŚĂŝŶƚĞƌƌƵŵƉŝĚŽĞůƉƌŽĐĞƐŽĚĞĚĞŐƌĂĚĂĐŝſŶĚĞůŵĞƌ- ƵƌŝŶŐ ƚŚĞ ƚŚƌĞĞ ĮƌƐƚ ŵŽŶƚŚƐ ŽĨ ϮϬϭϮ ƚŚĞ ^ƉĂŶŝƐŚ ůĂďŽƵƌ ĐĂĚŽůĂďŽƌĂůĞƐƉĂŹŽů͕ŵƵLJĂůĐŽŶƚƌĂƌŝŽ͕ůĂĚĞƐƚƌƵĐĐŝſŶ ŵĂƌŬĞƚĚĞŐƌĂĚĂƟŽŶŚĂƐŶŽƚƐƚŽƉƉĞĚ͕ďƵƚ͕ŽŶƚŚĞĐŽŶƚƌĂƌLJ͕ ĚĞĞŵƉůĞŽŚĂƉƌŽƐĞŐƵŝĚŽLJĞůŶƷŵĞƌŽĚĞƉĂƌĂĚŽƐŚĂ ƚŚĞ ůĂďŽƵƌ ƐŚĞĚĚŝŶŐ ŚĂƐ ĐŽŶƟŶƵĞĚ ĂŶĚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ǀƵĞůƚŽĂĂƵŵĞŶƚĂƌ͕ŚĂƐƚĂƐƵƉĞƌĂƌůŽƐϱ͕ϲŵŝůůŽŶĞƐĚĞ ƵŶĞŵƉůŽLJĞĚ ŚĂƐ ŝŶĐƌĞĂƐĞĚ ĂŐĂŝŶ͕ ƌĞĂĐŚŝŶŐ ϱ͘ϲ ŵŝůůŝŽŶ ĚĞƐĞŵƉůĞĂĚŽƐ͕ƐŝƚƵĂŶĚŽůĂƚĂƐĂĚĞƉĂƌŽĞŶĞůĞŶƚŽƌŶŽ unemployed. This means an unemployment rate around del 24,4 por ciento. 24.4 per cent.

 



 


 

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53 CONCLUSIONES CONCLUSIONS 2011

>ĂĚĞďŝůŝĚĂĚĚĞůŵĞƌĐĂĚŽůĂďŽƌĂůŚĂŝŵƉĞĚŝĚŽ͕ĞŶĐŽŶ- ƐĞĐƵĞŶĐŝĂ͕ ŵĞũŽƌĂƐ ƐƵƐƚĂŶĐŝĂůĞƐ ĞŶ Ğů ƌŝƚŵŽ ĚĞ ĐŽŶ- ƚƌĂƚĂĐŝſŶƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞϮϬϭϬ͘ŶĞƐƚĞƐĞŶƟĚŽ͕Ğů ŶƷŵĞƌŽ ĚĞ ĐŽŶƚƌĂƚŽƐ ƌĞŐŝƐƚƌĂĚŽƐ ĞŶ Ğů ĐŽŶũƵŶƚŽ ĚĞů ƚĞƌƌŝƚŽƌŝŽŶĂĐŝŽŶĂůĚƵƌĂŶƚĞϮϬϭϭŚĂĂƉƌĞĐŝĂĚŽƵŶůĞǀĞ ĂǀĂŶĐĞĂŶƵĂů͕ŵƵLJŵŽĚĞƌĂĚŽ͕ĚĞĂƉĞŶĂƐƵŶϬ͕ϬϵƉŽƌ ciento.

>Ă ĐĂşĚĂ ĚĞ ůĂƐ ĞdžƉĞĐƚĂƟǀĂƐ ŶŽ ŚŝnjŽ ŵĄƐ ƋƵĞ ŝŶĨƵŶ- ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞůĂďŽƵƌŵĂƌŬĞƚǁĞĂŬŶĞƐƐŚĂƐŝŵƉĞĚĞĚĂŶLJ Ěŝƌ ŶƵĞǀĂƐ ŝŶĐĞƌƟĚƵŵďƌĞƐ Ă ůĂ ĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ͕ ƐƵďƐƚĂŶƟĂůŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞƌĞĐƌƵŝƚŵĞŶƚƉĂĐĞƌĞŐŝƐƚĞƌĞĚ ĐŽŶůŽƋƵĞůĂƐĞŵƉƌĞƐĂƐĐƵďƌĞŶůŽƐĞƐĐĂƐŽƐƉŝĐŽƐĚĞ in 2010. In this regard, the number of contracts registered in ĚĞŵĂŶĚĂƐ ƌĞĐƵƌƌŝĞŶĚŽ Ă ůĂ ĐŽŶƚƌĂƚĂĐŝſŶ ƚĞŵƉŽƌĂů Ă ^ƉĂŝŶŝŶϮϬϭϭŚĂƐŚĂĚĂƐůŝŐŚƚĂŶŶƵĂůϬ͘ϬϵƉĞƌĐĞŶƚƉƌŽŐƌĞƐƐ͘ ƟĞŵƉŽƉĂƌĐŝĂů͕ĞŶĚĞƚƌŝŵĞŶƚŽĚĞŽƚƌĂƐŵŽĚĂůŝĚĂĚĞƐ ĐŽŵŽůĂĚĞĐĂƌĄĐƚĞƌŝŶĚĞĮŶŝĚŽ͕ĞŝŶĐůƵƐŽůĂĚĞĐĂƌĄĐƚĞƌ dŚĞ ĚĞĐůŝŶĞ ŽĨ ĞdžƉĞĐƚĂƟŽŶƐ ŝŶƐƟůůĞĚ ĂŐĂŝŶ Ă ƐĞŶƐĞ ŽĨ ƚĞŵƉŽƌĂůĂƟĞŵƉŽĐŽŵƉůĞƚŽ͕ƋƵĞŚĂŶĐŽŶƟŶƵĂĚŽƌĞ- ƵŶĐĞƌƚĂŝŶƚLJŝŶƚŚĞĞĐŽŶŽŵŝĐĂĐƟǀŝƚLJ͘dŚŝƐĚƌŽǀĞĐŽŵƉĂŶŝĞƐ ŐŝƐƚƌĂŶĚŽǀĂƌŝĂĐŝŽŶĞƐŶĞŐĂƟǀĂƐ͕ĐŽƌƌŽďŽƌĂŶĚŽůĂƉĠƌ- ƚŽ ĞŶƚĞƌ ŝŶƚŽ ƉĂƌƚͲƟŵĞ ĐŽŶƚƌĂĐƚƐ͕ ǁŚŝĐŚ ŝƐ ĚĞƚƌŝŵĞŶƚĂů ĚŝĚĂĚĞƉƵůƐŽƌĞĂůĞŶůĂĞĐŽŶŽŵşĂŶĂĐŝŽŶĂů͘ ƚŽ ŽƚŚĞƌ ĐŽŶƚƌĂĐƚƵĂů ŵŽĚĂůŝƟĞƐ͕ ƐƵĐŚ ĂƐ ĐŽŶƚƌĂĐƚƐ ĨŽƌ ĂŶ ŝŶĚĞĮŶŝƚĞƚĞƌŵŽƌĞǀĞŶƚĞŵƉŽƌĂƌLJĨƵůůͲƟŵĞĐŽŶƚƌĂĐƚƐ͕ǁŚŝĐŚ ŶĐƵĂŶƚŽĂůĂĞǀŽůƵĐŝſŶĚĞůŽƐƉƌĞĐŝŽƐ͕ Ğů/WŚĂĚĞƐ- ŚĂǀĞƌĞŐŝƐƚĞƌĞĚŶĞŐĂƟǀĞĮŐƵƌĞƐ͕ĐŽŶĮƌŵŝŶŐƚŚĞůŽƐƐŽĨƌĞĂů ĐƌŝƚŽƵŶĂĨĂƐĞĚĞĚĞƐĂĐĞůĞƌĂĐŝſŶĂůŽůĂƌŐŽĚĞůƉĂƐĂĚŽ strength in the Spanish economy. ĂŹŽ͕ƚĞƌŵŝŶĂŶĚŽĞůĞũĞƌĐŝĐŝŽĐŽŶƵŶĂƚĂƐĂĚĞŝŶŇĂĐŝſŶ ĚĞů Ϯ͕ϰй͕ Ϭ͕ϲ ƉƵŶƚŽƐ ƉŽƌĐĞŶƚƵĂůĞƐ ŵĞŶŽƐ ƋƵĞ ůĂ ƌĞ- As for the ƉƌŝĐĞĞǀŽůƵƟŽŶ͕ the CPI has shown a slowdown ŐŝƐƚƌĂĚĂ Ăů ĐŝĞƌƌĞ ĚĞ ϮϬϭϬ͕ ĞŶ ĐůĂƌĂ ĐŽƌƌĞƐƉŽŶĚĞŶĐŝĂ phase throughout the past year and closed the year with a ĐŽŶůĂĚĞďŝůŝĚĂĚĚĞůĐŽŶƐƵŵŽLJĞůĞŵƉĞŽƌĂŵŝĞŶƚŽĚĞ Ϯ͘ϰйŝŶŇĂƟŽŶƌĂƚĞ͕ǁŚŝĐŚŝƐϬ͘ϲƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚƐůĞƐƐƚŚĂŶ la demanda interna. registered at the end of 2010. That was clearly due to the ǁĞĂŬĐŽŶƐƵŵƉƟŽŶĂŶĚƚŚĞǁŽƌƐĞŶŝŶŐŽĨĚŽŵĞƐƟĐĚĞŵĂŶĚ͘ ĂďĞĂĚǀĞƌƟƌ͕ŶŽŽďƐƚĂŶƚĞ͕ƋƵĞĞůĞŶĐĂƌĞĐŝŵŝĞŶƚŽĚĞ ůĂƐ ŵĂƚĞƌŝĂƐ ƉƌŝŵĂƐ ĞŶĞƌŐĠƟĐĂƐ ƉƌŽƉŝĐŝſ ƵŶĂ ĞǀŽůƵ- Nevertheless, it should be noted that the increased in the ĐŝſŶĂůĐŝƐƚĂĚĞůŽƐƉƌĞĐŝŽƐĚĞĐŽŶƐƵŵŽĞŶŶƵĞƐƚƌŽƉĂşƐ ĐŽƐƚŽĨĞŶĞƌŐĞƟĐƌĂǁŵĂƚĞƌŝĂůƐĨĂǀŽƵƌĞĚĂŶƵƉǁĂƌĚƚƌĞŶĚ ĚƵƌĂŶƚĞůŽƐĐƵĂƚƌŽƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϭ͕ůůĞŐĂŶĚŽ ŝŶĐŽŶƐƵŵĞƌƉƌŝĐĞƐŝŶ^ƉĂŝŶƚŚĞĮƌƐƚĨŽƵƌŵŽŶƚŚƐŽĨϮϬϭϭ͕ ĂĂůĐĂŶnjĂƌƵŶŵĄdžŝŵŽĞŶĞůŵĞƐĚĞĂďƌŝůĚĞůϯ͕ϴй͕ƉĂƌĂ ƌĞĂĐŚŝŶŐ Ă ŵĂdžŝŵƵŵ ŽĨ ϯ͘ϴй ŝŶ Ɖƌŝů͘ >ĂƚĞƌ͕ Ă ƐůŽǁĚŽǁŶ

 



  






 
  








  








 


























                             

.YmÄJV Graph 2.4

54 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ĞŵƉƌĞŶĚĞƌůƵĞŐŽ͕ƵŶĂĨĂƐĞĚĞĚĞƐĂĐĞůĞƌĂĐŝſŶƋƵĞƐĞ ha mantenido hasta los primeros meses de 2012, si- ƚƵĄŶĚŽƐĞůĂŝŶŇĂĐŝſŶĞŶĞůϮ͕ϭйĚƵƌĂŶƚĞĞůĐƵĂƌƚŽŵĞƐ del año.

ƉĞƐĂƌĚĞƋƵĞĂƷŶƉĞƌƐŝƐƚĞŶĨĂĐƚŽƌĞƐƉŽƚĞŶĐŝĂůŵĞŶƚĞ ĂůĐŝƐƚĂƐĚĞƌŝǀĂĚŽƐĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĚĞůĂƐƉƌĞƐŝŽŶĞƐ ƐŽďƌĞ ůŽƐ ƉƌĞĐŝŽƐ ĞŶĞƌŐĠƟĐŽƐ LJ ůĂ ĚĞƉƌĞĐŝĂĐŝſŶ ĚĞů ĞƵƌŽ͕ĞdžŝƐƚĞŶŽƚƌŽƐĞůĞŵĞŶƚŽƐƋƵĞƉŽĚƌşĂŶĂĐƚƵĂƌĞŶ ƉĞƌŝŽĚǁĂƐƌĞŐŝƐƚĞƌĞĚĂŶĚĐŽŶƟŶƵĞĚƵŶƟůƚŚĞĮƌƐƚŵŽŶƚŚƐ ƐĞŶƟĚŽ ĐŽŶƚƌĂƌŝŽ͕ ĐŽŵŽ ƐŽŶ ůĂ ĚĞďŝůŝĚĂĚ ĚĞů ĐŽŶƐƵ- ŽĨϮϬϭϮĂŶĚŝŶŇĂƟŽŶƌĞĂĐŚĞĚϮ͘ϭйƚŚĞĨŽƵƌƚŚŵŽŶƚŚŽĨƚŚĞ ŵŽ͕ůĂƉŽƐŝďůĞĚĞƐĂĐĞůĞƌĂĐŝſŶĚĞĂůŐƵŶŽƐƉƌĞĐŝŽƐĚĞ year. importación derivado de la contención en los precios internacionales de materias primas diferentes del pe- ůƚŚŽƵŐŚƚŚĞƌĞĂƌĞƐƟůůƉŽƚĞŶƟĂůůLJƵƉǁĂƌĚĨĂĐƚŽƌƐ͕ĞƐƉĞĐŝĂůůLJ ƚƌſůĞŽ͕LJůĂƉƌĞǀŝƐŝďůĞŵŽĚĞƌĂĐŝſŶĚĞůŽƐŽƐƚĞƐ>ĂďŽ- ĂƌŝƐŝŶŐĨƌŽŵĞŶĞƌŐĞƟĐƉƌŝĐĞƐƚĞŶƐŝŽŶƐĂŶĚƚŚĞĚĞƉƌĞĐŝĂƟŽŶ rales Unitarios. of the Euro, there are other elements that could act in an ŽƉƉŽƐŝƚĞ ĚŝƌĞĐƟŽŶ͘ dŚĞƐĞ ĂƌĞ ƚŚĞ ǁĞĂŬ ĐŽŶƐƵŵƉƟŽŶ͕ ƚŚĞ EŽĞŶǀĂŶŽ͕ůĂŝŶŇĂĐŝſŶƐƵďLJĂĐĞŶƚĞ͕ĂƋƵĞůůĂƋƵĞƌĞƐƵů- possible slowdown of some imports prices arising from the ƚĂĚĞĚĞƐĐŽŶƚĂƌĞůĞĨĞĐƚŽĚĞůŽƐƉƌŽĚƵĐƚŽƐĞŶĞƌŐĠƟĐŽƐ ƐƵƉƉƌĞƐƐŝŽŶŽĨŶŽŶͲŽŝůŝŶƚĞƌŶĂƟŽŶĂůƌĂǁŵĂƚĞƌŝĂůƐƉƌŝĐĞƐĂŶĚ ĚĞƌŝǀĂĚŽƐĚĞůƉĞƚƌſůĞŽLJĚĞůŽƐĂůŝŵĞŶƚŽƐĨƌĞƐĐŽƐŶŽ the Unit Labour Costs predictable restraint. ĞůĂďŽƌĂĚŽƐ͕ƉĞƌŵĂŶĞĐŝſĞƐƚĂŶĐĂĚĂĞŶĞůϭ͕ϱйĚƵƌĂŶƚĞ ĞůƉĂƐĂĚŽĂŹŽ͕ǀŽůǀŝĞŶĚŽĂƐşĂůŽƐǀĂůŽƌĞƐĐŽŶůŽƐƋƵĞ dŚĞ ƵŶĚĞƌůLJŝŶŐ ŝŶŇĂƟŽŶ͕ ǁŚŝĐŚ ŝƐ ƚŚĞ ƌĞƐƵůƚ ŽĨ ĚĞĚƵĐƟŶŐ ŚĂďşĂĐĞƌƌĂĚŽĞůĞũĞƌĐŝĐŝŽϮϬϭϬ͕ĞŝŶĐůƵƐŽƐĞŚĂŵŽ- ƚŚĞƉĞƚƌŽůĞƵŵƉƌŽĚƵĐƚƐĞīĞĐƚĂŶĚĨƌĞƐŚƵŶƉƌŽĐĞƐƐĞĚĨŽŽĚ͕ ĚĞƌĂĚŽĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮ͕ŚĂƐƚĂĞů ƌĞŵĂŝŶĞĚ ƐƚĂŐŶĂƚĞĚ Ăƚ ϭ͘ϱй ůĂƐƚ LJĞĂƌ͕ ƐŚŽǁŝŶŐ ĂŐĂŝŶ ƚŚĞ ϭ͕ϭйƌĞŐŝƐƚƌĂĚŽĞŶĞůŵĞƐĚĞĂďƌŝů͘ ůĂƐƚĮŐƵƌĞƐŽĨϮϬϭϬ͘dŚĞĮƌƐƚŵŽŶƚŚƐŽĨϮϬϭϮ͕ŝƚŚĂƐĞǀĞŶ ĚĞĐůŝŶĞĚƌĞĂĐŚŝŶŐϭ͘ϭйƌĞŐŝƐƚĞƌĞĚŝŶƉƌŝů͘ sŝƐƚŽĞƐƚĞƉĂŶŽƌĂŵĂ͕ĞůĞƐĐĞŶĂƌŝŽƉƌĞǀŝƐƚŽƉĂƌĂϮϬϭϮŶŽ ƌĞƐƵůƚĂŶĂĚĂŚĂůĂŐƺĞŹŽ͘DƵLJĂůĐŽŶƚƌĂƌŝŽ͕ĞƐĚĞƉƌĞǀĞĞƌ ^ĞĞŝŶŐƚŚŝƐƐŝƚƵĂƟŽŶ͕ƚŚĞĞŶǀŝƐĂŐĞĚƐĐĞŶĂƌŝŽĨŽƌϮϬϭϮŝƐŶŽƚ ƵŶĞŵƉĞŽƌĂŵŝĞŶƚŽĚĞůŽƐĐŽŵƉŽŶĞŶƚĞƐĚĞĚĞŵĂŶĚĂŝŶ- at all promising. On the contrary, it is predictable a worsening ƚĞƌŶĂ͕ĂůƟĞŵƉŽƋƵĞůĂĚĞŵĂŶĚĂĞdžƚĞƌŶĂĐŽŶƟŶƵĂƌĄĂĐƵ- ŝŶƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨĚŽŵĞƐƟĐĚĞŵĂŶĚ͕ǁŚŝůĞƚŚĞĞdžƚĞƌŶĂů ƐĂŶĚŽůŽƐĞĨĞĐƚŽƐĐŽŶƚƌĂĐƟǀŽƐĚĞůĂĞĐŽŶŽŵşĂĞƵƌŽƉĞĂ͕ ĚĞŵĂŶĚǁŝůůŬĞĞƉƐŚŽǁŝŶŐƚŚĞĐŽŶƚƌĂĐƟŽŶĂƌLJĞīĞĐƚƐŽĨƚŚĞ ĂůŵĞŶŽƐĚƵƌĂŶƚĞůĂƉƌŝŵĞƌĂŵŝƚĂĚĚĞůĂŹŽ͘ ƵƌŽƉĞĂŶĞĐŽŶŽŵLJ͕ĂƚůĞĂƐƚƚŚĞĮƌƐƚŚĂůĨŽĨƚŚĞLJĞĂƌ͘

  






  





 


  
    









 


























                             







































































































































































.YmÄJV Graph 2.5

55 CONCLUSIONES CONCLUSIONS 2011

EŽŽďƐƚĂŶƚĞ͕ƐŽŶůĂƐƚĞŶƐŝŽŶĞƐƋƵĞĂƷŶƉĞƌƐŝƐƚĞŶĞŶ ůŽƐŵĞƌĐĂĚŽƐĚĞĐĂƉŝƚĂůLJĚĞĚĞƵĚĂƐŽďĞƌĂŶĂĚĞŶƵĞƐ- ƚƌŽ ƉĂşƐ ůŽƐ ĨĂĐƚŽƌĞƐ ƋƵĞ ĐŽŶ ŵĂLJŽƌ ĚĞƚĞƌŵŝŶĂĐŝſŶ ĐŽŶĚŝĐŝŽŶĂƌĄŶ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ŶƵĞƐƚƌĂ ĞĐŽŶŽŵşĂ Ğ ŝŵƉĞĚŝƌĄŶƐƵƌĞĂĐƟǀĂĐŝſŶ͕ĂůŵĞŶŽƐĞŶĞůĐŽƌƚŽƉůĂnjŽ͘ Nevertheless, the most important factors that will determine ĞƐĚĞƋƵĞĐŽŵĞŶnjĂƌĂůĂĐƌŝƐŝƐ͕ůĂĞǀŽůƵĐŝſŶĚĞůŵĞƌ- ƚŚĞ ^ƉĂŶŝƐŚ ĞĐŽŶŽŵLJ ĞǀŽůƵƟŽŶ ǁŝůů ďĞ ƚŚĞ ƌĞŵĂŝŶŝŶŐ ĐĂĚŽĞƐƉĂŹŽůĚĞĚĞƵĚĂƉƷďůŝĐĂŚĂƐƵĨƌŝĚŽůŽƐĞĨĞĐƚŽƐ tensions in capital markets and Spanish sovereign debt. They ĚŝƌĞĐƚŽƐĞŝŶĚŝƌĞĐƚŽƐĚĞůĂƐĚŝƐƟŶƚĂƐŽůĞĂĚĂƐĚĞůĂĐƌŝƐŝƐ ǁŝůůĂůƐŽďůŽĐŬŝƚƐƌĞĐŽǀĞƌLJ͕ĂƚůĞĂƐƚŝŶƚŚĞƐŚŽƌƚͲƚĞƌŵ͘ ĮŶĂŶĐŝĞƌĂŝŶƚĞƌŶĂĐŝŽŶĂůƋƵĞŚĂŶǀĞŶŝĚŽƐƵĐĞĚŝĠŶĚŽ- &ƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞĐƌŝƐŝƐ͕ƚŚĞĞǀŽůƵƟŽŶŽĨƚŚĞ^ƉĂŶŝƐŚ ƐĞ͕LJĞůůŽŚĂƚĞƌŵŝŶĂĚŽƌĞƉĞƌĐƵƟĞŶĚŽĚĞŵŽĚŽŝƌƌĞ- ƉƵďůŝĐ ĚĞďƚ ŵĂƌŬĞƚ ŚĂƐ ďĞĞŶ ĂīĞĐƚĞĚ ďLJ ƚŚĞ ĚŝƌĞĐƚ ĂŶĚ ŵĞĚŝĂďůĞƐŽďƌĞůĂĞĐŽŶŽŵşĂƌĞĂů͘ ŝŶĚŝƌĞĐƚ ĞīĞĐƚƐ ŽĨ ƚŚĞ ǁĂǀĞƐ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂƟŽŶĂů ĮŶĂŶĐŝĂů WƌĞĐŝƐĂŵĞŶƚĞ͕ůĂĐŽŶƚƌĂĐĐŝſŶƋƵĞĞdžƉĞƌŝŵĞŶƚſůĂĚĞ- ĐƌŝƐŝƐĂŶĚƚŚĂƚŚĂƐĮŶĂůůLJĂŶĚŝƌƌĞƚƌŝĞǀĂďůLJĂīĞĐƚĞĚƚŚĞƌĞĂů ŵĂŶĚĂ ƉƌŝǀĂĚĂ ĚƵƌĂŶƚĞ ůŽƐ ƉƌŝŵĞƌŽƐ ĂŹŽƐ ĚĞ ĐƌŝƐŝƐ economy. ŝŶƚĞŶƚſĐŽŵƉĞŶƐĂƌƐĞĐŽŶƵŶŵĂLJŽƌǀŽůƵŵĞŶĚĞŐĂƐ- ƚŽƉƷďůŝĐŽ͕ůŽƋƵĞƉƌŽƉŝĐŝſƵŶĂŇŽƌĂŵŝĞŶƚŽĚĞůĚĠĮĐŝƚ WƌĞĐŝƐĞůLJ͕ƚŚĞƌĞǁĂƐĂŶĂƩĞŵƉƚƚŽďĂůĂŶĐĞƚŚĞĐŽŶƚƌĂĐƟŽŶŽŶ ƋƵĞĚĞďşĂĐƵďƌŝƌƐĞĐŽŶŵĂLJŽƌĞŵŝƐŝſŶĚĞĚĞƵĚĂ͘ ƉƌŝǀĂƚĞĚĞŵĂŶĚƐĞĞŶƚŚĞĮƌƐƚLJĞĂƌƐŽĨƚŚĞĐƌŝƐŝƐďLJĂŚŝŐŚĞƌ volume of public expenditure. This favoured the growth in ŶĞƐƚŽƐƷůƟŵŽƐĐŝŶĐŽĂŹŽƐ͕ůĂĚĞƵĚĂƉƷďůŝĐĂĞŶŶƵĞƐ- ĚĞĮĐŝƚ͕ǁŚŝĐŚŚĂĚƚŽďĞďĂůĂŶĐĞĚďLJĂŚŝŐŚĞƌĚĞďƚŝƐƐƵĂŶĐĞ͘ ƚƌŽƉĂşƐƉƌĄĐƟĐĂŵĞŶƚĞƐĞŚĂĚƵƉůŝĐĂĚŽ͕ƉƵĞƐƐŝďŝĞŶ͕ ĚƵƌĂŶƚĞϮϬϬϳ͕ĞůǀŽůƵŵĞŶƚŽƚĂůĚĞĚĞƵĚĂĞƋƵŝǀĂůşĂĂ dŚŝƐůĂƐƚĮǀĞLJĞĂƌƐ͕ƚŚĞ^ƉĂŶŝƐŚƉƵďůŝĐĚĞďƚŚĂƐƉƌĂĐƟĐĂůůLJ ƵŶϯϲ͕ϯйĚĞůW/͕ĂůĐŝĞƌƌĞĚĞϮϬϭϭ͕ĞƐƚĞƉŽƌĐĞŶƚĂũĞŚĂ ĚŽƵďůĞĚ͕ƐŝŶĐĞƚŚĞƚŽƚĂůĚĞďƚƐƚŽĐŬƌĞĂĐŚĞĚϲϴ͘ϱƉĞƌĐĞŶƚŽĨ ĞƐĐĂůĂĚŽŚĂƐƚĂĞůϲϴ͕ϱƉŽƌĐŝĞŶƚŽ͕ůŽƋƵĞ͕ĞŶƚĠƌŵŝŶŽƐ the GDP at the end of 2011, which means, in absolute terms, ĂďƐŽůƵƚŽƐ͕ĞƋƵŝǀĂůĞĂϳϯϰ͘ϵϲϭŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͘ ϳϯϰ͘ϵϲϭ ďŝůůŝŽŶ ĞƵƌŽƐ͘ tŚŝůĞ ŝŶ ϮϬϬϳ͕ ƚŚŝƐ ƉĞƌĐĞŶƚĂŐĞ ǁĂƐ ϯϲ͘ϯй͘ ƐƚĂ ƐŝƚƵĂĐŝſŶ͕ ĞŶ ůĂ ƋƵĞ ĐƌĞĐşĂŶ ůĂƐ ŶĞĐĞƐŝĚĂĚĞƐ ĚĞ ĮŶĂŶĐŝĂĐŝſŶ͕ĐŽŝŶĐŝĚşĂŶĞŶĞůƟĞŵƉŽĐŽŶƵŶĐĂŵďŝŽ Ɛ ƚŚĞ ĮŶĂŶĐŝĂů ŶĞĞĚƐ ŐƌĞǁ ƚŚĞƌĞ ǁĂƐ Ă ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĞŶůĂǀĂůŽƌĂĐŝſŶĚĞůƌŝĞƐŐŽƐŽďĞƌĂŶŽƉŽƌƉĂƌƚĞĚĞůŽƐ ĞǀĂůƵĂƟŽŶŽĨƚŚĞƐŽǀĞƌĞŝŐŶĐƌĞĚŝƚƌŝƐŬďLJƚŚĞŝŶǀĞƐƚŽƌƐ͘dŚŝƐ ŝŶǀĞƌƐŽƌĞƐƉŽƌĞůĐŽŶƚĂŐŝŽĂŶƵĞƐƚƌŽƉĂşƐĚĞůĂƐƚĞŶƐŝŽ- was due to the spread of the sovereign debt tensions across ŶĞƐĚĞůĂĚĞƵĚĂƐŽďĞƌĂŶĂ͕ŽƌŝŐŝŶĂĚĂƐĞŶŽƚƌĂƐĞĐŽŶŽ- the Spanish economy. These tensions, created in other

.YmÄJV Graph 2.6

56 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ŵşĂƐĞƵƌŽƉĞĂƐƋƵĞƚĞƌŵŝŶĂƌŽŶƌĞƉĞƌĐƵƟĞŶĚŽĞŶƵŶĂ ĞƐĐĂůĂĚĂĐŽŶƟŶƵĂĚĂĚĞůĂƐƌĞŶƚĂďŝůŝĚĂĚĞƐĚĞůĂĚĞƵĚĂ͘

ůĚŝĨĞƌĞŶĐŝĂůĚĞůĂĚĞƵĚĂĞƐƉĂŹŽůĂƌĞƐƉĞĐƚŽĚĞůďŽŶŽ ĂůĞŵĄŶĂϭϬĂŹŽƐ͕ƋƵĞƐŝƌǀĞĚĞƌĞĨĞƌĞŶĐŝĂĂůŽƐĂŶĂůŝƐ- ƚĂƐ͕ƉĂƐſĚĞůŽƐϴƉƵŶƚŽƐďĄƐŝĐŽƐĂĮŶĂůĞƐĚĞϮϬϬϳĂ ƵƌŽƉĞĂŶĞĐŽŶŽŵŝĞƐ͕ĮŶĂůůLJĐĂƵƐĞĚĂĐŽŶƟŶƵĞĚĞƐĐĂůĂƟŽŶ ϰϬƉƵŶƚŽƐďĄƐŝĐŽƐĂŵĞĚŝĂĚŽƐĚĞŵĂƌnjŽĚĞϮϬϬϴ͕LJĂů- of debt return. ĐĂŶnjſůŽƐϭϯϬƉƵŶƚŽƐĂĐŽŵŝĞŶnjŽƐĚĞĨĞďƌĞƌŽĚĞϮϬϬϵ͘ dŚĞĚŝīĞƌĞŶƟĂůďĞƚǁĞĞŶƚŚĞ^ƉĂŶŝƐŚĚĞďƚĂŶĚƚŚĞϭϬͲLJĞĂƌ ƵƌĂŶƚĞĞƐƚĞƉĞƌŝŽĚŽ͕ĞůĂƵŵĞŶƚŽĚĞůĚŝĨĞƌĞŶĐŝĂůĞŶůĂ 'ĞƌŵĂŶďŽŶĚLJŝĞůĚ͕ĂƐĂƌĞĨĞƌĞŶĐĞĨŽƌƚŚĞĮŶĂŶĐŝĂůĂŶĂůLJƐƚƐ͕ ƌĞŶƚĂďŝůŝĚĂĚŶŽƐƵƉƵƐŽŶĞĐĞƐĂƌŝĂŵĞŶƚĞƵŶĂĞůĞǀĂĐŝſŶ ǁĞŶƚĨƌŽŵϴďĂƐŝƐƉŽŝŶƚƐŝŶůĂƚĞϮϬϬϳƚŽϰϬďĂƐŝƐƉŽŝŶƚƐŝŶ ĚĞůĐŽƐƚĞĚĞĮŶĂŶĐŝĂĐŝſŶĚĞůĂĚĞƵĚĂĞƐƉĂŹŽůĂ͕ƉƵĞƐ ŵŝĚͲDĂƌĐŚŽĨϮϬϬϴ͕ĂŶĚƌĞĂĐŚĞĚϭϯϬƉŽŝŶƚƐĂƚƚŚĞďĞŐŝŶŶŝŶŐ ĞůƟƉŽĚĞŝŶƚĞƌĠƐĂƐŽĐŝĂĚŽĂůŽƐďŽŶŽƐĂĚŝĞnjĂŹŽƐƐĞ ŽĨϮϬϬϵ͘ ŵĂŶƚĞŶşĂŶƉƌĄĐƟĐĂŵĞŶƚĞĞƐƚĂďůĞƐ͘ ƵƌŝŶŐƚŚŝƐƚĞƌŵ͕ƚŚĞŝŶĐƌĞĂƐĞŝŶƚŚĞƉƌŽĮƚĂďŝůŝƚLJĚŝīĞƌĞŶƟĂů >ŽƋƵĞĞdžƉůŝĐĂďĂĞůƌĞƉƵŶƚĞĚĞůĂƉƌŝŵĂĚĞƌŝĞƐŐŽĞƌĂ͕ ĚŝĚŶŽƚŝŶĐƌĞĂƐĞƚŚĞĮŶĂŶĐŝĂůĐŽƐƚŽĨƚŚĞ^ƉĂŶŝƐŚĚĞďƚ͕ƐŝŶĐĞ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ͕ ůĂ ĐĂşĚĂ ĞŶ ůĂ ƌĞŶƚĂďŝůŝĚĂĚ ĚĞ ůĂ ƚŚĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚĞŶͲLJĞĂƌƐ ďŽŶĚ LJŝĞůĚƐ ĚĞƵĚĂĂůĞŵĂŶĂƋƵĞĂĐƚƵĂďĂĂŵŽĚŽĚĞǀĂůŽƌƌĞĨƵŐŝŽ ƌĞŵĂŝŶĞĚƉƌĂĐƟĐĂůůLJƐƚĂďůĞ͘ ĐĂƉƚĂŶĚŽŵĂLJŽƌĚĞŵĂŶĚĂĚĞơƚƵůŽƐ͘ The risk premium upturn was due mainly to the drop in ŶĐĂŵďŝŽ͕LJƚƌĂƐĞůƌĞƐĐĂƚĞĚĞůĂĞĐŽŶŽŵşĂŐƌŝĞŐĂĞŶĞů 'ĞƌŵĂŶ ĚĞďƚ ƉƌŽĮƚĂďŝůŝƚLJ͕ ǁŚŝĐŚ ĂĐƚĞĚ ĂƐ Ă ƐĂĨĞͲŚĂǀĞŶ͕ ŵĞƐĚĞŵĂLJŽĚĞϮϬϭϬ͕ůĂƐƚĞŶƐŝŽŶĞƐĞŶůŽƐŵĞƌĐĂĚŽƐ ĂƩƌĂĐƟŶŐĂŚŝŐŚĞƌĚĞŵĂŶĚĨŽƌƐĞĐƵƌŝƟĞƐ͘ ĚĞĚĞƵĚĂƐĞĞdžƚĞŶĚŝĞƌŽŶĂŽƚƌŽƐƐƚĂĚŽƐŵŝĞŵďƌŽƐ͕LJ ĐŽŵĞŶnjſĂƚŽŵĂƌĨŽƌŵĂůĂƉƌŝŵĞƌĂĐƌŝƐŝƐĚĞĚĞƵĚĂĞŶ ,ŽǁĞǀĞƌ͕ĂŌĞƌƚŚĞĞĐŽŶŽŵŝĐďĂŝůŽƵƚŽĨ'ƌĞĞĐĞŝŶDĂLJϮϬϭϬ͕ ůĂƵƌŽnjŽŶĂ͘ the market strains spread across other European members ĂŶĚƚŚĞĮƌƐƚĚĞďƚĐƌŝƐŝƐƐƚĂƌƚĞĚŝŶƚŚĞƵƌŽĂƌĞĂ͘ ŶĞƐƚĞŶƵĞǀŽĞƐĐĞŶĂƌŝŽ͕ůĂĞĐŽŶŽŵşĂĞƐƉĂŹŽůĂƌĞƐƵů- ƚĂďĂǀƵůŶĞƌĂďůĞ͕ĚĂĚŽĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĚĠĮĐŝƚƉƷďůŝ- In this new scenario, the Spanish economy was vulnerable, ĐŽLJůĂĨƵĞƌƚĞĞdžƉŽƐŝĐŝſŶĚĞůĐŽŶƐƵŵŽLJůĂŝŶǀĞƌƐŝſŶ ŐŝǀĞŶ ƚŚĞ ŐƌŽǁƚŚ ŽĨ ƚŚĞ ďƵĚŐĞƚ ĚĞĮĐŝƚ ĂŶĚ ƚŚĞ ƐƚƌŽŶŐ ƉƌŝǀĂĚĂĂůƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽ͕ĚĞŵŽĚŽƋƵĞůŽƐƟƉŽƐ ĞdžƉŽƐƵƌĞŽĨƚŚĞƉƌŝǀĂƚĞĐŽŶƐƵŵƉƟŽŶĂŶĚŝŶǀĞƐƚŵĞŶƚƚŽƚŚĞ ĚĞŝŶƚĞƌĠƐĚĞůŽƐĂĐƟǀŽƐĞŵŝƟĚŽƐƉŽƌĞůdĞƐŽƌŽƚĞŶĚŝĞ- ĮŶĂŶĐŝĂůƐLJƐƚĞŵ͘^ŽƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŽĨƚŚĞĂƐƐĞƚƐŝƐƐƵĞĚďLJ

 




  

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57 CONCLUSIONES CONCLUSIONS 2011

ƌŽŶĂĞůĞǀĂƌƐĞ͕ĂĐƵƐĂŶĚŽƵŶŝŶĐƌĞŵĞŶƚŽĚĞƐƚĂĐĂĚŽĚĞ ůĂƉƌŝŵĂĚĞƌŝĞƐŐŽĞƐƉĂŹŽůĂ͘

^ŝďŝĞŶůŽƐĞĨĞĐƚŽƐĚĞĞƐƚĂƉƌŝŵĞƌĂŽůĞĂĚĂĐŽŶƐŝŐƵŝĞ- ƌŽŶ ĂƚĞŵƉĞƌĂƌƐĞ ƚƌĂƐ ůĂ ĂĐƚƵĂĐŝſŶ ĚĞ ůĂƐ ĚŝƐƟŶƚĂƐ ĂƵƚŽƌŝĚĂĚĞƐ ĞƵƌŽƉĞĂƐ͕ ĐŽŶ ƉŽƐƚĞƌŝŽƌŝĚĂĚ ƐĞ ĨƵĞƌŽŶ ƐƵĐĞĚŝĞŶĚŽŶƵĞǀĂƐŽůĞĂĚĂƐĚĞƚĞŶƐŝŽŶĞƐĞŶůŽƐŵĞƌ- the Spanish Treasury Department increased, which in turn, ĐĂĚŽƐ ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞ ůŽƐ ƐƵĐĞƐŝǀŽƐ ƌĞƐĐĂƚĞƐ raised the Spanish risk premium. ĚĞ/ƌůĂŶĚĂ͕ĞŶŶŽǀŝĞŵďƌĞĚĞϮϬϭϬLJĚĞWŽƌƚƵŐĂů͕ĞŶĞů ůƚŚŽƵŐŚƚŚĞĞīĞĐƚƐŽĨƚŚŝƐĮƌƐƚǁĂǀĞǁĞƌĞŵĂŶĂŐĞĚďLJƐŽŵĞ ŵĞƐĚĞĂďƌŝůĚĞϮϬϭϭ͕ĂĐƌĞĐĞŶƚĄŶĚŽƐĞĂƷŶŵĄƐ͕ƚƌĂƐ ƵƌŽƉĞĂŶŝŶƐƟƚƵƟŽŶƐ͕ƚŚĞƌĞǁĞƌĞĂŌĞƌǁĂƌĚƐŶĞǁǁĂǀĞƐŽĨ ĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽƋƵĞĞdžƉĞƌŝŵĞŶƚſůĂĐƌŝƐŝƐŐƌŝĞŐĂĞŶ ƐƚƌĂŝŶƐŝŶŵĂƌŬĞƚƐ͕ĂƐĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞƐƵĐĐĞƐƐŝǀĞďĂŝůŽƵƚƐ ůŽƐŵĞƐĞƐĚĞũƵůŝŽLJĂŐŽƐƚŽĚĞϮϬϭϭ͘ ŽĨ /ƌĞůĂŶĚ ;EŽǀĞŵďĞƌ ϮϬϭϬͿ ĂŶĚ WŽƌƚƵŐĂů ;Ɖƌŝů ϮϬϭϭͿ͕ ƐƚĂ ŶƵĞǀĂ ĐƌŝƐŝƐ ƌĞƉĞƌĐƵƟſ ĞŶ ƵŶĂ ĞůĞǀĂĐŝſŶ ĚĞ ůŽƐ ŝŶĐƌĞĂƐŝŶŐ ĞǀĞŶ ŵŽƌĞ ƚŚĞ ^ƉĂŶŝƐŚ ƌŝƐŬ ƉƌĞŵŝƵŵ͕ ĂŌĞƌ ƚŚĞ ƟƉŽƐĚĞŝŶƚĞƌĠƐĚĞůŽƐďŽŶŽƐĞƐƉĂŹŽůĞƐ͕ůůĞŐĂŶĚŽĂƐƵ- ŝŶƚĞŶƐŝĮĐĂƟŽŶŽĨƚŚĞ'ƌĞĞŬĐƌŝƐŝƐŝŶ:ƵůLJĂŶĚƵŐƵƐƚϮϬϭϭ͘ ƉĞƌĂƌĞůϲй͕ůŽƋƵĞĞůĞǀĂďĂĞůĚŝĨĞƌĞŶĐŝĂůĐŽŶƌĞƐƉĞĐƚŽ This new crisis raised the Spanish bond yields interest rates, ĂůĂĚĞƵĚĂĂůĞŵĂŶĂĞŶƚŽƌŶŽĂůŽƐϰϬϬƉƵŶƚŽƐďĄƐŝĐŽƐ͘ ǁŝĚĞŶŝŶŐ ƚŽ ĂďŽǀĞ ϲй͘ dŚŝƐ ƌĂŝƐĞĚ ŝƚƐ ĚŝīĞƌĞŶƟĂů ǁŝƚŚ >ĞũŽƐĚĞĐŽƌƌĞŐŝƌƐĞ͕ĞƐƚĂƚĞŶĚĞŶĐŝĂŚĂĐŽŶƟŶƵĂĚŽĂů reference to the German debt to around 400 basis points. ĂůnjĂ͕ ůůĞŐĄŶĚŽƐĞ Ă  ƐƵƉĞƌĂƌ͕ ŝŶĐůƵƐŽ͕ ůŽƐ ϱϰϬ ƉƵŶƚŽƐ ĚƵƌĂŶƚĞĞůŵĞƐĚĞŵĂLJŽĚĞϮϬϭϮ͕ůŽƋƵĞŚĂƐƵƉƵĞƐƚŽ &ĂƌĨƌŽŵĐŽƌƌĞĐƟŶŐ͕ƚŚŝƐƚƌĞŶĚŚĂƐĐŽŶƟŶƵĞĚƵƉǁĂƌĚƐĂŶĚ ĂůĐĂŶnjĂƌůŽƐŶŝǀĞůĞƐŵĄƐĞůĞǀĂĚŽƐĚĞƐĚĞůĂĐƌĞĂĐŝſŶĚĞ ĞǀĞŶǁŝĚĞŶĞĚƚŽĂďŽǀĞϱϰϬƉŽŝŶƚƐŝŶDĂLJϮϬϭϮ͕ǁŚŝĐŚůĞĚƚŽ la Unión monetaria. ƌĞĂĐŚƚŚĞŚŝŐŚĞƐƚůĞǀĞůƐƐŝŶĐĞƚŚĞĐƌĞĂƟŽŶŽĨƚŚĞŵŽŶĞƚĂƌLJ Union. Ŷ ƚŽĚŽ ĞƐƚĞ ƉĞƌŝŽĚŽ͕ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ůŽƐ ŵĞƌĐĂĚŽƐ ƉƌŝŵĂƌŝŽƐĚĞĚĞƵĚĂƉƷďůŝĐĂŚĂŶĞƐƚĂĚŽĂůƚĂŵĞŶƚĞĐŽ- ůŽŶŐ ƚŚŝƐ ƉĞƌŝŽĚ͕ ƚŚĞ ĞǀŽůƵƟŽŶ ŽĨ ƉƵďůŝĐ ĚĞďƚ ƉƌŝŵĂƌLJ ƌƌĞůĂĐŝŽŶĂĚŽƐĐŽŶůĂƐŶĞĐĞƐŝĚĂĚĞƐĐƌĞĐŝĞŶƚĞƐĚĞĮŶĂŶ- ŵĂƌŬĞƚƐ ŚĂƐ ďĞĞŶ ǁŝĚĞůLJ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŐƌŽǁŝŶŐ ĮŶĂŶĐŝĂů ciación del Estado. needs of Spain.

ŶĞůƉĞƌŝŽĚŽϮϬϬϱͲϮϬϬϳ͕ůĂƐĐƵĞŶƚĂƐĚĞůĐŽŶũƵŶƚŽĚĞ /ŶƚŚĞƉĞƌŝŽĚϮϬϬϱͲϮϬϬϳ͕ƚŚĞŐŽǀĞƌŶŵĞŶƚĂĐĐŽƵŶƚƐƐŚŽǁĞĚ ůĂĚŵŝŶŝƐƚƌĂĐŝſŶWƷďůŝĐĂƌĞŐŝƐƚƌĂďĂŶƐƵƉĞƌĄǀŝƚ͕ĂƵŶ- surplus, although from 2008, they start to worsen. This was ƋƵĞĂƉĂƌƟƌĚĞϮϬϬϴ͕ĐŽŵĞŶnjĂƌŽŶĂĞdžƉĞƌŝŵĞŶƚĂƌƵŶ due, on the one hand, to the drop in incomes dependant of

.YmÄJV Graph 2.8

58 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ŵĂƌĐĂĚŽĚĞƚĞƌŝŽƌŽ͕ŵŽƟǀĂĚŽƚĂŶƚŽƉŽƌůĂĐĂşĚĂĚĞůŽƐ ŝŶŐƌĞƐŽƐĚĞƉĞŶĚŝĞŶƚĞƐĚĞůĂĚĞďŝůŝĚĂĚĚĞůĂĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ͕ ĐŽŵŽ ƉŽƌ Ğů ĂƵŵĞŶƚŽ ĚĞů ŐĂƐƚŽ ƉƷďůŝĐŽ ĐŽŶĞůƋƵĞƐĞƉƌĞƚĞŶĚşĂĐŽŵƉĞŶƐĂƌůĂĐĂşĚĂĚĞůĂĚĞ- manda privada.

ƐĞĂŹŽ͕ĞůĚĠĮĐŝƚƉƷďůŝĐŽƐĞƐŝƚƵſĞŶĞůϰ͕ϱйĚĞůW/͕ LJůĞũŽƐĚĞŵŽĚĞƌĂƌƐĞ͕ƐƵƉĞƌſĞůϭϭйĚƵƌĂŶƚĞϮϬϬϵ͕ůŽ ƚŚĞ ĞĐŽŶŽŵŝĐ ĂĐƟǀŝƚLJ ǁĞĂŬŶĞƐƐ ĂŶĚ͕ ŽŶ ƚŚĞ ŽƚŚĞƌ͕ ƚŽ ƚŚĞ ƋƵĞŵŽƟǀſƋƵĞĂƐƉĂŹĂůĞĨƵĞƐĞĚĞĂƉůŝĐĂĐŝſŶĞůWƌŽ- ŝŶĐƌĞĂƐĞŝŶƉƵďůŝĐĞdžƉĞŶĚŝƚƵƌĞ͕ǁŚŝĐŚǁĂƐĞdžƉĞĐƚĞĚƚŽŽīƐĞƚ ƚŽĐŽůŽĚĞĠĮĐŝƚdžĐĞƐŝǀŽƉŽƌƉĂƌƚĞĚĞůĂŽŵŝƐŝſŶƵ- the decrease in private demand. ƌŽƉĞĂ͕ǀŝĠŶĚŽƐĞŽďůŝŐĂĚĂĂĂƐƵŵŝƌƵŶĂƐĞŶĚĂĚĞĂũƵƐƚĞ dŚĂƚLJĞĂƌ͕ƚŚĞďƵĚŐĞƚĚĞĮĐŝƚƌĞĂĐŚĞĚϰ͘ϱйŽĨƚŚĞ'WĂŶĚ͕ ĐŽŶůĂƋƵĞĐŽƌƌĞŐŝƌĞůĚĠĮĐŝƚ͕LJĐƵŵƉůŝƌĂƐşĞůŽďũĞƟǀŽ ŝŶƐƚĞĂĚŽĨŵŽĚĞƌĂƟŶŐ͕ǁŝĚĞŶĞĚƚŽĂďŽǀĞϭϭйŝŶϮϬϬϵ͘dŚŝƐ ĚĞůϯ͕ϬйĞŶĞůĂŹŽϮϬϭϯ͘ ŵĂĚĞ ƉŽƐƐŝďůĞ ƚŽ ĂƉƉůLJ ŝŶ ^ƉĂŝŶ ƚŚĞ h džĐĞƐƐŝǀĞ ĞĮĐŝƚ ^ĞŐƷŶĞƐƚĂƐĞŶĚĂĚĞĂũƵƐƚĞ͕ĞůĚĠĮĐŝƚŶŽĚĞďşĂƐƵƉĞƌĂƌ Procedure, so adjustment measures had to be taken in order Ğůϲ͕ϬйĞŶϮϬϭϭŶŝĞůϰ͕ϰйĚĞůW/ĞŶϮϬϭϮ͘ ƚŽĐŽƌƌĞĐƚƚŚĞĚĞĮĐŝƚ͕ĂŶĚƚŚƵƐ͕ŵĞĞƚƚŚĞϯ͘ϬйƚĂƌŐĞƚŝŶϮϬϭϯ͘

EŽ ŽďƐƚĂŶƚĞ͕ ůĂ ĐĂşĚĂ ĚĞ ůĂ ƌĞĐĂƵĚĂĐŝſŶ ĚĞ ŝŶŐƌĞƐŽƐ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚŝƐ ƉĂƚŚ ŽĨ ĂĚũƵƐƚŵĞŶƚ͕ ĚĞĮĐŝƚ ƐŚŽƵůĚ ŶŽƚ ŝŵƉŽƐŝƟǀŽƐĚƵƌĂŶƚĞϮϬϭϭƌĞƐƵůƚſŵĂLJŽƌĚĞůŽƉƌĞǀŝƐ- ĞdžĐĞĞĚϲ͘ϬйŝŶϮϬϭϭ͕ŶŽƌϰ͘ϰйŽĨƚŚĞ'WŝŶϮϬϭϮ͘ ƚŽ͕ ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ĚĞƚĞƌŝŽƌŽ ĞŶ Ğů ŵĞƌĐĂĚŽ ůĂďŽƌĂůLJĚĞůĞŵƉĞŽƌĂŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂĞƐƉĂŹŽůĂ EĞǀĞƌƚŚĞůĞƐƐ͕ƚŚĞĚƌŽƉŝŶƚĂdžĐŽůůĞĐƟŽŶŝŶϮϬϭϭǁĂƐŚŝŐŚĞƌ ĚƵƌĂŶƚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞůĂŹŽ͘ ƚŚĂŶĞdžƉĞĐƚĞĚ͕ĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞĚĞƚĞƌŝŽƌĂƟŶŐůĂďŽƵƌ market and worsening Spanish economy during the last half - >ĂĐĂşĚĂĚĞŝŶŐƌĞƐŽƐƐĞƐƵĐĞĚŝſ͕ĂĚĞŵĄƐ͕ĞŶƵŶĐŽŶ of the year. ƚĞdžƚŽĚĞĞƐĐĂƐĂĐŽŶƚĞŶĐŝſŶĚĞůŐĂƐƚŽƉƷďůŝĐŽ͕ĞƐƉĞĐŝĂů- ŵĞŶƚĞĞŶĞůĄŵďŝƚŽĚĞůĂƐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ͕ The fall in revenues coincided with a lack of restraint of public LJƚŽĚŽĞůůŽůůĞǀſĂůĐŽŶũƵŶƚŽĚĞůĂƐĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ ĞdžƉĞŶĚŝƚƵƌĞ͕ĞƐƉĞĐŝĂůůLJŝŶƚŚĞƵƚŽŶŽŵŽƵƐŽŵŵƵŶŝƟĞƐ͘ůů ƉƷďůŝĐĂƐ ĞƐƉĂŹŽůĂƐ Ă ƌĞŐŝƐƚƌĂƌ ƵŶ ĚĠĮĐŝƚ ĚĞů ϴ͕ϱй Ăů ƚŚŝƐůĞĚƚŚĞǁŚŽůĞWƵďůŝĐĚŵŝŶŝƐƚƌĂƟŽŶƚŽƌĞŐŝƐƚĞƌĂϴ͘ϱй cierre del año. ĚĞĮĐŝƚĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͘

.YmÄJV Graph 2.9

59 CONCLUSIONES CONCLUSIONS 2011

Ŷ ĞƐƚĞ ĞƐĐĞŶĂƌŝŽ͕ ůĂƐ ĐƵĞŶƚĂƐ ƉƷďůŝĐĂƐ ĚĞďşĂŶ ĂƐƵ- ŵŝƌƵŶĂĚĞƐǀŝĂĐŝſŶĚĞϮ͕ϱƉƵŶƚŽƐƐŽďƌĞĞůŽďũĞƟǀŽĚĞ ĚĠĮĐŝƚƉƌĞǀŝƐƚŽƉĂƌĂϮϬϭϭ͕LJĞůůŽŽďůŝŐĂďĂĂƌĞǀŝƐĂƌůĂ ƐĞŶĚĂĚĞĂũƵƐƚĞŝŶŝĐŝĂůŵĞŶƚĞƉƌĞǀŝƐƚĂĞůĞǀĂŶĚŽ͕ŚĂƐƚĂ Ğůϱ͕ϯй͕ĞůůşŵŝƚĞĂƐƵŵŝďůĞĞŶϮϬϭϮ͕ĂĐŽƌĚĂĚŽĐŽŶůĂ ŽŵŝƐŝſŶƵƌŽƉĞĂ͘

WĂƌĂ ŚĂĐĞƌ ĨƌĞŶƚĞ Ă ĞƐƚĞ ŶƵĞǀŽ ůşŵŝƚĞ͕ Ğů ƐƚĂĚŽ ŚĂ ĚŝƐƉƵĞƐƚŽ ŵĞĚŝĚĂƐ ƉĂƌĂ ůĂ ƌĞĚƵĐĐŝſŶ ĚĞů ŐĂƐƚŽ LJ Ğů /Ŷ ƚŚŝƐ ƐĐĞŶĂƌŝŽ͕ ƚŚĞ ƉƵďůŝĐ ĮŶĂŶĐĞƐ ŚĂĚ ƚŽ ƚĂŬĞ ŽŶ Ă Ϯ͘ϱ - ĂƵŵĞŶƚŽĚĞůŽƐŝŶŐƌĞƐŽƐ͘>ĂƐƉƌŝŶĐŝƉĂůĞƐŵĞĚŝĚĂƐĞƐ ƉŽŝŶƚƐĚĞǀŝĂƟŽŶŽŶƚŚĞϮϬϭϭĚĞĮĐŝƚƚĂƌŐĞƚ͘ĞĐĂƵƐĞŽĨƚŚŝƐ͕ ƚĄŶƌĞĐŽŐŝĚĂƐĞŶĞůZĞĂůĞĐƌĞƚŽͲůĞLJϮϬͬϮϬϭϭ͕ĚĞϯϬ it was necessary to check the expected path of adjustment, - ĚĞ ĚŝĐŝĞŵďƌĞ͕ ĚĞ ŵĞĚŝĚĂƐ ƵƌŐĞŶƚĞƐ ĞŶ ŵĂƚĞƌŝĂ ƉƌĞ ƌĂŝƐŝŶŐƚŽϱ͘ϯйƚŚĞhŵĂdžŝŵƵŵůŝŵŝƚƐĨŽƌϮϬϭϮ͘ ƐƵƉƵĞƐƚĂƌŝĂ͕ƚƌŝďƵƚĂƌŝĂLJĮŶĂŶĐŝĞƌĂƉĂƌĂůĂĐŽƌƌĞĐĐŝſŶ ĚĞůĚĠĮĐŝƚƉƷďůŝĐŽ͕ĂƐşĐŽŵŽĞŶůĂ>ĞLJĚĞWƌĞƐƵƉƵĞƐƚŽƐ To deal with this new limit, the Spanish government has 'ĞŶĞƌĂůĞƐĚĞůƐƚĂĚŽƉĂƌĂϮϬϭϮ͕ĐƵLJĂĂƉƌŽďĂĐŝſŶƐĞ applied measures in order to cut public expenditure and to ha retrasado hasta mediados de año. increase the income. The main measures will be compiled ŝŶƚŚĞZŽLJĂůĞĐƌĞĞͲ>ĂǁϮϬͬϮϬϭϭŽĨϯϬĞĐĞŵďĞƌŽŶƵƌŐĞŶƚ ^ŝďŝĞŶƌĞƐƵůƚĂŶĞĐĞƐĂƌŝŽĂĐŽŵĞƚĞƌĂũƵƐƚĞƐƉŽƌĞůůĂĚŽ ďƵĚŐĞƚĂƌLJ ĂŶĚ ĮŶĂŶĐŝĂů ŵĞĂƐƵƌĞƐ͕ ĂŶĚ ƚŚĞ ^ƉĂŶŝƐŚ ϮϬϭϮ ĚĞůŐĂƐƚŽ͕ĞƐƚŽƐĚĞďĞƌşĂŶĂďŽƌĚĂƌ͕ƐŝŶŵĄƐĚĞŵŽƌĂ͕ůĂ ƵĚŐĞƚĐƚ͕ǁŚŝĐŚĂĚŽƉƟŽŶǁĂƐƉŽƐƚƉŽŶĞĚƵŶƟůŵŝĚͲLJĞĂƌ͘ ƐŽďƌĞĚŝŵĞŶƐŝſŶĚĞůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐ͕ĞƐ- ƉĞĐŝĂůŵĞŶƚĞĞŶĞůĄŵďŝƚŽĚĞůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽ- Although it is necessary to apply expenditure measures, the ŵĂƐLJůĂƐĐŽƌƉŽƌĂĐŝŽŶĞƐůŽĐĂůĞƐ͕ĚĂĚĂůĂƉƌŽŶƵŶĐŝĂĚĂ ƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶŽǀĞƌƐŝnjŝŶŐƐŚŽƵůĚďĞĂĚĚƌĞƐƐĞĚǁŝƚŚŽƵƚ ƌĞĐĞƐŝſŶƋƵĞŚĂƉĂĚĞĐŝĚŽĞůƐŝƐƚĞŵĂƉƌŽĚƵĐƟǀŽĞŶƐƵ ĨƵƌƚŚĞƌ ĚĞůĂLJ͘ ƐƉĞĐŝĂůůLJ ĂďŽƵƚ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ - ĐŽŶũƵŶƚŽLJůĂƐĐƌĞĐŝĞŶƚĞƐĚŝĮĐƵůƚĂĚĞƐƋƵĞǀŝĞŶĞĞŶĐŽŶ ĂŶĚ ůŽĐĂů ĐŽƌƉŽƌĂƟŽŶƐ͕ ŐŝǀĞŶ ƚŚĞ ƐŚĂƌƉ ƌĞĐĞƐƐŝŽŶ ŝŶ ƚŚĞ ƚƌĂŶĚŽĞůƐƚĂĚŽƉĂƌĂĮŶĂŶĐŝĂƌůĂĞŵŝƐŝſŶĚĞĚĞƵĚĂ͘ ǁŚŽůĞƉƌŽĚƵĐƟǀĞƐLJƐƚĞŵĂŶĚƚŚĞŝŶĐƌĞĂƐŝŶŐĚŝĸĐƵůƟĞƐƚŚĞ ŐŽǀĞƌŶŵĞŶƚŚĂƐĨŽƵŶĚƚŽĮŶĂŶĐĞƚŚĞĚĞďƚŝƐƐƵĂŶĐĞ͘ >ĂƌĞĚƵĐĐŝſŶĚĞůŐĂƐƚŽĂĨĞĐƚĂƌĄĂůĂƐƉŽůşƟĐĂƐĂĐƟǀĂƐ ĚĞĞŵƉůĞŽLJĂůĂƐĂĐƚƵĂĐŝŽŶĞƐĚĞĐĂƌĄĐƚĞƌĞĐŽŶſŵŝĐŽ͖ dŚĞĞdžƉĞŶĚŝƚƵƌĞƌĞĚƵĐƟŽŶǁŝůůĂīĞĐƚƚŚĞĂĐƟǀĞĞŵƉůŽLJŵĞŶƚ ĞŶƚƌĞĞůůĂƐ͕ůĂŝŶǀĞƌƐŝſŶĞŶŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐ͕ĞŶ/ннŝ͕ policies and the economic measures. Among them, Ž ůĂƐ ĂĐƚƵĂĐŝŽŶĞƐ ĞŶ ŵĂƚĞƌŝĂ ĚĞ ŝŶĚƵƐƚƌŝĂ LJ ĞŶĞƌŐşĂ͕ investment in infrastructure, in research, development and

  

   
  
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60 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ĐƵLJĂƐƉĂƌƟĚĂƐƉƌĞƐƵƉƵĞƐƚĂƌŝĂƐƐĞǀĞƌĄŶƌĞĚƵĐŝĚĂƐĞŶ ŵĄƐĚĞƵŶϮϬйĚƵƌĂŶƚĞĞůĂŹŽϮϬϭϮ͘

ů ŝŵƉĂĐƚŽ ŽĐĂƐŝŽŶĂĚŽ ƉŽƌ ůĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ĞƐƚĂƐ ƉĂƌƟĚĂƐĚĞŐĂƐƚŽ͕ŚĂďƌĄƋƵĞƐƵŵĂƌůĂƌĞĚƵĐĐŝſŶĞŶůĂ ĐĂƉĂĐŝĚĂĚĚĞƌĞŶƚĂĚĞůŽƐŚŽŐĂƌĞƐLJůŽƐŵĄƌŐĞŶĞƐĚĞ ŝŶŶŽǀĂƟŽŶ͕ŽƌŝŶĚƵƐƚƌLJĂŶĚĞŶĞƌŐLJŵĞĂƐƵƌĞƐ͕ǁŚŝĐŚďƵĚŐĞƚ las empresas derivados del incremento de la presión ůŝŶĞƐǁŝůůďĞĐƵƚďLJŵŽƌĞƚŚĂŶϮϬйŝŶϮϬϭϮ͘ ĮƐĐĂů͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂƐŵĞĚŝĚĂƐƚƌŝďƵƚĂƌŝĂƐ To the impact caused by the decrease in these budget lines, ƋƵĞƟĞŶĞŶƉƌĞǀŝƐƚŽĂƉůŝĐĂƌƐĞĚƵƌĂŶƚĞϮϬϭϮ͕ƚĂŶƚŽĞŶ ǁĞƐŚŽƵůĚĂĚĚƐŽŵĞŽƚŚĞƌĨĂĐƚƐ͗ƚŚĞƌĞĚƵĐƟŽŶŽĨŚŽƵƐĞŚŽůĚ ĞůĄŵďŝƚŽŶĂĐŝŽŶĂůĐŽŵŽĞŶĞůĚĞůĂƐŽŵƵŶŝĚĂĚĞƐĂƵ- income capacity and companies margins, due to the increase ƚſŶŽŵĂƐLJĚĞůĂƐĐŽƌƉŽƌĂĐŝŽŶĞƐůŽĐĂůĞƐ͘ ŽĨ ƚŚĞ ƚĂdž ďƵƌĚĞŶ͕ ĂƐ Ă ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚĞ ĞdžƉĞĐƚĞĚ ƚĂdž WŽƌůŽƋƵĞƐĞƌĞĮĞƌĞĂůƌĞƐƚŽĚĞůĂƐĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ͕ measures for 2012. These measures will be adopted at a ƐŝďŝĞŶŶŝŶŐƵŶĂůŽŐƌſĐƵŵƉůŝƌĞůŽďũĞƟǀŽĞůĚĠĮĐŝƚĂƐŝŐ- ŶĂƟŽŶĂůůĞǀĞů͕ŝŶƚŚĞƵƚŽŶŽŵŽƵƐŽŵŵƵŶŝƟĞƐĂŶĚŝŶ>ŽĐĂů ŶĂĚŽ͕ůŽĐŝĞƌƚŽĞƐƋƵĞůĂŵĂLJŽƌƉĂƌƚĞĚĞůĂĚĞƐǀŝĂĐŝſŶ ĐŽƌƉŽƌĂƟŽŶƐ͘ ƐĞĚĞďŝſĂůŽƐŵĂLJŽƌĞƐĚĞƐĞƋƵŝůŝďƌŝŽƐƋƵĞƉƌĞƐĞŶƚĂ- ƌŽŶůĂƐĐƵĞŶƚĂƐĚĞůĂƐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐLJ͕ĞŶ ZĞŐĂƌĚŝŶŐƚŽƚŚĞƌĞƐƚŽĨƚŚĞƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐ͕ƚŚĞLJĐŽƵůĚ ŵĞŶŽƌŵĞĚŝĚĂ͕ĚĞůĂ^ĞŐƵƌŝĚĂĚ^ŽĐŝĂů͕ĚŽŶĚĞĞůĐƌĞĐŝ- ŶŽƚƌĞĂĐŚƚŚĞĚĞĮĐŝƚƚĂƌŐĞƚ͕ďƵƚƚŚĞƚƌƵƚŚŝƐƚŚĂƚƚŚĞŵŽƐƚƉĂƌƚ ŵŝĞŶƚŽĚĞůĚĞƐĞŵƉůĞŽƚĞƌŵŝŶſŐĞŶĞƌĂŶĚŽƚĞŶƐŝŽŶĞƐ ŽĨƚŚĞĚĞǀŝĂƟŽŶǁĂƐĚƵĞƚŽƚŚĞŚŝŐŚĞƌŝŵďĂůĂŶĐĞƐƐŚŽǁĞĚŝŶ ƐƵƉĞƌŝŽƌĞƐĂůĂƐƉƌĞǀŝƐƚĂƐ͘ ƚŚĞĂĐĐŽƵŶƚĂďŝůŝƚLJŽĨƚŚĞƵƚŽŶŽŵŽƵƐŽŵŵƵŶŝƟĞƐĂŶĚ͕ƚŽ a lesser degree, of the Social Security, where the increase of ŶĞůĐĂƐŽĐŽŶĐƌĞƚŽĚĞůĂƐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ͕ unemployment created bigger tensions than expected. ĞůũĞĐƵƟǀŽŚĂďşĂƉƌĞǀŝƐƚŽĞŶƐƵ/ŶĨŽƌŵĞĞůĞǀĂĚŽĂůĂ ŽŵŝƐŝſŶƵƌŽƉĞĂƋƵĞĞůĚĠĮĐŝƚĚĞůĂƐŽŵƵŶŝĚĂĚĞƐ The Government had expected for the Autonomous ĂƵƚſŶŽŵĂƐĚĞďşĂĂůĐĂŶnjĂƌƵŶŵĄdžŝŵŽĚĞůϭ͕ϯйĚƵƌĂŶ- ŽŵŵƵŶŝƟĞƐ Ă ŵĂdžŝŵƵŵ ŽĨ ϭ͘ϯй ŝŶ ϮϬϭϭ ŝŶ ŝƚƐ ƌĞƉŽƌƚ ƚĞϮϬϭϭ͕LJĮŶĂůŵĞŶƚĞƐĞƐŝƚƵſĞŶĞůϮ͕ϵйĚĞůW/͘ ƐƵďŵŝƩĞĚƚŽƚŚĞhŽŵŵŝƐƐŝŽŶ͕ĂŶĚĮŶĂůůLJ͕ŝƚǁĂƐϮ͘ϵйŽĨ the GDP. ůůŽƐƵƉƵƐŽƵŶĂĚĞƐǀŝĂĐŝſŶĚĞůŽďũĞƟǀŽĚĞϭ͕ϲƉƵŶƚŽƐ͕ LJƉƵƐŽĚĞŵĂŶŝĮĞƐƚŽůĂĚĞďŝůŝĚĂĚĚĞůŽƐŵĞĐĂŶŝƐŵŽƐ dŚĂƚĐĂƵƐĞĚĂĚĞǀŝĂƟŽŶŽĨƚŚĞϭ͘ϲƉŽŝŶƚƐƚĂƌŐĞƚĂŶĚƌĞǀĞĂůĞĚ ĚĞƐĞŐƵŝŵŝĞŶƚŽLJĐŽŶƚƌŽůĚĞůĂĞũĞĐƵĐŝſŶƉƌĞƐƵƉƵĞƐƚĂ- ƚŚĞ ǁĞĂŬŶĞƐƐ ŽĨ ĨŽůůŽǁͲƵƉ ĂŶĚ ŵŽŶŝƚŽƌŝŶŐ ŵĞĐŚĂŶŝƐŵƐ ƌŝĂĚĞůĂƐĐƵĞŶƚĂƐƌĞŐŝŽŶĂůĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞŶĞůĐĂƐŽ ŽĨ ƚŚĞ ďƵĚŐĞƚ ĞdžĞĐƵƟŽŶ ŽĨ ƚŚĞ ƌĞŐŝŽŶĂů ĂĐĐŽƵŶƚĂďŝůŝƚLJ͘

 

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 Tabla 2.3 Table 2.3

61 CONCLUSIONES CONCLUSIONS 2011

ĚĞƌĞŐŝŽŶĞƐĐŽŵŽĂƐƟůůĂͲ>ĂDĂŶĐŚĂ͕ĚŽŶĚĞƐĞƌĞŐŝƐ- ƚƌſƵŶĚĠĮĐŝƚĚĞůϳ͕ϯй͕ŽĞŶdžƚƌĞŵĂĚƵƌĂ͕ůĂŽŵƵ- ŶŝĚĂĚsĂůĞŶĐŝĂŶĂŽDƵƌĐŝĂ͕ĚŽŶĚĞĞůĚĞƐĂũƵƐƚĞĞŶƚƌĞ ƐƉĞĐŝĂůůLJŝŶƚŚĞĐĂƐĞŽĨĂƐƟůůĞͲ>ĂDĂŶĐŚĂ͕ǁŚŝĐŚƐŚŽǁĞĚĂ ŝŶŐƌĞƐŽƐLJŐĂƐƚŽƐƐƵƉĞƌſĞůϰƉŽƌĐŝĞŶƚŽ͘ ϳ͘ϯйĚĞĮĐŝƚŽƌŝŶdžƚƌĞŵĂĚƵƌĂ͕sĂůĞŶĐŝĂŽƌDƵƌĐŝĂ͘/ŶƚŚĞƐĞ regions the imbalance between income and expenditure >ŽƐŶƵĞǀŽƐŽďũĞƟǀŽƐĮũĂĚŽƐƉĂƌĂĞůĂŹŽϮϬϭϮŽďůŝŐĂ- went over 4 per cent. ƌĄŶĂƚŽĚĂƐůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐĂƌĞďĂũĂƌůŽƐ ĚĠĮĐŝƚĂĐƵŵƵůĂĚŽƐŚĂƐƚĂĞůϭ͕ϱйĚĞůW/͕ƵŶĂƐŝƚƵĂĐŝſŶ The new 2012 target will make all the Autonomous ƋƵĞƌĞƐƵůƚĂĞƐƉĞĐŝĂůŵĞŶƚĞĐŽŵƉůŝĐĂĚĂĞŶĂůŐƵŶĂƐƌĞ- ŽŵŵƵŶŝƟĞƐ ƚŽ ůŽǁ ƚŚĞ ĚĞĮĐŝƚ ĂĐĐƵŵƵůĂƚĞĚ ƚŽ ϭ͘ϱй ŽĨ ŐŝŽŶĞƐ͕ƋƵĞƐĞǀĞƌĄŶŽďůŝŐĂĚĂƐĂƌĞĚƵĐŝƌƐƵƐĚĞƐĞƋƵŝůŝ- ƚŚĞ'W͘dŚŝƐƐŝƚƵĂƟŽŶǁŝůůďĞĞƐƉĞĐŝĂůůLJĚŝĸĐƵůƚĨŽƌƐŽŵĞ ďƌŝŽƐĂŵĞŶŽƐĚĞůĂŵŝƚĂĚĞŶƐŽůŽƵŶĂŹŽ͘ ƌĞŐŝŽŶƐ͕ ǁŚŝĐŚ ǁŝůů ŚĂǀĞ ƚŽ ĚĞĐƌĞĂƐĞ ƚŚĞŝƌ ĚĞĮĐŝƚ ďLJ ŵŽƌĞ than a half in a year. WĂƌĂ ĞůůŽ͕ ůĂƐ ŽŵƵŶŝĚĂĚĞƐ ĂƵƚſŶŽŵĂƐ ŚĂŶ ƉƌĞǀŝƐƚŽ ƌĞĐŽƌƚĞƐĞŶƉĂƌƟĚĂƐĚĞŐĂƐƚŽ͕ĞŝŶĐƌĞŵĞŶƚŽƐĚĞŝŵ- /Ŷ ŽƌĚĞƌ ƚŽ ĚŽ ƐŽ͕ ƚŚĞ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ŚĂǀĞ ƉƵĞƐƚŽƐLJĐƌĞĂĐŝſŶĚĞŶƵĞǀĂƐĮŐƵƌĂƐƚƌŝďƵƚĂƌŝĂƐĐŽŶ foreseen cuts in expenditure items and tax increases and ůĂƐƋƵĞƉƌĞƚĞŶĚĞŶĂƚĂũĂƌĞůĚĠĮĐŝƚ͕ǀşĂŵĂLJŽƌƌĞĐĂƵ- ĐƌĞĂƟŽŶ ŽĨ ŶĞǁ ƚĂdž ĮŐƵƌĞƐ ǁŚŝĐŚ ǁŝůů ƚƌLJ ƚŽ ƐƚŽƉ ĚĞĮĐŝƚ dación. through taxes.

  
 


  
 
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62 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

WƌĞĐŝƐĂŵĞŶƚĞůĂĚĞƐŝŐƵĂůĚĂĚĚĞůŽƐĞƐĨƵĞƌnjŽƐƋƵĞŚĂŶ ĂĐŽŵĞƚĞƌůĂƐĚŝƐƟŶƚĂƐƌĞŐŝŽŶĞƐƉĂƌĂĐƵŵƉůŝƌůŽƐŽďũĞ- ƟǀŽƐĚĞĚĠĮĐŝƚ͕ůĂƐƚƌĂƌĄŶŶĞĐĞƐĂƌŝĂŵĞŶƚĞůĂĐĂƉĂĐŝĚĂĚ ĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞŶƵĞƐƚƌŽƉĂşƐ͕ĂůƟĞŵƉŽƋƵĞƚĂŵƉŽ- WƌĞĐŝƐĞůLJ͕ ƚŚĞ ŝŵďĂůĂŶĐĞ ŝŶ ƚŚĞ ĞīŽƌƚƐ ƚŚĞ ƌĞŐŝŽŶƐ ŚĂǀĞ ĐŽŐĂƌĂŶƟnjĂŶƵŶĂŵĞũŽƌĂĚĞůĂĐŽŶĮĂŶnjĂĚĞůŽƐŝŶǀĞƌ- ƚŽ ŵĂŬĞ ŝŶ ŽƌĚĞƌ ƚŽ ĂĐĐŽŵƉůŝƐŚ ƚŚĞ ĚĞĮĐŝƚ ƚĂƌŐĞƚƐ͕ ǁŝůů sores extranjeros. necessarily burden the Spanish growth capacity, and, while they do not ensure an improvement in the foreign investors’ - DƵLJĂůĐŽŶƚƌĂƌŝŽ͕ůŽƐŝŶĐƵŵƉůŝŵŝĞŶƚŽƐĚĞůĚĠĮĐŝƚĂĚ trust. ǀĞƌƟĚŽƐĨƵĞƌŽŶĚƵƌĂŵĞŶƚĞĐĂƐƟŐĂĚŽƐƉŽƌůŽƐŝŶǀĞƌƐŽ- ƌĞƐ͕ŵĞĚŝĂŶƚĞƵŶĂƌĞďĂũĂĚĞůĂĐĂůŝĮĐĂĐŝſŶĚĞůĂĚĞƵĚĂ KŶ ƚŚĞ ĐŽŶƚƌĂƌLJ͕ ďƌĞĂĐŚŝŶŐ ƚŚĞ ĚĞĮĐŝƚ ƚĂƌŐĞƚ ǁĂƐ ƐĞǀĞƌĞůLJ ĚĞŵƵĐŚĂƐ͕LJĐŽŶƵŶĂŶƵĞǀĂĞůĞǀĂĐŝſŶĚĞůĂƉƌŝ- punished by the investors, downgrading the debt rate of ŵĂĚĞƌŝĞƐŐŽĚĞůĂĚĞƵĚĂƐŽďĞƌĂŶĂĚĞŶƵĞƐƚƌŽƉĂşƐ͕ ŵĂŶLJ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ĂŶĚ ŝŶĐƌĞĂƐŝŶŐ ƚŚĞ ƌŝƐŬ ƋƵĞƐĞŵĂŶƚƵǀŽĞŶƚĞŶĚĞŶĐŝĂĂůĐŝƐƚĂ͕ůůĞŐĂŶĚŽŝŶĐůƵƐŽ premium on sovereign debt. This risk premium kept an ĂƐƵƉĞƌĂƌ͕ĞŶĞůŵĞƐĚĞŵĂLJŽĚĞϮϬϭϮ͕ůŽƐϱϰϬƉƵŶƚŽƐ ƵƉǁĂƌĚƐ ƚƌĞŶĚ͕ ĞǀĞŶ ĞdžĐĞĞĚŝŶŐ ϱϰϬ ďĂƐŝƐ ƉŽŝŶƚƐ ŝŶ DĂLJ ďĄƐŝĐŽƐ͕LJĞůůŽĂƉĞƐĂƌĚĞůŽƐĂǀĂŶĐĞƐƋƵĞŚĂĚĂĚŽĞů 2012, despite the Government steps towards the increase of ũĞĐƵƟǀŽƉĂƌĂĂƵŵĞŶƚĂƌĞůĐŽŵƉƌŽŵŝƐŽĚĞůĂƐŽŵƵ- ƚŚĞ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ĐŽŵŵŝƚŵĞŶƚ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐĐŽŶůŽƐŽďũĞƟǀŽƐĚĞĚĠĮĐŝƚ͘ ĚĞĮĐŝƚƚĂƌŐĞƚ͘


 


  
 
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 Tabla 2.5 Table 2.5

63 CONCLUSIONES CONCLUSIONS 2011

WƌĞĐŝƐĂŵĞŶƚĞ͕ĞƐĂĞƌĂůĂŝŶƚĞŶĐŝſŶƋƵĞƉĞƌƐĞŐƵşĂƐƉĂ- ŹĂĐƵĂŶĚŽĞŶĞůŵĞƐĚĞƐĞƉƟĞŵďƌĞĚĞϮϬϭϭŝŶĐŽƌƉŽƌſ ĞůƉƌŝŶĐŝƉŝŽĚĞĞƐƚĂďŝůŝĚĂĚƉƌĞƐƵƉƵĞƐƚĂƌŝĂĂůĂŽŶƐƟ- ƚƵĐŝſŶ͕ ƵŶ ŝŶƚĞƌĠƐ ƋƵĞ ŝŶƚĞŶƚſ ƌĞĨŽƌnjĂƌ ŶƵĞǀĂŵĞŶƚĞ ĐŽŶůĂĂƉƌŽďĂĐŝſŶ͕LJĂĞŶĞůŵĞƐĚĞĂďƌŝůĚĞϮϬϭϮ͕ĚĞ ůĂ>ĞLJKƌŐĄŶŝĐĂϮͬϮϬϭϮ͕ĚĞϮϳĚĞĂďƌŝů͕ĚĞƐƚĂďŝůŝĚĂĚ WƌĞĐŝƐĞůLJ͕ ƚŚĂƚ ǁĂƐ ƚŚĞ ŝŶƚĞŶƟŽŶ ^ƉĂŝŶ ŚĞůĚ ǁŚĞŶ ƚŚĞ WƌĞƐƵƉƵĞƐƚĂƌŝĂLJ^ŽƐƚĞŶŝďŝůŝĚĂĚ&ŝŶĂŶĐŝĞƌĂ͘ principle of budgetary stability was included in the Spanish ŽŶƐƟƚƵƟŽŶ͘ /Ŷ Ɖƌŝů ϮϬϭϮ͕ ƚŚŝƐ ŝŶƚĞŶƟŽŶ ǁĂƐ ƌĞŝŶĨŽƌĐĞĚ ƐƚĂůĞLJŝŶĐŽƌƉŽƌĂ͕ĐŽŶĐĂƌĄĐƚĞƌƉĞƌŵĂŶĞŶƚĞ͕ůĂƐŽƐ- ĂĚŽƉƟŶŐ ƚŚĞ ƵĚŐĞƚĂƌLJ ^ƚĂďŝůŝƚLJ KƌŐĂŶŝĐ >Ăǁ ϮͬϮϬϭϮ ŽĨ ƚĞŶŝďŝůŝĚĂĚĮŶĂŶĐŝĞƌĂĐŽŵŽƉƌŝŶĐŝƉŝŽƌĞĐƚŽƌĚĞůĂĂĐ- ϮϳƚŚƉƌŝů͘ ƚƵĂĐŝſŶĞĐŽŶſŵŝĐŽĮŶĂŶĐŝĞƌĂĚĞƚŽĚĂƐůĂƐĚŵŝŶŝƐƚƌĂ- ĐŝŽŶĞƐWƷďůŝĐĂƐĞƐƉĂŹŽůĂƐ͕LJĚŝƐƉŽŶĞƋƵĞƚŽĚĂƐĚĞďĞŶ dŚŝƐ ůĂǁ ŝŶĐŽƌƉŽƌĂƚĞƐ ƉĞƌŵĂŶĞŶƚůLJ ƚŚĞ ĮŶĂŶĐŝĂů ƉƌĞƐĞŶƚĂƌ ĞƋƵŝůŝďƌŝŽ Ž ƐƵƉĞƌĄǀŝƚ͕ ĂĚŵŝƟĠŶĚŽƐĞ ƋƵĞ͕ sustainability as a guiding principle underlying the whole ƷŶŝĐĂŵĞŶƚĞĞŶƐŝƚƵĂĐŝŽŶĞƐĞdžĐĞƉĐŝŽŶĂůĞƐĐŽŵŽĐĂƚĄƐ- ^ƉĂŶŝƐŚWƵďůŝĐĚŵŝŶŝƐƚƌĂƟŽŶĂĐƟŽŶƐ͘/ƚĂůƐŽƐƟƉƵůĂƚĞƐƚŚĂƚ ƚƌŽĨĞƐ ŶĂƚƵƌĂůĞƐ͕ ƌĞĐĞƐŝſŶ ĞĐŽŶſŵŝĐĂ Ž ƐŝƚƵĂĐŝſŶ ĚĞ ĂůůƚŚĞĂĚŵŝŶŝƐƚƌĂƟŽŶƐŵƵƐƚƐŚŽǁďĂůĂŶĐĞŽƌƐƵƌƉůƵƐ͕ǁŝƚŚ ĞŵĞƌŐĞŶĐŝĂĞdžƚƌĂŽƌĚŝŶĂƌŝĂ͕LJƐŝĞŵƉƌĞLJĐƵĂŶĚŽĞƐƚĠŶ ƚŚĞ ĞdžĐĞƉƟŽŶ ŽĨ ĞdžƚƌĂŽƌĚŝŶĂƌLJ ƐŝƚƵĂƟŽŶƐ͕ ƐƵĐŚ ĂƐ ŶĂƚƵƌĂů ĂƐşƌĞĐŽŶŽĐŝĚĂƐƉŽƌŵĂLJŽƌşĂĂďƐŽůƵƚĂĞŶĞůŽŶŐƌĞƐŽ disasters, economic recession or extraordinary emergency ĚĞůŽƐŝƉƵƚĂĚŽƐ͕ƐĞƉŽĚƌĄŝŶĐƵƌƌŝƌĞŶĚĠĮĐŝƚĞƐƚƌƵĐƚƵ- ƐŝƚƵĂƟŽŶ ĂŶĚ͕ ĂƐ ůŽŶŐ ĂƐ ƚŚĞƐĞ ƐŝƚƵĂƟŽŶƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ƌĂů͕ĂƵŶƋƵĞƐŽůŽĞŶĞůĐĂƐŽĚĞůƐƚĂĚŽLJůĂƐŽŵƵŶŝĚĂ- by the majority in the Spanish Congress. In these cases, the ĚĞƐƵƚſŶŽŵĂƐ͘ EĂƟŽŶĂů ŐŽǀĞƌŶŵĞŶƚ ĂŶĚ ƚŚĞ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ĐĂŶŝŶĐƵƌĂƐƚƌƵĐƚƵƌĂůĚĞĮĐŝƚ͘ ĞƐƚĂ>ĞLJ͕ƋƵĞƚĂŵďŝĠŶĐŽŶƚĞŵƉůĂŵĞĚŝĚĂƐƉƌĞǀĞŶ- ƟǀĂƐ͕ĐŽƌƌĞĐƟǀĂƐLJĐŽĞƌĐŝƟǀĂƐĐŽŶůĂƐƋƵĞƉƌĞƚĞŶĚĞŶ dŚŝƐ ůĂǁ ƉƌŽǀŝĚĞƐ ĂƐ ǁĞůů ƐŽŵĞ ƉƌĞǀĞŶƟǀĞ͕ ĐŽƌƌĞĐƟǀĞ͕ ĞǀŝƚĂƌƐĞƉŽƐŝďůĞƐŝŶĐƵŵƉůŝŵŝĞŶƚŽƐƉŽƌƉĂƌƚĞĚĞůĂƐĚŝ- ĐŽĞƌĐŝǀĞ ŵĞĂƐƵƌĞƐ ǁŝƚŚ ƚŚĞ Ăŝŵ ŽĨ ƉƌĞǀĞŶƟŶŐ ƚŚĞ ŶŽŶͲ

  

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64 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ĨĞƌĞŶƚĞƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ͕ƐĞƐƵŵſƚĂŵďŝĠŶůĂƉƵĞƐƚĂ ĞŶŵĂƌĐŚĂ͕ĂƉĂƌƟƌĚĞůZĞĂůĞĐƌĞƚŽ>ĞLJϳͬϮϬϭϮ͕ĚĞϵ ĚĞŵĂƌnjŽ͕Ğů&ŽŶĚŽƉĂƌĂůĂĮŶĂŶĐŝĂĐŝſŶĚĞůŽƐƉĂŐŽƐĂ ƉƌŽǀĞĞĚŽƌĞƐ͕ĐŽŶůĂƋƵĞƐĞŚĂƉƌĞƚĞŶĚŝĚŽĂůŝŐĞƌĂƌůĂƐ ĐĂƌŐĂƐƋƵĞƟĞŶĞŶĐŽŶƚƌĂşĚĂƐƚĂŶƚŽŽŵƵŶŝĚĂĚĞƐĂƵ- ƚſŶŽŵĂƐĐŽŵŽŶƟĚĂĚĞƐůŽĐĂůĞƐĐŽŶƐƵƐƉƌŽǀĞĞĚŽƌĞƐ ĐŽŵƉůŝĂŶĐĞďLJƚŚĞĚŵŝŶŝƐƚƌĂƟŽŶƐ͘/ŶĂĚĚŝƟŽŶ͕ƚŚĞ&ƵŶĚĨŽƌ ĂϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϭ͘ ƚŚĞ ĮŶĂŶĐŝŶŐ ƉĂLJŵĞŶƚƐ ƚŽ ƐƵƉƉůŝĞƌƐ ǁĂƐ ĐƌĞĂƚĞĚ ƚŚƌŽƵŐŚ >ŽƐƌĞĐƵƌƐŽƐĚĞĞƐƚĞ&ŽŶĚŽƉƌŽǀŝĞŶĞŶĚĞƵŶƉƌĠƐƚĂŵŽ ƚŚĞZŽLJĂůĞĐƌĞĞͲ>ĂǁϳͬϮϬϭϮŽĨϵƚŚDĂƌĐŚ͘dŚŝƐŝƐŝŶƚĞŶĚĞĚ ƐŝŶĚŝĐĂĚŽďĂŶĐĂƌŝŽĂǀĂůĂĚŽƉŽƌĞůdĞƐŽƌŽWƷďůŝĐŽ͕LJĨĂ- ƚŽ ƌĞůŝĞǀĞ ƚŚĞ ďƵƌĚĞŶ ŽŶ ƚŚĞ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ĐŝůŝƚĂƌĄĮŶĂŶĐŝĂĐŝſŶĂůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƚĞƌƌŝƚŽƌŝĂůĞƐ ĂŶĚ>ŽĐĂůĂƵƚŚŽƌŝƟĞƐƌĞůĂƚĞĚƚŽƚŚĞŝƌƐƵƉƉůŝĞƌƐŽŶƚŚĞϯϭƐƚ ĂƵŶƉůĂnjŽĚĞĚŝĞnjĂŹŽƐ͕ŐĂƌĂŶƟnjĄŶĚŽƐĞĐŽŶůĂƌĞƚĞŶ- December 2011. ĐŝſŶĚĞůĂƉĂƌƟĐŝƉĂĐŝſŶĚĞůĂƐĞŶƟĚĂĚĞƐůŽĐĂůĞƐĞŶůŽƐ ƚƌŝďƵƚŽƐ ĚĞů ƐƚĂĚŽ LJ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ĚĞů ƐŝƐƚĞŵĂ ĚĞ The Fund resources come from a syndicated bank loan ĮŶĂŶĐŝĂĐŝſŶĂƵƚŽŶſŵŝĐĂ͘ ŐƵĂƌĂŶƚĞĞĚďLJƚŚĞ^ƉĂŶŝƐŚdƌĞĂƐƵƌLJĂŶĚǁŝůůƉƌŽǀŝĚĞƚĞŶͲLJĞĂƌ ĮŶĂŶĐŝŶŐƚŽƚŚĞƌĞŐŝŽŶĂůĂƵƚŚŽƌŝƟĞƐ͘dŚŝƐǁŝůůďĞŐƵĂƌĂŶƚĞĞĚ DĂŶƚĞŶĞƌĞůŽďũĞƟǀŽĚĞůĚĠĮĐŝƚĞŶĞůϯ͕ϬйƉĂƌĂϮϬϭϯ͕ ďLJƚŚĞƌĞƚĞŶƟŽŶŽĨƚŚĞůŽĐĂůĂƵƚŚŽƌŝƟĞƐ͛ĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞ ƚĂůLJĐŽŵŽŚĂƌĂƟĮĐĂĚŽĞů'ŽďŝĞƌŶŽĐŽŶůĂĂƉƌŽďĂĐŝſŶ͕ ^ƚĂƚĞƚĂdžĞƐĂŶĚƚŚĞƌĞŐŝŽŶĂůĮŶĂŶĐŝŶŐƐLJƐƚĞŵƌĞƐŽƵƌĐĞƐ͘͘ ĞŶĞůŵĞƐĚĞĂďƌŝůĚĞϮϬϭϮ͕ĚĞůWƌŽŐƌĂŵĂĚĞƐƚĂďŝůŝ- ĚĂĚLJƌĞĐŝŵŝĞŶƚŽϮϬϭϮͲϮϬϭϱ͕ƌĞŵŝƟĚŽĂůĂŽŵŝƐŝſŶ /Ŷ ŽƌĚĞƌ ƚŽ ŬĞĞƉ ƚŚĞ ĚĞĮĐŝƚ ƚĂƌŐĞƚ ŽĨ ϯ͘Ϭй ĨŽƌ ϮϬϭϯ͕ ŝƚ ƵƌŽƉĞĂ͕ŝŵƉůŝĐĂƵŶĂũƵƐƚĞĮƐĐĂůƐŝŶƉƌĞĐĞĚĞŶƚĞƐĞŶůĂ ŝƐ ŶĞĐĞƐƐĂƌLJ Ă ďƵĚŐĞƚĂƌLJ ĂĚũƵƐƚŵĞŶƚ͕ ĂƐ ƚŚĞ EĂƟŽŶĂů ŚŝƐƚŽƌŝĂĞĐŽŶſŵŝĐĂŵŽĚĞƌŶĂĚĞŶƵĞƐƚƌŽƉĂşƐ͕ŵĄdžŝŵĞ 'ŽǀĞƌŶŵĞŶƚ ŚĂƐ ƌĂƟĮĞĚ ďLJ ĂĚŽƉƟŶŐ ŝŶ Ɖƌŝů ϮϬϭϮ͕ ƚŚĞ ĐƵĂŶĚŽĂĚĞŵĄƐ͕ƟĞŶĞƉƌĞǀŝƐƚŽĞũĞĐƵƚĂƌƐĞĞŶƵŶƉĞƌŝŽ- ^ƚĂďŝůŝƚLJĂŶĚŐƌŽǁƚŚƉƌŽŐƌĂŵϮϬϭϮͲϮϬϭϱ͕ĨŽƌǁĂƌĚĞĚƚŽƚŚĞ do marcado por la contracción económica. European Commission. This adjustment is unprecedented in ƚŚĞĞĐŽŶŽŵŝĐŵŽĚĞƌŶŚŝƐƚŽƌLJŽĨ^ƉĂŝŶ͕ƉĂƌƟĐƵůĂƌůLJǁŚĞŶŝƚ - ůŝŶĐƌĞŵĞŶƚŽĚĞůĂƌĞĐĂƵĚĂĐŝſŶƉƌĞǀŝƐƚĂƉŽƌĞůƐƚĂ will be implemented during slowdown period. ĚŽĐŽŶůĂĂĚŽƉĐŝſŶĚĞĞƐĂƐŵĞĚŝĚĂƐƐƵƉĞƌĂůŽƐϭϮ͘ϬϬϬ ŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕ĚĞůŽƐĐƵĂůĞƐŵĄƐĚĞϵ͘ϬϬϬŵŝůůŽŶĞƐ The increase in the expected Spanish revenues widens to ƉƌŽĐĞĚĞƌĄŶĚĞůĂŝŵƉŽƐŝĐŝſŶĚŝƌĞĐƚĂĐŽŶŵŽĚŝĮĐĂĐŝŽ- ĂďŽǀĞϭϮďŝůůŝŽŶĞƵƌŽƐ͕ϵďŝůůŝŽŶŽĨǁŚŝĐŚǁŝůůĐŽŵĞĨƌŽŵƚŚĞƐĞ ŶĞƐĞŶůŽƐƟƉŽƐĚĞů/ZW&͕Ğů/ŵƉƵĞƐƚŽƐŽďƌĞůĂZĞŶƚĂĚĞ ǁĂLJƐ ŽĨ ƚĂdžĂƟŽŶ͗ ŵŽĚŝĮĞĚ ƚLJƉĞƐ ŽĨ WĞƌƐŽŶĂů /ŶĐŽŵĞ dĂdž

  



 
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65 CONCLUSIONES CONCLUSIONS 2011

ůŽƐEŽZĞƐŝĚĞŶƚĞƐLJůĂĞůŝŵŝŶĂĐŝſŶĚĞĚĞĚƵĐĐŝŽŶĞƐĞŶ Ğů/ŵƉƵĞƐƚŽƐŽďƌĞ^ŽĐŝĞĚĂĚĞƐ͘

ů ĞĨĞĐƚŽ ĚĞ ĞƐƚĂƐ ŵĞĚŝĚĂƐ ƐĞ ƐƵŵĂƌĄ Ăů  ŝŶĐƌĞŵĞŶ- ƚŽ ƌĞĐĂƵĚĂƚŽƌŝŽ ƋƵĞ ƚĂŵďŝĠŶ ƟĞŶĞŶ ƉƌĞǀŝƐƚŽ ůŽŐƌĂƌ ůĂƐŽŵƵŶŝĚĂĚĞƐƵƚſŶŽŵĂƐĐŽŶůĂĂƉůŝĐĂĐŝſŶĚĞůĂƐ ŵĞĚŝĚĂƐ ĚĞů ůĂĚŽ ĚĞ ůŽƐ ŝŶŐƌĞƐŽƐ ĂŶƵŶĐŝĂĚĂƐ ĞŶ ƐƵƐ ƌĞƐƉĞĐƟǀŽƐ WůĂŶĞƐ ĐŽŶſŵŝĐŽƐͲ&ŝŶĂŶĐŝĞƌŽƐ ĚĞ ZĞĞ- ƋƵŝůŝďƌŝŽ͕ĂƉƌŽďĂĚŽƐĞŶĞůƐĞŶŽĚĞůŽŶƐĞũŽĚĞWŽůşƟĐĂ &ŝƐĐĂůLJ&ŝŶĂŶĐŝĞƌĂƋƵĞƚƵǀŽůƵŐĂƌĞůĚşĂϭϲĚĞŵĂLJŽ de 2012. ;/ZW&Ϳ͕ƚŚĞ/ŶĐŽŵĞdĂdžĨŽƌEŽŶͲZĞƐŝĚĞŶƚƐĂŶĚƚŚĞĞůŝŵŝŶĂƟŽŶ ůŝŵƉĂĐƚŽĚĞĚĞƚƌĂĞƌĞƐƚĂƐĐƵĂŶơĂƐĚĞůĞŶŐƌĂŶĂũĞĚĞ ŽĨĚĞĚƵĐƟŽŶƐŽŶŽŵƉĂŶLJdĂdž͘ ŶƵĞƐƚƌŽƐŝƐƚĞŵĂĞĐŽŶſŵŝĐŽĞŶƵŶĐŽŶƚĞdžƚŽĚĞƌĞĐĞ- ƐŝſŶ ĐŽŵŽ Ğů ƉƌĞǀŝƐƚŽ ƉĂƌĂ ĞƐƚĞ ĞũĞƌĐŝĐŝŽ͕ ƐƵƉŽŶĚƌĄ͕ dŚĞĞīĞĐƚŽĨƚŚĞƐĞŵĞĂƐƵƌĞƐǁŝůůďĞĂĚĚĞĚƚŽƚŚĞŝŶĐƌĞĂƐĞŝŶ ƐŝŶůƵŐĂƌĂĚƵĚĂƐ͕ƵŶŶƵĞǀŽůĂƐƚƌĞƋƵĞƐƵŵĂƌĄŶƵĞǀŽƐ ĐŽůůĞĐƟŽŶƚŚĞƵƚŽŶŽŵŽƵƐŽŵŵƵŶŝƟĞƐĞdžƉĞĐƚƚŽĂĐŚŝĞǀĞ ŽďƐƚĄĐƵůŽƐĂůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĐŽŶƐƵŵŽƉƌŝǀĂĚŽLJĂ ďLJ ŝŵƉůĞŵĞŶƟŶŐ ŝŶĐŽŵĞ ŵĞĂƐƵƌĞƐ͕ ĂƐ ĂŶŶŽƵŶĐĞĚ ŝŶ ƚŚĞŝƌ ůĂŝŶǀĞƌƐŝſŶĚĞůĂƐĞŵƉƌĞƐĂƐ͕ĂŐƌĂǀĂŶĚŽĂƐşĞůĞĨĞĐƚŽ ĞĐŽŶŽŵŝĐͲĮŶĂŶĐŝĂůƌĞďĂůĂŶĐŝŶŐƉůĂŶƐ͘dŚĞƐĞǁĞƌĞĂĚŽƉƚĞĚ ƐŽďƌĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĚĞůĂĐŽŶƚƌĂĐĐŝſŶĞŶĞůŐĂƐƚŽ ĚƵƌŝŶŐ&ŝƐĐĂůĂŶĚ&ŝŶĂŶĐŝĂůWŽůŝĐLJŽƵŶĐŝů͕ĚĂƚĞĚŽŶϭϲDĂLJ ƉƷďůŝĐŽ͕ƉƌĞǀŝƐƚŽƉĂƌĂůŽƐƉƌſdžŝŵŽƐĂŹŽƐ͘ 2012.

WĂƌĂ ŝŶŝĐŝĂƌ ůĂ ƌĞĐƵƉĞƌĂĐŝſŶ ĚĞ ŶƵĞƐƚƌŽ ƐŝƐƚĞŵĂ ƉƌŽ- The impact of drawing these amounts of our economic ĚƵĐƟǀŽ ĞƐ ŶĞĐĞƐĂƌŝŽ ĂĐŽŵĞƚĞƌ ĂũƵƐƚĞƐ ƋƵĞ ĞůŝŵŝŶĞŶ system in a recessive context as expected for this year, will, ůŽƐĚĞƐĞƋƵŝůŝďƌŝŽƐƋƵĞŚĂƐƚĂĂŚŽƌĂĂƚĞŶĂnjĂŶŶƵĞƐƚƌŽ without any doubt, result in a new burden to the private crecimiento. ĐŽŶƐƵŵƉƟŽŶ ƌĞĐŽǀĞƌLJ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ďƵƐŝŶĞƐƐĞƐ͘ dŚŝƐ ǁŝůůǁŽƌƐĞŶƚŚĞĞīĞĐƚŽĨƚŚĞƉƵďůŝĐ ĞdžƉĞŶĚŝƚƵƌĞƐůŽǁĚŽǁŶ >Ă ĚĞƵĚĂ ƉƷďůŝĐĂ ƌĞƉƌĞƐĞŶƚĂ LJĂ Ğů ϲϴ͕ϱй ĚĞů W/ ĚĞ ;ƉůĂŶŶĞĚĨŽƌĐŽŵŝŶŐLJĞĂƌƐͿŽŶĚŽŵĞƐƟĐĚĞŵĂŶĚ͘ ŶƵĞƐƚƌŽƉĂşƐ͕LJĂƵŶƋƵĞƌĞƐƵůƚĂŝŶĨĞƌŝŽƌĂůĂŵĞĚŝĂĚĞ ůĂhLJĚĞůĂŽŶĂĞƵƌŽ͕ĂŵďĂƐƉŽƌĞŶĐŝŵĂĚĞůϴϮй͕ /ŶŽƌĚĞƌƚŽƐƚĂƌƚƚŚĞƉƌŽĚƵĐƟǀĞƐLJƐƚĞŵƌĞĐŽǀĞƌLJŝƐŶĞĐĞƐƐĂƌLJ Ă ďƵĞŶ ƐĞŐƵƌŽ ĐŽŶƟŶƵĂƌĄ ĞdžƉĂŶĚŝĠŶĚŽƐĞ ŚĂƐƚĂ ƌŽŶ- ƚŽ ĂƉƉůLJ ĂĚũƵƐƚŵĞŶƚƐ ĂŝŵĞĚ ƚŽ ƌĞŵŽǀĞ ĚŝīĞƌĞŶĐĞƐ ƚŚĂƚ ĚĂƌĞůϴϬйĂůĐŝĞƌƌĞĚĞϮϬϭϮ͕ƚĂůLJĐŽŵŽĂĚĞůĂŶƚĂĞů threaten the growth. 'ŽďŝĞƌŶŽĞŶůĂƐƉƌĞǀŝƐŝŽŶĞƐƋƵĞŚĂŶƐĞƌǀŝĚŽĚĞƐƵƐ- ƚĞŶƚŽĂůĂĞůĂďŽƌĂĐŝſŶĚĞůŽƐWƌĞƐƵƉƵĞƐƚŽƐ'ĞŶĞƌĂůĞƐ dŚĞƉƵďůŝĐĚĞďƚŝƐŶŽǁϲϴ͘ϱйŽĨƚŚĞ'WĂŶĚ͕ĂůƚŚŽƵŐŚŝƚ del Estado. ŝƐ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ƵƌŽƉĞĂŶ ĂŶĚ ƵƌŽ njŽŶĞ ĂǀĞƌĂŐĞ ;ďŽƚŚ ŽǀĞƌϴϮйͿ͕ŝƚǁŝůůƐƵƌĞůLJŐƌŽǁƵƉƚŽĂƌŽƵŶĚϴϬйĂƚƚŚĞĞŶĚŽĨ WŽƌ ŽƚƌĂ ƉĂƌƚĞ͕ ůĂ ĚĞƵĚĂ ĞdžƚĞƌŶĂ ƚĂŵďŝĠŶ ŚĂ ĐŽŶƟ- ϮϬϭϮ͘dŚŝƐŝŶĨŽƌŵĂƟŽŶǁĂƐƉƌŽǀŝĚĞĚďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚŝŶ ŶƵĂĚŽĂǀĂŶnjĂŶĚŽLJ͕ĂĮŶĂůĞƐĚĞϮϬϭϭLJĂĂůĐĂŶnjĂďĂůŽƐ ƚŚĞĞƐƟŵĂƟŽŶƐƵƐĞĚƚŽƉƌĞƉĂƌĞƚŚĞ'ĞŶĞƌĂů^ƚĂƚĞƵĚŐĞƚ͘ ϭ͘ϳϳϱŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕ůŽƋƵĞƌĞƉƌĞƐĞŶƚĂĞůϭϲϱ͕ϰй ĚĞůW/ĚĞŶƵĞƐƚƌŽƉĂşƐ͘ Moreover, the external debt has also increased and, at the ĞŶĚŽĨϮϬϭϭŝƚƌĞĂĐŚĞĚϭ͘ϳϳϱďŝůůŝŽŶĞƵƌŽƐ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐ - WĞƌŽĂĚĞŵĄƐ͕ĞƐŶĞĐĞƐĂƌŝŽŝŵƉƌĞŐŶĂƌĂůĂƉŽůşƟĐĂĞĐŽ ƚŚĞϭϲϱ͘ϰйŽĨƚŚĞ^ƉĂŶŝƐŚ'W͘ ŶſŵŝĐĂ ĚĞ ĞƐơŵƵůŽƐ ƋƵĞ ŝŵƉƵůƐĞŶ ůĂ ĂĐƟǀŝĚĂĚ ƉƌŽ- ĚƵĐƟǀĂ LJ ĐŽŶƟŶƵĂƌ ĞŵƉƌĞŶĚŝĞŶĚŽ ƌĞĨŽƌŵĂƐ ĞƐƚƌƵĐ- Furthermore, the economic policy needs to boost the ƚƵƌĂůĞƐĚĞƉƌŽĨƵŶĚŽĐĂůĂĚŽ͕ƋƵĞŶŽƐƉĞƌŵŝƚĂŶƐĞŐƵŝƌ ƉƌŽĚƵĐƟǀĞĂĐƟǀŝƚLJĂŶĚŬĞĞƉŝŵƉůĞŵĞŶƟŶŐƐĞƌŝŽƵƐƐƚƌƵĐƚƵƌĂů ĂǀĂŶnjĂŶĚŽĞŶŵĂƚĞƌŝĂƐĐŽŵŽƐŽŶĞůŵĞƌĐĂĚŽůĂďŽƌĂů͕ reforms in order to make progress sectors like the labour ůĂƐĂŶŝĚĂĚ͕ůĂĞĚƵĐĂĐŝſŶ͕LJŵƵLJĞƐƉĞĐŝĂůŵĞŶƚĞ͕ĞŶĞů ŵĂƌŬĞƚ͕ ŚĞĂůƚŚ͕ ĞĚƵĐĂƟŽŶ ĂŶĚ ĞƐƉĞĐŝĂůůLJ͕ ƚŚĞ ĮŶĂŶĐŝĂů ĄŵďŝƚŽ ĚĞů ƐŝƐƚĞŵĂ ĮŶĂŶĐŝĞƌŽ͕ ƋƵĞ ĂƷŶ ĚĞƐƉƵĠƐ ĚĞ ƐLJƐƚĞŵ͘ ŌĞƌ ϱ LJĞĂƌƐ ŽĨ ĐƌŝƐŝƐ͕ ƚŚŝƐ ƐĞĐƚŽƌ ŚĂƐ ŶŽƚ ŐĂŝŶĞĚ

66 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ĐŝŶĐŽĂŹŽƐĚĞĐƌŝƐŝƐ͕ĐŽŶƟŶƷĂƐŝŶƌĞĐĂďĂƌůĂĐŽŶĮĂŶnjĂ ŶĞĐĞƐĂƌŝĂƉŽƌƉĂƌƚĞĚĞůŽƐŵĞƌĐĂĚŽƐĮŶĂŶĐŝĞƌŽƐŝŶƚĞƌ- nacionales.

Ŷ Ğů ĄŵďŝƚŽ ůĂďŽƌĂů͕ ůĂ ƌĞĨŽƌŵĂ ĞŵƉƌĞŶĚŝĚĂ ĚƵƌĂŶ- ƚĞϮϬϭϮŝŶƚƌŽĚƵĐĞĐƵĞƐƟŽŶĞƐďĄƐŝĐĂƐƉĂƌĂŵĞũŽƌĂƌůĂ ŇĞdžŝďŝůŝĚĂĚĚĞŶƵĞƐƚƌŽŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽ͕LJĂƉŽƌƚĂ ĂůŐƵŶĂƐŵĞĚŝĚĂƐƋƵĞĨĂĐŝůŝƚĂůĂĐŽŶĐŝůŝĂĐŝſŶĞŶƚƌĞůŽƐ ƌĞĐƵƌƐŽƐůĂďŽƌĂůĞƐLJůĂƐŶĞĐĞƐŝĚĂĚĞƐĚĞůĂƐĞŵƉƌĞƐĂƐ͖ ĂƵŶƋƵĞ͕ƚĂŵďŝĠŶ͕ĚĞũĂĂůŐƵŶĂƐĐƵĞƐƟŽŶĞƐƉĞŶĚŝĞŶƚĞƐ ĚĞƌĞƐŽůƵĐŝſŶ͘

ŽŶĞƐƚĂZĞĨŽƌŵĂ͕ƐĞĐƌĞĂƵŶŶƵĞǀŽĐŽŶƚƌĂƚŽŝŶĚĞĮŶŝ- ĚŽĚĞĂƉŽLJŽĂĞŵƉƌĞŶĚĞĚŽƌĞƐ͕ƐĞĞƐƚĂďůĞĐĞůĂƉŽƐŝďŝ- ůŝĚĂĚĚĞƌĞĂůŝnjĂƌŚŽƌĂƐĞdžƚƌĂŽƌĚŝŶĂƌŝĂƐĞŶůŽƐĐŽŶƚƌĂƚŽƐ ͞Ă ƟĞŵƉŽ ƉĂƌĐŝĂů͟ LJ ƐĞ ƌĞĂůŝnjĂŶ ŵŽĚŝĮĐĂĐŝŽŶĞƐ ďƵƐ- LJĞƚ ƚŚĞ ƌĞƋƵŝƌĞĚ ĐŽŶĮĚĞŶĐĞ ŽĨ ƚŚĞ ŝŶƚĞƌŶĂƟŽŶĂů ĮŶĂŶĐŝĂů ĐĂŶĚŽůĂŇĞdžŝďŝůŝĚĂĚĞŶĞůĐŽŶƚƌĂƚŽƉĂƌĂůĂĨŽƌŵĂĐŝſŶ markets. LJĞůĂƉƌĞŶĚŝnjĂũĞ͘ About employment, the 2012 reform includes fundamental ^ŝŐƵĞ͕ĂƐŝŵŝƐŵŽ͕ŽďƐĞƌǀĄŶĚŽƐĞƵŶĂĞdžĐĞƐŝǀĂŵƵůƟƉůŝ- ŝƐƐƵĞƐƚĞŶĚŝŶŐƚŽŝŵƉƌŽǀĞƚŚĞůĂďŽƵƌŵĂƌŬĞƚŇĞdžŝďŝůŝƚLJ͕ĂŶĚ ĐŝĚĂĚĚĞŵŽĚĂůŝĚĂĚĞƐĐŽŶƚƌĂĐƚƵĂůĞƐ͕ĂůƌĞĚĞĚŽƌĚĞϱϬ͕ ŐŝǀĞƐƐŽŵĞŵĞĂƐƵƌĞƐƚŽŚĞůƉƚŚĞĐŽŶĐŝůŝĂƟŽŶďĞƚǁĞĞŶůĂďŽƵƌ ƐŝŶƋƵĞůĂƷůƟŵĂƌĞĨŽƌŵĂůĂďŽƌĂůŚĂLJĂůŽŐƌĂĚŽƵŶĞƐ- ƌĞƐŽƵƌĐĞƐĂŶĚďƵƐŝŶĞƐƐĞƐŶĞĞĚƐ͘EĞǀĞƌƚŚĞůĞƐƐ͕ƚŚĞƌĞĂƌĞƐƟůů ƋƵĞŵĂĐŽŶƚƌĂĐƚƵĂůƐĞŶĐŝůůŽƋƵĞƌŽŵƉĂĐŽŶůĂƐĞŐŵĞŶ- some unsolved issues. ƚĂĐŝſŶĚĞůŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽ͘ With this reform, a new permanent contract has been dĂŵďŝĠŶƐĞŽďƐĞƌǀĂĐŽŵŽĞůƉƌŽŵĞĚŝŽĚĞůĐŽƐƚĞĚĞů ĐƌĞĂƚĞĚ ƚŽ ƐƵƉƉŽƌƚ ĞŶƚƌĞƉƌĞŶĞƵƌƐ͖ ŽǀĞƌƟŵĞ ŚŽƵƌƐ ĂƌĞ ĚĞƐƉŝĚŽ ƋƵĞĚĂ ĞƋƵŝƉĂƌĂĚŽ Ă ƌĞĨŽƌŵĂƐ ĂŶƚĞƌŝŽƌĞƐ͕ ĂǀĂŝůĂďůĞ ŝŶ ƉĂƌƚͲƟŵĞ ĐŽŶƚƌĂĐƚƐ͖ ĂŶĚ ŵŽĚŝĮĐĂƟŽŶƐ ĂƌĞ ĚĂĚŽƋƵĞƐŝďŝĞŶĞƐĐŝĞƌƚŽƋƵĞĞůĚĞƐƉŝĚŽŝŵƉƌŽĐĞĚĞŶ- ŝŶƚƌŽĚƵĐĞĚŝŶŽƌĚĞƌƚŽƌĞĂĐŚĐŽŶƚƌĂĐƚŇĞdžŝďŝůŝƚLJĨŽƌƚƌĂŝŶŝŶŐ ƚĞƉĂƐĂ͕ĂƉĂƌƟƌĚĞůϭϮĚĞĨĞďƌĞƌŽĚĞϮϬϭϮ͕ĚĞϰϱĚşĂƐ ĂŶĚĂƉƉƌĞŶƟĐĞƐŚŝƉ͘ ĂϯϯĚşĂƐĚĞƐĂůĂƌŝŽ͕ůĂŵĞƌĂĞdžƟŶĐŝſŶĚĞůŐƌƵĞƐŽĚĞ ĐŽŶƚƌĂƚŽƐƚĞŵƉŽƌĂůĞƐƐƵƉŽŶĚƌĄĞůƉĂŐŽĚĞϵĚşĂƐĚĞ It shows, as well, that the average dismissal cost is at the ƐĂůĂƌŝŽĚƵƌĂŶƚĞϮϬϭϮ͕ƋƵĞŝƌĄŝŶĐƌĞŵĞŶƚĄŶĚŽƐĞ͕ƉƌŽ- same level than found in previous reforms. The wrongful ŐƌĞƐŝǀĂŵĞŶƚĞ͕ŚĂƐƚĂůŽƐϭϮĚşĂƐĚĞƐĂůĂƌŝŽƋƵĞŚĂďƌĄ ĚŝƐŵŝƐƐĂů ĐŽƐƚƐĂƌĞϯϯĚĂLJƐƐĂůĂƌLJ͕ŝŶƐƚĞĂĚŽĨƚŚĞƉƌĞǀŝŽƵƐ ƋƵĞĂďŽŶĂƌĞŶůŽƐĐŽŶƚƌĂƚŽƐƚĞŵƉŽƌĂůĞƐƋƵĞƐĞĐĞůĞ- ϰϱĚĂLJƐ͕ƐŝŶĐĞϭϮŶĚ&ĞďƌƵĂƌLJŽĨϮϬϭϮ͕ďƵƚũƵƐƚƚŚĞĞdžƟŶĐƟŽŶ ďƌĞŶĂƉĂƌƟƌĚĞůϭĚĞĞŶĞƌŽĚĞϮϬϭϱ͘ ŽĨŵŽƐƚƚĞŵƉŽƌĂƌLJĐŽŶƚƌĂĐƚƐǁŝůůĐŽƐƚϵĚĂLJƐƐĂůĂƌLJŝŶϮϬϭϮ͕ ŐƌĂĚƵĂůůLJŝŶĐƌĞĂƐŝŶŐƚŽϭϮĚĂLJƐĨŽƌƚŚĞĐŽŶƚƌĂĐƚƐƐŝŐŶĞĚĂŌĞƌ WŽƌ ŽƚƌŽ ůĂĚŽ͕ ůĂ ƌĞĨŽƌŵĂ ĚĞů ĐŽŶƚƌĂƚŽ ĚĞ ƚƌĂďĂũŽ Ă ϭƐƚ:ĂŶƵĂƌLJϮϬϭϱ͘ ƟĞŵƉŽ ƉĂƌĐŝĂů ƉƌĞƚĞŶĚĞ ďƵƐĐĂƌ ƵŶ ŵĂLJŽƌ ĞƋƵŝůŝďƌŝŽ ĞŶƚƌĞ ŇĞdžŝďŝůŝĚĂĚ LJ ƉƌŽƚĞĐĐŝſŶ ƐŽĐŝĂů͕ ĂĚŵŝƟĞŶĚŽ ůĂ KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞƉĂƌƚͲƟŵĞĐŽŶƚƌĂĐƚƌĞĨŽƌŵŝƐĚĞƐŝŐŶĞĚ ƌĞĂůŝnjĂĐŝſŶĚĞŚŽƌĂƐĞdžƚƌĂŽƌĚŝŶĂƌŝĂƐĞŶůŽƐĐŽŶƚƌĂƚŽƐ ƚŽƐĞĞŬĂďĂůĂŶĐĞďĞƚǁĞĞŶŇĞdžŝďŝůŝƚLJĂŶĚƐŽĐŝĂůƉƌŽƚĞĐƟŽŶ͘ ͞ĂƟĞŵƉŽƉĂƌĐŝĂů͟ĞŝŶĐůƵLJĠŶĚŽůĂƐĞŶůĂďĂƐĞĚĞĐŽƟ- dŚƌŽƵŐŚƚŚŝƐƌĞĨŽƌŵŝƚŝƐƉĞƌŵŝƩĞĚƚŽǁŽƌŬŽǀĞƌƟŵĞŚŽƵƌƐŝŶ njĂĐŝſŶƉŽƌĐŽŶƟŶŐĞŶĐŝĂƐĐŽŵƵŶĞƐ͘ ƉĂƌƚͲƟŵĞĐŽŶƚƌĂĐƚƐĂŶĚĂĚĚƚŚĞŵŝŶƚŚĞĐŽŶƚƌŝďƵƟŽŶďĂƐĞƐ ĨŽƌĐŽŵŵŽŶĐŽŶƟŶŐĞŶĐŝĞƐ͘ &ŝŶĂůŵĞŶƚĞ͕ ůĂ ZĞĨŽƌŵĂ >ĂďŽƌĂů ĚĞ ϮϬϭϮ ŵĞũŽƌĂ ůĂ ŇĞdžŝďŝůŝĚĂĚŝŶƚĞƌŶĂ͕ƐŝďŝĞŶůĂƐŵĞĚŝĚĂƐĂƉƌŽďĂĚĂƐĞŶ Finally, the Labour Market Reform of 2012 improves ŵĂƚĞƌŝĂĚĞƐĂůĂƌŝŽƐ͕ũŽƌŶĂĚĂLJĨƵŶĐŝŽŶĞƐ͕ůůĞŐĂŶƚĂƌĚĞ͕ ƚŚĞ ŝŶƚĞƌŶĂů ŇĞdžŝďŝůŝƚLJ͕ ĂůƚŚŽƵŐŚ ŵĞĂƐƵƌĞƐ ĂďŽƵƚ ǁĂŐĞƐ͕ ĚĂĚŽ ƋƵĞ ƵŶ ŶƷŵĞƌŽ ŝŵƉŽƌƚĂŶƚĞ ĚĞ ĞŵƉƌĞƐĂƐ ŚĂŶ ǁŽƌŬĚĂLJĂŶĚĨƵŶĐƟŽŶƐĂƌƌŝǀĞůĂƚĞ͕ŐŝǀĞŶƚŚĂƚĂŚŝŐŚŶƵŵďĞƌ

67 CONCLUSIONES CONCLUSIONS 2011

ƚĞŶŝĚŽƋƵĞĐĞƌƌĂƌŽƌĞĞƐƚƌƵĐƚƵƌĂƌƐƵƐƉůĂŶƟůůĂƐĐŽŵŽ ƷŶŝĐĂǀşĂĂƐƵƐƵƉĞƌǀŝǀĞŶĐŝĂ͘

ůƉƌŽďůĞŵĂĚĞůĂĨĂůƚĂĚĞŇĞdžŝďŝůŝĚĂĚŝŶƚĞƌŶĂĞƐĐŽŶƐĞ- ĐƵĞŶĐŝĂ͕ĞŶďƵĞŶĂŵĞĚŝĚĂ͕ĚĞƵŶŵŽĚĞůŽĚĞƌĞůĂĐŝŽ- ŶĞƐůĂďŽƌĂůĞƐŝŶĂĚĞĐƵĂĚŽ͕ĐŽŵŽŚĂƋƵĞĚĂĚŽĞŶĞǀŝ- ĚĞŶĐŝĂĚƵƌĂŶƚĞĞůƉĞƌŝŽĚŽĚĞĐƌŝƐŝƐ͘ŶƵŶƐŝƐƚĞŵĂƋƵĞ ŐĞŶĞƌĂ ŝŶĐĞŶƟǀŽƐ ĂĚĞĐƵĂĚŽƐ͕ ůĂƐ ĞŵƉƌĞƐĂƐ ƉƵĞĚĞŶ of companies have had to close down or restructure their ŚĂĐĞƌ ĨƌĞŶƚĞ Ă ůĂƐ ŽƐĐŝůĂĐŝŽŶĞƐ ĚĞ ůĂ ĚĞŵĂŶĚĂ ƌĞĐƵ- ƐƚĂīĂƐƚŚĞŽŶůLJǁĂLJƚŽƐƵƌǀŝǀĞ͘ ƌƌŝĞŶĚŽĂŵĞĐĂŶŝƐŵŽƐĚŝĨĞƌĞŶƚĞƐĂůĚĞƐƉŝĚŽ͕ƋƵĞƉƌĞ- ƐĞƌǀĞŶĞůĐĂƉŝƚĂůŚƵŵĂŶŽĚĞůĂĞŵƉƌĞƐĂ͕ƚĂůĞƐĐŽŵŽ dŚĞůĂĐŬŽĨŝŶƚĞƌŶĂůŇĞdžŝďŝůŝƚLJŝƐŵŽƐƚůLJĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶ ƌĞĚƵĐĐŝŽŶĞƐƚĞŵƉŽƌĂůĞƐĚĞƐĂůĂƌŝŽŽĚĞũŽƌŶĂĚĂ͘ ŝŶĂƉƉƌŽƉƌŝĂƚĞ ůĂďŽƵƌ ƌĞůĂƟŽŶƐ ŵŽĚĞů͕ ĂƐ ĞǀŝĚĞŶĐĞĚ ĚƵƌŝŶŐ the crisis period. ƐƚĞ ƟƉŽ ĚĞ ĂũƵƐƚĞ ĞŶ ŵĂƚĞƌŝĂ ĚĞ ƐĂůĂƌŝŽ͕ ĨƵŶĐŝŽŶĞƐ ŽũŽƌŶĂĚĂ͕ŚĂƐŝĚŽƌĞůĞǀĂŶƚĞĞŶůŽƐƉĂşƐĞƐĚĞŶƵĞƐƚƌŽ /ŶĂƐLJƐƚĞŵĐƌĞĂƟŶŐƚŚĞƌŝŐŚƚƚLJƉĞŽĨŝŶĐĞŶƟǀĞƐ͕ĐŽŵƉĂŶŝĞƐ ĞŶƚŽƌŶŽ͕ůŽƋƵĞƐĞŚĂƚƌĂĚƵĐŝĚŽĞŶƵŶĂŵĞŶŽƌĚĞƐƚƌƵĐ- ĐĂŶ ĐŽŶĨƌŽŶƚ ĚĞŵĂŶĚ ǀĂƌŝĂƟŽŶƐ ďLJ ŽƚŚĞƌ ŵĞĐŚĂŶŝƐŵƐ ción de empleo. ĚŝīĞƌĞŶƚ ĨƌŽŵ ĚŝƐŵŝƐƐĂů͕ ƐƵĐŚ ĂƐ ƚĞŵƉŽƌĂƌLJ ƌĞĚƵĐƟŽŶƐ ŽĨ ǁŽƌŬƟŵĞŽƌƐĂůĂƌLJ͘dŚŝƐǁŽƵůĚƉƌĞƐĞƌǀĞƚŚĞŚƵŵĂŶĐĂƉŝƚĂů͘ ŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ůĂZĞĨŽƌŵĂ>ĂďŽƌĂů͕ƉŽƌƐşŵŝƐŵĂ͕ ŶŽĐƌĞĂĞŵƉůĞŽŶŝƉƌŽƉŝĐŝĂůĂƐƵƐĐƌŝƉĐŝſŶĚĞŶƵĞǀŽƐ dŚŝƐƚLJƉĞŽĨĂĚũƵƐƚŵĞŶƚƌĞŐĂƌĚŝŶŐƐĂůĂƌLJ͕ĨƵŶĐƟŽŶƐŽƌǁŽƌŬ ĐŽŶƚƌĂƚŽƐ͘^ĞƚƌĂƚĂĚĞƵŶŝŶƐƚƌƵŵĞŶƚŽƋƵĞĚĞďĞƉƌŽ- ƟŵĞ ŚĂƐ ďĞĞŶ ŝŵƉŽƌƚĂŶƚ ŝŶ ƚŚĞ ĐŽƵŶƚƌŝĞƐ ĂƌŽƵŶĚ ^ƉĂŝŶ͕ ƉŝĐŝĂƌƵŶŵŽĚĞůŽĚĞŵĞŶŽƌĞƐĐŽƐƚĞƐůĂďŽƌĂůĞƐŶŽƐĂ- which has resulted in a lower labour shedding. ůĂƌŝĂůĞƐ͕ƵŶĂŵĂLJŽƌŇĞdžŝďŝůŝĚĂĚŝŶƚĞƌŶĂĞŶůĂĞŵƉƌĞƐĂ͕ ĞŶŵĂƚĞƌŝĂĚĞĨƵŶĐŝŽŶĞƐƐĂůĂƌŝŽƐLJũŽƌŶĂĚĂLJƋƵĞĚĞďĞ Anyway, the Labour Market Reform, itself, does not create ĨĂĐŝůŝƚĂƌůĂĐŽŶƚƌĂƚĂĐŝſŶ͕ƐŝŵƉůŝĮĐĂŶĚŽůĂƐŵŽĚĂůŝĚĂĚĞƐ jobs nor the signing of new contracts. ĐŽŶƚƌĂĐƚƵĂůĞƐ͕ƵŶĂǀĞnjƐĞĐƵĞŶƚĞĐŽŶĞůĞƐĐĞŶĂƌŝŽĞĐŽ- /ƚ ŝƐ Ă ƚŽŽů ƚŽ ĞŶƐƵƌĞ ůŽǁĞƌ ŶŽŶͲǁĂŐĞ ůĂďŽƵƌ ĐŽƐƚƐ͕ ŚŝŐŚĞƌ ŶſŵŝĐŽĂĚĞĐƵĂĚŽ͘ ŝŶƚĞƌŶĂů ŇĞdžŝďŝůŝƚLJ ŝŶ ĐŽŵƉĂŶŝĞƐ͕ ƌĞŐĂƌĚŝŶŐ ĨƵŶĐƟŽŶƐ͕ zƉĂƌĂĞůůŽƌĞƐƵůƚĂŶĞĐĞƐĂƌŝŽĐŽŶƟŶƵĂƌƉƌŽĨƵŶĚŝnjĂŶĚŽ ƐĂůĂƌLJ ĂŶĚ ǁŽƌŬ ƟŵĞ͘ /ƚ ŵƵƐƚ ĂůƐŽ ĨĂĐŝůŝƚĂƚĞ ƌĞĐƌƵŝƚŵĞŶƚ͕ ĞŶŽƚƌĂƐƌĞĨŽƌŵĂƐĞƐƚƌƵĐƚƵƌĂůĞƐƋƵĞŝŶĐĞŶƟǀĞŶůĂĂĐ- by simplifying the contractual arrangements, once the ƟǀŝĚĂĚĞĐŽŶſŵŝĐĂ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞŶĞůĄŵďŝƚŽĮŶĂŶ- economic scenario is right. ciero. In order to achieve that, it is necessary to develop further ƷŶ͕ĂĚşĂĚĞŚŽLJ͕ĞůĚĞƚĞƌŝŽƌŽĚĞůŽƐ ĂĐƟǀŽƐǀŝŶĐƵ- ŽƚŚĞƌ ƐƚƌƵĐƚƵƌĂů ƌĞĨŽƌŵƐ ƚŽ Ɛƚ ĞĐŽŶŽŵŝĐ ĂĐƟǀŝƚLJ͕ ůĂĚŽƐĂůƐĞĐƚŽƌŝŶŵŽďŝůŝĂƌŝŽĐŽŶƟŶƷĂĂĨĞĐƚĂŶĚŽĂůŽƐ ĞƐƉĞĐŝĂůůLJƚŚĞĮŶĂŶĐŝĂůĮĞůĚ͘ ďĂůĂŶĐĞƐĚĞůĂƐĞŶƟĚĂĚĞƐĚĞĐƌĠĚŝƚŽ͕ŚĂƐƚĂĞůƉƵŶƚŽĚĞ ƋƵĞĞůƐŝƐƚĞŵĂĞŶƐƵĐŽŶũƵŶƚŽƉĂƌĞĐĞŚĂďĞƌƉĞƌĚŝĚŽ EŽǁĂĚĂLJƐ͕ƚŚĞĚĞƚĞƌŝŽƌĂƟŽŶŽĨƉƌŽƉĞƌƚLJĂƐƐĞƚƐƐƟůůĂīĞĐƚƐ ƐƵĨƵŶĐŝſŶĚĞĐĂƚĂůŝnjĂĚŽƌĚĞůĂŚŽƌƌŽŚĂĐŝĂůĂĞĐŽŶŽŵşĂ ĐƌĞĚŝƚŝŶƐƟƚƵƟŽŶƐ͛ďĂůĂŶĐĞƐŚĞĞƚƐ͘^ŽŵƵĐŚƐŽƚŚĂƚŝƚƐĞĞŵƐ real. ƚŚĂƚƚŚĞǁŚŽůĞƐLJƐƚĞŵŚĂƐůŽƐƚŝƚƐĨƵŶĐƟŽŶƚŽĚƌŝǀĞƐĂǀŝŶŐƐ towards the real economy. >ĂĞĐŽŶŽŵşĂĞƐƉĂŹŽůĂŶĞĐĞƐŝƚĂĚĞƵŶĂĞĮĐŝĞŶƚĞƌĞĞƐ- ƚƌƵĐƚƵƌĂĐŝſŶĮŶĂŶĐŝĞƌĂ͕ƋƵĞŚĂŐĂŇƵŝƌĐŽŶŐĂƌĂŶơĂƐĞů dŚĞ ^ƉĂŶŝƐŚ ĞĐŽŶŽŵLJ ŶĞĞĚƐ ĂŶ ĞĸĐŝĞŶƚ ĮŶĂŶĐŝĂů ĐƌĠĚŝƚŽŚĂĐŝĂůĂƐĞŵƉƌĞƐĂƐLJůĂƐƵŶŝĚĂĚĞƐĚĞĐŽŶƐƵŵŽ͘ ƌĞƐƚƌƵĐƚƵƌŝŶŐ ƚŚĂƚ ŐĞƚƐ ĐƌĞĚŝƚ ŇŽǁŝŶŐ ƐĂĨĞůLJ ƚŽǁĂƌĚƐ ĐŽŵƉĂŶŝĞƐĂŶĚĐŽŶƐƵŵƉƟŽŶƵŶŝƚƐ͘ >ĂƌĞĨŽƌŵĂĮŶĂŶĐŝĞƌĂƋƵĞŚĂĞŵƉƌĞŶĚŝĚŽĞůũĞĐƵƟǀŽ - ĚƵƌĂŶƚĞϮϬϭϮ͕ĐŽŶůĂĂƉƌŽďĂĐŝſŶĚĞĚŽƐƌĞĂůĞƐĚĞĐƌĞ dŚĞĮŶĂŶĐŝĂůƌĞĨŽƌŵƵŶĚĞƌƚĂŬĞŶďLJƚŚĞ^ƉĂŶŝƐŚ'ŽǀĞƌŶŵĞŶƚ - ƚŽƐͲůĞLJĞƐĞŶƵŶƉĞƌŝŽĚŽĚĞƚƌĞƐŵĞƐĞƐ͕ƉƌĞƚĞŶĚĞĂũƵƐ ŝŶϮϬϭϮ͕ďLJĂĚŽƉƟŶŐƚǁŽƌŽLJĂůĚĞĐƌĞĞͲůĂǁƐŝŶƚŚƌĞĞŵŽŶƚŚƐͲ ƚĂƌůĂƐŵĞŶŽƌĞƐĞdžƉĞĐƚĂƟǀĂƐĚĞůŵĞƌĐĂĚŽŝŶŵŽďŝůŝĂƌŝŽ ƟŵĞ͕ƚĞŶĚƐƚŽĂĚũƵƐƚƚŚĞůŽǁĞdžƉĞĐƚĂƟŽŶƐŽĨƚŚĞƉƌŽƉĞƌƚLJ

68 BREVE APROXIMACIÓN A LA EVOLUCIÓN MACROECONÓMICA DE ESPAÑA DURANTE 2011 BRIEF EXPLANATION OF THE SPANISH MACROECONOMIC EVOLUTION DURING 20112

ƌĞƐƉĞĐƚŽĚĞůĂƐƌĞŇĞũĂĚĂƐĞŶůŽƐĞƐƚĂĚŽƐĐŽŶƚĂďůĞƐĚĞ ůĂƐĞŶƟĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐ͘

WĞƌŽĞƐƚĂƐŵĞĚŝĚĂƐ͕ŶŽŚĂŶůŽŐƌĂĚŽĂůŝǀŝĂƌůĂƚĞŶƐŝſŶ ĞŶůŽƐŵĞƌĐĂĚŽƐĚĞĐĂƉŝƚĂů͕ĚŽŶĚĞŝŶĐůƵƐŽƐĞŚĂŶƌĞĂ- ǀŝǀĂĚŽůŽƐƚĞŵŽƌĞƐƋƵĞƉŽŶĞŶĞŶĚƵĚĂůĂǀŝĂďŝůŝĚĂĚĚĞ ĂůŐƵŶĂƐĞŶƟĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐĞŶŶƵĞƐƚƌŽƉĂşƐ͘ ŵĂƌŬĞƚ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĞdžƉĞĐƚĂƟŽŶƐ ŽĨ ƚŚĞ ĮŶĂŶĐŝĂů ŝŶƐƟƚƵƟŽŶƐĂĐĐŽƵŶƟŶŐƐƚĂƚĞŵĞŶƚƐ͘ >ĞũŽƐĚĞĞůůŽ͕Ğů'ŽďŝĞƌŶŽƐĞŚĂǀŝƐƚŽŽďůŝŐĂĚŽĂŶĞŐŽ- ĐŝĂƌĐŽŶƐƵƐƐŽĐŝŽƐĞƵƌŽƉĞŽƐůĂĚŝƐƉŽŶŝďŝůŝĚĂĚĚĞƵŶĂ But these measures have not relieved the tension in capital ůşŶĞĂĚĞĐƌĠĚŝƚŽĐŽŶůĂƋƵĞĮŶĂŶĐŝĂƌůĂƌĞĞƐƚƌƵĐƚƵƌĂ- ŵĂƌŬĞƚƐ͕ǁŚĞƌĞƚŚĞƌĞĂƌĞĨĞĂƌƐƚŚĂƚƋƵĞƐƟŽŶƚŚĞǀŝĂďŝůŝƚLJŽĨ ĐŝſŶĚĞůƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽĞƐƉĂŹŽů͘ ƐŽŵĞĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐŝŶ^ƉĂŝŶ͘

ŶĞůŵŽŵĞŶƚŽĚĞĐĞƌƌĂƌĞƐƚĞŝŶĨŽƌŵĞ͕ĂƷŶƐĞĚĞƐĐŽ- &ĂƌĨƌŽŵƚŚĂƚ͕ƚŚĞ'ŽǀĞƌŶŵĞŶƚŚĂƐďĞĞŶŽďůŝŐĞĚƚŽŶĞŐŽƟĂƚĞ ŶŽĐĞŶůŽƐĚĞƚĂůůĞƐĚĞĞƐƚĞƌĞƐĐĂƚĞƐĞĐƚŽƌŝĂů͕ĂƵŶƋƵĞLJĂ ǁŝƚŚ ŝƚƐ ƵƌŽƉĞĂŶ ƉĂƌƚŶĞƌƐ Ă ůŝŶĞ Ž ĐƌĞĚŝƚ ƚŽ ĮŶĂŶĐĞ ƚŚĞ ƐĞŚĂĂǀĂŶnjĂĚŽƋƵĞƐƉĂŹĂƉŽĚƌşĂĚŝƐƉŽŶĞƌĚĞŚĂƐƚĂ ƌĞƐƚƌƵĐƚƵƌŝŶŐŽĨƚŚĞ^ƉĂŶŝƐŚĮŶĂŶĐŝĂůƐLJƐƚĞŵ͘ ϭϬϬ͘ϬϬϬŵŝůůŽŶĞƐĚĞĞƵƌŽƐƉĂƌĂĂŵƉůŝĂƌůĂĐĂƉĂĐŝĚĂĚ ĚĞĂĐƚƵĂĐŝſŶĚĞů&ŽŶĚŽĚĞZĞĞƐƚƌƵĐƚƵƌĂĐŝſŶKƌĚĞŶĂ- As this work was going to press, the details of this sectoral ĚĂĚĞůĂĂŶĐĂ͕;&ZKͿLJĂƐĞŐƵƌĂƌůĂƐŽůǀĞŶĐŝĂĚĞůĂƐ ďĂŝůŽƵƚĂƌĞƐƟůůƵŶŬŶŽǁŶ͘/ƚŚĂƐďĞĞŶƐĂŝĚ͕ƚŚŽƵŐŚ͕ƚŚĂƚ^ƉĂŝŶ ĞŶƟĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐĚĞŶƵĞƐƚƌŽƉĂşƐ͘ could receive up to 100 billion Euros to expand the capacity ŽĨƚŚĞKƌĚĞƌůLJĂŶŬZĞƐƚƌƵĐƚƵƌŝŶŐ&ƵŶĚ;&ZKŝŶ^ƉĂŶŝƐŚͿƚŽ ZĞƐƵůƚĂĞƐĞŶĐŝĂůĚŽƚĂƌĂůƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽĞŶƐƵĐŽŶ- act and ensure the Spain’s solvency. ũƵŶƚŽ ĚĞůĂ ƌŽďƵƐƚĞnjŶĞĐĞƐĂƌŝĂƋƵĞ ůĞ ƉĞƌŵŝƚĂĂůĞũĂƌ ĐƵĂůƋƵŝĞƌ ĚƵĚĂ ƐŽďƌĞ ƐƵ ƐŽƐƚĞŶŝďŝůŝĚĂĚ͕ ĂĚĞĐƵĂŶĚŽ /ƚŝƐĐƌƵĐŝĂůƚŽŐŝǀĞƚŽƚŚĞǁŚŽůĞĮŶĂŶĐŝĂůƐLJƐƚĞŵƚŚĞĞŶŽƵŐŚ ĂƋƵĞůůŽƐŵĞĐĂŶŝƐŵŽƐƋƵĞƉƌŽǀĞĂŶƵŶŵĞŶŽƌŝŵƉĂĐƚŽ strength to remove any doubt about its sustainability. This ƐŽďƌĞůĂĞĐŽŶŽŵşĂƌĞĂů͕ƉƵĞƐĞŶƵŶĐŽŶƚĞdžƚŽĚĞĨƵĞƌƚĞ should be done by bringing to line mechanisms with a low ĐŽŶƚƌĂĐĐŝſŶĚĞůŐĂƐƚŽƉƷďůŝĐŽLJĂũƵƐƚĞƐĮƐĐĂůĞƐ͕ůĂƌĞ- impact on real economy, because in a context of severe ĐƵƉĞƌĂĐŝſŶĚĞůĐƌĠĚŝƚŽĂĞŵƉƌĞƐĂƐLJĂĨĂŵŝůŝĂƐƌĞƐƵůƚĂ public expenditure slowdown and tax adjustments, it is a ƵŶĂĐŽŶĚŝĐŝſŶŝŵƉƌĞƐĐŝŶĚŝďůĞƉĂƌĂŝŶƐƵŇĂƌŝŵƉƵůƐŽĂ ƉƌĞĐŽŶĚŝƟŽŶƚŽƌĞƐƚŽƌĞĐƌĞĚŝƚƚŽďƵƐŝŶĞƐƐĞƐĂŶĚŚŽƵƐĞŚŽůĚƐ ůĂĞĐŽŶŽŵşĂƌĞĂů͘ in order to boost the real economy.

69 CONCLUSIONES CONCLUSIONS 2011

  
  
 


 

   















 
 
 






 


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71

LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

^ĞŐƷŶůŽƐĚĂƚŽƐĚĞů/ŶƐƟƚƵƚŽEĂĐŝŽŶĂůĚĞƐƚĂĚşƐƟĐĂ͕ ůĂ ĞĐŽŶŽŵşĂ ĐĂŶĂƌŝĂ ĐƌĞĐŝſ ĚƵƌĂŶƚĞ Ğů ƉĂƐĂĚŽ ϮϬϭϭ ƵŶϮ͕ϭй͕ĐŽŶůŽƋƵĞƐƵƉĞƌĂ͕ĞŶƚĠƌŵŝŶŽƐĚĞW/͕ĂůĂ ĞǀŽůƵĐŝſŶŽďƐĞƌǀĂĚĂƉŽƌƚŽĚĂƐůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſ- ŶŽŵĂƐĞƐƉĂŹŽůĂƐLJĂůĂŵĞĚŝĂĚĞůƉĂşƐ͕ĐƵLJŽĂǀĂŶĐĞƐĞ ĞƐƟŵſĞŶĞůϬ͕ϳƉŽƌĐŝĞŶƚŽ͘

ŽŶĞƐƚĞƌĞƐƵůƚĂĚŽ͕ĞůW/ĚĞĂŶĂƌŝĂƐĂůĐĂŶnjĂƵŶĂǀĂ- ĐĐŽƌĚŝŶŐƚŽƚŚĞ^ƉĂŶŝƐŚEĂƟŽŶĂů^ƚĂƟƐƟĐƐ/ŶƐƟƚƵƚĞ;/EͿ͕ ůŽƌĂĐŝſŶŶŽŵŝŶĂůĚĞϰϭ͘ϳϯϮ͕ϲϯŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕Ğů ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ĞĐŽŶŽŵLJ ŐƌĞǁ ďLJ Ϯ͘ϭй ĚƵƌŝŶŐ ϮϬϭϭ͕ ϯ͕ϵйĚĞůƚŽƚĂůĚĞůĂƉƌŽĚƵĐĐŝſŶĚĞůĐŽŶũƵŶƚŽĚĞůƐ- ƐƵƌƉĂƐƐŝŶŐƚŚĞĞǀŽůƵƟŽŶƌĞĐŽƌĚĞĚŝŶƚŚĞƌĞƐƚŽĨƚŚĞ^ƉĂŶŝƐŚ tado. ZĞŐŝŽŶƐ;ƵƚŽŶŽŵŽƵƐŽŵŵƵŶŝƟĞƐͿ͕ŝŶƚĞƌŵƐŽĨ'W͘/ƚĂůƐŽ ŽƵƚƉĞƌĨŽƌŵĞĚ ƚŚĞ ĂǀĞƌĂŐĞ ĞǀŽůƵƟŽŶ ŽĨ ^ƉĂŝŶ ĂƐ Ă ǁŚŽůĞ͕ ƐƚĂƉƌŝŵĞƌĂĞƐƟŵĂĐŝſŶĚĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůƌĐŚŝƉŝĠ- ǁŚŝĐŚƐƚŽŽĚĂƚϬ͘ϳƉĞƌĐĞŶƚ͘ ůĂŐŽ͕ĚĞůĂƋƵĞƉŽĚƌşĂĚĞƐƉƌĞŶĚĞƌƐĞƵŶĂůĞĐƚƵƌĂƉŽƐŝƟ- ǀĂĂůĂǀŝƐƚĂĚĞůĚŝİĐŝůĞƐĐĞŶĂƌŝŽĞĐŽŶſŵŝĐŽ͕ƉƌĞĐŝƐĂ͕ĞŶ With these results, the Canary Islands GDP reached a par ĐƵĂůƋƵŝĞƌĐĂƐŽ͕ĚĞƵŶĂƐĞƌŝĞĚĞŵĂƟnjĂĐŝŽŶĞƐ͘ ǀĂůƵĞŽĨϰϭ͘ϳϯďŝůůŝŽŶĞƵƌŽƐͲǁŚŝĐŚĐŽŶƐƟƚƵƚĞƐϯ͘ϵйŽĨ^ƉĂŝŶ͛Ɛ ƉƌŽĚƵĐƟŽŶĂƐĂǁŚŽůĞ͘ ŶƉƌŝŵĞƌůƵŐĂƌ͕ƉŽƌƋƵĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂƉĞƌƐŝƐƚĞ ĞƐƉĞĐŝĂůŵĞŶƚĞĚĠďŝů͕ŵƵLJĚĞƐŐĂƐƚĂĚĂƉŽƌůĂĨĂůƚĂĚĞ dĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐƐĐĞŶĂƌŝŽ͕ƚŚŝƐĮƌƐƚ ĐƌĠĚŝƚŽƋƵĞŚĂǀĞŶŝĚŽĞƐƚƌĂŶŐƵůĂŶĚŽůĂƐŶĞĐĞƐŝĚĂĚĞƐ ĞƐƟŵĂƚĞŽĨƚŚĞĞĐŽŶŽŵŝĐŐƌŽǁƚŚŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐĐŽƵůĚ - ĮŶĂŶĐŝĞƌĂƐĚĞůĂƐĞŵƉƌĞƐĂƐLJůĂƐĨĂŵŝůŝĂƐ͕LJƉŽƌĞůĚƌĄƐ ďĞŝŶƚĞƌƉƌĞƚĞĚŝŶĂŶŽƉƟŵŝƐƟĐǁĂLJ͘,ŽǁĞǀĞƌ͕ŝƚŶĞĞĚƐƚŽďĞ - ƟĐŽƌĞĐŽƌƚĞĚĞůŐĂƐƚŽƉƷďůŝĐŽĂŶƚĞůĂŽďůŝŐĂƚŽƌŝĂĐŽŶ ƋƵĂůŝĮĞĚǁŝƚŚƐĞǀĞƌĂůŶƵĂŶĐĞƐ͘ ƐŽůŝĚĂĐŝſŶĮƐĐĂů͕ƚŽĚŽĞůůŽĞŶƵŶĐŽŶƚĞdžƚŽĚĞƉƌĞŽĐƵ- ƉĂŶƚĞĚĞŐƌĂĚĂĐŝſŶĚĞůĞŵƉůĞŽ͕ƋƵĞĂŐƌĂǀĂůĂƐŝƚƵĂĐŝſŶ &ŝƌƐƚůLJ͕ĚŽŵĞƐƟĐĚĞŵĂŶĚƌĞŵĂŝŶƐƉĂƌƟĐƵůĂƌůLJǁĞĂŬ͘/ƚŚĂƐ ĚĞĨƵĞƌƚĞĚĞƚĞƌŝŽƌŽƉŽƌůĂƋƵĞĂƚƌĂǀŝĞƐĂůĂƌŝƋƵĞnjĂLJĞů been worn down by the lack of credit that has been choking ĂŚŽƌƌŽĚĞůĂƐĨĂŵŝůŝĂƐĐĂŶĂƌŝĂƐ͕ƚƌĂƐĐƵĂƚƌŽĂŹŽƐĞŶƌĞ- ƚŚĞ ĮŶĂŶĐŝĂů ŶĞĞĚƐ ŽĨ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ĨĂŵŝůŝĞƐ͕ ĂŶĚ ƚŚĞ ĐĞƐŝſŶ͘dĂŶƚŽůĂƐĨĂŵŝůŝĂƐĐŽŵŽůĂƐĞŵƉƌĞƐĂƐĚĞŶƵĞƐ- ĚƌĂƐƟĐĐƵƚďĂĐŬŝŶƉƵďůŝĐƐƉĞŶĚŝŶŐŝŶǀŝĞǁŽĨƚŚĞŵĂŶĚĂƚŽƌLJ ƚƌĂƌĞŐŝſŶƉĂƌƚĞŶĚĞƵŶĂƐŝƚƵĂĐŝſŶĚĞĞůĞǀĂĚŽŶŝǀĞůĚĞ ĮƐĐĂů ĐŽŶƐŽůŝĚĂƟŽŶ͘ ůů ƚŚŝƐ ŽĐĐƵƌƌĞĚ ŝŶ Ă ĐŽŶƚĞdžƚ ŽĨ Ă ĂƉĂůĂŶĐĂŵŝĞŶƚŽĮŶĂŶĐŝĞƌŽ͕ƋƵĞƌĞĚƵĐĞƐƵĐĂƉĂĐŝĚĂĚ ǁŽƌƌLJŝŶŐ ƌĞĚƵĐƟŽŶ ŝŶ ĞŵƉůŽLJŵĞŶƚ͕ ǁŚŝĐŚ ŚĂƐ ĂŐŐƌĂǀĂƚĞĚ ƉĂƌĂĐƵďƌŝƌůĂƐĂĐƚƵĂůĞƐĐĂşĚĂƐĚĞƌĞŶƚĂŵĞĚŝĂŶƚĞƵŶ ƚŚĞ ǁŽƌƐĞŶŝŶŐ ƐŝƚƵĂƟŽŶ ƚŚĂƚ ǁĞĂůƚŚ ĂŶĚ ŚŽƵƐĞŚŽůĚƐ ĂĐĐĞƐŽĂůĐƌĠĚŝƚŽ͕ƚĞŶŝĞŶĚŽƋƵĞĚĞƐƟŶĂƌƵŶĂƉĂƌƚĞƐƵƐ- ƐƉĞŶĚŝŶŐ ĂƌĞ ŐŽŝŶŐ ƚŚƌŽƵŐŚ͕ ĂŌĞƌ ĨŽƵƌ LJĞĂƌƐ ŽĨ ƌĞĐĞƐƐŝŽŶ͘

.YmÄJV Graph 3.1

75 CONCLUSIONES CONCLUSIONS 2011

ŽƚŚĨĂŵŝůŝĞƐĂŶĚĐŽŵƉĂŶŝĞƐŝŶŽƵƌƌĞŐŝŽŶŚĂǀĞĂŶŝŶŝƟĂůůLJ ƚĂŶƟǀĂ ĚĞƐƵƐ ƌĞŶƚĂƐ Ăů ƉĂŐŽ ĚĞůĂ ĂŵŽƌƟnjĂĐŝſŶ ĚĞů ŚŝŐŚůĞǀĞůĮŶĂŶĐŝĂůůĞǀĞƌĂŐĞƐŝƚƵĂƟŽŶ͕ǁŚŝĐŚƌĞĚƵĐĞƐƚŚĞŝƌ ƉƌŝŶĐŝƉĂůLJƐƵƐƌĞƐƉĞĐƟǀŽƐŝŶƚĞƌĞƐĞƐ͘ ability to cover the current income falls through access to ^ĞŐƵŶĚŽ͕ƉŽƌƋƵĞĐŽŶĨŽƌŵĞƚƌĂŶƐĐƵƌƌşĂĞůĞũĞƌĐŝĐŝŽ͕ůŽƐ ĐƌĞĚŝƚ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞLJŚĂǀĞƚŽĂůůŽĐĂƚĞĂƐƵďƐƚĂŶƟĂůƐƵŵ ƉƌŽďůĞŵĂƐĚĞĚĞƵĚĂƐŽďĞƌĂŶĂĚĞůĄƌĞĂĚĞůĞƵƌŽĨƵĞ- of their income to repay the principal and interests. ƌŽŶƌĞĐƌƵĚĞĐŝĠŶĚŽƐĞ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞŶƐƉĂŹĂ͕ƚƌŝƐƚĞ ƉƌŽƚĂŐŽŶŝƐƚĂĞŶůĂĐƌŝƐŝƐĚĞůĂĚĞƵĚĂĞƵƌŽƉĞĂ͕ĚĞďŝĚŽĂ Secondly, because the problems with sovereign debt from ůĂƋƵŝĞďƌĂĚĞůĂĐŽŶĮĂŶnjĂĚĞůĞdžƚĞƌŝŽƌĞŶŶƵĞƐƚƌŽƉĂşƐ ƚŚĞ ƵƌŽnjŽŶĞ ĐŽŶƟŶƵĞĚ ƚŽ ŝŶƚĞŶƐŝĨLJ ĂƐ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ƉŽƌĞůƌĄƉŝĚŽĐƌĞĐŝŵŝĞŶƚŽĚĞůĚĠĮĐŝƚƉƷďůŝĐŽLJƉŽƌůĂ passed by, especially in Spain, which is unfortunately at ĞdžŝƐƚĞŶĐŝĂĚĞĚƵĚĂƐƌĂnjŽŶĂďůĞƐƐŽďƌĞůĂĞdžĂĐƟƚƵĚĞŶůĂ the forefront of the European debt crisis. This is due to the ĐŽŶƚĂďŝůŝnjĂĐŝſŶĚĞĞƐƚĞĚĠĮĐŝƚ͕ĞŶƐƵƐĚŝĨĞƌĞŶƚĞƐĄŵďŝ- ďƌĞĂŬĚŽǁŶ ŽĨ ĨŽƌĞŝŐŶ ĐŽŶĮĚĞŶĐĞ ŝŶ ^ƉĂŝŶ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ tos territoriales. ďƵƌŐĞŽŶŝŶŐƉƵďůŝĐĚĞĮĐŝƚĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞĚŽƵďƚƐĂƐƚŽ ƚŚĞĂĐĐƵƌĂĐLJŽĨŵĞĂƐƵƌĞŵĞŶƚƐŽĨƚŚĞŵĞŶƟŽŶĞĚĚĞĮĐŝƚŝŶŝƚƐ ƐƚĂƐŝƚƵĂĐŝſŶŚĂƌĞƉĞƌĐƵƟĚŽŶĞŐĂƟǀĂŵĞŶƚĞƐŽďƌĞůĂƐ ĚŝīĞƌĞŶƚƚĞƌƌŝƚŽƌŝĂůĮĞůĚƐ͘ ĐŽŶĚŝĐŝŽŶĞƐĚĞĮŶĂŶĐŝĂĐŝſŶĚĞůĐŽŶũƵŶƚŽĚĞůĂĞĐŽŶŽ- ŵşĂ͕ƉĞƌŽƐŽďƌĞƚŽĚŽ͕ŚĂŐĞŶĞƌĂŶĚŽƵŶĨƵĞƌƚĞĞŶĐĂƌĞ- dŚŝƐ ƐŝƚƵĂƟŽŶ ŚĂƐ ŚĂĚ ŚĂƌŵĨƵů ĞīĞĐƚƐ ŽŶ ƚŚĞ ĮŶĂŶĐŝŶŐ ĐŝŵŝĞŶƚŽĞŶůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞĐŽůŽĐĂĐŝſŶĚĞĚĞƵĚĂ ĐŽŶĚŝƟŽŶƐ ŽĨ ƚŚĞ ǁŚŽůĞ ƵƌŽƉĞĂŶ ĞĐŽŶŽŵLJ͘ Ƶƚ ĮƌƐƚ ĂŶĚ ĚĞůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐĚĞŶƵĞƐƚƌŽƉĂşƐ͘ foremost, it has created a strong increase in the debt ƉůĂĐĞŵĞŶƚĐŽŶĚŝƟŽŶƐŽĨƚŚĞ^ƉĂŶŝƐŚƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐ͘ ƐƚĂ ƌĞĂůŝĚĂĚ ŽďůŝŐſ Ă ƵŶ ĞƐƚƌŝĐƚŽ͕ ƉĞƌŽ ŶĞĐĞƐĂƌŝŽ͕ ĞũĞƌĐŝĐŝŽĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂů͕ĞŶĐŽŽƌĚŝŶĂĐŝſŶĐŽŶ dŚŝƐĨĂĐƚŚĂƐĨŽƌĐĞĚƚŚĞŵĂŬŝŶŐŽĨĂƐƚƌŝĐƚͲďƵƚŶĞĐĞƐƐĂƌLJͲ ŶƵĞƐƚƌŽƐƐŽĐŝŽƐĞƵƌŽƉĞŽƐ͕ĐŽŶůŽƐƋƵĞƐĞŚĂĂĐŽƌĚĂĚŽ ƚĂdžĐŽŶƐŽůŝĚĂƟŽŶĞdžĞƌĐŝƐĞŝŶĐŽŽƌĚŝŶĂƟŽŶǁŝƚŚŽƵƌƵƌŽƉĞĂŶ ƵŶĂĂƉƌĞƚĂĚĂĂŐĞŶĚĂĚĞƌĞĚƵĐĐŝſŶĚĞůĚĠĮĐŝƚ͘ŝĐŚĂƐ ƉĂƌƚŶĞƌƐ͕ ǁŝƚŚ ǁŚŽŵ Ă ƟŐŚƚ ĂŐĞŶĚĂ ŽŶ ĚĞĮĐŝƚ ƌĞĚƵĐƟŽŶ ƉŽůşƟĐĂƐŝŶĐƌĞŵĞŶƚĂŶůŽƐƌŝĞƐŐŽƐĚĞĞƐƚƌĂŶŐƵůĂŵŝĞŶ- has been agreed. These policies have increased the risks ƚŽĚĞůĐƌĞĐŝŵŝĞŶƚŽ͕ĚĞďŝĚŽĂůĂĞƐƚƌĞĐŚĞnjĚĞůŽƐƉůĂnjŽƐ of choking growth due to the short payback terms that ĐŽŵƉƌŽŵĞƟĚŽƐ ƉĂƌĂ ƐƉĂŹĂ LJ Ăů ĨƵĞƌƚĞ ƌĞĐŽƌƚĞ ĚĞů have been set for Spain and the serious cutbacks in public ŐĂƐƚŽƉƷďůŝĐŽ͕ĂůŽƋƵĞƐĞƵŶĞ͕ĞŶĞůĐĂƐŽĚĞĂŶĂƌŝĂƐ͕ ƐƉĞŶĚŝŶŐ͘dŚĂƚŝƐ͕ŝŶĂĚĚŝƟŽŶƚŽƚŚĞůĂĐŬŽĨĞĐŽŶŽŵŝĐĐƌŝƚĞƌŝĂ la falta de criterio económico en la adopción de deter- ǁŚĞŶ ĂĚŽƉƟŶŐ ĐĞƌƚĂŝŶ ĐŽŶƐŽůŝĚĂƟŽŶ ƚĂdž ƐƚƌĂƚĞŐŝĞƐ͕ ƚŚĞ ŵŝŶĂĚĂƐĞƐƚƌĂƚĞŐŝĂƐĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂů͕ĞŶůĂƐƋƵĞ ĐŽƌĞŽĨǁŚĂƚǁŝůůďĞĂŶƵŵďĞƌŽĨǁĂLJƐŽĨĐƵƫŶŐďĂĐŬŽŶ ƐĞƉƌŝŵĂƌĄĨſƌŵƵůĂƐĚĞƌĞĐŽƌƚĞĚĞůŐĂƐƚŽĞŝŶĐƌĞŵĞŶƚŽ spending and an increase in deposit that neither deal with ĚĞůŝŶŐƌĞƐŽƋƵĞŶŽƉƌŽĨƵŶĚŝnjĂŶĞŶůĂƐƌĞĨŽƌŵĂƐĞƐƚƌƵĐ- ƚŚĞŝŶͲĚĞƉƚŚƐƚƌƵĐƚƵƌĂůƌĞĨŽƌŵŶĞĞĚĞĚŶŽƌŝŶĐŽƌƉŽƌĂƚĞĂŶLJ ƚƵƌĂůĞƐŶĞĐĞƐĂƌŝĂƐ͕ŶŝŝŶĐŽƌƉŽƌĂŶŵĞĚŝĚĂƐĚĞĞƐơŵƵůŽ ŵĞĂƐƵƌĞƐƚŽĞŶĐŽƵƌĂŐĞƚŚĞĞĐŽŶŽŵŝĐŐƌŽǁƚŚͲŝŶƚŚĞĐĂƐĞŽĨ del crecimiento. the Canary Islands.






 
  
 
 










 
 
 







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76 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ŽŶĐƌĞƚĂŶĚŽĞŶĞƐƚĞƷůƟŵŽĂƐƉĞĐƚŽ͕ůĂƐŵĞĚŝĚĂƐĮƐ- ĐĂůĞƐƉƌĞǀŝƐƚĂƐƉŽƌĞů'ŽďŝĞƌŶŽĂƵƚŽŶſŵŝĐŽĐŽŶũƵŐĂŶ ƵŶĂ ƐĞƌŝĞĚĞŵŽĚŝĮĐĂĐŝŽŶĞƐ ĚĞŶĂƚƵƌĂůĞnjĂƚƌŝďƵƚĂƌŝĂ ĐƵLJŽ ŝŵƉĂĐƚŽ ƌĞĐĂƵĚĂƚŽƌŝŽ ƌĞƐƵůƚĂ ŝŶĚĞƚĞƌŵŝŶĂĚŽ͕ ĂĚĞŵĄƐĚĞŽƚƌŽƐƌŝĞƐŐŽƐ͕ĚĞƌŝǀĂĚŽƐĚĞůĂĞdžŝƐƚĞŶĐŝĂĚĞ &ŽĐƵƐŝŶŐ ŽŶ ƚŚŝƐ ůĂƐƚ ĂƐƉĞĐƚ͕ ĮƐĐĂů ŵĞĂƐƵƌĞƐ ƉůĂŶŶĞĚ ďLJ ĚƵĚĂƐƌĂnjŽŶĂďůĞƐƐŽďƌĞƐƵůĞŐĂůŝĚĂĚ͘^ĞƚƌĂƚĂĚĞƵŶĂ the Regional Government of the Canary Islands combine a ĞƐƚƌĂƚĞŐŝĂĐŽŵƉƌŽŵĞƟĚĂ͕ĞŶůĂŵĞĚŝĚĂƋƵĞƉĞŶĂůŝnjĂƌĄ ŐƌŽƵƉŽĨƚĂdžŵŽĚŝĮĐĂƟŽŶƐ͘dŚĞŝŵƉĂĐƚŽŶƌĞǀĞŶƵĞŽĨƚŚĞƐĞ ĞůĐƌĞĐŝŵŝĞŶƚŽƌĞŐŝŽŶĂů͕ƌĞƚƌĂƐĂŶĚŽĂƐşůĂƐĂůŝĚĂĚĞůĂ crisis. ŵŽĚŝĮĐĂƟŽŶƐ ŝƐ ƵŶĐĞƌƚĂŝŶ͕ ďĞƐŝĚĞƐ ŽƚŚĞƌ ƌŝƐŬƐ ƚŚĂƚ ŵĂLJ ďĞ ĐĂƵƐĞĚ ĂƐ Ă ďLJͲƉƌŽĚƵĐƚ ŽĨ ƚŚĞ ĞdžŝƐƚĞŶĐĞ ŽĨ ƌĞĂƐŽŶĂďůĞ ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂĂƉŽƌƚĂĐŝſŶƉŽƐŝƟǀĂĚĞůĂĚĞŵĂŶĚĂ doubts concerning their legality. It is a delicate strategy, to ĞdžƚĞƌŶĂŚĂǀĞŶŝĚŽĂĐƚƵĂŶĚŽĚĞƐŽƉŽƌƚĞĚĞůĐƌĞĐŝŵŝĞŶ- the extent that it will punish regional growth, delaying the ƚŽƌĞŐŝŽŶĂů͕ƉŽƌůĂǀşĂĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞƐĞƌǀŝĐŝŽƐ͕ exit from the crisis. ŐƌĂĐŝĂƐĂůŽƐďƵĞŶŽƐƌĞƐƵůƚĂĚŽƐƚƵƌşƐƟĐŽƐ͕ƉƌŽĚƵĐŝĚŽƐ ĂůĂůďŽƌĚĞƵŶĂƐĞƌŝĞĚĞĨĞŶſŵĞŶŽƐƋƵĞƉƌŽƉŝĐŝĂƌŽŶ ƚƚŚŝƐũƵŶĐƚƵƌĞ͕ƚŚĞƉŽƐŝƟǀĞĐŽŶƚƌŝďƵƟŽŶŽĨĞdžƚĞƌŶĂůĚĞŵĂŶĚ ƵŶĂƵŵĞŶƚŽƚƌĂŶƐŝƚŽƌŝŽĞŶůĂĂŇƵĞŶĐŝĂĚĞǀŝƐŝƚĂŶƚĞƐĂ ŚĂƐďĞĞŶĂĐƟŶŐĂƐĂƐƵƉƉŽƌƚĨŽƌƌĞŐŝŽŶĂůŐƌŽǁƚŚ͕ƚŚƌŽƵŐŚ ƉĂƌƟƌĚĞĂďƌŝůĚĞϮϬϭϭ͘ goods exports, thanks to the good results in tourism. These good results have been produced due to a group of WŽƌƵŶůĂĚŽ͕ůĂƐďŽŶŝĮĐĂĐŝŽŶĞƐƐŽďƌĞůĂƐƚĂƐĂƐĂĞƌŽƉŽƌ- phenomena favoring a transitory increase on tourists income ƚƵĂƌŝĂƐ͕LJĂĚĞƐĂƉĂƌĞĐŝĚĂƐ͕ƌĞƐƵůƚĂƌŽŶƵŶĞůĞŵĞŶƚŽĚĞ from April 2011 on. ŝŶĐĞŶƟǀŽĞĮĐĂnjƐŽďƌĞůĂĚĞŵĂŶĚĂƚƵƌşƐƟĐĂ͖LJƉŽƌŽƚƌŽ͕ Ğů ĂƉƌŽǀĞĐŚĂŵŝĞŶƚŽ ĚĞů ĚĞƐǀşŽ ƚƵƌşƐƟĐŽ ŽĐĂƐŝŽŶĂĚŽ On the one hand, the former subsidies on airport charges tras el cierre de determinados mercados del norte ǁĞƌĞ ĂŶ ĞīĞĐƟǀĞ ŝŶĐĞŶƟǀĞ ĨŽƌ ƚŽƵƌŝƐŵ ĚĞŵĂŶĚ͕ ĂŶĚ͕ ŽŶ ĚĞĨƌŝĐĂLJKƌŝĞŶƚĞƉƌſdžŝŵŽĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂ ƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞĞdžƉůŽŝƚĂƟŽŶŽĨƚŚĞƚŽƵƌŝƐŵƚŚĂƚŚĂĚƚŽ ͞ƉƌŝŵĂǀĞƌĂ ĄƌĂďĞ͕͟ ĐŽŶƚƌŝďƵLJĞƌŽŶ ĚĞ ŵĂŶĞƌĂ ĚĞĮŶŝ- be deviated from Northern Africa and the Middle East due ƟǀĂĂůƐƵƐƚĂŶƟǀŽĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂ to the closure of certain of their markets as a result of the hacia Canarias. ͞ƌĂďƐƉƌŝŶŐ͟ĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞƐƵďƐƚĂŶƟǀĞŝŶĐƌĞĂƐĞŽĨƚŚĞ incoming visitors in the Canary Islands in a crucial way. >ĂƐďƵĞŶĂƐĐŝĨƌĂƐƚƵƌşƐƟĐĂƐŚĂŶƐƵƉƵĞƐƚŽƵŶĐŝĞƌƚŽƌĞƐ- ƉŝƌŽ͕ƚĂŶƚŽƉĂƌĂůĂƉƌŽƉŝĂĂĐƟǀŝĚĂĚƚƵƌşƐƟĐĂĐŽŵŽƉĂƌĂ dŚĞƉŽƐŝƟǀĞĮŐƵƌĞƐĨŽƌƚŽƵƌŝƐŵŚĂǀĞĐŽŶƐƟƚƵƚĞĚĂƌĞůŝĞĨ͕ďŽƚŚ ůĂĞĐŽŶŽŵşĂĐĂŶĂƌŝĂĞŶƐƵĐŽŶũƵŶƚŽ͕ƐŝďŝĞŶůĂŵĂLJŽƌ ĨŽƌƚŚĞƚŽƵƌŝƐŵĂĐƟǀŝƚLJĂŶĚĨŽƌƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͛ĞĐŽŶŽŵLJ

  



 

 


 

  

  


 
  


 
 

  


 

  
 
 
 
 



 
 











 















.YmÄJV Graph 3.2

77 CONCLUSIONES CONCLUSIONS 2011

ĂŇƵĞŶĐŝĂĚĞǀŝƐŝƚĂŶƚĞƐŶŽŚĂƌĞƉĞƌĐƵƟĚŽĞŶůĂŵŝƐŵĂ ŵĞĚŝĚĂ ƐŽďƌĞ ůŽƐ ŶŝǀĞůĞƐ ĚĞ ƌĞŶƚĂďŝůŝĚĂĚ ĚĞů ƐĞĐƚŽƌ͕ ĐŽŶ ŵĄƌŐĞŶĞƐ ŵƵLJ ĞƐƚƌĞĐŚŽƐ͕ ĚĞďŝĚŽ Ă ůĂ ĞůĞǀĂĚĂ ĂƐĂǁŚŽůĞ͘ůƚŚŽƵŐŚƚŚĞŵĂũŽƌŝŶŇƵdžŽĨǀŝƐŝƚŽƌƐŚĂƐŶŽƚŚĂĚ - ĐŽŵƉĞƚĞŶĐŝĂ͕LJŵƵLJĐĂƐƟŐĂĚŽƉŽƌůŽƐŵĂůŽƐƌĞƐƵůƚĂ ĂŶŝŵƉĂĐƚƚŽƚŚĞƐĂŵĞĞdžƚĞŶƚŽŶƚŚĞůĞǀĞůŽĨƉƌŽĮƚĂďŝůŝƚLJŽĨ ĚŽƐŽďƚĞŶŝĚŽƐĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐĂŹŽƐĚĞůĂĐƌŝƐŝƐ͘ the tourism sector, which has been severely punished by the sŽůǀŝĞŶĚŽ Ă ůĂƐ ĐŝĨƌĂƐ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ͕ ŐƌĂŶ ƉĂƌƚĞ ĚĞ ƌĞƐƵůƚƐŽĨƚŚĞĮƌƐƚLJĞĂƌƐ ĞƐƚĞƐĞƉƌŽĚƵĐĞĚƵƌĂŶƚĞůĂƉƌŝŵĞƌĂƉĂƌƚĞĚĞůĂŹŽ͕ŐƌĂ- ZĞƚƵƌŶŝŶŐƚŽƚŚĞŐƌŽǁƚŚĮŐƵƌĞƐ͕ĂůĂƌŐĞƉĂƌƚŽĨƚŚĂƚŐƌŽǁƚŚ ĐŝĂƐĂůĂĞǀĞŶƚƵĂůƌĞĐƵƉĞƌĂĐŝſŶŽďƐĞƌǀĂĚĂĂƉĂƌƟƌĚĞů was produced during the early part of the year thanks to ƷůƟŵŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϬ͕ƋƵĞŐŽnjſĚĞĐŝĞƌƚĂĐŽŶƟŶƵŝ- ƚŚĞ ƚĞŵƉŽƌĂƌLJ ƌĞĐŽǀĞƌLJ ƌĞĐŽƌĚĞĚ ĨƌŽŵ ƚŚĞ ůĂƐƚ ƋƵĂƌƚĞƌ ŽĨ ĚĂĚĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϭ͕ĂƵŶƋƵĞĨƵĞ ϮϬϭϬ ŽŶ ĂŶĚ ĐŽŶƟŶƵŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ĮƌƐƚ ŵŽŶƚŚƐ ŽĨ ϮϬϭϭ͘ ƉĞƌĚŝĞŶĚŽĨƵĞƌnjĂĂŵĞĚŝĚĂƋƵĞƚƌĂŶƐĐƵƌƌşĂĞůĂŹŽƉŽƌ However it started to weaken as the year passed by because ĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽĚĞůĂƐŝƚƵĂĐŝſŶĮŶĂŶĐŝĞƌĂĞƵƌŽƉĞĂ ŽĨƚŚĞǁŽƌƐĞŶŝŶŐŽĨƚŚĞƵƌŽƉĞĂŶĮŶĂŶĐŝĂůƐŝƚƵĂƟŽŶĂŶĚŝƚƐ LJƐƵƌĞƉĞƌĐƵƐŝſŶƐŽďƌĞůĂƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐ͘ repercussion on the public accounts. ŶƵŶďĂůĂŶĐĞŐĞŶĞƌĂůĚĞůĞũĞƌĐŝĐŝŽ͕ǀƵĞůǀĞĂĐĞƌƟĮĐĂƌ- ďĂůĂŶĐĞŽĨƚŚĞĮŶĂŶĐŝĂůLJĞĂƌĐĞƌƟĮĞƐLJĞƚĂŶŽƚŚĞƌĚĞĐƌĞĂƐĞ ƐĞƵŶƌĞƚƌŽĐĞƐŽĚĞůĞŵƉůĞŽ͖ŶŽĞŶƚĠƌŵŝŶŽƐŵĞĚŝŽƐĂ in the labor market. It is not an average decrease during the ůŽůĂƌŐŽĚĞůĂŹŽ͕ƉĂƌĂĞůƋƵĞƐĞŽďƐĞƌǀĂƵŶĂĐƌĞĂĐŝſŶ LJĞĂƌ͕ĨŽƌǁŚŝĐŚĂŶĞƚũŽďĐƌĞĂƟŽŶĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞ ŶĞƚĂĚĞƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽƉŽƌůŽƐďƵĞŶŽƐƌĞƐƵůƚĂĚŽƐ ƉŽƐŝƟǀĞƌĞƐƵůƚƐŽĨƚŚĞĮƌƐƚŚĂůĨŽĨƚŚĞLJĞĂƌŝƐƐŚŽǁŶ͘ƵƚŝƚŝƐ ĚĞů ƉƌŝŵĞƌƐĞŵĞƐƚƌĞ͖ƉĞƌŽ Ɛş ĞŶ ĐŽŵƉĂƌĂĐŝſŶ ĐŽŶ Ğů ĂĨĂůůŝŶĐŽŵƉĂƌŝƐŽŶƚŽƚŚĞůĂƐƚƋƵĂƌƚĞƌŽĨƚŚĞƚǁŽĮŶĂŶĐŝĂů ƷůƟŵŽ ƚƌŝŵĞƐƚƌĞ ĚĞ ĐĂĚĂ ĞũĞƌĐŝĐŝŽ͕ ĞŶƚƌĞ ůŽƐ ƋƵĞ ƐĞ LJĞĂƌƐ͕ ďĞƚǁĞĞŶ ǁŚŝĐŚ ϳ͕ϳϬϬ ũŽďƐ ǁĞƌĞ ůŽƐƚ͘ dŚŝƐ ŵĂŬĞƐ Ă ƉŝĞƌĚĞŶ ϳ͘ϳϬϬ ĞŵƉůĞŽƐ͘ ŽŶ ĞƐƚĞ ƌĞƐƵůƚĂĚŽ͕ ƐŽŶ LJĂ total of 148,000 jobs destroyed throughout the crisis. ϭϰϴ͘ϬϬϬůŽƐƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽĚĞƐƚƌƵŝĚŽƐĂůŽůĂƌŐŽ de la crisis. dŚĞ ƌĞƐƵůƚƐ ŽĨ ŽƚŚĞƌ ĞŵƉůŽLJŵĞŶƚ ĂŶĚ ĂĐƟǀŝƚLJ ŝŶĚŝĐĂƚŽƌƐ dĂŵƉŽĐŽ ƌĞƐƵůƚĂŶ ƉŽƐŝƟǀŽƐ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ŽƚƌŽƐ ĂƌĞ ĂůƐŽ ŶĞŐĂƟǀĞ͘ /Ŷ ϮϬϭϭ͕ ƚŚĞ ƵŶĞŵƉůŽLJŵĞŶƚ ƌĂƚĞ ŝŶ ƚŚĞ ŝŶĚŝĐĂĚŽƌĞƐĚĞĞŵƉůĞŽLJĂĐƟǀŝĚĂĚƌĞůĞǀĂŶƚĞƐ͘ƵƌĂŶ- ĂŶĂƌLJ/ƐůĂŶĚƐƐƵƌƉĂƐƐĞĚϯϮй͕ĂŶĚϯ͕ϱϬϬĐŽŵƉĂŶŝĞƐǁĞƌĞ ƚĞϮϬϭϭ͕ůĂƚĂƐĂĚĞƉĂƌŽĚĞĂŶĂƌŝĂƐƐƵƉĞƌĂĞůϯϮйLJ destroyed, giving a total number of companies that have ƐĞĚĞƐƚƌƵLJĞŶϯ͘ϱϬϬĞŵƉƌĞƐĂƐ͕ĐĞƌƟĮĐĄŶĚŽƐĞĂƐş͕ƚƌĂƐ disappeared during the four years of crisis of 11,000. ĐƵĂƚƌŽĂŹŽƐĚĞĐƌŝƐŝƐ͕ĞůĐŝĞƌƌĞĚĞϭϭ͘ϬϬϬĞŵƉƌĞƐĂƐ͘ ǀĞƌLJƚŚŝŶŐ ŵĞŶƟŽŶĞĚ ĂďŽǀĞ ůĞĂĚƐ ƵƐ ƚŽ ŽƵƚůŝŶĞ ĨƵƚƵƌĞ dŽĚŽůŽĂŶƚĞƌŝŽƌƉĞƌŵŝƚĞĐŽŶƐƚƌƵŝƌƵŶĂƐĞdžƉĞĐƚĂƟǀĂƐ ĞdžƉĞĐƚĂƟŽŶƐǁŚŝĐŚĂƌĞŶŽƚƚŚĞĐĂƵƐĞĨŽƌŽƉƟŵŝƐŵ͖ĂƚůĞĂƐƚ͕ ĚĞĨƵƚƵƌŽƋƵĞŶŽŝŶǀŝƚĂŶĂůŽƉƟŵŝƐŵŽ͖ŶŽ͕ĂůŵĞŶŽƐ͕ ŶŽƚ ŝŶ ƚŚĞ ƐŚŽƌƚ ĂŶĚ ŵĞĚŝƵŵͲƚĞƌŵ͘ DĂŝŶůLJ ďĞĐĂƵƐĞ ƚŚĞ ĞŶĞůĐŽƌƚŽLJŵĞĚŝŽƉůĂnjŽ͘^ŽďƌĞƚŽĚŽƉŽƌƋƵĞůŽƐĐŽŵ- commitments that have been made to the EU regarding ƉƌŽŵŝƐŽƐĂĚƋƵŝƌŝĚŽƐĐŽŶůĂhĞŶŵĂƚĞƌŝĂĚĞĚĠĮĐŝƚ͕ ƚŚĞĚĞĮĐŝƚ͕ĂůƚŚŽƵŐŚŶĞĐĞƐƐĂƌLJƚŽŐƵĂƌĂŶƚĞĞƚŚĞƵƌŽnjŽŶĞ͛Ɛ ĂƵŶƋƵĞŶĞĐĞƐĂƌŝŽƐƉĂƌĂŐĂƌĂŶƟnjĂƌĞůĨƵƚƵƌŽĚĞůĂĞƵ- future, are so excessively demanding that they will slow the ƌŽnjŽŶĂ͕ƌĞƐƵůƚĂŶĞdžĐĞƐŝǀĂŵĞŶƚĞĞdžŝŐĞŶƚĞƐ͕ƉŽƌůŽƋƵĞ growth down. ĨƌĞŶĂƌĄŶĞůĐƌĞĐŝŵŝĞŶƚŽ͘ /ŶƚŚĞƉĂƌƟĐƵůĂƌĐĂƐĞŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ƚŚĞĚŽǁŶǁĂƌĚ En el caso concreto de Canarias, las previsiones a la forecasts were damaged by a singular expression of the ďĂũĂƐĞǀĞƌĄŶŵĞŶŽƐĐĂďĂĚĂƐƉŽƌƵŶĂƐŝŶŐƵůĂƌƉůĂƐŵĂ- ĂƵƐƚĞƌŝƚLJŝŶƚŚĞĮƐĐĂůƉŽůŝĐŝĞƐŽĨƚŚĞƵƚŽŶŽŵŽƵƐŽŵŵƵŶŝƚLJ͕ ĐŝſŶĚĞůĂĂƵƐƚĞƌŝĚĂĚĞŶůĂƉŽůşƟĐĂĮƐĐĂůĂƵƚŽŶſŵŝĐĂ͕ which lacks the structural reforms needed to reach a greater ĐĂƌĞŶƚĞĚĞůĂƐƌĞĨŽƌŵĂƐĞƐƚƌƵĐƚƵƌĂůĞƐŶĞĐĞƐĂƌŝĂƐƉĂƌĂ ĂĚŵŝŶŝƐƚƌĂƟǀĞĞĸĐŝĞŶĐLJĂŶĚƚŚĞŽƉƟŵŝnjĂƟŽŶŽĨƌĞƐŽƵƌĐĞƐ ŵĞũŽƌĂƌůĂĞĮĐŝĞŶĐŝĂĂĚŵŝŶŝƐƚƌĂƟǀĂLJůĂŽƉƟŵŝnjĂĐŝſŶ ŝŶďĂƐŝĐƐĞƌǀŝĐĞƐĨƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞŝŶŇƵdžŽĨƚŽƵƌŝƐƚƐŝƐĞdžƉĞĐƚĞĚ ĚĞƌĞĐƵƌƐŽƐĞŶůŽƐƐĞƌǀŝĐŝŽƐďĄƐŝĐŽƐ͖ĂůŽƋƵĞƐĞĂŹĂ- ƚŽ ĨĂůů ĂŌĞƌ ƚŚĞ ƌĞŵŝƐƐŝŽŶ ŽĨ ƚŚŽƐĞ ƚĞŵƉŽƌĂƌLJ ƉŚĞŶŽŵĞŶĂ ĚĞůĂƉƌĞǀŝƐŝďůĞƌĞĚƵĐĐŝſŶĚĞůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂ͕ƚƌĂƐ that caused its increase before.

78 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ůĂƌĞŵŝƐŝſŶĚĞĂƋƵĞůůŽƐĨĞŶſŵĞŶŽƐĐŽLJƵŶƚƵƌĂůĞƐƋƵĞ ĐĂƵƐĂƌŽŶƐƵĐƌĞĐŝŵŝĞŶƚŽ͘

^ŝŶĐƌĠĚŝƚŽ͕ƐŝŶŐĂƐƚŽƉƷďůŝĐŽ͕ƐŝŶŵĞĚŝĚĂƐĚĞĞƐơŵƵ- tŝƚŚŽƵƚ ĐƌĞĚŝƚ͕ ƉƵďůŝĐ ƐƉĞŶĚŝŶŐ͕ ŵĞĂƐƵƌĞƐ ƚŽ ĞŶĐŽƵƌĂŐĞ ůŽƉĂƌĂůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂ͕LJƐŝŶƵŶƐĞĐƚŽƌƚƵƌşƐ- ĞĐŽŶŽŵŝĐŐƌŽǁƚŚĂŶĚǁŝƚŚŽƵƚĂƚŽƵƌŝƐŵƐĞĐƚŽƌŵĂŬŝŶŐƚŚĞ ƟĐŽ ƋƵĞ ƟƌĞ ĚĞů ĐƌĞĐŝŵŝĞŶƚŽ͕ ĚŝİĐŝůŵĞŶƚĞĂŶĂƌŝĂƐ podrá retornar a la senda del crecimiento económico ĞĐŽŶŽŵLJ ŐƌŽǁ͕ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ǁŝůů ĮŶĚ ŝƚ ĞdžƚƌĞŵĞůLJ y del empleo. ĚŝĸĐƵůƚƚŽďĞĂďůĞƚŽĮŶĚƚŚĞŝƌǁĂLJďĂĐŬƚŽŐƌŽǁƚŚĂŶĚ ĞŵƉůŽLJŵĞŶƚ͘ /ŶŝĐŝĂŵŽƐ͕ĂĐŽŶƟŶƵĂĐŝſŶ͕ĞůĂŶĄůŝƐŝƐĚĞůWƌŽĚƵĐƚŽ/Ŷ- ƚĞƌŝŽƌ ƌƵƚŽ ĚĞ ĂŶĂƌŝĂƐ͕ ĂƚĞŶĚŝĞŶĚŽ Ă ůŽƐ ĚŝƐƟŶƚŽƐ tĞ ǁŝůů ŶŽǁ ĂŶĂůLJnjĞ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ 'ƌŽƐƐ ŽŵĞƐƟĐ ĂŐƌĞŐĂĚŽƐŵĂĐƌŽĞĐŽŶſŵŝĐŽƐƋƵĞůŽŝŶƚĞŐƌĂŶ͘ WƌŽĚƵĐƚ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ĚŝīĞƌĞŶƚ ŵĂĐƌŽĞĐŽŶŽŵŝĐ aggregates of which it is composed. WĞƌŽ ĂŶƚĞƐ͕ ĐŽŶǀŝĞŶĞ ĂďŽƌĚĂƌ ƐŽŵĞƌĂŵĞŶƚĞ ĂůŐƵŶŽƐ ĂƐ- ƉĞĐƚŽƐƋƵĞƉĞƌŵŝƟƌĄŶĐŽŶƚĞdžƚƵĂůŝnjĂƌĞůǀĂůŽƌĚĞůĂƉƌŽĚƵĐ- But before doing so, it is opportune to take a brief look at ĐŝſŶĚĞĂŶĂƌŝĂƐĞŶĞůĐŽŶũƵŶƚŽĚĞůƚĞƌƌŝƚŽƌŝŽŶĂĐŝŽŶĂů͘ some aspects that will help us to contextualize the value of ƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐƉƌŽĚƵĐƟŽŶŝŶ^ƉĂŝŶĂƐĂǁŚŽůĞ͘ Ŷ ƚĠƌŵŝŶŽƐ ĚĞ ƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚ͕ Ğů ŵĂLJŽƌ ĂǀĂŶĐĞ ĚĞů W/ ĐĂŶĂƌŝŽ ĐŽŶĚƵĐĞ Ă ůĂ ĞůĞǀĂĐŝſŶ ĞŶ ƵŶĂ ĚĠĐŝ- /Ŷ ƚĞƌŵƐ ŽĨ ƌĞƉƌĞƐĞŶƚĂƟǀĞŶĞƐƐ͕ ƚŚĞ ŵĂũŽƌ ďƌĞĂŬƚŚƌŽƵŐŚ ŵĂ͕ĚĞƐĚĞĞůϯ͕ϴйƋƵĞƌĞƉƌĞƐĞŶƚĂďĂĞŶϮϬϭϬ͕ŚĂƐƚĂĞů of the Canary GDP led to an increase in the weight of the ϯ͕ϵйĚĞϮϬϭϭ͕ĞůƉĞƐŽĚĞůĂƉƌŽĚƵĐĐŝſŶĚĞůƌĐŚŝƉŝĠůĂ- ĂŶĂƌLJ/ƐůĂŶĚƐ͛ƉƌŽĚƵĐƟŽŶŝŶ^ƉĂŝŶďLJŽŶĞƚĞŶƚŚ͕ƌĞĂĐŚŝŶŐ ŐŽĞŶĞůĐŽŶĐŝĞƌƚŽŶĂĐŝŽŶĂů͘ ϯ͘ϵй;ŝŶϮϬϭϭͿĨƌŽŵϯ͘ϴйƌĞĐŽƌĚĞĚŝŶϮϬϭϬ͘

 
  

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79 CONCLUSIONES CONCLUSIONS 2011

DŝĞŶƚƌĂƐ͕ĞůW/ƉĞƌĐĄƉŝƚĂĚĞϮϬϭϭƐĞƐŝƚƷĂƵŶϮ͕ϳй ƉŽƌĞŶĐŝŵĂĚĞůƌĞƐƵůƚĂĚŽĚĞϮϬϭϬ͕ĨƌĞŶƚĞĂůĂƵŵĞŶƚŽ ĚĞů Ϯ͕Ϭй ĚĞů ĐŽŶũƵŶƚŽ ĚĞů ƐƚĂĚŽ͕ ŚĂƐƚĂ ĂůĐĂŶnjĂƌ ůŽƐ ϭϵ͘ϳϰϲĞƵƌŽƐƉŽƌŚĂďŝƚĂŶƚĞ͕ƉŽƌůŽƐϮϯ͘ϮϳϭĞƵƌŽƐĞŶĞů ĄŵďŝƚŽŶĂĐŝŽŶĂů͘ DĞĂŶǁŚŝůĞ͕'WƉĞƌĐĂƉŝƚĂŝŶϮϬϭϭƐƚŽŽĚĂƚϮ͘ϳйŵŽƌĞƚŚĂŶ ƚŚĞƌĞƐƵůƚƐŝŶϮϬϭϬ͕ĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞƌŝƐĞďLJϮ͘ϬйŽĨ^ƉĂŝŶ ^ĞŝŶǀŝĞƌƚĞ͕ĂƐş͕ůĂƚĞŶĚĞŶĐŝĂƌĞŐƌĞƐŝǀĂĚĞƐĐƌŝƚĂƉŽƌĞƐƚĂ ĂƐ Ă ǁŚŽůĞ͕ ƌĞĂĐŚŝŶŐ Ă ǀĂůƵĞ ŽĨ ϭϵ͕ϳϰϲ ĞƵƌŽƐ ƉĞƌ ĐĂƉŝƚĂ͕ ǀĂƌŝĂďůĞĂůŽůĂƌŐŽĚĞůĂĐƌŝƐŝƐĞŶĂŶĂƌŝĂƐ͕ƐŝďŝĞŶĚŝ- ǁŚŝůĞŶĂƟŽŶĂůůLJ͕ŝƚƌĞĂĐŚĞƐĂǀĂůƵĞŽĨϮϯ͕ϮϳϭĞƵƌŽƐ͘ ĐŚŽĐƌĞĐŝŵŝĞŶƚŽƌĞƐƵůƚĂŝŶƐƵĮĐŝĞŶƚĞƉĂƌĂƌĞĐƵƉĞƌĂƌĞů ƚĞƌƌĞŶŽƉĞƌĚŝĚŽĚĞƐĚĞϮϬϬϴ͕LJĂƋƵĞ͕ĞŶƚƌĞĞƐĞĂŹŽLJ Thus, the regressive trend marked by this variable during ŚĂƐƚĂϮϬϭϭ͕ĞůW/ƉĞƌĐĄƉŝƚĂĐĂŶĂƌŝŽŚĂďƌşĂƉĞƌĚŝĚŽƵŶ the crisis in the Canary Islands has reversed, although the ϯ͕ϬƉŽƌĐŝĞŶƚŽ͘ ŵĞŶƟŽŶĞĚ ŐƌŽǁƚŚ ĚŽĞƐ ŶŽƚ ƐĞĞŵ ƚŽ ďĞ ĞŶŽƵŐŚ ƚŽ ŵĂŬĞ EŽŽďƐƚĂŶƚĞ͕ĞůŵĂLJŽƌĐƌĞĐŝŵŝĞŶƚŽĚĞůW/ƉĞƌĐĄƉŝƚĂ ƵƉƚŚĞŐƌŽƵŶĚůŽƐƚƐŝŶĐĞϮϬϬϴ͕ďĞĐĂƵƐĞĨƌŽŵƚŚĂƚLJĞĂƌƵŶƟů ĞŶĂŶĂƌŝĂƐĚƵƌĂŶƚĞϮϬϭϭƐƵƉŽŶĞƵŶĞƐƚƌĞĐŚĂŵŝĞŶƚŽ ϮϬϭϭĂŶĂƌLJ'WƉĞƌĐĂƉŝƚĂŚĂƐůŽƐƚϯ͘ϬƉĞƌĐĞŶƚ͘ ĚĞůĂďƌĞĐŚĂƋƵĞŶŽƐƐĞƉĂƌĂĐŽŶĞůƌĞƐƚŽĚĞůƐƚĂĚŽ͕ Nevertheless, the highest point of the Canary GDP per capita ƋƵĞĚĂŶĚŽ ƐŝƚƵĂĚŽ ĞŶ Ğů ϴϱ͕ϭй ĚĞ ůĂ ŵĞĚŝĂ ĞƐƚĂƚĂů͕ growth in 2011 marks a diminishing of the gap between the ĨƌĞŶƚĞĂůϴϰ͕ϱйĚĞϮϬϭϬ͘ƐƚĞĚĂƚŽƐĞĂůĞũĂ͕ĞŶĐƵĂů- ĂŶĂƌLJ/ƐůĂŶĚƐĂŶĚƚŚĞƌĞƐƚŽĨ^ƉĂŝŶ͕ƐƚĂŶĚŝŶŐĂƚϴϱ͘ϭйŽĨ ƋƵŝĞƌĐĂƐŽ͕ĚĞůŶŝǀĞůĚĞW/ƉĞƌĐĄƉŝƚĂĂůĐĂŶnjĂĚŽĚƵ- ƚŚĞŶĂƟŽŶĂůĂǀĞƌĂŐĞĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞϴϰ͘ϱйƌĞŐŝƐƚĞƌĞĚŝŶ ƌĂŶƚĞĞůĂŹŽϮϬϬϬ͕ĐƵĂŶĚŽƐĞĞŵƉůĂnjĂďĂĞŶĞůϵϰ͕ϴƉŽƌ ciento. ϮϬϭϬ͘dŚŝƐĚĂƚƵŵ͕ŝŶĂŶLJĐĂƐĞ͕ŝƐƐƟůůĨĂƌĨƌŽŵƚŚĞƌĞƐƵůƚƐŽĨ ϮϬϬϬǁŚĞŶ'WƉĞƌĐĂƉŝƚĂƌĞĂĐŚĞĚϵϰ͘ϴƉĞƌĐĞŶƚ͘ ůĂƵŵĞŶƚŽĚĞůW/ƉŽƌŚĂďŝƚĂŶƚĞĞŶĂŶĂƌŝĂƐƌĞƐƉŽŶ- The increase in Canary Islands GDP per capita is due to the ĚĞ Ă ůĂ ĐŽŶũƵŶĐŝſŶ ĚĞ ĚŽƐ ĞĨĞĐƚŽƐ ĚĞ ŝŐƵĂů ƐĞŶƟĚŽ͕ ĐŽŶũƵŶĐƟŽŶŽĨƚǁŽĞůĞŵĞŶƚƐǁŽƌŬŝŶŐŝŶƚŚĞƐĂŵĞĚŝƌĞĐƟŽŶ͕ ƉĞƌŽĐŽŶĚŝƐƟŶƚĂŝŶƚĞŶƐŝĚĂĚ͘ ďƵƚĂĚŝīĞƌĞŶƚŝŶƚĞŶƐŝƚLJ͘ WŽƌƵŶůĂĚŽ͕ĂƵŵĞŶƚĂĞůŶƵŵĞƌĂĚŽƌĚĞĞƐƚĂƌĂƟŽ͕Ğů W/ŶŽŵŝŶĂů͕ƋƵĞĐƌĞĐĞƵŶϯ͕ϰй͖ŵŝĞŶƚƌĂƐƋƵĞĞůĚĞ- KŶƚŚĞŽŶĞŚĂŶĚ͕ƚŚĞŶƵŵĞƌĂƚŽƌŽĨƚŚŝƐƌĂƟŽ͕ŶŽŵŝŶĂů'W͕ ŶŽŵŝŶĂĚŽƌ ;ůĂ ƉŽďůĂĐŝſŶͿ ƚĂŵďŝĠŶ ĂƵŵĞŶƚĂ͕ ƉĞƌŽ ŝŶĐƌĞĂƐĞĚďLJϯ͘ϰй͖ǁŚŝůĞ͕ŽŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞĚĞŶŽŵŝŶĂƚŽƌ ĐŽŶŵĞŶŽƌŝŶƚĞŶƐŝĚĂĚ͕ƵŶϬ͕ϳƉŽƌĐŝĞŶƚŽ͘^ĞƚƌĂƚĂƵŶ ͲƚŚĞƉŽƉƵůĂƟŽŶͲĂůƐŽŐƌĞǁďƵƚŶŽƚǁŝƚŚƚŚĞƐĂŵĞŝŶƚĞŶƐŝƚLJ͕ďLJ ĂǀĂŶĐĞƉŽďůĂĐŝŽŶĂůŵĄƐŝŶƚĞŶƐŽƋƵĞůĂŵĞĚŝĂĚĞůƉĂşƐ Ϭ͘ϳƉĞƌĐĞŶƚ͘tĞĂƌĞĚĞĂůŝŶŐǁŝƚŚĂƉŽƉƵůĂƟŽŶĂĚǀĂŶĐĞƚŚĂƚ ;Ϭ͕ϭйͿ͕ĞůŵĂLJŽƌĚĞůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐũƵŶƚŽ ŝƐŵŽƌĞŝŶƚĞŶƐŝǀĞƚŚĂŶƚŚĞĂǀĞƌĂŐĞŽĨƚŚĞĐŽƵŶƚƌLJ;Ϭ͘ϭйͿ͘/ƚŝƐ ĐŽŶĂůĞĂƌĞƐ͕ůĂŽƚƌĂƌĞŐŝſŶĞƐƉĂŹŽůĂĐŽŶƵŶĂĞƐƚƌƵĐ- ƚŚĞŐƌĞĂƚĞƐƚĂĚǀĂŶĐĞĂŵŽŶŐƚŚĞƵƚŽŶŽŵŽƵƐŽŵŵƵŶŝƟĞƐ͕ ƚƵƌĂĞĐŽŶſŵŝĐĂĨƵĞƌƚĞŵĞŶƚĞŽƌŝĞŶƚĂĚĂŚĂĐŝĂĞůƚƵƌŝƐ- ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ĂůĞĂƌŝĐ /ƐůĂŶĚƐ ͲǁŚŝĐŚ ŝƐ ƚŚĞ ŽƚŚĞƌ ŵŽ͘ĚĞŵĄƐ͕ĞůŐƌƵĞƐŽĚĞĞƐƚĞŇƵũŽŝŶŵŝŐƌĂƚŽƌŝŽƉƌŽ- Spanish region whose economy structure is heavily geared ǀŝĞŶĞĚĞůĐŽůĞĐƟǀŽĚĞĞdžƚƌĂŶũĞƌŽƐŝŶŐƌĞƐĂĚŽƐĂůƉĂşƐ ƚŽǁĂƌĚƐƚŽƵƌŝƐŵ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞďƵůŬŽĨƚŚŝƐŝŵŵŝŐƌĂƟŽŶ ĚƵƌĂŶƚĞĞůƷůƟŵŽĂŹŽ͕ƋƵŝĞŶĞƐũƵƐƟĮĐĂƌŽŶĞůϳϱйĚĞů ŇŽǁƐƚĞŵƐĨƌŽŵƚŚĞŐƌŽƵƉŽĨǀŝƐŝƚŽƌƐǁŚŽĞŶƚĞƌĞĚ^ƉĂŝŶůĂƐƚ ĐƌĞĐŝŵŝĞŶƚŽƉŽďůĂĐŝŽŶĂůĚĞĂŶĂƌŝĂƐĚƵƌĂŶƚĞϮϬϭϭ͘ LJĞĂƌ͕ǁŚŽƌĞƉƌĞƐĞŶƚĞĚϳϱйŽĨƚŚĞƉŽƉƵůĂƟŽŶŐƌŽǁƚŚŽĨƚŚĞ Canary Islands in 2011. WĂƌĞĐĞ ƋƵĞ ůĂ ĞǀĞŶƚƵĂů ŵĞũŽƌşĂ ƚƵƌşƐƟĐĂ ƐĞ ĞƐĐŽŶĚĞ ĚĞƚƌĄƐ ĚĞů ĐƌĞĐŝŵŝĞŶƚŽ ƉŽďůĂĐŝŽŶĂů ĚĞ ĂŶĂƌŝĂƐ ĚƵ- It seems that the temporary improvement in tourism is ƌĂŶƚĞĞƐƚĞƷůƟŵŽĂŹŽ͕ĂƚƌĂLJĞŶĚŽŝŶŵŝŐƌĂĐŝſŶůĂďŽƌĂů ĐŽŶĐĞĂůĞĚ ďĞŚŝŶĚ ƚŚĞ ƉŽƉƵůĂƟŽŶ ŐƌŽǁƚŚ ŽĨ ƚŚĞ ĂŶĂƌLJ ŚĂĐŝĂĞůƌĐŚŝƉŝĠůĂŐŽ͘ /ƐůĂŶĚƐ ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ LJĞĂƌ͕ ďLJ ĂƩƌĂĐƟŶŐ ŝŵŵŝŐƌĂŶƚ workforce from abroad. ĚĞŵĄƐĚĞůĞƐƚƵĚŝŽĚĞůW/ƉŽƌŚĂďŝƚĂŶƚĞ͕ƌĞƐƵůƚĂĚĞ ŝŶƚĞƌĠƐĂďŽƌĚĂƌĞůW/ƉŽƌŽĐƵƉĂĚŽ͕ĐŽŵŽĂƉƌŽdžŝŵĂ- /ƚ ŝƐ ŝŶƚĞƌĞƐƟŶŐ ŶŽƚ ŽŶůLJ ƚŽ ƐƚƵĚLJ 'W ƉĞƌ ĐĂƉŝƚĂ ďƵƚ ĂůƐŽ ĐŝſŶ Ă ůĂ ƉƌŽĚƵĐƟǀŝĚĂĚ ĂƉĂƌĞŶƚĞ ĚĞů ĨĂĐƚŽƌ ƚƌĂďĂũŽ͕ GDP per person employed, as an approach to the apparent

80 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ƋƵĞ͕ƌĞĐŽƌĚĞŵŽƐ͕ƐĞĚĞĮŶĞĐŽŵŽĞůĐŽĐŝĞŶƚĞĞŶƚƌĞĞů ƉƌŽĚƵĐƟǀŝƚLJŽĨƚŚĞůĂďŽƌĨĂĐƚŽƌǁŚŝĐŚͲŝƚƐŚŽƵůĚďĞƌĞĐĂůůĞĚͲŝƐ ƉƌŽĚƵĐƚŽLJĞůĞŵƉůĞŽ͘ ĚĞĮŶĞĚĂƐ͞ƚŚĞƋƵŽƟĞŶƚďĞƚǁĞĞŶƉƌŽĚƵĐƚĂŶĚĞŵƉůŽLJŵĞŶƚ͘͟

ZĞƐƵůƚĂƉĞƌƟŶĞŶƚĞƚƌĂĞƌĂĐŽůĂĐŝſŶƋƵĞ͕ŚĂƐƚĂϮϬϬϳ͕ůĂ /ƚŝƐƌĞůĞǀĂŶƚƚŽďƌŝŶŐƵƉƚŚĞĨĂĐƚƚŚĂƚ͕ƵŶƟůϮϬϬϳ͕ƚŚĞƉĂƚŚ - ƚƌĂLJĞĐƚŽƌŝĂĚĞůĂƉƌŽĚƵĐƟǀŝĚĂĚĞƌĂĚĞƐĐĞŶĚĞŶƚĞ͕ĚĞďŝ ŽĨƉƌŽĚƵĐƟǀŝƚLJǁĞŶƚĚŽǁŶǁĂƌĚƐďĞĐĂƵƐĞĞŵƉůŽLJŵĞŶƚŐƌĞǁ ĚŽĂƋƵĞůĂŽĐƵƉĂĐŝſŶĐƌĞĐşĂĐŽŶŵĄƐŝŶƚĞŶƐŝĚĂĚƋƵĞ more strongly than the product. ĞůƉƌŽĚƵĐƚŽ͘ ĞƚǁĞĞŶϮϬϬϴĂŶĚϮϬϭϬƚŚĞŽƉƉŽƐŝƚĞĞīĞĐƚǁĂƐƉƌŽĚƵĐĞĚ͘ ŶƚƌĞϮϬϬϴLJϮϬϭϬ͕ƐĞƉƌŽĚƵũŽĞůĞĨĞĐƚŽĐŽŶƚƌĂƌŝŽ͕LJƵŶ /ŶĂĚĚŝƟŽŶ͕ĂĚĞƐƚƌƵĐƟŽŶŽĨĞŵƉůŽLJŵĞŶƚǁŚŝĐŚǁĂƐŵŽƌĞ ƌŝƚŵŽĚĞĚĞĚĞƐƚƌƵĐĐŝſŶĚĞůĞŵƉůĞŽŵĄƐŝŶƚĞŶƐŽƋƵĞ ŝŶƚĞŶƐĞƚŚĂŶ'WŐĞŶĞƌĂƚĞĚĂŶŝŶĐƌĞĂƐĞŝŶƉƌŽĚƵĐƟǀŝƚLJ͘ ĚĞůW/ƉƌŽǀŽĐſƵŶŝŶĐƌĞŵĞŶƚŽĚĞůĂƉƌŽĚƵĐƟǀŝĚĂĚ͘ /Ŷ ƚŚĞ ŵĂƩĞƌ Ăƚ ŚĂŶĚ͕ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ϮϬϭϭ͕ ĂƉƉĂƌĞŶƚ Ŷ Ğů ĐĂƐŽ ƋƵĞ ŶŽƐ ŽĐƵƉĂ͕ Ğů ĞũĞƌĐŝĐŝŽ ϮϬϭϭ͕ ůĂ ƉƌŽ- ƉƌŽĚƵĐƟǀŝƚLJŝŶĐƌĞĂƐĞĚďLJϮ͘ϵйŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐĚƵĞƚŽ ĚƵĐƟǀŝĚĂĚ ĂƉĂƌĞŶƚĞ ĂƵŵĞŶƚĂ ĞŶ ĂŶĂƌŝĂƐ ƵŶ Ϯ͕ϵй͕ ƚŚĞĚŽƵďůĞĞīĞĐƚŽĨƚŚĞŝŶƚĞƌĂŶŶƵĂůĂŶĂƌLJ'WƉƌŽŐƌĞƐƐŝŽŶ ƉŽƌĞůĚŽďůĞĞĨĞĐƚŽĚĞůĂǀĂŶĐĞĚĞůW/ĐĂŶĂƌŝŽĚƵƌĂŶ- ďLJϮ͘ϭйĚƵƌŝŶŐůĂƐƚLJĞĂƌĂŶĚƚŚĞƌĞĚƵĐƟŽŶŝŶƚŚĞĞŵƉůŽLJŵĞŶƚ ƚĞƷůƟŵŽĂŹŽ;Ϯ͕ϭйŝŶƚĞƌĂŶƵĂůͿ͕LJůĂŵŝŶŽƌĂĐŝſŶĚĞůĂ ƌĂƚĞ ǁŚŝĐŚ͕ ŝŶ ƚĞƌŵƐ ŽĨ ĨƵůůͲƟŵĞ ũŽďƐ͕ ĚƌŽƉƉĞĚ ďLJ Ϭ͘ϳ ƉĞƌ ŽĐƵƉĂĐŝſŶ͕ƋƵĞ͕ĞŶƚĠƌŵŝŶŽƐĚĞĞŵƉůĞŽĞƋƵŝǀĂůĞŶƚĞĂ cent. ƟĞŵƉŽĐŽŵƉůĞƚŽ͕ƐĞƌĞĚƵĐĞĞŶƵŶϬ͕ϳƉŽƌĐŝĞŶƚŽ͘ This has taken place throughout the whole Spanish ƐƚĞĨĞŶſŵĞŶŽƐĞƌĞƉƌŽĚƵĐĞĂĞƐĐĂůĂĞƐƚĂƚĂů͕ĂƵŶƋƵĞ ƚĞƌƌŝƚŽƌLJ͖ŚŽǁĞǀĞƌ͕ŝƚŚĂƐŚĂƉƉĞŶĞĚǁŝƚŚĚŝīĞƌĞŶƚŝŶƚĞŶƐŝƟĞƐ ĐŽŶĚŝƐƟŶƚĂŝŶƚĞŶƐŝĚĂĚĞŶůĂƐŵĂŐŶŝƚƵĚĞƐƋƵĞŝŶƚĞƌ- ŝŶ ƚŚĞ ŵĂŐŶŝƚƵĚĞƐ ŝŶǀŽůǀĞĚ ŝŶ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ŽĨ ƚŚĞ ǀŝĞŶĞŶ ĞŶ ůĂ ĐŽŶƐƚƌƵĐĐŝſŶ ĚĞ ĚŝĐŚĂ ƌĂƟŽ͘ Ŷ Ğů ĐĂƐŽ ĂĨŽƌĞŵĞŶƟŽŶĞĚ ƌĂƟŽ͘ KŶ ƚŚĞ ŶĂƟŽŶĂů ůĞǀĞů͕  ĂƉƉĂƌĞŶƚ ŶĂĐŝŽŶĂů͕ůĂƉƌŽĚƵĐƟǀŝĚĂĚĂƉĂƌĞŶƚĞĐƌĞĐĞƵŶϮ͕ϴйĚƵ- ƉƌŽĚƵĐƟǀŝƚLJƌŽƐĞďLJϮ͘ϴйŝŶϮϬϭϭďĞĐĂƵƐĞŽĨĂŶĂĚǀĂŶĐĞŝŶ ƌĂŶƚĞϮϬϭϭ͕ƉŽƌƵŶĂǀĂŶĐĞĚĞůƉƌŽĚƵĐƚŽƚŽƚĂůĚĞůƉĂşƐ ƚŚĞĐŽƵŶƚƌLJ͛ƐƚŽƚĂůŐƌŽƐƐĚŽŵĞƐƟĐƉƌŽĚƵĐƚŐƌŽǁƚŚďLJϬ͘ϳй ĚĞůϬ͕ϳй͕LJƵŶĂĐĂşĚĂĚĞůϮ͕ϬйĚĞůĂŽĐƵƉĂĐŝſŶ͘ ĂŶĚĂĚƌŽƉŽĨϮ͘ϬйŝŶĞŵƉůŽLJŵĞŶƚ͘ ƐƚŽƐƌĞƐƵůƚĂĚŽƐƉŽŶĞŶĚĞƌĞůŝĞǀĞ͕ĞŶƵŶŽLJŽƚƌŽĐĂƐŽ͕ ƵŶĨĞŶſŵĞŶŽƉƌĞŽĐƵƉĂŶƚĞ͕ĂůĐŽŶŇƵŝƌƵŶƌĞƚƌŽĐĞƐŽĚĞů dŚĞƐĞĮŐƵƌĞƐƐŚŽǁ͕ŝŶďŽƚŚĐĂƐĞƐ͕ĂǁŽƌƌLJŝŶŐƉŚĞŶŽŵĞŶŽŶ ĞŵƉůĞŽĐŽŶƵŶĂƵŵĞŶƚŽĚĞůƉƌŽĚƵĐƚŽ͘ƉĞƐĂƌĚĞůĐƌĞ- where a decline in employment and an increase in the gross ĐŝŵŝĞŶƚŽŽďƐĞƌǀĂĚŽĞŶƚĠƌŵŝŶŽƐĚĞW/͕ůĂĚƵƌĂĐŝſŶLJ ĚŽŵĞƐƟĐƉƌŽĚƵĐƚŐƌŽǁƚŚĐŽŶǀĞƌŐĞ͘ĞƐƉŝƚĞƚŚŝƐŚŝŐŚůŝŐŚƚĞĚ ƉƌŽĨƵŶĚŝĚĂĚĚĞůĂĐƌŝƐŝƐĐŽŶƟŶƷĂƉĞƐĂŶĚŽƐŽďƌĞůĂĚĞ- growth in terms of GDP, the length and depth of the crisis ĐŝƐŝſŶĚĞůŽƐĂŐĞŶƚĞƐĞĐŽŶſŵŝĐŽƐƉƌŝǀĂĚŽƐ͕ůĂƐƚƌĂĚŽƐ ĐŽŶƟŶƵĞĚ ƚŽ ǁĞŝŐŚ ŽŶ ƚŚĞ ĚĞĐŝƐŝŽŶ ŽĨ  ƉƌŝǀĂƚĞ ĞĐŽŶŽŵŝĐ ƉŽƌůĂĨĂůƚĂĚĞĐŽŶĮĂŶnjĂ͕ůĂƐƉĞƌƐƉĞĐƟǀĂƐŶĞŐĂƟǀĂƐLJ ŽƉĞƌĂƚŽƌƐ͕ŚŽďďůĞĚĂƐĂƌĞƐƵůƚŽĨƚŚĞůĂĐŬŽĨĐŽŶĮĚĞŶĐĞ͕ƚŚĞ ůĂƐĨƵĞƌƚĞƐƉĠƌĚŝĚĂƐĚĞĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽƌĞƐ͘ ŶĞŐĂƟǀĞŽƵƚůŽŽŬĂŶĚƚŚĞŚĞĂǀLJůŽƐƐĞƐŝŶƉƌĞǀŝŽƵƐĮŶĂŶĐŝĂů years. ůŽĂŶƚĞƌŝŽƌ͕ƐĞƵŶĞůĂĞdžŝƐƚĞŶĐŝĂĚĞƵŶŵĂƌĐŽůĂďŽƌĂů ĞdžĐĞƐŝǀĂŵĞŶƚĞƌşŐŝĚŽ͕ƐŽďƌĞĞůƋƵĞ͕Ɛŝ ďŝĞŶ ĞƐĐŝĞƌƚŽ /Ŷ ĂĚĚŝƟŽŶ͕ ƚŚĞƌĞ ŝƐ ĂŶ ĞdžĐĞƐƐŝǀĞůLJ ƌŝŐŝĚ ůĂďŽƵƌ ŵĂƌŬĞƚ ƋƵĞƐĞĂǀĂŶnjĂĞŶϮϬϭϮ͕ůĂƐŵŽĚŝĮĐĂĐŝŽŶĞƐƋƵĞĚĂŶƐŝŶ ĨƌĂŵĞǁŽƌŬ ŝŶ ǁŚŝĐŚ ƚŚĞ ŵŽĚŝĮĐĂƟŽŶƐ ŚĂǀĞ ŶŽƚ ǁŽƌŬĞĚ ĞĨĞĐƚŽĂůƉƌŽĚƵĐŝƌƐĞĚĞŵĂŶĞƌĂƚĂƌĚşĂ͘ properly as they were undertaken so late, although in 2012 some progress is evident. ^ĞŐƵŝĚĂŵĞŶƚĞ͕ ƐĞ ĂďŽƌĚĂ Ğů ĂŶĄůŝƐŝƐ ĚĞů W/ ĐĂŶĂƌŝŽ desde la ƉĞƌƐƉĞĐƟǀĂ ĚĞ ůĂ ŽĨĞƌƚĂ͘ ĂďĞ ŝŶĚŝĐĂƌ ƋƵĞ Therefore, the analysis of the Canary GDP with regards to ŶŽƐĞƌĄƉŽƐŝďůĞƌĞĂůŝnjĂƌĞůƚƌĂĚŝĐŝŽŶĂůĂŶĄůŝƐŝƐĚĞůĂĚĞ- ƐƵƉƉůLJŶĞĞĚƐƚŽďĞĐĂƌƌŝĞĚŽƵƚ͘/ƚŝƐǁŽƌƚŚŝŶĚŝĐĂƟŶŐƚŚĂƚŝƚ ŵĂŶĚĂĂĐŽŵĞƟĚŽĞŶĞĚŝĐŝŽŶĞƐĂŶƚĞƌŝŽƌĞƐ͕ĂůŶŽƉƵ- ǁŝůůŶŽƚďĞƉŽƐƐŝďůĞƚŽĂŶĂůLJnjĞƚŚĞĚĞŵĂŶĚŝŶƚŚĞƚƌĂĚŝƟŽŶĂů ďůŝĐĂƌ&hE^ĚĂƚŽƐĚĞĚĞŵĂŶĚĂĚĞůĂƐĐŽŵƵŶŝĚĂĚĞƐ ǁĂLJƚŚĂƚŚĂƐďĞĞŶŽƵƌƉƌĂĐƟĐĞŝŶĞĂƌůŝĞƌĞĚŝƟŽŶƐĂƐ&hE^ ĂƵƚſŶŽŵĂƐĞŶƐƵĞƐƚƵĚŝŽĚĞůĐƌĞĐŝŵŝĞŶƚŽƌĞŐŝŽŶĂů͘Ŷ ŚĂƐŶŽƚƉƵďůŝƐŚĞĚĂŶLJĮŐƵƌĞƐŽŶĚĞŵĂŶĚŝŶƚŚĞƵƚŽŶŽŵŽƵƐ ƐƵůƵŐĂƌ͕ŶŽƐĂƉƌŽdžŝŵĂƌĞŵŽƐĂůĂĚĞŵĂŶĚĂĂƉĂƌƟƌĚĞ ŽŵŵƵŶŝƟĞƐŝŶŝƚƐƐƚƵĚLJŽĨƚŚĞƌĞŐŝŽŶĂůŐƌŽǁƚŚ͘/ŶƐƚĞĂĚ͕ǁĞ determinados indicadores, tanto de la demanda inter- will approach the demand according to certain indicators,

81 CONCLUSIONES CONCLUSIONS 2011

ŶĂ;ĐŽŶƐƵŵŽĞŝŶǀĞƌƐŝſŶͿĐŽŵŽĞdžƚĞƌŶĂ͘ ďŽƚŚŽĨĚŽŵĞƐƟĐĚĞŵĂŶĚ;ĞdžƉĞŶĚŝƚƵƌĞĂŶĚŝŶǀĞƐƚŵĞŶƚͿĂŶĚ WĂƌĂĞůĂŶĄůŝƐŝƐĚĞůĂoferta͕ƉĂƌƟƌĞŵŽƐĚĞĞƐƚĂĚşƐƟĐĂƐ external demand. ŽĮĐŝĂůĞƐƉƵďůŝĐĂĚĂƐƉŽƌĞů/E͕ĞŶƐƵŶƵĞǀĂŽŶƚĂďŝůŝ- ĚĂĚZĞŐŝŽŶĂůĚĞƐƉĂŹĂĐŽŶďĂƐĞĞŶϮϬϬϴ͘ tĞ ĂƌĞ ŐŽŝŶŐ ƚŽ ƵƐĞ ŽĸĐŝĂů ƐƚĂƟƐƟĐƐ͕ ĐŽŵƉŝůĞĚ ďLJ ƚŚĞ WĞƌŽ ĂŶƚĞƐ͕ ƌĞƐƵůƚĂ ĐŽŶǀĞŶŝĞŶƚĞ ĚĞƚĞŶĞƌŶŽƐ ĞŶ ůŽƐ ^ƉĂŶŝƐŚ EĂƟŽŶĂů ^ƚĂƟƐƟĐƐ /ŶƐƟƚƵƚĞ /E͕ ƉƵďůŝƐŚĞĚ ŝŶ ŝƚƐ latest Spanish Regional Accounts as per 2008, as the base of ƉƌŝŶĐŝƉĂůĞƐ ĐĂŵďŝŽƐ ŵĞƚŽĚŽůſŐŝĐŽƐ͘ ƐƚĂƐ ŵŽĚŝĮĐĂ- our supply analysis. ĐŝŽŶĞƐ͕ƉƵďůŝĐĂĚĂƐƉŽƌƉƌŝŵĞƌĂǀĞnjĂƉĂƌƟƌĚĞϮϬϭϭ͕ ŝŵƉŝĚĞŶůĂĐŽŵƉĂƌĂďŝůŝĚĂĚƌĞŐŝŽŶĂůƉĂƌĂĚĂƚŽƐĂŶƚĞ- Ƶƚ ĮƌƐƚ͕ ŝƚ ŝƐ ǁŽƌƚŚ ĨŽĐƵƐŝŶŐ ŽŶ ƚŚĞ ŵĂŝŶ ŵĞƚŚŽĚŽůŽŐŝĐĂů ƌŝŽƌĞƐĂϮϬϬϴ͘ ĐŚĂŶŐĞƐ͘ dŚĞƐĞ ŵŽĚŝĮĐĂƟŽŶƐ͕ ƉƵďůŝƐŚĞĚ ĨŽƌ ƚŚĞ ĮƌƐƚ ƟŵĞ >ĂƐƉƌŝŶĐŝƉĂůĞƐĚŝĨĞƌĞŶĐŝĂƐƌĞƐŝĚĞŶĞŶĞůĄŵďŝƚŽƐĞĐ- from 2011 onwards, avoid regional comparisons for data ƚŽƌŝĂů͕ LJĂ ƋƵĞ ƚƌĂƐ ůĂ ĂĚĂƉƚĂĐŝſŶ ĚĞ ůĂ ŽŶƚĂďŝůŝĚĂĚ before 2008. ZĞŐŝŽŶĂůĂůĂEͲϬϵŶŽĞdžŝƐƚĞĐŽƌƌĞƐƉŽŶĚĞŶĐŝĂĐŽŶ dŚĞŵĂŝŶĚŝīĞƌĞŶĐĞƐůŝĞŝŶƚŚĞƐĞĐƚŽƌĂůƐĐŽƉĞ͕ďĞĐĂƵƐĞĂŌĞƌ ůĂĂŶƟŐƵĂĐůĂƐŝĮĐĂĐŝſŶEͲϵϯ͕ĂůĞĨĞĐƚƵĂƌƐĞƵŶĐĂŵ- ƚŚĞ ZĞŐŝŽŶĂů ĐĐŽƵŶƚƐ ĂĚĂƉƚĂƚĞĚ ƚŽ ƚŚĞ EͲϬϵ ƚŚĞƌĞ ŝƐ ďŝŽĞŶůĂůŽĐĂůŝnjĂĐŝſŶĚĞůĂƐƌĂŵĂƐĚĞĂĐƟǀŝĚĂĚĞŶƚƌĞ ŶŽĐŽƌƌĞƐƉŽŶĚĞŶĐĞďĞƚǁĞĞŶƚŚŝƐŶĞǁĐůĂƐƐŝĮĐĂƟŽŶĂŶĚƚŚĞ ůŽƐĚŝƐƟŶƚŽƐƐĞĐƚŽƌĞƐ͖ĂĚĞŵĄƐĚĞŝŶĐŽƌƉŽƌĂƌƐĞ͕ĐŽŵŽ ŽůĚ EͲϵϯ ŽŶĞ͕ ĂƐ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ŶŽƚ ŽŶůLJ Ă ĐŚĂŶŐĞ ŝŶ ŶŽǀĞĚĂĚ͕ƵŶŵĂLJŽƌŶŝǀĞůĚĞĚĞƐŐůŽƐĞĞŶĞůƐĞĐƚŽƌƐĞƌ- vicios. ƚŚĞ ƉůĂĐŝŶŐ ŽĨ ĂĐƟǀŝƚLJ ŐƌŽƵƉƐ ŝŶ ƚŚĞ ĚŝīĞƌĞŶƚ ƐĞĐƚŽƌƐ ďƵƚ also a greater level of detail in the service sector has been ŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĐĂŵďŝŽŵĞƚŽĚŽůſŐŝĐŽ͕ůŽƐƐĞƌ- incorporated as a novelty. ǀŝĐŝŽƐƋƵĞĚĂƌĄŶĚĞƐŐůŽƐĂĚŽƐĞŶůĂƐƐŝŐƵŝĞŶƚĞƐƌĂŵĂƐ͗ ͞ĐŽŵĞƌĐŝŽ Ăů ƉŽƌ ŵĂLJŽƌ LJ Ăů ƉŽƌ ŵĞŶŽƌ͖ ƌĞƉĂƌĂĐŝſŶ ƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞŵĞƚŚŽĚŽůŽŐŝĐĂůĐŚĂŶŐĞ͕ƐĞƌǀŝĐĞƐ ĚĞ ǀĞŚşĐƵůŽƐ ĚĞ ŵŽƚŽƌ LJ ŵŽƚŽĐŝĐůĞƚĂƐ͖ ƚƌĂŶƐƉŽƌƚĞ LJ ǁŝůůďĞďƌŽŬĞŶĚŽǁŶŝŶƚŽƚŚĞĨŽůůŽǁŝŶŐŐƌŽƵƉƐ͗͟ǁŚŽůĞƐĂůĞ ĂůŵĂĐĞŶĂŵŝĞŶƚŽ͖ ŚŽƐƚĞůĞƌşĂ͖͟ ͞/ŶĨŽƌŵĂĐŝſŶ LJ ĐŽŵƵ- ĂŶĚ ƌĞƚĂŝů͖ ͞ŵŽƚŽƌ ǀĞŚŝĐůĞƐ ĂŶĚ ŵŽƚŽƌďŝŬĞƐ ƌĞƉĂŝƌ͖ ŶŝĐĂĐŝŽŶĞƐ͖͟ ͞ĐƟǀŝĚĂĚĞƐ ĮŶĂŶĐŝĞƌĂƐ LJ ĚĞ ƐĞŐƵƌŽƐ͖͟ ƚƌĂŶƐƉŽƌƚ ĂŶĚ ƐƚŽĐŬŝŶŐ͖ ŚŽƚĞů ŝŶĚƵƐƚƌLJ͖͟ ͞ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ͞ĐƟǀŝĚĂĚĞƐ ŝŶŵŽďŝůŝĂƌŝĂƐ͖͟ ͞ĐƟǀŝĚĂĚĞƐ ƉƌŽĨĞƐŝŽŶĂ- ĐŽŵŵƵŶŝĐĂƟŽŶƐ͖͟ ͞WƌŽĨĞƐƐŝŽŶĂů͕ ƐĐŝĞŶƟĮĐ ĂŶĚ ƚĞĐŚŶŝĐĂů ůĞƐ͕ĐŝĞŶơĮĐĂƐLJƚĠĐŶŝĐĂƐ͖ĂĐƟǀŝĚĂĚĞƐĂĚŵŝŶŝƐƚƌĂƟǀĂƐLJ ĂĐƟǀŝƟĞƐ͖͟͞ĚŵŝŶŝƐƚƌĂƟŽŶĂŶĚĂƵdžŝůŝĂƌLJƐĞƌǀŝĐĞƐĂĐƟǀŝƟĞƐ͖͟ ƐĞƌǀŝĐŝŽƐĂƵdžŝůŝĂƌĞƐ͖͟͞ĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂLJĚĞĨĞŶ- ͞ĞĨĞŶƐĞ ĂŶĚ WƵďůŝĐ ĚŵŝŶŝƐƚƌĂƟŽŶƐ͖ ĐŽŵƉƵůƐŽƌLJ ŚĞĂůƚŚ ƐĂ͖ ƐĞŐƵƌŝĚĂĚ ƐŽĐŝĂů ŽďůŝŐĂƚŽƌŝĂ͖ ĞĚƵĐĂĐŝſŶ͖ ĂĐƟǀŝĚĂ- ĐĂƌĞ͖ ĞĚƵĐĂƟŽŶ͖ ŚĞĂůƚŚ ĂŶĚ ƐŽĐŝĂů ƐĞƌǀŝĐĞ ĂĐƟǀŝƟĞƐ͖͟ ĚĞƐƐĂŶŝƚĂƌŝĂƐLJĚĞƐĞƌǀŝĐŝŽƐƐŽĐŝĂůĞƐ͖͟LJ͞ĐƟǀŝĚĂĚĞƐ ĂŶĚ ͞ƌƟƐƟĐ͕ ƌĞĐƌĞĂƟŽŶĂů ĂŶĚ ĞŶƚĞƌƚĂŝŶŵĞŶƚ ĂĐƟǀŝƟĞƐ͖ ĂƌơƐƟĐĂƐ͕ ƌĞĐƌĞĂƟǀĂƐ LJ ĚĞ ĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽ͖ ƌĞƉĂƌĂ- ŚŽƵƐĞŚŽůĚŐŽŽĚƐƌĞƉĂŝƌĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐ͘͟ ĐŝſŶĚĞĂƌơĐƵůŽƐĚĞƵƐŽĚŽŵĠƐƟĐŽLJŽƚƌŽƐƐĞƌǀŝĐŝŽƐ͘͟ EŽŶͲŵĂƌŬĞƚ ƐĞƌǀŝĐĞƐ ŚĂǀĞ ĂůƐŽ ďĞĞŶ ƐƵƉƉƌĞƐƐĞĚ ĂƐ ƚŚĞŝƌ ^ĞƐƵƉƌŝŵĞŶĂƐŝŵŝƐŵŽůŽƐƐĞƌǀŝĐŝŽƐĚĞŶŽŵĞƌĐĂĚŽ͕Ăů ĂĐĐŽƵŶƟŶŐŝƐŶŽǁŝŶƚĞŐƌĂƚĞĚŝŶŽƚŚĞƌŝŶĚƵƐƚƌLJŐƌŽƵƉƐ͘dŚŝƐ ŝŶƚĞŐƌĂƌƐĞ ƐƵ ĐŽŶƚĂďŝůŝnjĂĐŝſŶ ĞŶ ůĂƐ ĚĞŵĄƐ ƌĂŵĂƐ ĚĞ ŝƐ ŶŽƚ Ă ƌĞůĞǀĂŶƚ ƐĞƚďĂĐŬ͕ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŵŽƐƚ ŽĨ ŶŽŶͲ ĂĐƟǀŝĚĂĚ͘ůůŽŶŽƐƵƉŽŶĞƵŶĐŽŶƚƌĂƟĞŵƉŽƐŝŐŶŝĮĐĂƟ- ŵĂƌŬĞƚƐĞƌǀŝĐĞƐǁŝůůďĞũŽŝŶŝŶŐŝŶƚŚĞŐƌŽƵƉŽĨ͞ĞĨĞŶƐĞĂŶĚ ǀŽ͕ĞŶůĂŵĞĚŝĚĂƋƵĞůĂĂŵƉůŝĂŵĂLJŽƌşĂĚĞůŽƐƐĞƌǀŝĐŝŽƐ WƵďůŝĐĚŵŝŶŝƐƚƌĂƟŽŶƐ͖ĐŽŵƉƵůƐŽƌLJŚĞĂůƚŚĐĂƌĞ͖ĞĚƵĐĂƟŽŶ͖ ĚĞŶŽŵĞƌĐĂĚŽƐĞŝŶĐŽƌƉŽƌĂƌĄŶĂƉĂƌƟƌĚĞĂŚŽƌĂĞŶůĂ ŚĞĂůƚŚĂŶĚƐŽĐŝĂůƐĞƌǀŝĐĞĂĐƟǀŝƟĞƐ͟ĨƌŽŵŶŽǁŽŶ͘ ƌĂŵĂĚĞ͞ĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂLJĚĞĨĞŶƐĂ͖ƐĞŐƵƌŝĚĂĚ Finally, it should be noted that the former groups of industry ƐŽĐŝĂůŽďůŝŐĂƚŽƌŝĂ͖ĞĚƵĐĂĐŝſŶ͖ĂĐƟǀŝĚĂĚĞƐƐĂŶŝƚĂƌŝĂƐLJ ĂŶĚ ĞŶĞƌŐLJ ŚĂǀĞ ďĞĞŶ ƌĞƉůĂĐĞĚ ďLJ ƚŚĞ ŐƌŽƵƉ ͟džƚƌĂĐƟǀĞ ĚĞƐĞƌǀŝĐŝŽƐƐŽĐŝĂůĞƐ͘͟ industries; manufacturing; Electricity, gas, steam and &ŝŶĂůŵĞŶƚĞ͕ĚĞďĞƌĞƉĂƌĂƌƐĞĞŶƋƵĞůĂƐĂŶƟŐƵĂƐƌĂŵĂƐ Ăŝƌ ĐŽŶĚŝƟŽŶŝŶŐ ƐƵƉƉůLJ͖  ǁĂƚĞƌ ƐƵƉƉůLJ͕ ƐĞǁĞƌĂŐĞ͕ ǁĂƐƚĞ ŝŶĚƵƐƚƌŝĂůLJĞŶĞƌŐĠƟĐĂƐĞƐƵƐƟƚƵLJĞŶƉŽƌůĂƌĂŵĂ͞/Ŷ- ŵĂŶĂŐĞŵĞŶƚĂŶĚƌĞŵĞĚŝĂƟŽŶĂĐƟǀŝƟĞƐ͕͟ǁŚŝůĞĂŶŝŶĚŝǀŝĚƵĂů ĚƵƐƚƌŝĂƐĞdžƚƌĂĐƟǀĂƐ͖ŝŶĚƵƐƚƌŝĂŵĂŶƵĨĂĐƚƵƌĞƌĂ͖ƐƵŵŝŶŝƐ- ĮŐƵƌĞĨŽƌƚŚĞŵĂŶƵĨĂĐƚƵƌŝŶŐŝŶĚƵƐƚƌLJŝƐĂůƐŽƉƌŽǀŝĚĞĚ͘

82 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ƚƌŽĚĞĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ͕ŐĂƐ͕ǀĂƉŽƌLJĂŝƌĞĂĐŽŶĚŝĐŝŽŶĂ- ĚŽ͖ƐƵŵŝŶŝƐƚƌŽĚĞĂŐƵĂ͕ĂĐƟǀŝĚĂĚĞƐĚĞƐĂŶĞĂŵŝĞŶƚŽ͕ ŐĞƐƟſŶ ĚĞ ƌĞƐŝĚƵŽƐ LJ ĚĞƐĐŽŶƚĂŵŝŶĂĐŝſŶ͕͟ Ɛŝ ďŝĞŶ ƐĞ ĂƉŽƌƚĂƚĂŵďŝĠŶƵŶĂĞƐƟŵĂĐŝſŶŝŶĚŝǀŝĚƵĂůƉĂƌĂůĂŝŶ- ĚƵƐƚƌŝĂŵĂŶƵĨĂĐƚƵƌĞƌĂ͘

ŝĐŚŽĞƐƚŽ͕ĂďŽƌĚĂŵŽƐĂĐŽŶƟŶƵĂĐŝſŶĞůĞƐƚƵĚŝŽĚĞů sĂůŽƌŹĂĚŝĚŽƌƵƚŽĂƉƌĞĐŝŽƐďĄƐŝĐŽƐĚĞĐĂĚĂƵŶŽĚĞ ůŽƐƐĞĐƚŽƌĞƐ͘ĞďĞƌĞĐŽƌĚĂƌƐĞƋƵĞĞƐƚĂŵĂŐŶŝƚƵĚĚŝĮĞ- Having said that, we are now going to address the study of ƌĞĚĞůW/ĞŶƋƵĞĚĞƐĐƵĞŶƚĂĞůĞĨĞĐƚŽĚĞůŽƐŝŵƉƵĞƐƚŽƐ the Gross Value Added regarding the basic prices of each ŶĞƚŽƐĚĞƐƵďǀĞŶĐŝŽŶĞƐƐŽďƌĞůŽƐƉƌŽĚƵĐƚŽƐĮŶĂůĞƐ͘ ƐĞĐƚŽƌ͘/ƚŵƵƐƚďĞƌĞĐĂůůĞĚƚŚĂƚƚŚŝƐĮŐƵƌĞĚŝīĞƌƐĨƌŽŵ'WŝŶ ƚŚĂƚŝƚĚŝƐĐŽƵŶƚƐƚŚĞŶĞƚƚĂdžĞƐĞīĞĐƚŽŶĮŶĂůƉƌŽĚƵĐƚƐ͘ ĚĞŶƚƌĄŶĚŽŶŽƐĞŶĞůĂŶĄůŝƐŝƐĚĞůĂƐĚŝƐƟŶƚĂƐƌĂŵĂƐĚĞ ĂĐƟǀŝĚĂĚ͕ĞůĐƌĞĐŝŵŝĞŶƚŽĞƐƟŵĂĚŽĚĞůW/ƉĂƌĂϮϬϭϭ /Ĩ ǁĞ ĂŶĂůLJnjĞ ƚŚĞ ĚŝīĞƌĞŶƚ ĂĐƟǀŝƚLJ ŐƌŽƵƉƐ ŵŽƌĞ ŝŶ ĚĞƉƚŚ͕ ŶŽĞŶĐƵĞŶƚƌĂƌĠƉůŝĐĂĞŶƚŽĚĂƐůĂƐƌĂŵĂƐĚĞĂĐƟǀŝĚĂĚ͘ ǁĞ ǁŝůů ƐĞĞ ƚŚĂƚ ƚŚĞ ĞƐƟŵĂƚĞĚ 'W ŐƌŽǁƚŚ ĨŽƌ ϮϬϭϭ ŚĂƐ jŶŝĐĂŵĞŶƚĞƐĞŽďƐĞƌǀĂƵŶĐŽŵƉŽƌƚĂŵŝĞŶƚŽĐƌĞĐŝĞŶƚĞ ŶŽƚďĞĞŶƌĞĐŝƉƌŽĐĂƚĞĚŝŶĂŶLJŽƚŚĞƌĂĐƟǀŝƚLJŐƌŽƵƉ͘KŶůLJĂŶ ĞŶůĂŝŶĚƵƐƚƌŝĂ͕LJĞŶďƵĞŶĂƉĂƌƚĞĚĞůĂƐƌĂŵĂƐĚĞƐĞƌǀŝ- increasing behavior in industry and in most of the service ĐŝŽƐ͖ŵŝĞŶƚƌĂƐƋƵĞůĂƐĚĞŵĄƐĂĐƟǀŝĚĂĚĞƐĐĂĞŶ͕ĐƵĂŶĚŽ ŐƌŽƵƉƐŝƐǀŝƐŝďůĞ͖ǁŚŝůĞƚŚĞƌĞƐƚŽĨĂĐƟǀŝƟĞƐĚƌŽƉƉĞĚ͕ǁŚŝůĞĂŶ ŶŽŝŶƚĞŶƐŝĮĐĂŶƐƵƌĞƚƌŽĐĞƐŽĐŽŶƌĞƐƉĞĐƚŽĂůĞũĞƌĐŝĐŝŽ ŝŶƚĞŶƐŝĮĐĂƟŽŶŽĨƚŚĞŝƌĚĞĐƌĞĂƐĞŝƐŶŽƚĞǀŝĚĞŶƚ͕ǁŝƚŚƌĞŐĂƌĚƐ anterior. ƚŽƚŚĞƉƌĞǀŝŽƵƐĮŶĂŶĐŝĂůLJĞĂƌ͘

Este es el caso de la ĂŐƌŝĐƵůƚƵƌĂ͕ƋƵĞŽďƐĞƌǀĂĚƵƌĂŶƚĞ This is the case of ĂŐƌŝĐƵůƚƵƌĞ͕ǁŚŝĐŚƐƵīĞƌĞĚŝŶϮϬϭϭƚŚĞ ϮϬϭϭĞůƉĞŽƌƌĞƐƵůƚĂĚŽĚĞƐĚĞĞůŝŶŝĐŝŽĚĞůĂĐƌŝƐŝƐ͕Ăů worst results since the beginning of the crisis, dropping



 






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83 CONCLUSIONES CONCLUSIONS 2011

ƌĞƚƌŽĐĞĚĞƌƵŶϱ͕ϴйĞŶϮϬϭϭ͕ƚƌĂƐŚĂďĞƌĐú̎ĚƵƌĂŶ- ƚĞĚŽƐĂŹŽƐĐŽŶƐĞĐƵƟǀŽƐĞŶƚŽƌŶŽĂƵŶϮйĞŶĐĂĚĂ ejercicio.

>ĂĞǀŽůƵĐŝſŶĚĞůĂƐƉƌŝŶĐŝƉĂůĞƐƉƌŽĚƵĐĐŝŽŶĞƐĐŽŶƟŶƷĂ ĂƌƌŽũĂŶĚŽƵŶŇŽũŽďĂŐĂũĞ͘Ɛş͕ŵŝĞŶƚƌĂƐĞůĐƵůƟǀŽĚĞů ƉůĄƚĂŶŽĂĚǀŝĞƌƚĞƵŶĂĨƵĞƌƚĞƌĞĚƵĐĐŝſŶĚĞƐƵƐĞdžƉŽƌ- ďLJ ϱ͘ϴй ŝŶ ϮϬϭϭ ĂŌĞƌ ŝƚƐ ĐŽŶƟŶƵŽƵƐ ĚĞĐƌĞĂƐĞ ĨŽƌ ƚǁŽ ƚĂĐŝŽŶĞƐĞŶƚĠƌŵŝŶŽƐĚĞƉĞƐŽ͕ĚĞůϭϮ͕ϲйƌĞƐƉĞĐƚŽĂ ĐŽŶƐĞĐƵƟǀĞLJĞĂƌƐďLJϮйĞĂĐŚĮŶĂŶĐŝĂůLJĞĂƌ͘ ϮϬϭϬ͕ĞůƚŽŵĂƚĞĂƉĞŶĂƐĐƌĞĐĞƵŶϭ͕ϴйŝŶƚĞƌĂŶƵĂů͕ƚƌĂƐ ĂŹŽƐĚĞĨƵĞƌƚĞĐĂşĚĂ͘ƐƚĞƐĞĐƚŽƌƐĞĞŶĨƌĞŶƚĂ͕ĂĚĞŵĄƐ͕ dŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ŵĂŝŶ ƉƌŽĚƵĐƟŽŶƐ ĐŽŶƟŶƵĞƐ ŽŶ ĂƵŶĨƵƚƵƌŽŝŶĐŝĞƌƚŽ͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂĚĞƐĂƉĂ- showing a loose baggage. So while banana crops note a ƌŝĐŝſŶƉĂƌĂϮϬϭϮĚĞůĂĂLJƵĚĂƋƵĞƌĞĐŝďşĂůĂĂĐƟǀŝĚĂĚ ƐŚĂƌƉĚĞĐůŝŶĞŝŶĞdžƉŽƌƚƐŝŶƚĞƌŵƐŽĨǁĞŝŐŚƚ͕ϭϮ͘ϲйĐŽŵƉĂƌŝŶŐ ĂŐƌşĐŽůĂƉŽƌƉĂƌƚĞĚĞůƐƚĂĚŽ͕ĐŽŵƉůĞŵĞŶƚĂƌŝĂĂůWK- ƚŽ ϮϬϭϬ͕ ƚŽŵĂƚŽ ƉƌŽĚƵĐƟŽŶ ŐƌŽǁ ďLJ ũƵƐƚ ϭ͘ϴй LJĞĂƌͲŽŶͲ ^/E͕ĂůŽƋƵĞƐĞĂŹĂĚĞůĂĚƵƌĂĐŽŵƉĞƚĞŶĐŝĂĞdžƚĞ- LJĞĂƌ͕ ĂŌĞƌ LJĞĂƌƐ ŽĨ ƐŚĂƌƉ ĚĞĐůŝŶĞƐ͘ dŚŝƐ ƐĞĐƚŽƌ ĂůƐŽ ĨĂĐĞƐ ƌŝŽƌ͕ ŝŶƚĞŶƐŝĮĐĂĚĂ ƉŽƌ ůĂ ƉƌŽŐƌĞƐŝǀĂ ĚĞƐĂƉĂƌŝĐŝſŶ ĚĞ an uncertain future as a result of the disappearance in ůŽƐŵĞĐĂŶŝƐŵŽƐĚĞƉƌŽƚĞĐĐŝſŶĐŽŵĞƌĐŝĂůƋƵĞŚĂďşĂŶ 2012 of the farming aid given by the state, complementary ǀĞŶŝĚŽƉĞƌŵŝƟĞŶĚŽůĂƐƵďƐŝƐƚĞŶĐŝĂĚĞůŽƐĐƵůƟǀŽƐĚĞ ƚŽ WK^/E͕ ƚŽ ǁŚŝĐŚ ƚŚĞ ƚŽƵŐŚ ĨŽƌĞŝŐŶ ĐŽŵƉĞƟƟŽŶ ŝƐ ĞdžƉŽƌƚĂĐŝſŶĐĂŶĂƌŝŽƐĞŶůŽƐŵĞƌĐĂĚŽƐĞƵƌŽƉĞŽƐ͘ ĂĚĚĞĚ͕ ŝŶƚĞŶƐŝĮĞĚ ďLJ ƚŚĞ ŐƌĂĚƵĂů ĚŝƐĂƉƉĞĂƌĂŶĐĞ ŽĨ ƚŚĞ ƚƌĂĚĞ ƉƌŽƚĞĐƟŽŶ ŵĞĐŚĂŶŝƐŵ ;ƚŚĂƚ ŚĂĚ ďĞĞŶ ƉĞƌŵŝƫŶŐ ŶůŽƋƵĞƐĞƌĞĮĞƌĞĂůĂƌĂŵĂŝŶĚƵƐƚƌŝĂůLJĞŶĞƌŐĠƟĐĂ͕ the survival of export crops from the Canary Islands in the ĞƐƚĂŽďƐĞƌǀĂƵŶƌĞƐƵůƚĂĚŽĨĂǀŽƌĂďůĞ͕ƚƌĂƐĞůĚĞƐƉůŽŵĞ ƵƌŽƉĞĂŶŵĂƌŬĞƚƐͿ͘ ƌĞŐŝƐƚƌĂĚŽĞŶƚƌĞϮϬϬϵLJϮϬϭϬ͘ƐƚĞƐĞĐƚŽƌĐŽŵƉƵƚĂƵŶ ĐƌĞĐŝŵŝĞŶƚŽĚĞůϰ͕ϵйŝŶƚĞƌĂŶƵĂůƉĂƌĂϮϬϭϭ͕ŵĂLJŽƌƋƵĞ With regard to the ĞŶĞƌŐLJĂŶĚŝŶĚƵƐƚƌLJ group, it shows a ĞůĚĞůĐŽŶũƵŶƚŽŶĂĐŝŽŶĂů͕ĚŽŶĚĞƐĞŝŶĐƌĞŵĞŶƚĂĞůs ƉŽƐŝƟǀĞŽƵƚĐŽŵĞĂŌĞƌƚŚĞĐŽůůĂƉƐĞƌĞĐŽƌĚĞĚďĞƚǁĞĞŶϮϬϬϵ ĞŶƵŶϭ͕ϵƉŽƌĐŝĞŶƚŽ͘ ĂŶĚϮϬϭϬ͘dŚŝƐƐĞĐƚŽƌŚĂƐƐŚŽǁŶĂLJĞĂƌͲŽŶͲLJĞĂƌŐƌŽǁƚŚŽĨ ϰ͘ϵйĨŽƌϮϬϭϭ͕ŚŝŐŚĞƌƚŚĂŶƚŚĞŶĂƟŽŶĂůĂǀĞƌĂŐĞ͕ǁŚĞƌĞ's - ^Ğ ƚƌĂƚĂ ĚĞ ƵŶĂ ĞǀŽůƵĐŝſŶ ƋƵĞ ƌĞƐƉŽŶĚĞ͕ ƉƌŝŶĐŝƉĂů ŝŶĐƌĞĂƐĞĚďLJϭ͘ϵƉĞƌĐĞŶƚ͘ mente, al incremento experimentado por la tarifa ĞůĠĐƚƌŝĐĂ͕ũƵŶƚŽĐŽŶůĂƚĞŶĚĞŶĐŝĂĂůĐŝƐƚĂĚĞůĂĐŽƟnjĂĐŝſŶ dŚŝƐ  ĞǀŽůƵƟŽŶ ŚĂƐ ŵĂŝŶůLJ ƌĞŇĞĐƚĞĚ ƚŚĞ ĞůĞĐƚƌŝĐŝƚLJ ƚĂƌŝī ĚĞůƉĞƚƌſůĞŽ͕ĞŶƵŶĐŽŶƚĞdžƚŽĚĞŵĂLJŽƌĚĞŵĂŶĚĂŶŽ increase, together with the upward trend in oil prices in a

 

   





 
 


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 Tabla 3.4 Table 3.4

84 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ƌĞƐŝĚĞŶƚĞ͕ƉŽƌĞůĂƵŵĞŶƚŽĚĞůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂĂůŽ ůĂƌŐŽĚĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽ͘ Dentro de esta rama, la industria manufacturera rom- ƉĞĐŽŶƐƵƚĞŶĚĞŶĐŝĂďĂũŝƐƚĂ͕ƚƌĂƐǀĂƌŝŽƐĂŹŽƐĐŽŶĨƵĞƌ- ƚĞƐƉĠƌĚŝĚĂƐƋƵĞůĞĐŽŶĚƵũŽĂƉĞƌĚĞƌƉƌĄĐƟĐĂŵĞŶƚĞĞů ϮϬйĚĞƐƵǀŽůƵŵĞŶĞŶƚƌĞϮϬϬϴLJϮϬϭϬ͘ƵƌĂŶƚĞϮϬϭϭ͕ ĂǀĂŶnjĂƵŶϱ͕ϳй͕ĂůĂďƌŝŐŽĚĞůƌĞƉƵŶƚĞĚĞůĐŽŶƐƵŵŽŶŽ ƌĞƐŝĚĞŶƚĞ͕ƉŽƌĞůƟƌſŶƚƵƌşƐƟĐŽ͘ context of a higher external demand due to the increase in ,ĂLJƋƵĞƌĞĐŽƌĚĂƌƋƵĞůĂŝŶĚƵƐƚƌŝĂĐĂŶĂƌŝĂŵĂŶŝĮĞƐƚĂ ŝŶĐŽŵŝŶŐƚŽƵƌŝƐƚƐĚƵƌŝŶŐƚŚĞůĂƐƚĮŶĂŶĐŝĂůLJĞĂƌ͘ ƵŶĂĞůĞǀĂĚĂĚĞƉĞŶĚĞŶĐŝĂŚĂĐŝĂůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͕ ĚĂĚĂƐ ůĂƐ ĚŝĮĐƵůƚĂĚĞƐ ĞƐƚƌƵĐƚƵƌĂůĞƐ ƉĂƌĂ ůĂ ĐŽŶƐŽůŝ- tŝƚŚŝŶƚŚŝƐĂĐƟǀŝƚLJŐƌŽƵƉ͕ĂŌĞƌƐĞǀĞƌĂůLJĞĂƌƐŽĨŚĞĂǀLJůŽƐƐĞƐ ĚĂĐŝſŶĚĞƵŶŵĂLJŽƌƚĞũŝĚŽĞdžƉŽƌƚĂĚŽƌ͕ŝŶŚĞƌĞŶƚĞƐĂů leading ŵĂŶƵĨĂĐƚƵƌŝŶŐ ƚŽ ůŽƐĞ ŶĞĂƌůLJ ϮϬй ŽĨ ŝƚƐ ǀŽůƵŵĞ ĐĂƌĄĐƚĞƌƵůƚƌĂƉĞƌŝĨĠƌŝĐŽĚĞŶƵĞƐƚƌŽƚĞƌƌŝƚŽƌŝŽ͘ƐƚĂƌĞĂ- between 2008 and 2010, this downtrend has broken. In ůŝĚĂĚŝŶƚƌŽĚƵĐĞƵŶĂƐĞƌŝĞĚĞŽďƐƚĄĐƵůŽƐƋƵĞůĂƐƚƌĂŶƐƵ ϮϬϭϭ͕ŝƚƌŽƐĞďLJϱ͘ϳйƚŚĂŶŬƐƚŽƚŚĞŶŽŶͲƌĞƐŝĚĞŶƚĞdžƉĞŶĚŝƚƵƌĞ ĚĞƐĂƌƌŽůůŽ͕ĞŶƚƌĞŽƚƌŽƐĨĂĐƚŽƌĞƐ͕ůĂĞƐĐĂƐĞnjĚĞƌĞĐƵƌ- increase because of the pull in tourism. ƐŽƐ͕ŵĂƚĞƌŝĂƐƉƌŝŵĂƐLJďŝĞŶĞƐŝŶƚĞƌŵĞĚŝŽƐ͖ůĂĚŝĮĐƵů- It is worth remembering that the Canaries’ industry is ƚĂĚƉĂƌĂĂůĐĂŶnjĂƌĞĐŽŶŽŵşĂƐĚĞĞƐĐĂůĂ͕ĚĂĚŽĞůĨƌĂĐ- ŚĞĂǀŝůLJĚĞƉĞŶĚĞŶƚŽŶĚŽŵĞƐƟĐĚĞŵĂŶĚĂƐĐĂŶďĞĞdžƉĞĐƚĞĚ ĐŝŽŶĂŵŝĞŶƚŽĚĞůƚĞƌƌŝƚŽƌŝŽ͖ŽůŽƐĞůĞǀĂĚŽƐĐŽƐƚĞƐĚĞů ĨŽƌŽƵƚĞƌŵŽƐƚƌĞŐŝŽŶƐǁŚĞƌĞƐƚƌƵĐƚƵƌĂůĚŝĸĐƵůƟĞƐŚŝŶĚĞƌƚŚĞ ƐƵĞůŽƉĂƌĂƵƐŽŝŶĚƵƐƚƌŝĂů͘ ŝŶ ĐŽŶƐŽůŝĚĂƟŽŶ ŽĨ Ă ƐƚƌŽŶŐĞƌ  ĞdžƉŽƌƟŶŐ ĨƌĂŵĞǁŽƌŬ͘ dŚŝƐ WŽƌĞůůŽ͕ůĂƐƉƌŽLJĞĐĐŝŽŶĞƐĚĞĨƵƚƵƌŽŵĄƐƉƌſdžŝŵĂƐƉĂƌĂ introduces a number of obstacles hindering its development ůĂ ŝŶĚƵƐƚƌŝĂ ƋƵĞĚĂƌĄŶ ƐƵƉĞĚŝƚĂĚĂƐ Ă ůĂ ƌĞĐƵƉĞƌĂĐŝſŶ such as, inter alia: the lack of resources, raw materials and ĚĞůĐŽŶƐƵŵŽ͕ĞŶƵŶĐŽŶƚĞdžƚŽĞŶĞůƋƵĞůĂĐŽŵƉŽŶĞŶƚĞ ŝŶƚĞƌŵĞĚŝĂƚĞŐŽŽĚƐ͖ƚŚĞĚŝĸĐƵůƚLJŝŶĂĐŚŝĞǀŝŶŐĞĐŽŶŽŵŝĞƐŽĨ ŶŽƌĞƐŝĚĞŶƚĞƟĞŶĚĞĂƌĞƐĞŶƟƌƐĞƉŽƌůĂƉƌĞǀŝƐŝďůĞĐĂşĚĂ ƐĐĂůĞŝŶǀŝĞǁŽĨƚŚĞĨƌĂŐŵĞŶƚĂƟŽŶŽĨƚŚĞƚĞƌƌŝƚŽƌLJŽƌƚŚĞŚŝŐŚ ĚĞůĂĚĞŵĂŶĚĂƚƵƌşƐƟĐĂ͘dĂŵƉŽĐŽƐĞĂĚǀŝĞƌƚĞŶƉĞƌƐ- prices of the ground for industrial use. ƉĞĐƟǀĂƐĚĞŵĞũŽƌşĂƉĂƌĂůĂƐŝŶĚƵƐƚƌŝĂƐĂƵdžŝůŝĂƌĞƐĚĞůĂ ĐŽŶƐƚƌƵĐĐŝſŶ͕ĐŽŶƵŶŚŽƌŝnjŽŶƚĞĂĐŽƌƚŽLJŵĞĚŝŽƉůĂnjŽ Therefore, the near future forecast for industry will be ĂƷŶŝŶĐŝĞƌƚŽ͘ subject to the expenditure recovering, in a context in which ƚŚĞ ŶŽŶͲƌĞƐŝĚĞŶƚ ĐŽŵƉŽŶĞŶƚ ǁŝůů ƚĞŶĚ ƚŽ ĚĞĐůŝŶĞ ĚƵĞ ƚŽ WƌĞĐŝƐĂŵĞŶƚĞŚĂǀƵĞůƚŽĂƐĞƌůĂconstrucciónůĂĂĐƟ- the predictable drop in tourism demand. Neither do the ǀŝĚĂĚŵĄƐĂĨĞĐƚĂĚĂƉŽƌůĂƌĞĐĞƐŝſŶĚƵƌĂŶƚĞϮϬϭϭ͕ĐŽŶ ƉƌŽƐƉĞĐƚƐ ĨŽƌ ĂŶĐŝůůĂƌLJ ŝŶĚƵƐƚƌŝĞƐ ŽĨ ĐŽŶƐƚƌƵĐƟŽŶ ŝŵƉƌŽǀĞ͕ ƵŶĂĐĂşĚĂĚĞůϳ͕ϭй͕ŵĄƐĂĐƵƐĂĚŽƋƵĞĞŶĞůĄŵďŝƚŽŶĂ- ǁŝƚŚĂƐƟůůƵŶĐĞƌƚĂŝŶƐŚŽƌƚƚŽŵĞĚŝƵŵͲƚĞƌŵŚŽƌŝnjŽŶ͘ ĐŝŽŶĂů͕ĚŽŶĚĞƌĞƚƌŽĐĞĚĞĞŶƵŶϯ͕ϴƉŽƌĐŝĞŶƚŽ͘ ŽŶƐƚƌƵĐƟŽŶ ŝƐ ĂŐĂŝŶ ƚŚĞ ĂĐƟǀŝƚLJ ŵŽƐƚ ĂīĞĐƚĞĚ ďLJ ƚŚĞ >ĂĐƌŝƐŝƐǀƵĞůǀĞĂĐĂƐƟŐĂƌĂĞƐƚĞƐĞĐƚŽƌ͕ƋƵĞĂƚƌĂǀŝĞƐĂ ƌĞĐĞƐƐŝŽŶ ŝŶ ϮϬϭϭ ǁŝƚŚ Ă ϳ͘ϭй ĚƌŽƉ ͲƐŚĂƌƉĞƌ ƚŚĂŶ ƚŚĂƚ ŽĨ - ƉŽƌƐƵƚĞƌĐĞƌĞũĞƌĐŝĐŝŽĐŽŶƐĞĐƵƟǀŽĚĞĨƵĞƌƚĞĚĞƐƉůŽ ^ƉĂŝŶĂƐĂǁŚŽůĞ͕ǁŚĞƌĞĂĚƌŽƉŽĨϯ͘ϴƉĞƌĐĞŶƚŝƐƐŚŽǁŶ͘ ŵĞ͕ƐŝŶƋƵĞƐĞĂƟƐďĞŶƉĞƌƐƉĞĐƟǀĂƐĚĞƌĞĐƵƉĞƌĂĐŝſŶ ĂŵĞĚŝŽLJĐŽƌƚŽƉůĂnjŽ͘EŽŚĂLJĞdžƉĞĐƚĂƟǀĂƐĚĞĐĂŵ- The crisis has punished this sector again, which is experiencing ďŝŽĞŶůĂĞĚŝĮĐĂĐŝſŶƌĞƐŝĚĞŶĐŝĂů͕ĚĂĚŽƋƵĞůĂĚĞŵĂŶĚĂ ŝƚƐ ƚŚŝƌĚ ĐŽŶƐĞĐƵƟǀĞ ĮŶĂŶĐŝĂů LJĞĂƌ ŽĨ ƐŚĂƌƉ ĚĞĐůŝŶĞ͕ ǁŝƚŚ ƐŝŐƵĞĞƐƚƌĂŶŐƵůĂĚĂƉŽƌůĂĚĞŐƌĂĚĂĐŝſŶĚĞůŽƐŶŝǀĞůĞƐ ŶŽƉĞƌƐƉĞĐƟǀĞƐŽĨƌĞĐŽǀĞƌLJŝŶƚŚĞƐŚŽƌƚĂŶĚŵĞĚŝƵŵƚĞƌŵ͘ ĚĞƌĞŶƚĂĞŶůĂƐĨĂŵŝůŝĂƐLJƉŽƌůĂĨĂůƚĂŐĞŶĞƌĂůŝnjĂĚĂĚĞ dŚĞƌĞĂƌĞŶŽĞdžƉĞĐƚĂƟŽŶƐŽĨĐŚĂŶŐĞŝŶƌĞƐŝĚĞŶƟĂůďƵŝůĚŝŶŐ͕ ĮŶĂŶĐŝĂĐŝſŶ͖ŵŝĞŶƚƌĂƐƋƵĞ͕ĚĞƐĚĞĞůůĂĚŽĚĞůĂŽĨĞƌ- ĂƐ ĚĞŵĂŶĚ ƌĞŵĂŝŶƐ ƐƚƌĂŶŐůĞĚ ďLJ ƚŚĞ ĚĞŐƌĂĚĂƟŽŶ ŽĨ ƚŚĞ ƚĂ͕ŚĂĚĞŚĂĐĞƌƐĞĨƌĞŶƚĞĂůĂĐŽůŽĐĂĐŝſŶĚĞƵŶĞůĞǀĂĚŽ income levels in families and by the generalized lack of ƐƚŽĐŬŝŶŵŽďŝůŝĂƌŝŽ͕ƋƵĞŚĂŽďůŝŐĂĚŽ͕ũƵŶƚŽĐŽŶůĂĨĂůƚĂ ĨƵŶĚŝŶŐ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ĂĐĐŽƌĚŝŶŐƚŽƐƵƉƉůLJ͕ƚŚĞƐŚŝŌŝŶŐ ĚĞĐƌĠĚŝƚŽ͕ĂĞŵƉƌĞŶĚĞƌƵŶĂƐĞŶĚĂďĂũŝƐƚĂĚĞůŽƐƉƌĞ- of a large housing stock has to be addressed. This has forced,

85 CONCLUSIONES CONCLUSIONS 2011

ĐŝŽƐĚĞůĂǀŝǀŝĞŶĚĂ͕ĚĞŵŽŵĞŶƚŽ͕ĐŽŶƵŶƌĞƚƌŽĐĞƐŽĚĞů ϭϳ͕ϭйĞŶĐƵĂƚƌŽĂŹŽƐ͘

ƷŶƋƵĞĚĂƌĞĐŽƌƌŝĚŽƉĂƌĂƵŶŵĂLJŽƌĂũƵƐƚĞĚĞůŽƐƉƌĞ- ĐŝŽƐ͕ ĐŽŶĨŽƌŵĞ ǀĂLJĂ ŵĂƚĞƌŝĂůŝnjĄŶĚŽƐĞ Ğů ƉƌŽĐĞƐŽ ĚĞ ƌĞĞƐƚƌƵĐƚƵƌĂĐŝſŶ ĚĞů ƐŝƐƚĞŵĂ ďĂŶĐĂƌŝŽ ĞƐƉĂŹŽů͕ ĐƵLJŽ together with the lack of credit, housing prices to fall, for ƉůĂnjŽĮŶĂůŝnjĂĞůϯϭĚĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϮ͕ĐŽŶĞůƋƵĞƐĞ ƉƌĞƚĞŶĚĞƌĞĂũƵƐƚĂƌĞůǀĂůŽƌĚĞůŽƐĂĐƟǀŽƐŝŶŵŽďŝůŝĂƌŝŽƐ ŶŽǁ͕ǁŝƚŚĂĚƌŽƉŽĨϭϳ͘ϭйŝŶĨŽƵƌLJĞĂƌƐ͘ ĞŶƉŽĚĞƌĚĞůĂďĂŶĐĂ͘ dŚĞƌĞ ŝƐ ƐƟůů ƌŽŽŵ ĨŽƌ ĨƵƌƚŚĞƌ ƉƌŝĐĞ ĂĚũƵƐƚŵĞŶƚ͕ ĂƐ ƚŚĞ ƐƚĂƐŝƚƵĂĐŝſŶŶŽĞƐƚĄĞdžĞŶƚĂĚĞƌŝĞƐŐŽ͕ĞŶůĂŵĞĚŝĚĂ ^ƉĂŶŝƐŚďĂŶŬƐLJƐƚĞŵƌĞƐƚƌƵĐƚƵƌŝŶŐ͕ĂĨƵŶĐƟŽŶŽĨǁŚŝĐŚŝƐƚŽ ƋƵĞůĂƐĂůŝĚĂĂůŵĞƌĐĂĚŽĐŽŶĨƵĞƌƚĞƐĚĞƐĐƵĞŶƚŽƐĐŽŶ- readjust the property assets bank, which has its deadline on ůůĞǀĂƌşĂĂƵŶĂƌĞĚƵĐĐŝſŶĚĞůǀĂůŽƌĚĞůŽƐĂĐƟǀŽƐŝŶŵŽ- ĞĐĞŵďĞƌϯϭ͕ϮϬϭϮ͘ ďŝůŝĂƌŝŽƐĞŶŵĂŶŽƐĚĞůĂƐĐŽŵƉĂŹşĂƐŝŶŵŽďŝůŝĂƌŝĂƐ͘ dŚŝƐ ƐŝƚƵĂƟŽŶ ŝƐ ŶŽƚ ƐĂĨĞ ĨƌŽŵ Ăůů ƌŝƐŬƐ ĂƐ ƚŚĞ ŚĞĂǀŝůLJ dĂŵƉŽĐŽ ƌĞƐƵůƚĂŶ ŵƵLJ ŚĂůĂŐƺĞŹĂƐ ůĂƐ ƉĞƌƐƉĞĐƟǀĂƐ discounted placement on the market would lead to a drop in ƉĂƌĂůĂŽďƌĂĐŝǀŝů͕ĂůĂǀŝƐƚĂĚĞůŽƐƌĞĐŽƌƚĞƐƉƌĞǀŝƐƚŽƐ the value of property assets held by real estate companies. ƉŽƌ ůŽƐ WƌĞƐƵƉƵĞƐƚŽƐ 'ĞŶĞƌĂůĞƐ ĚĞů ƐƚĂĚŽ ĂŶƵŶĐŝĂ- ĚŽƐƉĂƌĂϮϬϭϮ͕ƋƵĞĚĂŶĚŽĂƷŶƌĞĐŽƌƌŝĚŽƉĂƌĂŶƵĞǀĂƐ EĞŝƚŚĞƌ ĂƌĞ ƚŚĞ ƉƌŽƐƉĞĐƚƐ ĨŽƌ Đŝǀŝů ǁŽƌŬƐ ǀĞƌLJ ƉŽƐŝƟǀĞ͕ ŝŶ view of the cutbacks planned by the Spanish General State ĐĂşĚĂƐĞŶůĂŝŶǀĞƌƐŝſŶƉƷďůŝĐĂ͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞů ĞdžŝŐĞŶƚĞ ĐƌŽŶŽŐƌĂŵĂ ŝŵƉƵĞƐƚŽ Ă ƐƉĂŹĂ ƉĂƌĂ ůĂ ƌĞ- ƵĚŐĞƚ;ƉƵďůŝƐŚĞĚƚŽďĞƵŶĚĞƌƚĂŬĞŶŝŶϮϬϭϮͿ͕ƐŽƚŚĞƌĞŝƐƐƟůů a considerable possibility that new investment will drop to ĚƵĐĐŝſŶĚĞƐƵĚĠĮĐŝƚƉƷďůŝĐŽ͘ ƐŚŽǁĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞĚĞŵĂŶĚŝŶŐƐĐŚĞĚƵůĞƚŚĂƚŚĂƐ Ŷ ĞƐƚĞ ĐŽŶƚĞdžƚŽ͕ ůĂ ĚĞŐƌĂĚĂĐŝſŶ ƉĂƚƌŝŵŽŶŝĂů ĚĞ ůĂƐ ďĞĞŶŝŵƉŽƐĞĚŽŶ^ƉĂŝŶŝŶŽƌĚĞƌƚŽƌĞĚƵĐĞŝƚƐƉƵďůŝĐĚĞĮĐŝƚ͘ ĞŵƉƌĞƐĂƐŝŶŵŽďŝůŝĂƌŝĂƐLJĐŽŶƐƚƌƵĐƚŽƌĂƐƐĞƌĄƵŶŚĞĐŚŽ ƉƌĄĐƟĐĂŵĞŶƚĞ ŝŶĞǀŝƚĂďůĞ͘ ŝĐŚĂ ƐŝƚƵĂĐŝſŶ ŽďůŝŐĂƌĄ Ă /Ŷ ƚŚŝƐ ĐŽŶƚĞdžƚ͕ ƚŚĞ ĚĞŐƌĂĚĂƟŽŶ ŽĨ ƚŚĞ ƌĞĂů ĞƐƚĂƚĞ ĂŶĚ ƌĞĚƵĐŝƌĞůŶŝǀĞůĚĞĂƉĂůĂŶĐĂŵŝĞŶƚŽĚĞůƐĞĐƚŽƌ͕ƋƵĞĚĞ- ĐŽŶƐƚƌƵĐƟŽŶ ĐŽŵƉĂŶŝĞƐ͛ ŚĞƌŝƚĂŐĞ ǁŝůů ďĞ ǀŝƌƚƵĂůůLJ ďĞƌĄŝŶŝĐŝĂƌƵŶƉƌŽĐĞƐŽĚĞĚĞƐĐĂƉŝƚĂůŝnjĂĐŝſŶLJƌĞĐŽůŽ- ƵŶĂǀŽŝĚĂďůĞ͘dŚŝƐƐŝƚƵĂƟŽŶǁŝůůƌĞƋƵŝƌĞƚŚĞůĞǀĞƌĂŐĞůĞǀĞůŽĨ ĐĂĐŝſŶĚĞƐƵƐĂĐƟǀŽƐĂƵŶǀĂůŽƌŝŶĨĞƌŝŽƌĂůĐŽŵƉƵƚĂĚŽ the sector to be reduced, and it will have to start a process ĞŶƐƵƐďĂůĂŶĐĞƐ͕ƉĂƌĂĂƐşŚĂĐĞƌĨƌĞŶƚĞĂůŽƐĐƌĠĚŝƚŽƐ ŽĨ ĚŝƐŝŶǀĞƐƚŵĞŶƚ ĂŶĚ ƌĞůŽĐĂƟŽŶ ŽĨ ŝƚƐ ĂƐƐĞƚƐ ƚŽ Ă ůŽǁĞƌ ĐŽŵƉƌŽŵĞƟĚŽƐ͘EŽŽďƐƚĂŶƚĞ͕ĞƐƚŽƌĞĚƵŶĚĂƌĄƉŽƐŝƟ- value compared to the ones registered in its balance sheets ǀĂŵĞŶƚĞƐŽďƌĞĞůƐĞĐƚŽƌĮŶĂŶĐŝĞƌŽ͕ĂůĂůŝǀŝĂƌƉĂƌƚĞĚĞ ŝŶ ŽƌĚĞƌ ƚŽ ĨĂĐĞ ƚŚĞ ĐŽŵŵŝƩĞĚ ĐƌĞĚŝƚƐ͘ ,ŽǁĞǀĞƌ͕ ƚŚŝƐ ǁŝůů ůŽƐƌŝĞƐŐŽƐĚĞƌŝǀĂĚŽƐĚĞůĐƌĠĚŝƚŽŝŶŵŽďŝůŝĂƌŝŽLJĐŽŶƐ- ŚĂǀĞĂƉŽƐŝƟǀĞĐŽŶƐĞƋƵĞŶĐĞŝŶƚŚĞĮŶĂŶĐŝĂůƐĞĐƚŽƌĂƐŝƚǁŝůů ƚƌƵĐƚŽƌ͘ ĂůůĞǀŝĂƚĞƐŽŵĞŽĨƚŚĞƌŝƐŬƐĨƌŽŵƌĞĂůĞƐƚĂƚĞĂŶĚĐŽŶƐƚƌƵĐƟŽŶ loans. sŝƐƚŽůŽĂŶƚĞƌŝŽƌ͕ĂŶĂĚŝĞƐĞůĞĞƐĐŽŶĚĞƋƵĞůĂƐƉĞƌƐ- ƉĞĐƟǀĂƐĚĞƌĞĐƵƉĞƌĂĐŝſŶƌĞƐƵůƚĂŶĂƷŶůĞũĂŶĂƐ͘>ĂĨĂůƚĂ Considering what has been said above, it is evident that ĚĞĞdžƉĞĐƚĂƟǀĂƐLJůĂĞdžŝƐƚĞŶĐŝĂĚĞƵŶŝŵƉŽƌƚĂŶƚĞƐƚŽĐŬ ƌĞĐŽǀĞƌLJƉƌŽƐƉĞĐƚƐĂƌĞƐƟůůƌĞŵŽƚĞ͘dŚĞĨƵƚƵƌĞŽĨƚŚĞƐĞĐƚŽƌ ĚĞĐĂƉĂĐŝĚĂĚŽĐŝŽƐĂĚĞĐĂƉŝƚĂůƉƌŽĚƵĐƟǀŽ͖ůŽƐƌĞĐŽƌƚĞƐ ǁŝůůďĞĐŽŶĚŝƟŽŶĞĚ͕ĂƚůĞĂƐƚ͕ŝŶƚŚĞƐŚŽƌƚƚŽŵĞĚŝƵŵƚĞƌŵ͕ďLJ ĚĞůŽƐWƌĞƐƵƉƵĞƐƚŽƐ'ĞŶĞƌĂůĞƐĚĞůƐƚĂĚŽϮϬϭϮ͖ũƵŶ- ƚŚĞůĂĐŬŽĨĞdžƉĞĐƚĂƟŽŶƐĂŶĚƚŚĞĞdžŝƐƚĞŶĐĞŽĨĂůĂƌŐĞƐƚŽĐŬ ƚŽĐŽŶůĂƐŵĄƐƋƵĞƉƌĞǀŝƐŝďůĞƐĐĂşĚĂƐĞŶůĂŝŶǀĞƌƐŝſŶ ŽĨ ƐƉĂƌĞ ĐĂƉĂĐŝƚLJ ŽĨ ƉƌŽĚƵĐƟǀĞ ĐĂƉŝƚĂů ĂŶĚ ƚŚĞ ĐƵƚďĂĐŬƐ ƉƷďůŝĐĂ͕ĚĞďŝĚŽĂůŽƐĐŽŵƉƌŽŵŝƐŽƐĚĞĐŽŶƚĞŶĐŝſŶĚĞů in the General State Budget 2012, together with the more ŐĂƐƚŽƉƷďůŝĐŽƐƵƐĐƌŝƚŽƐ ƉŽƌƐƉĂŹĂƉĂƌĂĐƵŵƉůŝƌ ĐŽŶ than predictable drop in public investment, due to the ůŽƐ ĐŽŵƉƌŽŵŝƐŽƐ ĚĞ ĚĠĮĐŝƚ͕ ĐŽŶĚŝĐŝŽŶĂƌĄŶ Ğů ĨƵƚƵƌŽ commitments of the public spending restraint signed by ĚĞůƐĞĐƚŽƌ͕ĂůŵĞŶŽƐ͕ĂĐŽƌƚŽLJŵĞĚŝŽƉůĂnjŽ͘ ^ƉĂŝŶƚŽŵĞĞƚĚĞĮĐŝƚĐŽŵŵŝƚŵĞŶƚƐ͘

86 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

WƌĞĐŝƐĂŵĞŶƚĞ͕ůĂƐƌĂŵĂƐĚĞůĂĐŽŶƐƚƌƵĐĐŝſŶ͕ŽƚƌŽƌĂƐŽ- ƉŽƌƚĞĚĞůĐƌĞĐŝŵŝĞŶƚŽƌĞŐŝŽŶĂů͕ƐĞŚĂŶǀŝƐƚŽƐŽŵĞƟĚĂƐ ĂŶƵĞǀŽƐĂũƵƐƚĞƐĞŶĞůĞŵƉůĞŽĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐ ŵĞƐĞƐĚĞϮϬϭϮ;ƐĞƉŝĞƌĚĞŶϯ͘ϲϬϬƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽ ĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞͿĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂ ĐĂşĚĂĚĞůĂŽďƌĂƉƷďůŝĐĂ͕ƚƌĂƐŚĂďĞƌĐŽŶƚĞŶŝĚŽůĂĐĂşĚĂ WƌĞĐŝƐĞůLJ͕ƚŚĞŐƌŽƵƉƐŽĨƚŚĞĂĐƟǀŝƚLJŽĨĐŽŶƐƚƌƵĐƟŽŶ͕ŽŶĐĞƚŚĞ ĚĞůĞŵƉůĞŽĚƵƌĂŶƚĞĞŶĞƐƚĞŵŝƐŵŽĞũĞƌĐŝĐŝŽ͘ support of the whole growth, have been subject to further Finalmente, los ƐĞƌǀŝĐŝŽƐ͕ ƉƌŝŶĐŝƉĂů ĂĐƟǀŝĚĂĚ ĚĞů ƌ- ĂĚũƵƐƚŵĞŶƚƐŝŶĞŵƉůŽLJŵĞŶƚĚƵƌŝŶŐƚŚĞĮƌƐƚŵŽŶƚŚƐŽĨϮϬϭϮ͖ ĐŚŝƉŝĠůĂŐŽ͕ǀƵĞůǀĞŶĂĚĞŵŽƐƚƌĂƌƵŶĂŵĂLJŽƌĐĂƉĂĐŝĚĂĚ ϯ͕ϲϬϬũŽďƐǁĞƌĞůŽƐƚĚƵƌŝŶŐƚŚĞĮƌƐƚƋƵĂƌƚĞƌĂƐĂƌĞƐƵůƚŽĨ ĚĞƌĞƐŝƐƚĞŶĐŝĂĂůĐŽŶƚĞdžƚŽĞĐŽŶſŵŝĐŽĂĚǀĞƌƐŽ͕ƐƵŵĂŶ- ƚŚĞ ĚƌŽƉ ŝŶ ƉƵďůŝĐ ǁŽƌŬƐ ĂŌĞƌ ĐŽŶƚĂŝŶŝŶŐ ƚŚĞ ĞŵƉůŽLJŵĞŶƚ ĚŽƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůϮ͕ϵйƉĂƌĂϮϬϭϭ͘ƐƚĞƐĞĐƚŽƌƐĞ ĚĞĐƌĞĂƐĞĚƵƌŝŶŐƐĂŝĚĮŶĂŶĐŝĂůLJĞĂƌ͘ ŝŶĐƌĞŵĞŶƚĂƚĂŵďŝĠŶĞŶĞůĐŽŶƚĞdžƚŽŶĂĐŝŽŶĂů͕ƐŝďŝĞŶ ĂƵŶŵĞŶŽƌƌŝƚŵŽ͕ĂůĂǀĂŶnjĂƌƵŶϭ͕ϭйĞŶĞƐƚĞŵŝƐŵŽ Finally, the ƐĞƌǀŝĐĞƐƐĞĐƚŽƌ͕ǁŚŝĐŚŝƐƚŚĞŵĂŝŶĂĐƟǀŝƚLJŽĨƚŚĞ ejercicio. Canary Islands, has shown again a greater ability to resist ƚŚĞ ĂĚǀĞƌƐĞ ĞĐŽŶŽŵŝĐ ƐĐĞŶĂƌŝŽ͕ ǁŝƚŚ Ă Ϯ͘ϵй ŝŶĐƌĞĂƐĞ ŝŶ ůĂŶƚĞƌŝŽƌƌĞƐƵůƚĂĚŽƟĞŶĞĐŽŶƐĞĐƵĞŶĐŝĂƐƐŽďƌĞůĂĞƐ- 2011. This sector also grew in Spain as a whole, at a slower ƚƌƵĐƚƵƌĂƉƌŽĚƵĐƟǀĂĚĞĂŶĂƌŝĂƐ͕ĂůƉƌŽĚƵĐŝƌƵŶŝŶĐƌĞ- ƌĂƚĞ͕ŝŶĐƌĞĂƐŝŶŐďLJϭ͘ϭйŝŶƚŚĞƐĂŵĞĮŶĂŶĐŝĂůLJĞĂƌ͘ ŵĞŶƚŽƐƵŐƌĂĚŽĚĞƚĞƌĐŝĂƌŝnjĂĐŝſŶ͘ůsƌĞŐŝŽŶĂůĚĞ ůŽƐƐĞƌǀŝĐŝŽƐĂůĐĂŶnjĂLJĂĞůϴϭ͕ϲйĚƵƌĂŶƚĞϮϬϭϭ͕ƐŝƚƵĄŶ- dŚŝƐƌĞƐƵůƚŚĂƐĂŶĞīĞĐƚŽŶƚŚĞƉƌŽĚƵĐƟŽŶƐƚƌƵĐƚƵƌĞŽĨƚŚĞ ĚŽƐĞϭϭ͕ϳƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐƉŽƌĞŶĐŝŵĂĚĞůǀĂůŽƌ Canary Islands as it produces an increase in its degree of ŶĂĐŝŽŶĂů͕ƐŝƚƵĂĚŽĞŶĞůϲϵ͕ϵƉŽƌĐŝĞŶƚŽ͘ ĐŽŶƚƌĂĐƟŶŐŽƵƚ͘dŚĞƌĞŐŝŽŶĂůƐĞƌǀŝĐĞƐ͛'sĂůƌĞĂĚLJƐƚĂŶĚƐĂƚ ϴϭ͘ϲйŝŶϮϬϭϭ͕ƌĞĂĐŚŝŶŐϭϭ͘ϳƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚƐŚŝŐŚĞƌƚŚĂŶ ŽŵŽŶŽǀĞĚĂĚĚĞůĂŶƵĞǀĂZϮϬϭϭ͕ĞůĂŶĄůŝƐŝƐĚĞů ƚŚĞŶĂƟŽŶĂůǀĂůƵĞ͕ŽĨϲϵ͘ϵƉĞƌĐĞŶƚ͘ s ĚĞƐĐŝĞŶĚĞ ŚĂƐƚĂ ůĂƐ ƌĂŵĂƐ ĚĞ ĂĐƟǀŝĚĂĚ͕ ĚĞ ůĂƐ ƋƵĞ ĐĂďĞ ĚĞƐƚĂĐĂƌ Ğů ƐŝŐŶŝĮĐĂƟǀŽ ĂǀĂŶĐĞ͕ ĚĞů ϲ͕Ϯй͕ dŚĞĂŶĂůLJƐŝƐŽĨ'sĐŽǀĞƌƐƚŽƚŚĞĂĐƟǀŝƚLJŐƌŽƵƉƐŽĨǁŚŝĐŚŝƚ ƋƵĞĞdžƉĞƌŝŵĞŶƚĂŶĞŶϮϬϭϭůĂƐĂĐƟǀŝĚĂĚĞƐǀŝŶĐƵůĂĚĂƐ ŝƐŝŵƉŽƌƚĂŶƚƚŽŚŝŐŚůŝŐŚƚƚŚĞƐŝŐŶŝĮĐĂŶƚŝŶĐƌĞĂƐĞŽĨϲ͘ϮйŝŶ ĂůĐŽŵĞƌĐŝŽ͕ƚƌĂŶƐƉŽƌƚĞLJŚŽƐƚĞůĞƌşĂ͕ĚĞďŝĚŽĂůĨƵĞƌƚĞ ƚƌĂĚĞ͕ƚƌĂŶƐƉŽƌƚĂŶĚŚŽƚĞůŝŶĚƵƐƚƌLJ;ĚƵĞƚŽĂŚŝŐŚŝŶĐƌĞĂƐĞŝŶ ĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂĚƵƌĂŶƚĞϮϬϭϭ͘ ŝŶĐŽŵŝŶŐǀŝƐŝƚŽƌƐͿŝŶϮϬϭϭ͘

 

   





  

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87 CONCLUSIONES CONCLUSIONS 2011

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 Tabla 3.6 Table 3.6

88 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ŶƉƌŝŶĐŝƉŝŽ͕ůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞŵƵ- ĐŚĂƐĚĞĞƐƚĂƐƌĂŵĂƐƐĞĞŶĨƌĞŶƚĂŶĂƵŶĨƵƚƵƌŽŝŶĐŝĞƌƚŽ͘ >ĂƐĂĐƟǀŝĚĂĚĞƐǀŝŶĐƵůĂĚĂƐĂůƚƵƌŝƐŵŽĚĞďĞƌĄŶĂĨƌŽŶ- ƚĂƌĞůĞůĞǀĂĚŽŐƌĂĚŽĚĞŝŶĐĞƌƟĚƵŵďƌĞƋƵĞƐĞĐŝĞƌŶĞ ƐŽďƌĞ ůĂƐ ĞĐŽŶŽŵşĂƐ ĞƵƌŽƉĞĂƐ͕ ƉƌŝŶĐŝƉĂůĞƐ ĐůŝĞŶƚĞƐ /ŶƉƌŝŶĐŝƉůĞ͕ƚŚĞŐƌŽǁƚŚƉƌŽƐƉĞĐƚƐŽĨŵĂŶLJŽĨƚŚĞƐĞĂĐƟǀŝƟĞƐ ĚĞůŽƐĚĞƐƟŶŽƐƚƵƌşƐƟĐŽƐĐĂŶĂƌŝŽƐ͕ĂůŽƋƵĞƐĞƵŶĞůĂ ĂƌĞĨĂĐŝŶŐĂŶƵŶĐĞƌƚĂŝŶĨƵƚƵƌĞ͘dŽƵƌŝƐŵͲƌĞůĂƚĞĚĂĐƟǀŝƟĞƐǁŝůů ĚĞƐĂƉĂƌŝĐŝſŶĚĞĨĂĐƚŽƌĞƐĚĞŶĂƚƵƌĂůĞnjĂƚƌĂŶƐŝƚŽƌŝĂƋƵĞ face the high degree of uncertainty that hangs over European ŝŶŇƵLJĞƌŽŶ ƐŽďƌĞ ƐƵ ĐƌĞĐŝŵŝĞŶƚŽ Ă ůŽ ůĂƌŐŽ ĚĞ ϮϬϭϭ͕ ĞĐŽŶŽŵŝĞƐ ͲŵĂũŽƌ ĐƵƐƚŽŵĞƌƐ ŽĨ ƚŚĞ ĂŶĂƌŝĞƐ͛ ƚŽƵƌŝƐƚ ĐŽŵŽ ůĂ ďŽŶŝĮĐĂĐŝſŶ ĚĞ ůĂƐ ƚĂƐĂƐ ĂĞƌŽƉŽƌƚƵĂƌŝĂƐ͕ Ž ĚĞƐƟŶĂƟŽŶƐͲƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĚŝƐĂƉƉĞĂƌĂŶĐĞŽĨƚĞŵƉŽƌĂƌLJ ůĂƉƌŽŐƌĞƐŝǀĂĂƉĞƌƚƵƌĂĚĞůŽƐŵĞƌĐĂĚŽƐĐĞƌƌĂĚŽƐƉŽƌ ĨĂĐƚŽƌƐ ƚŚĂƚ ŝŶŇƵĞŶĐĞĚ ŝƚƐ ŐƌŽǁƚŚ ƚŚƌŽƵŐŚŽƵƚ ϮϬϭϭ͕ ƐƵĐŚ ƉƌŽďůĞŵĂƐĚĞŶĂƚƵƌĂůĞnjĂŐĞŽƉŽůşƟĐĂĚĞĚŝǀĞƌƐĂşŶĚŽůĞ͘ as the subsidy of airport charges, or the progressive closed - ƐƚŽƐƷůƟŵŽƐ͕ĂĚĞŵĄƐ͕ŚĂŶŝŶŝĐŝĂĚŽĞƐƚƌĂƚĞŐŝĂƐĂŐƌĞƐŝ ŵĂƌŬĞƚ ŽƉĞŶŝŶŐ ďLJ ǀĂƌŝŽƵƐ ŬŝŶĚƐ ŽĨ ŐĞŽƉŽůŝƟĐĂů ŶĂƚƵƌĞ ǀĂƐƉĂƌĂŝŶĐĞŶƟǀĂƌůĂĚĞŵĂŶĚĂ͕ĐŽŵŽůĂĞůŝŵŝŶĂĐŝſŶ ƉƌŽďůĞŵƐ͘ dŚĞ ůĂƩĞƌ͕ ďĞƐŝĚĞƐ͕ ŚĂǀĞ ƐƚĂƌƚĞĚ ĂŐŐƌĞƐƐŝǀĞ ĚĞůĂƐƚĂƐĂƐĂĞƌŽƉŽƌƚƵĂƌŝĂƐĞŶ'ƌĞĐŝĂLJŐŝƉƚŽ͘ strategies to encourage demand, such as the suppression of DŝĞŶƚƌĂƐ͕ĞůĐŽŵĞƌĐŝŽŶŽƐĞƌĞĐƵƉĞƌĂƌĄŚĂƐƚĂƋƵĞŶŽ airport charges in Greece and Egypt. ƐĞƌĞĂĐƟǀĞĞůĐŽŶƐƵŵŽLJĞůĐƌĠĚŝƚŽ͖LJůĂĐĂşĚĂĚĞůĐŽŶ- DĞĂŶǁŚŝůĞ͕ ƚƌĂĚĞ ǁŝůů ŶŽƚ ƌĞĐŽǀĞƌ ƵŶƟů ĞdžƉĞŶĚŝƚƵƌĞ ĂŶĚ ƐƵŵŽ ƉƷďůŝĐŽ ĂĨĞĐƚĂƌĄ Ă ƵŶ ďƵĞŶ ŶƷŵĞƌŽ ĚĞ ƌĂŵĂƐ ĐƌĞĚŝƚ ŚĂǀĞ ďĞĞŶ ƌĞĂĐƟǀĂƚĞĚ͖ ĂŶĚ ƚŚĞ ƉƵďůŝĐ ĞdžƉĞŶĚŝƚƵƌĞ ĂĐŽŐŝĚĂƐďĂũŽůŽƐƐĞƌǀŝĐŝŽƐ͘ ĚƌŽƉ ǁŝůů ŚĂǀĞ ĂŶ ŝŵƉĂĐƚ ŽŶ Ă ůĂƌŐĞ ŶƵŵďĞƌ ŽĨ ĂĐƟǀŝƟĞƐ ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƐĂĐƟǀŝĚĂĚĞƐŝŶŵŽďŝůŝĂƌŝĂƐƉŽĚƌĄŶ within the service sector. ƌĞĐƵƉĞƌĂƌĂĐƟǀŝĚĂĚ͕ĂůŵĞŶŽƐĚĞŵĂŶĞƌĂƚƌĂŶƐŝƚŽƌŝĂ͕ /Ŷ ƚŚŝƐ ĐŽŶƚĞdžƚ͕ ƌĞĂů ĞƐƚĂƚĞ ĂĐƟǀŝƟĞƐ ĐŽƵůĚ ŐĂŝŶ ŵŽƌĞ ĂůĮŶĂůĚĞϮϬϭϮĞŝŶŝĐŝŽĚĞϮϬϭϯ͕ĞŶĞůĐĂƐŽĚĞŵĂƚĞƌŝĂ- ĂĐƟǀŝƚLJ͕ Ăƚ ůĞĂƐƚ ŝŶ Ă ƚƌĂŶƐŝƟŽŶĂů ǁĂLJ͕ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ϮϬϭϮ ůŝnjĂƌƐĞůŽƐĞĨĞĐƚŽƐƉŽƐŝƟǀŽƐƉƌĞǀŝƐƚŽƐƐŽďƌĞĞůŵĞƌĐĂĚŽ ĂŶĚƚŚĞďĞŐŝŶŶŝŶŐŽĨϮϬϭϯ͕ŝĨƚŚĞĞdžƉĞĐƚĞĚƉŽƐŝƟǀĞĞīĞĐƚƐ ĚĞ ůĂ ǀŝǀŝĞŶĚĂ ĚĞƌŝǀĂĚŽƐ ĚĞ ůĂƐ ƌĞĨŽƌŵĂƐ ĮŶĂŶĐŝĞƌĂƐ ŽŶ ƚŚĞ ŚŽƵƐŝŶŐ ŵĂƌŬĞƚ ĚĞƌŝǀĞĚ ĨƌŽŵ ƚŚĞ ĮŶĂŶĐŝĂů ƌĞĨŽƌŵƐ ƋƵĞ ŚĂ ĞŵƉƌĞŶĚŝĚŽ Ğů 'ŽďŝĞƌŶŽ͘ EŽ ŽďƐƚĂŶƚĞ͕ ƚĂůĞƐ undertaken by the Government become a reality. However, ƌĞĨŽƌŵĂƐƐƵƉŽŶĚƌĄŶůĂƐĂůŝĚĂĂůŵĞƌĐĂĚŽĚĞǀŝǀŝĞŶĚĂƐ these reforms will mean a release on the housing market ĐŽŶŝŵƉŽƌƚĂŶƚĞƐĚĞƐĐƵĞŶƚŽƐ͕ůŽƋƵĞƉĞƌŵŝƚĞĂŶƟĐŝƉĂƌ ǁŝƚŚŝŵƉŽƌƚĂŶƚĚŝƐĐŽƵŶƚƐ͕ǁŚŝĐŚƉĞƌŵŝƚƐƵƐƚŽĂŶƟĐŝƉĂƚĞĂ ƵŶŵĞŶŽƌŝŵƉĂĐƚŽƉƌŽƉŽƌĐŝŽŶĂůĞŶĞůĐƌĞĐŝŵŝĞŶƚŽ͘ ůŽǁĞƌƉƌŽƉŽƌƟŽŶĂůŝŵƉĂĐƚŽŶŐƌŽǁƚŚ͘ >ĂƌĞǀŝƐŝſŶĚĞůWƌŽĚƵĐƚŽ/ŶƚĞƌŝŽƌƌƵƚŽĚĞĂŶĂƌŝĂƐƐĞ ĐŽŵƉůĞƚĂĐŽŶĞůƐĞŐƵŝŵŝĞŶƚŽĚĞůŽƐŝŶŐƌĞƐŽƐƉƷďůŝĐŽƐ͕ dŚĞ 'ƌŽƐƐ ŽŵĞƐƟĐ WƌŽĚƵĐƚ ŽĨ ƚŚĞ ĂŶĂƌŝĞƐ ƌĞǀŝĞǁ ŝƐ ŵĞĚŝĚŽƐĂƚƌĂǀĠƐĚĞůĂĐŽŵƉŽŶĞŶƚĞĚĞŶŽŵŝŶĂĚĂŝŵ- ĐŽŵƉůĞƚĞĚ ďLJ ƚŚĞ ŵŽŶŝƚŽƌŝŶŐ ŽĨ ƌĞǀĞŶƵĞ ;ǁŚŝĐŚ ŚĂƐ ƚŽ ƉƵĞƐƚŽƐƐŽďƌĞůŽƐƉƌŽĚƵĐƚŽƐ͕ƋƵĞĐŽŶƚĂďŝůŝnjĂůĂƌĞĐĂƵ- ďĞ ŵĞĂƐƵƌĞĚ ďLJ Ă ĐŽŵƉŽŶĞŶƚ ĐĂůůĞĚ ƚĂdžĞƐ ŽŶ ƉƌŽĚƵĐƚͿ ĚĂĐŝſŶƚƌŝďƵƚĂƌŝĂƵŶĂǀĞnjĚĞƐĐŽŶƚĂĚŽĞůĞĨĞĐƚŽĚĞůĂƐ ĂĐĐŽƵŶƟŶŐĨŽƌƚĂdžƌĞǀĞŶƵĞŽŶĐĞƚŚĞĞīĞĐƚŽĨƚŚĞƐƵďƐŝĚĞƐŽŶ ƐƵďǀĞŶĐŝŽŶĞƐƐŽďƌĞůĂƉƌŽĚƵĐĐŝſŶ͘ ƉƌŽĚƵĐƟŽŶŝƐĚŝƐĐŽƵŶƚĞĚ͘

^ĞŽďƐĞƌǀĂƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞĞƐƚĞĂŐƌĞŐĂĚŽĚĞůϯ͕Ϯй ŌĞƌ ƐĞǀĞƌĂů ĮŶĂŶĐŝĂů LJĞĂƌƐ ŝŶ ĚĞĐůŝŶĞ͕ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ ĚƵƌĂŶƚĞϮϬϭϭ͕ƚƌĂƐǀĂƌŝŽƐĞũĞƌĐŝĐŝŽƐĚĞĐĂşĚĂƐ͕ŐƌĂĐŝĂƐ͕ ĂŐƌŽǁƚŚŽĨϯ͘ϮйŝŶϮϬϭϭŽĨƚŚŝƐĂŐŐƌĞŐĂƚĞƚŚĂŶŬƐƚŽƚŚĞ ƵŶĂǀĞnjŵĄƐ͕ĂůŝŶĐƌĞŵĞŶƚŽƌĞĐĂƵĚĂƚŽƌŝŽĚĞƌŝǀĂĚŽĚĞ ƚĂdžĐŽůůĞĐƟŽŶŝŶĐƌĞĂƐĞĚƵĞƚŽĂŚŝŐŚĞƌŶƵŵďĞƌŽĨŝŶĐŽŵŝŶŐ ůĂŵĂLJŽƌĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂ͕ĚĂĚŽƋƵĞůŽƐĚĞŵĄƐĂŐƌĞ- visitors again, given that the other important sustaining tax ŐĂĚŽƐ ƋƵĞ ĚĂŶ ƐƵƐƚĞŶƚŽ Ă ůĂ ƌĞĐĂƵĚĂĐŝſŶ ŝŵƉŽƐŝƟǀĂ ĐŽůůĞĐƟŽŶ ĂŐŐƌĞŐĂƚĞƐ ĐŽŶƟŶƵĞĚ ŝŶ Ă ƐŝƚƵĂƟŽŶ ŽĨ ĞdžƚƌĞŵĞ ĐŽŶƟŶƷĂŶĞŶƵŶĂƐŝƚƵĂĐŝſŶĚĞĞdžƚƌĞŵĂĚĞďŝůŝĚĂĚ͘ weakness.

ĞŵĂŶĞƌĂĂŶĄůŽŐĂ͕ůĂrecaudación tributariaĚĞů'Ž- Similarly, the ƚĂdž ƌĞǀĞŶƵĞ of the Government of the Canary ďŝĞƌŶŽ ĚĞ ĂŶĂƌŝĂƐ ĂǀĂŶnjĂ͕ ĞŶ ƚĠƌŵŝŶŽƐ ĂŐƌĞŐĂĚŽƐ͕ /ƐůĂŶĚƐ ĂĚǀĂŶĐĞĚ͕ ŝŶ ĂŐŐƌĞŐĂƚĞ ƚĞƌŵƐ͕ Ϯ͘ϴй Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƵŶϮ͕ϴйĂůĐŝĞƌƌĞĚĞϮϬϭϭ͕ĞŶƵŶĐŽŶƚĞdžƚŽĚĞŝŶĐƌĞ- 2011, in a context of increased transfers on personal income

89 CONCLUSIONES CONCLUSIONS 2011

ŵĞŶƚŽĚĞůĂƐƚƌĂŶƐĨĞƌĞŶĐŝĂƐĞŶŵĂƚĞƌŝĂĚĞ/ZW&ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞ ůĂ ŶƵĞǀĂ ůĞLJ ĚĞ ĮŶĂŶĐŝĂĐŝſŶ ĚĞ ůĂƐ ĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ͕LJĚĞƐƵƉĞƌŝŽƌƌĞĐĂƵĚĂĐŝſŶ ĚĞŝŵƉƵĞƐƚŽƐŝŶĚŝƌĞĐƚŽƐƉŽƌĞůƟƌſŶƚƵƌşƐƟĐŽ͕ůŽƋƵĞ ĐŽŶĚƵĐĞĂƚŽƚĂůŝnjĂƌƵŶŝŶŐƌĞƐŽŝŵƉŽƐŝƟǀŽĚĞϯ͘ϰϱϱ͕ϰ tax as a result of the new community funding autonomous ŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͘ŽŶĞƐƚĞƌĞƐƵůƚĂĚŽ͕ƐĞŵĂŶƟĞŶĞĞů ůĂǁ͕ ĂŶĚ ŚŝŐŚĞƌ ŝŶĚŝƌĞĐƚ ƚĂdž ĐŽůůĞĐƟŽŶ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞ ĞƐĨƵĞƌnjŽĮƐĐĂůĞŶĞůϴ͕ϯйĚĞůW/͘ ĂďŽǀĞͲŵĞŶƟŽŶĞĚŝŶĐƌĞĂƐĞŝŶŝŶĐŽŵŝŶŐƚŽƵƌŝƐƚƐ͕ǁŚŝĐŚůĞĚƚŽ ĂƚŽƚĂůƚĂdžŝŶĐŽŵĞŽĨϯ͕ϰϱϱ͘ϰŵŝůůŝŽŶĞƵƌŽƐ͘tŝƚŚƚŚŝƐƌĞƐƵůƚ͕ >ĂƐƉƌĞǀŝƐŝŽŶĞƐĚĞŝŶŐƌĞƐŽƐŝŵƉŽƐŝƟǀŽƐƉĂƌĂϮϬϭϮƐĞ ƚŚĞĮƐĐĂůĞīŽƌƚƌĞŵĂŝŶĞĚĂƚϴ͘ϯйŽĨ'W͘ ĂĚǀŝĞƌƚĞŶŝŶĐŝĞƌƚĂƐ͕ĚĂĚŽƋƵĞĞƐƚĂƌĄŶĞƐƚƌĞĐŚĂŵĞŶƚĞ ǀŝŶĐƵůĂĚĂƐĂůŽƐĐĂŵďŝŽƐƚƌŝďƵƚĂƌŝŽƐŝŶĐŽƌƉŽƌĂĚŽƐƉŽƌ dŚĞ ƚĂdž ƌĞǀĞŶƵĞ ĞƐƟŵĂƚĞƐ ĨŽƌ ϮϬϭϮ ĂƌĞ ƵŶĐĞƌƚĂŝŶ ĂƐ ƚŚĞLJ ůĂĨƵƚƵƌĂ>ĞLJĚĞDĞĚŝĚĂƐĚŵŝŶŝƐƚƌĂƟǀĂƐLJ&ŝƐĐĂůĞƐĚĞů will be closely linked to the tax changes incorporated by 'ŽďŝĞƌŶŽĚĞĂŶĂƌŝĂƐ͕ĞŶůĂƋƵĞƐĞƉƌĞǀĠƵŶƐƵƐƚĂŶƟ- ƚŚĞĨƵƚƵƌĞůĂǁŽĨĚŵŝŶŝƐƚƌĂƟǀĞĂŶĚ&ŝƐĐĂůDĞĂƐƵƌĞƐŽĨƚŚĞ ǀŽŝŶĐƌĞŵĞŶƚŽĚĞůĂƉƌĞƐŝſŶĮƐĐĂů͘ĞŵĂŶƚĞŶĞƌƐĞĐŽŶ ĂŶĂƌLJ/ƐůĂŶĚƐ'ŽǀĞƌŶŵĞŶƚ͕ǁŚŝĐŚƉƌŽǀŝĚĞƐĨŽƌĂƐƵďƐƚĂŶƟĂů ůĂĞƐƚƌƵĐƚƵƌĂƉůĂŶƚĞĂĚĂĞŶĞůŶƚĞƉƌŽLJĞĐƚŽĚĞ>ĞLJ͕ƐĞ increase in the tax burden. Though there are several doubts ƉƌŽĚƵĐŝƌĄƵŶŝŶĐƌĞŵĞŶƚŽĚĞůŝŶŐƌĞƐŽĮƐĐĂů͕ƐŝďŝĞŶ͕ƐƵƌ- as to its real capacity to collect taxes, an increase in the ŐĞŶĚƵĚĂƐĂĐĞƌĐĂĚĞƐƵƉŽĚĞƌƌĞĐĂƵĚĂƚŽƌŝŽƌĞĂů͘ revenue will become a reality if its structure is the same as the one that was proposed in the Bill. hŶĂǀĞnjĂŶĂůŝnjĂĚĂůĂĞǀŽůƵĐŝſŶĚĞůĂƉƌŽĚƵĐĐŝſŶĚĞƐĚĞ ĞůůĂĚŽĚĞůĂŽĨĞƌƚĂ͕ĂƚĞŶĚĞƌĞŵŽƐĂĐŽŶƟŶƵĂĐŝſŶĂůes- EŽǁƚŚĂƚǁĞŚĂǀĞĂůƌĞĂĚLJĂŶĂůLJnjĞĚƚŚĞƚƌĞŶĚŽĨƉƌŽĚƵĐƟŽŶ tudio de la demanda. from the supply side, we will ƐƚƵĚLJĚĞŵĂŶĚ͘

  


  
 
   
 

 

 

   


  
   

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$,,* ,)$))) $+' $,,+ $'(%(&% ($# $,,, $)*&)%* $(% %### $*##$#, $) %##$ $+$$,', )) %##% $**)(#+ %# %##& $+)''#% ', %##' $,)#')+ (% %##( %#(%%%* '* %##) %&#%%)& $%% %##* $&%)'$$ '%' %##+ ,)'#$$ %*& %##, )$('** &)%  ! "!

 


  

 
  
   
   
  


  
  

   

 
  
   


 
  



  
     
  
  

  





Tabla 3.7 Table 3.7

90 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ĚŝĨĞƌĞŶĐŝĂĚĞĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽƌĞƐ͕LJĂŶŽƐĞĚŝƐƉŽŶĞ ĚĞ ůĂƐ ĞƐƟŵĂĐŝŽŶĞƐ ƋƵĞ ŚĂƐƚĂ ĂŚŽƌĂ ŽĨƌĞкà ůĂ &ƵŶ- ĚĂĐŝſŶĚĞůĂƐĂũĂƐĚĞŚŽƌƌŽ;&hE^Ϳ͕ĚĞŵĂŶĞƌĂ hŶůŝŬĞ ƉƌĞǀŝŽƵƐ ĮŶĂŶĐŝĂů LJĞĂƌƐ͕ ƚŚĞƌĞ ĂƌĞ ŶŽ ĞƐƟŵĂƚĞƐ - ƋƵĞ ƌĞŇĞũĂƌĞŵŽƐ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ůĂ ĚĞŵĂŶĚĂ ŝŶƚĞƌ ĐŽŵƉŝůĞĚďLJƚŚĞ^ĂǀŝŶŐĂŶŬƐ;&hE^ͿĂǀĂŝůĂďůĞĂŶLJůŽŶŐĞƌ͕ ŶĂĚĞĂŶĂƌŝĂƐĂƚƌĂǀĠƐĚĞůĂĂƉƌŽdžŝŵĂĐŝſŶĚĞŽƚƌŽƐ ƐŽ ǁĞ ǁŝůů ƌĞŇĞĐƚ ƚŚĞ ĚŽŵĞƐƟĐ ĚĞŵĂŶĚ ĞǀŽůƵƟŽŶ ŝŶ ƚŚĞ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ ĐŽŶƐƵŵŽ Ğ ŝŶǀĞƌƐŝſŶ͕ ƋƵĞ ƉƵďůŝĐĂŶ ĂŶĂƌŝĞƐƚŚƌŽƵŐŚĂŶĂƉƉƌŽdžŝŵĂƟŽŶƚŽŽƚŚĞƌĞdžƉĞŶĚŝƚƵƌĞĂŶĚ ŽƌŐĂŶŝƐŵŽƐ Ğ ŝŶƐƟƚƵĐŝŽŶĞƐ ĐŽŵŽ Ğů /E͕ Ğů /^d͕ ůĂ ŝŶǀĞƐƚŵĞŶƚŝŶĚŝĐĂƚŽƌƐ͕ƉƵďůŝƐŚĞĚďLJĂŐĞŶĐŝĞƐĂŶĚŝŶƐƟƚƵƟŽŶƐ - ŝƌĞĐĐŝſŶ'ĞŶĞƌĂůĚĞdƌŝďƵƚŽƐ͕ůĂ/ŶƚĞƌǀĞŶĐŝſŶ'ĞŶĞ ůŝŬĞƚŚĞEĂƟŽŶĂů^ƚĂƟƐƟĐƐ/ŶƐƟƚƵƚĞ;/EͿ͕ƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ ƌĂůĚĞů'ŽďŝĞƌŶŽĚĞĂŶĂƌŝĂƐ͕^KWE͕&Z/͕ŽůĂƐ ^ƚĂƟƐƟĐƐ/ŶƐƟƚƵƚĞ;/^dͿ͕ƚŚĞ^ƉĂŶŝƐŚ'ĞŶĞƌĂůŝƌĞĐƚŽƌĂƚĞ ĂƵƚŽƌŝĚĂĚĞƐƉŽƌƚƵĂƌŝĂƐĚĞ>ĂƐWĂůŵĂƐLJĚĞ^ĂŶƚĂƌƵnj ŽĨ dĂdžĞƐ͕ ƚŚĞ 'ĞŶĞƌĂů /ŶƚĞƌǀĞŶƟŽŶ ŽĨ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ĚĞdĞŶĞƌŝĨĞ͘ 'ŽǀĞƌŶŵĞŶƚ͕ ƚŚĞ ^ƉĂŶŝƐŚ EĂƟŽŶĂů ƵŝůĚĞƌƐ ƐƐŽĐŝĂƟŽŶ ;^KWEͿ͕ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ZĞŐŝŽŶĂů &ĞĚĞƌĂƟŽŶ ŽĨ ŽŶĐĂƌĄĐƚĞƌŐĞŶĞƌĂů͕ĞůĞũĞƌĐŝĐŝŽϮϬϭϭŚĂĐŽŶƟŶƵĂĚŽ ƵƐŝŶĞƐƐ/ŵƉŽƌƚĞƌƐĂŶĚĞĂůĞƌƐŽĨƵƚŽŵŽďŝůĞƐ;&Z/Ϳ͕ ĐĂƌĂĐƚĞƌŝnjĂĚŽƉŽƌůĂĨƌĂŐŝůŝĚĂĚĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͕ ŽƌƉŽƌƚĂƵƚŚŽƌŝƟĞƐŽĨƚŚĞƉƌŽǀŝŶĐĞŽĨ>ĂƐWĂůŵĂƐĂŶĚ^ĂŶƚĂ ĞŶ ƵŶ ĐŽŶƚĞdžƚŽ ĞŶ Ğů ƋƵĞ Ğů ĐŽŶƐƵŵŽ LJ ůĂ ŝŶǀĞƌƐŝſŶ Cruz de Tenerife. ƉĞƌŵĂŶĞĐĞŶďĂũŽŵşŶŝŵŽƐ͘

ůĐŽŶƐƵŵŽĞŶĂŶĂƌŝĂƐĐŽŶƟŶƷĂůĂƐƚƌĂĚŽƉŽƌůĂŐƌĂǀĞ /Ŷ ŐĞŶĞƌĂů͕ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ ϮϬϭϭ ǁĂƐ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJ ƐŝƚƵĂĐŝſŶĚĞůŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽ͕ƉŽƌĞůĞůĞǀĂĚŽŶŝǀĞů ĚŽŵĞƐƟĐĚĞŵĂŶĚǁĞĂŬŶĞƐƐ͕ŝŶĂĐŽŶƚĞdžƚǁŚĞƌĞĞdžƉĞŶĚŝƚƵƌĞ ĚĞĚĞŐƌĂĚĂĐŝſŶĚĞůĂƌĞŶƚĂLJĞůĂŚŽƌƌŽĚĞůĂƐĨĂŵŝůŝĂƐ͕ and investment remained below minimum. LJƉŽƌůĂĨĂůƚĂĚĞĐƌĠĚŝƚŽ͘ The expenditure in the Canary Islands remains burdened by WĂƌĂůĞůĂŵĞŶƚĞ͕ĞůĐŽŶƐƵŵŽƉƷďůŝĐŽƚĂŵďŝĠŶŽďƐĞƌǀĂ the plight of the labor market, the high level of income and ƵŶĂƚĞŶĚĞŶĐŝĂŵĂƌĐĂĚĂŵĞŶƚĞĚĞĐƌĞĐŝĞŶƚĞ͕ĐŽŵŽĐŽŶ- ŚŽƵƐĞŚŽůĚƐĂǀŝŶŐƐĚĞŐƌĂĚĂƟŽŶĂŶĚƚŚĞůĂĐŬŽĨĐƌĞĚŝƚ͘ ƐĞĐƵĞŶĐŝĂĚĞůĂƐŶĞĐĞƐŝĚĂĚĞƐĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂů͕Ă DĞĂŶǁŚŝůĞ͕ĂŵĂƌŬĞĚůLJĚŽǁŶǁĂƌĚƚƌĞŶĚŝƐĂůƐŽŶŽƟĐĞĂďůĞŝŶ ůĂǀŝƐƚĂĚĞůĞůĞǀĂĚŽŶŝǀĞůĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽƉƷďůŝĐŽLJ ƉƵďůŝĐĞdžƉĞŶĚŝƚƵƌĞĂƐĂƌĞƐƵůƚŽĨĮƐĐĂůĐŽŶƐŽůŝĚĂƟŽŶŶĞĞĚƐ͕ ĚĞůƌĄƉŝĚŽĐƌĞĐŝŵŝĞŶƚŽĚĞůĚĠĮĐŝƚĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐ años. given the high level of public debt and the rapid growth of ƚŚĞĚĞĮĐŝƚĚƵƌŝŶŐƌĞĐĞŶƚLJĞĂƌƐ͘ ƐƚĞĞƐĞůĞƐĐĞŶĂƌŝŽĞŶĞůƋƵĞƐĞŚĂĚĞƐĞŶǀƵĞůƚŽůĂde- manda interna de Canarias͕ĐƵLJĂĞǀŽůƵĐŝſŶƉŽĚƌĞŵŽƐ This is the scenario where the ĚŽŵĞƐƟĐ ĚĞŵĂŶĚ ŽĨ ƚŚĞ ĂƉƌŽdžŝŵĂƌ Ă ĐŽŶƟŶƵĂĐŝſŶ͕ Ă ƚƌĂǀĠƐ ĚĞ ůŽƐ ƐŝŐƵŝĞŶƚĞƐ ĂŶĂƌLJ /ƐůĂŶĚƐ͕ ƚŚĞ ĞǀŽůƵƟŽŶ ŽĨ ǁŚŝĐŚ ǁĞ ǁŝůů ďĞ ĂďůĞ ŝŶĚŝĐĂĚŽƌĞƐĚĞĐŽŶƐƵŵŽLJĚĞŝŶǀĞƌƐŝſŶ͘ to analyze in the following lines through the following expenditure and investment indicators, has developed. ŶŵĂƚĞƌŝĂĚĞĐŽŶƐƵŵŽ͕Ğů1ndice de Comercio al Por Menor ŽďƐĞƌǀĂƵŶĂĐĂşĚĂŵĞĚŝĂĚĞůϳ͕ϮйĂůĐŝĞƌƌĞĚĞ /ŶƚĞƌŵƐŽĨĐŽŶƐƵŵƉƟŽŶ͕ƚŚĞ/ŶĚĞdžŽĨZĞƚĂŝůdƌĂĚĞ showed ϮϬϭϭ͘dĂŵďŝĠŶĞǀŽůƵĐŝŽŶĂĂůĂďĂũĂ͕ĚĞŶƚƌŽĚĞůŽƐďŝĞ- ĂŶ ĂǀĞƌĂŐĞ ůŽƐƐ ŽĨ ϳ͘Ϯй Ăƚ ƚŚĞ ĞŶĚ ŽĨ ϮϬϭϭ͘ tŝƚŚŝŶ ƚŚĞ ŶĞƐĚĞĐŽŶƐƵŵŽĚƵƌĂĚĞƌŽ͕ůĂŵĂƚƌŝĐƵůĂĐŝſŶĚĞǀĞŚşĐƵ- ĐŽŶƐƵŵĞƌ ĚƵƌĂďůĞƐ͕ ǀĞŚŝĐůĞƐ ĨŽƌ ĚŽŵĞƐƟĐ ƵƐĞ ƌĞŐŝƐƚƌĂƟŽŶ͕ ůŽƐĚĞƵƐŽĚŽŵĠƐƟĐŽ͕ƋƵĞǀƵĞůǀĞĂĂĐƵƐĂƌƵŶĨƵĞƌƚĞ which again underwent a strong decrease of 14.8 per cent, ƌĞƚƌŽĐĞƐŽĚĞůϭϰ͕ϴƉŽƌĐŝĞŶƚŽ͘ also progressively declined.

ĂďĞŝŶĚŝĐĂƌƋƵĞĞůŵĞƌĐĂĚŽĚĞůĂƵƚŽŵſǀŝůĞŶĂŶĂƌŝĂƐ /ƚ ŝƐ ǁŽƌƚŚ ŵĞŶƟŽŶŝŶŐ ƚŚĂƚ ƚŚĞ ĂƵƚŽŵŽďŝůĞ ŵĂƌŬĞƚ ŝŶ ƚŚĞ ŚĂƋƵĞĚĂĚŽƌĞĚƵĐŝĚŽƉƌĄĐƟĐĂŵĞŶƚĞĂůĂŵŝƚĂĚĚĞƐƵ Canaries has shrunk by almost half of its volume compared ǀŽůƵŵĞŶ͕ĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůŶŝǀĞůĚĞǀĞŶƚĂƐƋƵĞ to the level of sales it used to record before the crisis between ƌĞŐŝƐƚƌĂďĂĞŶĞůƉĞƌŝŽĚŽĂŶƚĞƌŝŽƌĂůĂĐƌŝƐŝƐ͕ϮϬϬϬͲϮϬϬϳ͘ ϮϬϬϬĂŶĚϮϬϬϳ͘

91 CONCLUSIONES CONCLUSIONS 2011

ŽŶƵŶŵĂƟnjŵĄƐƉŽƐŝƟǀŽ͕ůĂĚĞƐĐĂƌŐĂĚĞŵĞƌĐĂŶĐşĂƐ ĐŽŶĚĞƐƟŶŽĂůŵĞƌĐĂĚŽŝŶƚĞƌŝŽƌƐĞĞůĞǀĂůĞǀĞŵĞŶƚĞĞŶ ĂŶĂƌŝĂƐ;Ϭ͕ϵйͿ͕ĞŶƵŶĐŽŶƚĞdžƚŽĚĞƌĞůĂƟǀĂŵĞũŽƌşĂĚĞů ĐŽŶƐƵŵŽŶŽƌĞƐŝĚĞŶƚĞ͕ƉŽƌůĂŵĂLJŽƌĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂ tŝƚŚ Ă ŵŽƌĞ ƉŽƐŝƟǀĞ ƚŽŶĞ͕ ƚŚĞ ƵŶůŽĂĚŝŶŐ ŽĨ ŐŽŽĚƐ ĨŽƌ ƋƵĞŚĂĐŽŵƉĞŶƐĂĚŽĞůŶƵĞǀŽƌĞƚƌŽĐĞƐŽĚĞůĂĚĞŵĂŶ- da interna. ƚŚĞ ĚŽŵĞƐƟĐ ŵĂƌŬĞƚ ŝŶ ƚŚĞ ĂŶĂƌŝĞƐ ƌŽƐĞ ƐůŝŐŚƚůLJ ;Ϭ͘ϵйͿ͕ ŝŶ Ă ĐŽŶƚĞdžƚ ŽĨ Ă ƌĞůĂƟǀĞ ŝŵƉƌŽǀĞŵĞŶƚ ŽĨ ŶŽŶͲƌĞƐŝĚĞŶƚ ĞůůĂĚŽĚĞůĂƌĞĐĂƵĚĂĐŝſŶƚƌŝďƵƚĂƌŝĂ͕ůŽƐĚĂƚŽƐĚĞ/ŵ- ĐŽŶƐƵŵƉƟŽŶ͕ĚƵĞƚŽƚŚĞŚŝŐŚĞƌŶƵŵďĞƌŽĨŝŶĐŽŵŝŶŐǀŝƐŝƚŽƌƐ͕ ƉƵĞƐƚŽ'ĞŶĞƌĂů/ŶĚŝƌĞĐƚŽĂŶĂƌŝŽŶŽƌĞƉƌĞƐĞŶƚĂŶĐŽŶ ǁŚŝĐŚŽīƐĞƚƚŚĞŶĞǁĚĞĐƌĞĂƐĞŝŶĚŽŵĞƐƟĐĚĞŵĂŶĚ͘ ĮĚĞůŝĚĂĚ ůĂ ĞǀŽůƵĐŝſŶ ĚĞů ĐŽŶƐƵŵŽ ŝŶƚĞƌŶŽ ĚƵƌĂŶƚĞ ĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽ͘ůĐƌĞĐŝŵŝĞŶƚŽĚĞů/'/͕ĚĞůϳ͕ϱй͕ KŶ ƚŚĞ ƐŝĚĞ ŽĨ ƚĂdž ĐŽůůĞĐƟŽŶ͕ 'ĞŶĞƌĂů /ŶĚŝƌĞĐƚ ĂŶĂƌLJ dĂdž ƌĞƐƉŽŶĚĞĂůĨƵĞƌƚĞĂǀĂŶĐĞĚĞůĐŽŶƐƵŵŽŶŽƌĞƐŝĚĞŶƚĞ͕ ;/'/Ϳ ĚĂƚĂ ĚŽĞƐ ŶŽƚ ĨĂŝƚŚĨƵůůLJ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ĞǀŽůƵƟŽŶ ŽĨ ĚĞƌŝǀĂĚŽĚĞůĐƌĞĐŝŵŝĞŶƚŽĐŽLJƵŶƚƵƌĂůĚĞůƚƵƌŝƐŵŽ͘ŶĞů ĚŽŵĞƐƟĐ ĐŽŶƐƵŵƉƟŽŶ ĚƵƌŝŶŐ ƚŚĞ ƉĂƐƚ ĮŶĂŶĐŝĂů LJĞĂƌ͘  ŵŝƐŵŽƐĞŶƟĚŽĞǀŽůƵĐŝŽŶĂĞůƌďŝƚƌŝŽƐŽďƌĞ/ŵƉŽƌƚĂ- ŐƌŽǁƚŚŝŶ/'/ŽĨϳ͘ϱйƌĞƐƉŽŶĚƐƚŽƚŚĞƐƚƌŽŶŐŶŽŶͲƌĞƐŝĚĞŶƚ ĐŝŽŶĞƐLJŶƚƌĞŐĂĚĞDĞƌĐĂŶĐşĂƐĞŶůĂƐŝƐůĂƐĂŶĂƌŝĂƐ ĐŽŶƐƵŵƉƟŽŶ ŐƌŽǁƚŚ ĚĞƌŝǀĞĚ ĨƌŽŵ ƚŚĞ ĐLJĐůŝĐĂů ŐƌŽǁƚŚ ŽĨ tourism. Similarly, Tax on Imports and Delivery of Goods of ;/DͿ͕ĐƵLJĂƌĞĐĂƵĚĂĐŝſŶĂƵŵĞŶƚĂƵŶϵ͕Ϭй͘ ƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ;/DͿĂůƐŽŝŶĐƌĞĂƐĞĚďLJϵ͘Ϭй͘ DŝĞŶƚƌĂƐ͕ ĐĂĞ ĂďƌƵƉƚĂŵĞŶƚĞ Ğů /'/ ƐŽďƌĞ Ğů ƚĂďĂĐŽ ƌƵďŝŽ;Ͳϰϰ͕ϭйͿ͕ϭϱ͕ϵŵŝůůŽŶĞƐŵĞŶŽƐ͕ƚƌĂƐůĂƐƵƉƌĞƐŝſŶ DĞĂŶǁŚŝůĞ͕ /'/ ŽŶ ďůŽŶĚ ƚŽďĂĐĐŽ ĨĞůů ĂďƌƵƉƚůLJ ďLJ ϭϱ͘ϵ ĚĞůƟƉŽĞƐƉĞĐşĮĐŽĚĞůϯϱй͕ƐŽďƌĞĞƐƚĞƉƌŽĚƵĐƚŽ͕ĂƉĂƌ- ŵŝůůŝŽŶ;Ͳϰϰ͘ϭйͿĂŌĞƌƚŚĞϯϱйƐƉĞĐŝĮĐƚLJƉĞƐƵƉƉƌĞƐƐŝŽŶŽŶ ƟƌĚĞůϭĚĞĨĞďƌĞƌŽĚĞϮϬϭϭ͘ĞƐĚĞĞƐĂĨĞĐŚĂůĂǀĞŶƚĂĞ this product from February 1st, 2011. Since then, the sale ŝŵƉŽƌƚĂĐŝſŶĚĞƚĂďĂĐŽƌƵďŝŽƉĂƐĂĂƚƌŝďƵƚĂƌĂƵŶƟƉŽ ĂŶĚŝŵƉŽƌƚŽĨďůŽŶĚƚŽďĂĐĐŽĂƌĞƚĂdžĞĚĂƚĂƌĂƚĞŽĨϮϬй/'/͕ ĚĞů/'/ĚĞůϮϬй͕ĂůŽƋƵĞƐĞĂŹĂĚĞůĂƌĞĐĂƵĚĂĐŝſŶĚĞů ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĐŽůůĞĐƟŽŶŽĨƚŚĞŶĞǁƚĂdžŽŶŵĂŶƵĨĂĐƚƵƌĞĚ ŶƵĞǀŽ/ŵƉƵĞƐƚŽƐŽďƌĞůĂƐ>ĂďŽƌĞƐĚĞůƚĂďĂĐŽ͕ĞŶǀŝŐŽƌ ƚŽďĂĐĐŽ͕ĞīĞĐƟǀĞĨƌŽŵ&ĞďƌƵĂƌLJϭƐƚ͕ϮϬϭϭ͕ǁŚŝĐŚƚĂdžĞƐƚŚĞ ĚĞƐĚĞĞůϭĚĞĨĞďƌĞƌŽĚĞϮϬϭϭ͕ƋƵĞŐƌĂǀĂůĂĨĂďƌŝĐĂĐŝſŶ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ĂŶĚ ŝŵƉŽƌƟŶŐ ŽĨ ůŽŶĚ dŽďĂĐĐŽ͕ ĂŶĚ ŝƚƐ ĞŝŵƉŽƌƚĂĐŝſŶĚĞdĂďĂĐŽZƵďŝŽ͕LJĐƵLJĂƌĞĐĂƵĚĂĐŝſŶĂƐ- ƉƌŽĐĞĞĚƐĂŵŽƵŶƚĞĚƚŽϯϰ͘ϭŵŝůůŝŽŶĞƵƌŽƐ͘ ĐĞŶĚŝſĂϯϰ͕ϭŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͘ KƚŚĞƌ ƚĂdž ĮŐƵƌĞƐ ůŝŶŬĞĚ ƚŽ ƚŚĞ ĞdžƉĞŶĚŝƚƵƌĞ͕ ƐƵĐŚ ĂƐ ĐĂƌ KƚƌĂƐĮŐƵƌĂƐŝŵƉŽƐŝƟǀĂƐǀŝŶĐƵůĂĚĂƐĂůĐŽŶƐƵŵŽ͕ĐŽŵŽ ƌĞŐŝƐƚƌĂƟŽŶƚĂdž͕ĚƌŽƉƉĞĚďLJϭϲ͘ϰйǁŚŝůĞǀĞŚŝĐůĞƌĞŐŝƐƚƌĂƟŽŶ ĞůŝŵƉƵĞƐƚŽƐŽďƌĞŵĂƚƌŝĐƵůĂĐŝſŶ͕ĐĂĞŶƵŶϭϲ͕ϰй͕ĐŽŶ ĨĞůůďLJϮ͘ϵйͲǁŝƚŚŵƵĐŚƐŽŌĞƌĨŽƌĐĞ͘dŚŝƐůĂƩĞƌƌĞƐƵůƚǁĂƐ ŵƵĐŚĂ ŵĂLJŽƌ ĨƵĞƌnjĂ ƋƵĞ ůĂ ŵĂƚƌŝĐƵůĂĐŝſŶ ĚĞ ǀĞŚş- ĐĂƵƐĞĚďLJƚŚĞĞdžĞŵƉƟŽŶĨƌŽŵƉĂLJŵĞŶƚŽĨƚŚŝƐƚĂdžŽŶƌĞŶƚĂů

   


 

  
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92 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ĐƵůŽƐ͕ƋƵĞƐĞƌĞĚƵĐĞŶƵŶϮ͕ϵƉŽƌĐŝĞŶƚŽ͘ƐƚĞƷůƟŵŽ ƌĞƐƵůƚĂĚŽ ƐĞ ƉƌŽĚƵĐĞ ƉŽƌ ůĂ ĞdžĞŶĐŝſŶ ĞŶ Ğů ƉĂŐŽ ĚĞ ĞƐƚĞ ŝŵƉƵĞƐƚŽ Ă ůŽƐ ǀĞŚşĐƵůŽƐ ĚĞ ĂůƋƵŝůĞƌ͕ ĐĂƚĞŐŽƌşĂ ƋƵĞĐŽŵƉĞŶƐĂƉĂƌƚĞĚĞůƌĞƚƌŽĐĞƐŽĚĞůƐĞĐƚŽƌĚƵƌĂŶ- ƚĞϮϬϭϭ͖ƉŽƌĞůŝŶĐƌĞŵĞŶƚŽƉƌŽƉŽƌĐŝŽŶĂůŵĞŶƚĞŵĂLJŽƌ ĚĞǀĞŚşĐƵůŽƐďŽŶŝĮĐĂĚŽƐĞŶĞůŝŵƉƵĞƐƚŽƉŽƌŵĞŶŽƌĞƐ ĞŵŝƐŝŽŶĞƐĚĞKϮ͖LJ͕ĞŶŐĞŶĞƌĂů͕ƉŽƌƵŶĂŵĞŶŽƌǀĂůŽ- ƌĂĐŝſŶĚĞůŽƐŶƵĞǀŽƐǀĞŚşĐƵůŽƐ͕ĚĞďŝĚŽĂůĂĐĂşĚĂĚĞůĂ demanda.

Ŷ ŵĂƚĞƌŝĂ ĚĞ ĐŽŶƐƵŵŽ ƉƷďůŝĐŽ͕ Ğů ŽďůŝŐĂĚŽ ĂũƵƐƚĞ vehicles, a category that makes up part of the decline in the ĮƐĐĂůƌĞĐŽƌƚĂƌĄĂďƌƵƉƚĂŵĞŶƚĞƐƵĂƉŽƌƚĂĐŝſŶĂůĐƌĞĐŝ- ƐĞĐƚŽƌĚƵƌŝŶŐϮϬϭϭ͕ďLJƚŚĞƉƌŽƉŽƌƟŽŶĂƚĞůLJŐƌĞĂƚĞƌŝŶĐƌĞĂƐĞ miento. in vehicle tax subsidized by lower CO2 emissions and, in ŐĞŶĞƌĂů͕ Ă ůŽǁĞƌ ǀĂůƵĂƟŽŶ ŽĨ  ŶĞǁ ǀĞŚŝĐůĞƐ͕ ĚƵĞ ƚŽ ƚŚĞ - >ĂƐĐŝĨƌĂƐĚĞĚĠĮĐŝƚƉƷďůŝĐŽĚĞĂŶĂƌŝĂƐĚƵƌĂŶƚĞĞůƷů demand decrease. ƟŵŽĞũĞƌĐŝĐŝŽĂůĐĂŶnjĂƌŽŶĞůϭ͕ϴй͕ƐƵƉĞƌĂŶĚŽĚĞĞƐƚĂ ŵĂŶĞƌĂĞůůşŵŝƚĞĞƐƚĂďůĞĐŝĚŽƉĂƌĂůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵ- /ŶƚĞƌŵƐŽĨƉƵďůŝĐĞdžƉĞŶĚŝƚƵƌĞ͕ƚŚĞƌĞƋƵŝƌĞĚƚĂdžĂĚũƵƐƚŵĞŶƚ ƚſŶŽŵĂƐĚƵƌĂŶƚĞϮϬϭϭ͕ŝŶŝĐŝĂůŵĞŶƚĞĚĞůϭ͕ϯйĚĞůW/͕ ǁŝůůƐŚĂƌƉůLJĐƵƚŝƚƐĐŽŶƚƌŝďƵƟŽŶƚŽŐƌŽǁƚŚ͘ LJĂŵƉůŝĂĚŽĐŽŶƉŽƐƚĞƌŝŽƌŝĚĂĚŚĂƐƚĂĞůϭ͕ϱй͕ƚĂŶƚŽƉĂƌĂ 2011 como para 2012. dŚĞ ĚĞĮĐŝƚ ĮŐƵƌĞƐ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ ĮŶĂŶĐŝĂů LJĞĂƌ ƌĞĂĐŚĞĚ ϭ͘ϴй͕ ƐƵƌƉĂƐƐŝŶŐ ƚŚĞ ůŝŵŝƚ ƐĞƚ ĨŽƌ Anteriormente, se conoció la dimensión de los recor- ƚŚĞ ƌĞŐŝŽŶƐ ŝŶ ϮϬϭϭ͕ ǁŚŝĐŚ ǁĂƐ ϭ͘ϯй ŽĨ 'W ŝŶŝƟĂůůLJ ĂŶĚ ƚĞƐĞŶůĂƐƚƌĂŶƐĨĞƌĞŶĐŝĂƐĚĞůƐƚĂĚŽĂůĂƐĐŽŵƵŶŝĚĂĚĞƐ ƐƵďƐĞƋƵĞŶƚůLJĞdžƉĂŶĚĞĚƚŽϭ͘ϱйĨŽƌďŽƚŚϮϬϭϭĂŶĚϮϬϭϮ͘ ĂƵƚſŶŽŵĂƐ͕ ƋƵĞ ŽďůŝŐſ Ă ƵŶ ŵĂLJŽƌ ĂũƵƐƚĞ ĚĞů ŐĂƐƚŽ ƉƷďůŝĐŽ ĂƵƚŽŶſŵŝĐŽ͘ ƐƚŽƐ ŶƵĞǀŽƐ ĐŽŵƉƌŽŵŝƐŽƐ ƐĞ Previously, the size of cuts in state transfers to the regions ŵĂƚĞƌŝĂůŝnjĂƌŽŶĞŶĞůWůĞŶŽĚĞůŽŶƐĞũŽĚĞWŽůşƟĐĂ&ŝƐ- had forced more regional public spending cuts. These new ĐĂůLJ&ŝŶĂŶĐŝĞƌĂ͕ĐĞůĞďƌĂĚŽĞůƉĂƐĂĚŽϭϳĚĞŵĂLJŽĚĞ commitments became a reality at the Plenary of the Spanish 2012. &ŝƐĐĂůĂŶĚ&ŝŶĂŶĐŝĂůŽƵŶĐŝů͕ĐĞůĞďƌĂƚĞĚŽŶDĂLJϭϳ͕ϮϬϭϮ͘

 

   





 
  
  




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 ;HISH Table 3.9

93 CONCLUSIONES CONCLUSIONS 2011

ŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ĚĞďĞĚĞƐƚĂĐĂƌƐĞƋƵĞĞůƌĐŚŝƉŝĠůĂŐŽ ƌĞƐƵůƚſƵŶĂĚĞůĂƐĐŽŵƵŶŝĚĂĚĞƐƋƵĞŵĞŶŽƐƐĞŚĂĚĞƐ- ǀŝĂĚŽĚĞůŽďũĞƟǀŽĚĞĚĠĮĐŝƚƉĂƌĂϮϬϭϭ͘

WĞƐĞĂĞůůŽ͕ůĂƐŵĞĚŝĚĂƐĚĞĂũƵƐƚĞŚĂŶƚĞŶŝĚŽƋƵĞĐŽ- ŵĞŶnjĂƌĂĂƉůŝĐĂƌƐĞĐŽŶĞůĞũĞƌĐŝĐŝŽĞŶĐƵƌƐŽ͕LJƚĂůĞƐƌĞ- ĐŽƌƚĞƐĂĨĞĐƚĂƌĄŶĂůĐƌĞĐŝŵŝĞŶƚŽĂŵĞĚŝŽLJĐŽƌƚŽƉůĂnjŽ LJŚƵŶĚŝƌĄŶĂƷŶŵĄƐĞůĐŽŶƐƵŵŽ͕ĂŶĐůĂĚŽĚĞƐĚĞŚĂĐĞ LJĂǀĂƌŝŽƐĂŹŽƐĞŶƚŽƌŶŽĂŵşŶŝŵŽƐĚĞďŝĚŽĂůĂŵĂůĂ ƐŝƚƵĂĐŝſŶƉŽƌůĂƋƵĞŚĂǀĞŶŝĚŽĂƚƌĂǀĞƐĂŶĚŽĞůĞŵƉůĞŽ͕ In any case, it has to be said that the Canaries turned out ƉŽƌůĂĨĂůƚĂĚĞĐŽŶĮĂŶnjĂLJƉŽƌůĂĂƵƐĞŶĐŝĂĚĞĐƌĠĚŝƚŽ͘ ƚŽ ďĞ ŽŶĞ ŽĨ ƚŚĞ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ǁŝƚŚ ƚŚĞ ůĞĂƐƚ ĚĞǀŝĂƟŽŶĨƌŽŵƚŚĞĚĞĮĐŝƚŽďũĞĐƟǀĞĨŽƌϮϬϭϭ͘ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚĞŶŝĚŽƐ ĚƵƌĂŶƚĞ ůŽƐ ĐƵĂƚƌŽ ƉƌŝŵĞ- ƌŽƐŵĞƐĞƐĚĞϮϬϭϮŵĂŶƟĞŶĞŶƵŶĂƉĞƌƐƉĞĐƟǀĂƉŽĐŽ Nevertheless, the adjustment measures had to be undertaken ĞƐƉĞƌĂŶnjĂĚŽƌĂ ĞŶ ůĂ ŵĂLJŽƌşĂ ĚĞ ůŽƐ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ ǁŝƚŚŝŶ ƚŚĞ ĮŶĂŶĐŝĂů LJĞĂƌ͘ ^ƵĐŚ ĐƵƚďĂĐŬƐ ǁŝůů ŚĂǀĞ Ă ƐŚŽƌƚ ĐŽŶƐƵŵŽƌĞŐŝŽŶĂů͘ů1ŶĚŝĐĞĚĞŽŵĞƌĐŝŽĂůƉŽƌDĞŶŽƌ ĂŶĚŵĞĚŝƵŵͲƚĞƌŵĞīĞĐƚŽŶŐƌŽǁƚŚ͕ƚŚĞĞdžƉĞŶĚŝƚƵƌĞĚĞĐůŝŶĞ ĂŐƵĚŝnjĂ ƐƵ ƚƌĂLJĞĐƚŽƌŝĂ ŶĞŐĂƟǀĂ Ăů ĂŶŽƚĂƌ ƵŶĂ ŶƵĞǀĂ ĨƵƌƚŚĞƌĚƵĞƚŽƚŚĞďĂĚƐŝƚƵĂƟŽŶŽĨƚŚĞĞŵƉůŽLJŵĞŶƚĂŶĚŽĨ ĐĂşĚĂ͕ŵĄƐŝŶƚĞŶƐĂ͕ĚĞůϴ͕ϳйŝŶƚĞƌĂŶƵĂůĚƵƌĂŶƚĞĂďƌŝů the lack of trust and credit. ĚĞϮϬϭϮ͖ŵŝĞŶƚƌĂƐƋƵĞůĂƐŵĂƚƌŝĐƵůĂĐŝŽŶĞƐĚĞǀĞŚşĐƵ- dŚĞ ƌĞƐƵůƚƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ŽďƚĂŝŶĞĚ ĚƵƌŝŶŐ ƚŚĞ ĮƌƐƚ ĨŽƵƌ ůŽƐĚĞƵƐŽƉƌŝǀĂĚŽ͕ĂƵŶƋƵĞĐƌĞĐĞŶƵŶϮ͕ϬйŚĂƐƚĂŵĂƌ- ŵŽŶƚŚƐ ŝŶ ϮϬϭϮ ĐŽŶƟŶƵĞ ƚŽ ŽīĞƌ Ă ůĞƐƐͲƚŚĂŶͲŽƉƟŵŝƐƟĐ njŽ͕ƐĞŵĂŶƟĞŶĞŶƚŽĚĂǀşĂďĂũŽŵşŶŝŵŽƐ͘ ƉĞƌƐƉĞĐƟǀĞ ŽŶ ŵĂũŽƌ ƌĞŐŝŽŶĂů ĐŽŶƐƵŵƉƟŽŶ ŝŶĚŝĐĂƚŽƌƐ͕ ĨŽƌ  ůŽ ĂŶƚĞƌŝŽƌ ƐĞ ĂŹĂĚŝƌĄŶ ŶƵĞǀŽƐ ƌĞĂũƵƐƚĞƐ ƐŽďƌĞ Ğů which the forecasts are not encouraging. Retail Trade Index ŐĂƐƚŽƉƷďůŝĐŽ͕ĂůƋƵĞĚĂƌĂƷŶƌĞĐŽƌƌŝĚŽƉĂƌĂŵĄƐƌĞĐŽƌ- has sharpened its downward trend by falling intensively ƚĞƐƉƷďůŝĐŽƐĞŶĂŹŽƐǀĞŶŝĚĞƌŽƐ͘ ĂŐĂŝŶ;ϴ͘ϳйLJĞĂƌƚŽLJĞĂƌ͕ƚŚŝƐƟŵĞͿŝŶƉƌŝů͕ϮϬϭϮ͖ŵĞĂŶǁŚŝůĞ͕ ƚŚĞƌĞŐŝƐƚƌĂƟŽŶŽĨǀĞŚŝĐůĞƐĨŽƌƉƌŝǀĂƚĞƵƐĞƌĞŵĂŝŶƐĂƌŽƵŶĚ En este contexto, la formación bruta de capital, con- ƚŚĞŵŝŶŝŵƵŵ͕ƚŚŽƵŐŚŝƚŐƌĞǁďLJϮ͘ϬйƵŶƟůDĂƌĐŚ͘ ƟŶƷĂƉƌŽĨƵŶĚŝnjĂŶĚŽĞŶƐƵĐĂşĚĂ͕ƐŽďƌĞƚŽĚŽĚĞƐĚĞĞů ůĂĚŽ ĚĞ ůĂ ŝŶǀĞƌƐŝſŶ ĞŶ ďŝĞŶĞƐ ĚĞ ĐŽŶƐƚƌƵĐĐŝſŶ͕ ƉŽ- /Ŷ ĂĚĚŝƟŽŶ͕ ŶĞǁ ĂĚũƵƐƚŵĞŶƚƐ ǁŝůů ďĞ ƵŶĚĞƌƚĂŬĞŶ ŝŶ ƉƵďůŝĐ ŶŝĞŶĚŽĚĞƌĞůŝĞǀĞůĂĨĂůƚĂĚĞŝŶǀĞƌƐŝſŶ͕ƚĂŶƚŽƉƷďůŝĐĂ ƐƉĞŶĚŝŶŐĂƐƚŚĞƌĞĂƌĞƐƟůůƉƵďůŝĐĐƵƚďĂĐŬƐƚŽďĞŵĂĚĞŝŶƚŚĞ como privada. coming years. La inversión en bienes de construcción - ĐŽŶƟŶƷĂĐĂ In this context, ŐƌŽƐƐ ĐĂƉŝƚĂů ĨŽƌŵĂƟŽŶ͕ ĐŽŶƟŶƵĞƐ ƚŽ ĨĂůů͕ LJĞŶĚŽ͕ďĄƐŝĐĂŵĞŶƚĞĚĞůůĂĚŽƉƷďůŝĐŽ͕ĞŶƵŶĐŽŶƚĞdžƚŽ ĞƐƉĞĐŝĂůůLJĨƌŽŵƚŚĞƐŝĚĞŽĨŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĐŽŶƐƚƌƵĐƟŽŶ͕ ĞŶĞůƋƵĞĂůĂĞĚŝĮĐĂĐŝſŶƌĞƐŝĚĞŶĐŝĂůĐĂƐŝŶŽůĞƋƵĞĚĂ ŚŝŐŚůŝŐŚƟŶŐƚŚĞůĂĐŬŽĨŝŶǀĞƐƚŵĞŶƚ͕ďŽƚŚƉƵďůŝĐĂŶĚƉƌŝǀĂƚĞ͘ ŵĂƌŐĞŶƉĂƌĂŶƵĞǀĂƐĐĂşĚĂƐ͘>ĂƐǀŝǀŝĞŶĚĂƐŝŶŝĐŝĂĚĂƐƌĞ- ƚƌŽĐĞĚĞŶƵŶŶƵĞǀŽϱϲ͕ϵй;ƐſůŽƐĞŝŶŝĐŝĂƌŽŶϴϮϭǀŝǀŝĞŶ- The investment capital in ĐŽŶƐƚƌƵĐƟŽŶ ĐŽŶƟŶƵĞƐ ƚŽ ĨĂůů͕ ĚĂƐĞŶϮϬϭϭ͕ĨƌĞŶƚĞĂůĂƐϮϭ͘ϲϱϰĚĞϮϬϬϳͿ͖ŵŝĞŶƚƌĂƐ ďĂƐŝĐĂůůLJŽŶƚŚĞƉƵďůŝĐƐŝĚĞ͕ŝŶĂĐŽŶƚĞdžƚŝŶǁŚŝĐŚƌĞƐŝĚĞŶƟĂů ƋƵĞůĂƐƚĞƌŵŝŶĂĚĂƐ͕ƋƵĞƌĞƐƉŽŶĚĞŶĂĞũĞĐƵĐŝŽŶĞƐĚĞ building has almost no room for further drops. Dwellings ŽďƌĂĂŶƚĞƌŝŽƌĞƐĂůĂĐƌŝƐŝƐ͕ǀƵĞůǀĞŶĂƌĞĚƵĐŝƌƐĞƵŶϰϯ͕ϵ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƟŽŶ ƌĞĐĞĚĞĚ ďLJ Ă ĨƵƌƚŚĞƌ ϱϲ͘ϵй ;ŽŶůLJ ϴϮϭ ƉŽƌĐŝĞŶƚŽ͘ŶĞƐƚĞĞƐĐĞŶĂƌŝŽ͕ůĂĚĞŵĂŶĚĂŝŶŵŽďŝůŝĂ- ĚǁĞůůŝŶŐƐ ŝŶ ϮϬϭϭ͕ ĂƐ ĐŽŵƉĂƌĞĚ ƚŽ Ϯϭ͕ϲϱϰ ŝŶ ϮϬϬϳͿ͕ ǁŚŝůĞ ƌŝĂĐŽŶƟŶƵſĚĞƉƌŝŵŝĚĂ͕ĐŽŵŽĚĞŵƵĞƐƚƌĂĞůŶƵĞǀŽƌĞ- ĮŶŝƐŚĞĚŚŽƵƐŝŶŐ͕ƚŚĂƚƌĞƐƉŽŶĚƐƚŽƉƌĞͲĐƌŝƐŝƐǁŽƌŬĞdžĞĐƵƟŽŶ͕ ƚƌŽĐĞƐŽĚĞůĂĐŽŵƉƌĂǀĞŶƚĂĚĞǀŝǀŝĞŶĚĂƐ͕ĚĞůϮϳ͕ϳƉŽƌ ĚƌŽƉƉĞĚĂŐĂŝŶďLJϰϯ͘ϵƉĞƌĐĞŶƚ͘/ŶƚŚŝƐƐĐĞŶĂƌŝŽ͕ƚŚĞŚŽƵƐŝŶŐ ĐŝĞŶƚŽ͖LJůĂĐŽŶƚƌĂĐĐŝſŶĚĞůƉƌĞĐŝŽĚĞůĂǀŝǀŝĞŶĚĂĚĞƵŶ demand remained depressed, as evidenced by the further ϱ͕ϬƉŽƌĐŝĞŶƚŽ͕ďĂũĂĚĂĂƷŶĞŶƉƌŽĐĞƐŽ͕ĂůƋƵĞĚĂƌƌĞĐŽ- ĚĞĐůŝŶĞŝŶƉƌŽƉĞƌƚLJƐĂůĞƐ;Ϯϳ͘ϳƉĞƌĐĞŶƚͿĂŶĚƚŚĞĐŽŶƚƌĂĐƟŽŶ ƌƌŝĚŽƉĂƌĂƵŶĚĞƐĐĞŶƐŽŵĄƐĂĐƵƐĂĚŽ͕ƉŽƌĞůĞĨĞĐƚŽĚĞ ŝŶ ŚŽƵƐŝŶŐ ƉƌŝĐĞƐ ŽĨ ϱ͘Ϭ ƉĞƌ ĐĞŶƚ͘ /ƚ ŝƐ Ă ĚĞĐƌĞĂƐĞ ƐƟůů ŝŶ

94 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ůĂƐƌĞĨŽƌŵĂƐĮŶĂŶĐŝĞƌĂƐĂƉƌŽďĂĚĂƐƉŽƌĞů'ŽďŝĞƌŶŽĞŶ los primeros meses de 2012.

ŶĞůŵŝƐŵŽƐĞŶƟĚŽƐĞĚĞƐĞŶǀƵĞůǀĞŶůŽƐŝŶĚŝĐĂĚŽƌĞƐ ĚĞŽďƌĂƉƷďůŝĐĂ͕ĞŶƚƌĞĞůůŽƐůĂůŝĐŝƚĂĐŝſŶŽĮĐŝĂů͕ƋƵĞƌĞ- ŐŝƐƚƌĂĚƵƌĂŶƚĞϮϬϭϭƐƵƋƵŝŶƚŽƌĞƚƌŽĐĞƐŽĐŽŶƐĞĐƵƟǀŽ͕ ĐŽŶƵŶĂĐĂşĚĂĚĞůϲϲ͕ϵƉŽƌĐŝĞŶƚŽ͘>ĂƉĂƌĂůŝnjĂĐŝſŶĚĞ ĐŽŶĐƵƌƐŽƐƉƷďůŝĐŽƐĞŶĞũĞĐƵĐŝſŶ͕ũƵŶƚŽĐŽŶůĂƉƌĄĐƟ- ĐĂŝŶĞdžŝƐƚĞŶĐŝĂĚĞŶƵĞǀŽƐƉƌŽLJĞĐƚŽƐĂĐŽƌƚŽLJŵĞĚŝŽ ƉůĂnjŽ͕ƐŝƚƷĂŶĂůƐĞĐƚŽƌĐŽŶƐƚƌƵĐƚŽƌĞŶƵŶĂƚĞƐŝƚƵƌĂŵƵLJ ƉƌŽĐĞƐƐ͕ ĂƐ ƚŚĞ ĞīĞĐƚ ŽĨ ĮŶĂŶĐŝĂů ƌĞĨŽƌŵƐ ƉĂƐƐĞĚ ďLJ ƚŚĞ ĐŽŵƉƌŽŵĞƟĚĂ͘>ĂŵĞŶŽƌůŝĐŝƚĂĐŝſŶƌĞƉĞƌĐƵƟƌĄĚŝƌĞĐ- government in early 2012 will make it fall even further. ƚĂŵĞŶƚĞƐŽďƌĞůĂĞƐƚƌƵĐƚƵƌĂĚĞůĂƐĞŵƉƌĞƐĂƐĚĞĞƐƚĞ The indicators of public works are undergoing a similar ƐĞĐƚŽƌ͕ƋƵĞ ƐĞ ǀĞƌĄŶ ĨŽƌnjĂĚĂƐ Ă ĂĐŽŵĞƚĞƌ ƉůĂŶĞƐ ĚĞ ƐŝƚƵĂƟŽŶ͕ ŝŶĐůƵĚŝŶŐ ŽĸĐŝĂů ƚĞŶĚĞƌƐ͕ ǁŚŝĐŚ ŝŶ ϮϬϭϭ ŚĂǀĞ ĂũƵƐƚĞ͕ƋƵĞŶĞĐĞƐĂƌŝĂŵĞŶƚĞŝŵƉůŝĐĂƌĄŶůĂĞŶĂũĞŶĂĐŝſŶ ƌĞĐŽƌĚĞĚ ƚŚĞŝƌ ĮŌŚ ĐŽŶƐĞĐƵƟǀĞ ĚĞĐƌĞĂƐĞ͕ ĨĂůůŝŶŐ ϲϲ͘ϵ ƉĞƌ ĚĞ ĂĐƟǀŽƐ ƉƌŽĚƵĐƟǀŽƐ LJ͕ ĐŽŶƐĞĐƵĞŶƚĞŵĞŶƚĞ͕ ƌĞĚƵĐ- cent. The paralysis of current public tenders, together with ciones en el empleo. the virtual absence of new projects in the short to medium Ŷ ĐŽŚĞƌĞŶĐŝĂ ĐŽŶ ůĂ ŵĞŶŽƌ ĚĞŵĂŶĚĂ ĐŽŶƐƚƌƵĐƚŽƌĂ ƚĞƌŵ͕ ƉůĂĐĞƐ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ƐĞĐƚŽƌ ŝŶ Ă ǀĞƌLJ ĚŝĸĐƵůƚ ĂůŽůĂƌŐŽĚĞϮϬϭϭ͕ƚĂŶƚŽƉƷďůŝĐĂĐŽŵŽƉƌŝǀĂĚĂ͕ĐĂĞŶ ĐŽŶƚĞdžƚ͘ dŚĞ ƌĞĚƵĐƟŽŶ ŝŶ ƚĞŶĚĞƌƐ ǁŝůů ĚŝƌĞĐƚůLJ ŝŵƉĂĐƚ ŽŶ ůĂƐ ŝŵƉŽƌƚĂĐŝŽŶĞƐ ĚĞ ŵĂƚĞƌŝĂůĞƐ ĚĞ ĐŽŶƐƚƌƵĐĐŝſŶ ƵŶ the structure of the companies in this sector, which will be ϭϯ͕ϴй͖ŵŝĞŶƚƌĂƐƋƵĞůĂƌĞĐĂƵĚĂĐŝſŶĚĞůŽƐŝŵƉƵĞƐƚŽƐ ĨŽƌĐĞĚƚŽƵŶĚĞƌƚĂŬĞĂĚũƵƐƚŵĞŶƚƉůĂŶƐͲŶĞĐĞƐƐĂƌŝůLJŝŶǀŽůǀŝŶŐ ĚĞdƌĂŶƐŵŝƐŝŽŶĞƐWĂƚƌŝŵŽŶŝĂůĞƐLJĐƚŽƐ:ƵƌşĚŝĐŽƐŽ- ƚŚĞƐĂůĞŽĨƉƌŽĚƵĐƟǀĞĂƐƐĞƚƐĂŶĚĐŽŶƐĞƋƵĞŶƚůLJƌĞĚƵĐƟŽŶƐŝŶ ĐƵŵĞŶƚĂĚŽƐ͕ƐĞŵŝŶŽƌĂĞŶƵŶϭϮ͕ϯƉŽƌĐŝĞŶƚŽ͘ employment.

ŶůŽƋƵĞƐĞƌĞĮĞƌĞĂůĂŝŶǀĞƌƐŝſŶĞŶďŝĞŶĞƐĚĞĞƋƵŝƉŽ͕ /ŶůŝŶĞǁŝƚŚƌĞĚƵĐĞĚĐŽŶƐƚƌƵĐƟŽŶĚĞŵĂŶĚ;ďŽƚŚƉƵďůŝĐĂŶĚ ĞƐƚŽƐŶŽĂƉƵŶƚĂŶƉƌĞĐŝƐĂŵĞŶƚĞĂůŽƉƟŵŝƐŵŽ͕ĚĂĚĂůĂ ƉƌŝǀĂƚĞͿ ŝŶ ϮϬϭϭ͕ ĐŽŶƐƚƌƵĐƟŽŶ ŵĂƚĞƌŝĂůƐ ŝŵƉŽƌƚƐ ĚƌŽƉƉĞĚ ƐŝƚƵĂĐŝſŶĚĞůĐůŝŵĂĞĐŽŶſŵŝĐŽŐĞŶĞƌĂů͘>ĂƌĞƐƚƌŝĐĐŝſŶ ďLJ ϭϯ͘ϴй͕ ǁŚŝůĞ dƌĂŶƐĨĞƌ dĂdž ĂŶĚ ^ƚĂŵƉ ƵƚLJ ƚĂdžĞƐ͕ ŚĂƐ ĚĞů ĐƌĠĚŝƚŽ͕ ůĂƐ ďĂũĂƐ ĞdžƉĞĐƚĂƟǀĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ͕ ůĂ ĚĞĐƌĞĂƐĞĚďLJϭϮ͘ϯƉĞƌĐĞŶƚ͘ ŵĞŶŽƌ ƵƟůŝnjĂĐŝſŶ ĚĞ ůŽƐ ŝŶĐĞŶƟǀŽƐ Z&͕ůĂ ĚĞďŝůŝĚĂĚ ĚĞů ĐŽŶƐƵŵŽ͕ Ğů ĞůĞǀĂĚŽ ŶŝǀĞů ĚĞ ŝŶŵŽǀŝůŝnjĂĚŽ ŽĐŝŽ- tŝƚŚ ƌĞŐĂƌĚ ƚŽ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĞƋƵŝƉŵĞŶƚ͕ ƚŚĞ ŶĞǁƐ ŝƐ ŶŽƚ ƐŽ͕ŽůĂƉƌŽŐƌĞƐŝǀĂĚĞƐƚƌƵĐĐŝſŶĚĞůƚĞũŝĚŽĞŵƉƌĞƐĂƌŝĂů͕ ĞdžĂĐƚůLJŐŽŽĚŐŝǀĞŶƚŚĞŐĞŶĞƌĂůĞĐŽŶŽŵŝĐĐůŝŵĂƚĞƐŝƚƵĂƟŽŶ͘ ĐŽŶĚŝĐŝŽŶĂŶĚĞŵĂŶĞƌĂĚĞĐŝƐŝǀĂƐƵĞǀŽůƵĐŝſŶ͘ dŚĞĐƌĞĚŝƚĐƌƵŶĐŚ͕ƚŚĞůŽǁĞƌďƵƐŝŶĞƐƐĞdžƉĞĐƚĂƟŽŶƐ͕ƚŚĞůŽǁĞƌ ƵƐĞŽĨZ&ŝŶĐĞŶƟǀĞƐ͕ƚŚĞǁĞĂŬĐŽŶƐƵŵƉƟŽŶ͕ƚŚĞŚŝŐŚůĞǀĞů ƵŶƋƵĞƐĞĐƵĞŶƚĂĐŽŶƉŽĐŽƐŝŶĚŝĐĂĚŽƌĞƐƌĞůĂƟǀŽƐĂůĂ ŽĨŝĚůĞĂƐƐĞƚƐ͕ŽƌƚŚĞƉƌŽŐƌĞƐƐŝǀĞĚĞƐƚƌƵĐƟŽŶŽĨƚŚĞďƵƐŝŶĞƐƐ ĞǀŽůƵĐŝſŶĚĞĞƐƚĞĂŐƌĞŐĂĚŽĂĞƐĐĂůĂƌĞŐŝŽŶĂů͕ůŽƐĚŝƐ- ŚĂǀĞĚĞĐŝƐŝǀĞůLJĚĞƚĞƌŵŝŶĞĚŝƚƐĞǀŽůƵƟŽŶ͘ ƉŽŶŝďůĞƐŶŽŝŶĚŝĐĂŶŵĞũŽƌşĂƐĞŶůĂŝŶǀĞƌƐŝſŶƉƌŽĚƵĐ- ƟǀĂ͕ĐŽŶůĂƐĂůǀĞĚĂĚĚĞĂƋƵĞůůĂƐŝŶǀĞƌƐŝŽŶĞƐƋƵĞŚĂŶ ůƚŚŽƵŐŚ ƚŚĞƌĞ ĂƌĞ ĨĞǁ ĞǀŽůƵƟŽŶ ŝŶĚŝĐĂƚŽƌƐ ŽĨ ƚŚŝƐ ƉŽĚŝĚŽĂĐŽŵĞƚĞƌƐĞƉĂƌĂĚĂƌĐŽďĞƌƚƵƌĂĂůĂƐŵĂLJŽƌĞƐ aggregate at a regional level, those available indicate no ŶĞĐĞƐŝĚĂĚĞƐĚĞĂĐƟǀŽƐ͕ƉƌŽĚƵĐƚŽĚĞůĂĞǀĞŶƚƵĂůƐƵďŝ- ŝŵƉƌŽǀĞŵĞŶƚŝŶƉƌŽĚƵĐƟǀĞŝŶǀĞƐƚŵĞŶƚ͕ǁŝƚŚƚŚĞĞdžĐĞƉƟŽŶ ĚĂĚĞůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂ͘ of those investments that have been undertaken to cover the ŝŶĐƌĞĂƐĞĚŶĞĞĚƐŽĨĂĐƟǀĞƉƌŽĚƵĐƚĨŽƌƚŚĞƉŽƐƐŝďůĞƌŝƐĞƐŝŶƚŚĞ - Ɛş͕ĞůşŶĚŝĐĞĚĞƉƌŽĚƵĐĐŝſŶĚĞďŝĞŶĞƐĚĞĞƋƵŝƉŽŝŶƚĞƌ ŝŶŇƵdžŽĨƚŽƵƌŝƐƚƐ͘ ŵĞĚŝŽƐĐŽŶƚĂďŝůŝnjĂĞŶϮϬϭϭƵŶŶƵĞǀŽĚĞƐĐĞŶƐŽŝŶƚĞ- ƌĂŶƵĂůĚĞůϰ͕ϬƉŽƌĐŝĞŶƚŽ͖ŵŝĞŶƚƌĂƐƋƵĞůĂĂĚƋƵŝƐŝĐŝſŶ dŚƵƐ͕ ƚŚĞ ƌĂƚĞ ŽĨ ŝŶƚĞƌŵĞĚŝĂƚĞ ŐŽŽĚƐ ƉƌŽĚƵĐƟŽŶ ƐŚŽǁĞĚ ĚĞǀĞŚşĐƵůŽƐĚĞƵƐŽƉƌŽĨĞƐŝŽŶĂůĂƵŵĞŶƚĂŶĞŶƵŶϭϯ͕ϱ ŝŶϮϬϭϭĂŶĞǁLJĞĂƌͲƚŽͲLJĞĂƌĚĞĐƌĞĂƐĞŽĨϰ͘ϬƉĞƌĐĞŶƚ͕ǁŚŝůĞ ƉŽƌĐŝĞŶƚŽ͕ƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌĞůƌĞƐƵůƚĂĚŽĚĞůŽƐǀĞ- ƚŚĞƉƵƌĐŚĂƐĞŽĨĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞƐŝŶĐƌĞĂƐĞĚďLJϭϯ͘ϱƉĞƌ ŚşĐƵůŽƐĞŶĂůƋƵŝůĞƌ͕ƋƵĞĂƵŵĞŶƚĂŶϭϳ͕ϰйƚƌĂƐůĂƌĞŶŽ- cent, primarily as a result of vehicle rental, which increased

95 CONCLUSIONES CONCLUSIONS 2011

ǀĂĐŝſŶĚĞƉĂƌƚĞĚĞůĂŇŽƚĂĚĞĂůƋƵŝůĞƌ͕ƋƵĞƐĞŚĂďşĂ ĂƉůĂnjĂĚŽĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂĐĂşĚĂƚƵƌşƐƟĐĂĚĞ años anteriores.

^ĞƚƌĂƚĂ͕ĞŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ĚĞƵŶƌĞƐƵůƚĂĚŽĐŽLJƵŶƚƵƌĂů LJŵƵLJǀŝŶĐƵůĂĚŽĂůŽƐŵĂLJŽƌĞƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐƚƵƌşƐƟ- ĐŽƐ͕ĐŽŵŽƉƌƵĞďĂĞůƌĞƐƵůƚĂĚŽĚĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞ ϮϬϭϮ͕ĞŶĞůƋƵĞůŽƐǀĞŚşĐƵůŽƐƉƌŽĨĞƐŝŽŶĂůĞƐǀƵĞůǀĞŶĂ ϭϳ͘ϰйĂŌĞƌƚŚĞƌĞŶĞǁĂůŽĨƚŚĞƌĞŶƚĂůŇĞĞƚ͕ǁŚŝĐŚŚĂĚďĞĞŶ ĚĞƐƉůŽŵĂƌƐĞĐŽŶĨƵĞƌnjĂ͕ƵŶϰϭ͕ϮƉŽƌĐŝĞŶƚŽ͘ postponed due to the fall in tourism in previous years.

>Ă ĚĞĮĐŝĞŶƚĞ ĞǀŽůƵĐŝſŶ ĚĞ ůĂ ĚĞŵĂŶĚĂ ŝŶƚĞƌŶĂ ĨƵĞ It is, in any case, a very cyclical result and it is linked to the compensada por la demanda exterior͕ ĐƵLJĂ ĂƉŽƌƚĂ- ŵĂũŽƌƚŽƵƌŝƐƚƌĞƋƵŝƌĞŵĞŶƚƐ͕ĂƐĞǀŝĚĞŶĐĞĚďLJƚŚĞƌĞƐƵůƚƐŽĨ ĐŝſŶƉŽƐŝƟǀĂĂůĐƌĞĐŝŵŝĞŶƚŽƌĞƐƵůƚĂĐůĂǀĞĞŶĞůƌĞƐƵů- ƚŚĞĮƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϮ͕ŝŶǁŚŝĐŚĐŽŵŵĞƌĐŝĂůǀĞŚŝĐůĞƐĂŐĂŝŶ ƚĂĚŽĚĞϮϬϭϭ͕ƉŽƌůĂǀşĂĚĞĐŽŶƐƵŵŽŶŽƌĞƐŝĚĞŶƚĞLJůĂ ĚƌŽƉƉĞĚƐŝŐŶŝĮĐĂŶƚůLJďLJϰϭ͘ϮƉĞƌĐĞŶƚ͘ ĞdžƉŽƌƚĂĐŝſŶĚĞƐĞƌǀŝĐŝŽƐ͕ŐƌĂĐŝĂƐĂůĂŵĞũŽƌşĂƚƵƌşƐƟĐĂ͘ dŚĞ ƉŽŽƌ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ĚŽŵĞƐƟĐ ĚĞŵĂŶĚ ǁĂƐ ŽīƐĞƚ ďLJ >ĂĞǀŽůƵĐŝſŶĚĞůĂďĂůĂŶnjĂĐŽƌƌŝĞŶƚĞĚĞĂŶĂƌŝĂƐ͕ĞƐƚŽ ĨŽƌĞŝŐŶĚĞŵĂŶĚ͕ǁŚŽƐĞƉŽƐŝƟǀĞĐŽŶƚƌŝďƵƟŽŶƚŽŐƌŽǁƚŚŝƐŬĞLJ ĞƐ͕ĞůďĂůĂŶĐĞĚĞůŽƐŝŶƚĞƌĐĂŵďŝŽƐĚĞƐĞƌǀŝĐŝŽƐĞŶƚƌĞĞů ƚŽƚŚĞŽƵƚĐŽŵĞŽĨϮϬϭϭ͕ƚŚƌŽƵŐŚŶŽŶͲƌĞƐŝĚĞŶƚĐŽŶƐƵŵƉƟŽŶ ƌĐŚŝƉŝĠůĂŐŽLJĞdžƚĞƌŝŽƌ͕ĐƌĞĐĞŶƐŝŐŶŝĮĐĂƟǀĂŵĞŶƚĞƉŽƌ ĂŶĚƐĞƌǀŝĐĞƐĞdžƉŽƌƟŶŐ͕ƚŚĂŶŬƐƚŽƚŚĞŝŵƉƌŽǀĞĚƚŽƵƌŝƐŵ͘ ůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂ͘ dŚĞĞǀŽůƵƟŽŶŽĨƚŚĞĂŶĂƌLJƵƌƌĞŶƚĂůĂŶĐĞ͕/͘Ğ͘ƚŚĞďĂůĂŶĐĞ balanza comercial ŶĐƵĂŶƚŽĂůĂ ͕ĞůďƵĞŶƌĞƐƵůƚĂĚŽ of trade in services between the Canary Islands and abroad, ƚƵƌşƐƟĐŽĐŽŶƚƌŝďƵLJſĂĂŵŽƌƟŐƵĂƌĞůƌĞƚƌŽĐĞƐŽĚĞůĂƐ ŚĂƐŐƌŽǁŶƐŝŐŶŝĮĐĂŶƚůLJƚŚĂŶŬƐƚŽŝŶĐŽŵŝŶŐƚŽƵƌŝƐƚƐ͘ ŝŵƉŽƌƚĂĐŝŽŶĞƐ͕ƋƵĞĐĂĞŶƐŽůŽƵŶϬ͕ϯй͖ŵŝĞŶƚƌĂƐƋƵĞ ůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĐƌĞĐĞŶƵŶϯ͕ϯƉŽƌĐŝĞŶƚŽ͘ŽŶĞƐƚĞ As for the ƚƌĂĚĞďĂůĂŶĐĞ, the success in tourism helped to ƌĞƐƵůƚĂĚŽ͕ƐĞƌĞĚƵĐĞůĂƉŽƐŝĐŝſŶĚĞĮĐŝƚĂƌŝĂĚĞůĂĞĐŽ- ĐƵƐŚŝŽŶƚŚĞĨĂůůŝŶŝŵƉŽƌƚƐ͕ĨĂůůŝŶŐŽŶůLJϬ͘ϯй͕ǁŚŝůĞĞdžƉŽƌƚƐ ŶŽŵşĂĐĂŶĂƌŝĂĞŶϭϱϯŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕ƵŶϭ͕ϰйŵĞ- ŐƌĞǁďLJϯ͘ϯƉĞƌĐĞŶƚ͘tŝƚŚƚŚŝƐƌĞƐƵůƚ͕ƚŚĞĚĞĮĐŝƚƉŽƐŝƟŽŶŽĨ ŶŽƐƋƵĞĞŶϮϬϭϬ͕ƐŝďŝĞŶůĂĞƐƚƌƵĐƚƵƌĂĚĞůĂďĂůĂŶnjĂ ƚŚĞĂŶĂƌLJĞĐŽŶŽŵLJŚĂƐĨĂůůĞŶƚŽϭϱϯŵŝůůŝŽŶ ĞƵƌŽƐ͕ϭ͘ϰй


 
 

  



  
  
 



 
 


 
 






 




 

  
       

 
  

  
  
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 Tabla 3.10 Table 3.10

96 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ĐŽŵĞƌĐŝĂůĐĂŶĂƌŝĂĐŽŶƟŶƷĂƐŝĞŶĚŽŵĂƌĐĂĚĂŵĞŶƚĞĚĞ- ĮĐŝƚĂƌŝĂ͘

>ĂƐ/ƐůĂƐĂŶĂƌŝĂƐŝŵƉŽƌƚĂƌŽŶ͕ĚƵƌĂŶƚĞϮϬϭϭ͕ƉƌŽĚƵĐ- ƚŽƐƉŽƌǀĂůŽƌĚĞϭϰ͘ϬϳϰŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕ƐƵƉĞƌĂŶĚŽ ĂƐş͕ĞŶĂůŐŽŵĄƐĚĞĐƵĂƚƌŽǀĞĐĞƐĂůǀĂůŽƌĂĐŝſŶĚĞƐƵƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ͕ĐŝĨƌĂĚĂĞŶůŽƐϯ͘ϯϱϳŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͘

EŽ ŽďƐƚĂŶƚĞ͕ ŚĂ ĚĞ ǀĂůŽƌĂƌƐĞ ƉŽƐŝƟǀĂŵĞŶƚĞ Ğů ďƵĞŶ ƌĞƐƵůƚĂĚŽ ĚĞ ůĂƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ͕ ƋƵĞ ƐĞ ƉƌŽĚƵĐĞ ĞŶ ĞƐĞŶĐŝĂƉŽƌƵŶĂƵŵĞŶƚŽĚĞůŽƐĞŶǀşŽƐĂůĞdžƚĞƌŝŽƌŵĞ- ĚŝĂŶƚĞŐƌƵƉĂũĞƐ;ĐŽŶũƵŶƚŽŚĞƚĞƌŽŐĠŶĞŽĚĞƉƌŽĚƵĐƚŽƐ less than in 2010, although the structure of the Canary trade ĞŶ ƵŶĂ ŵŝƐŵĂ ƉĂƌƟĚĂͿ͕ ĐƵLJŽ ŝŶĐƌĞŵĞŶƚŽ ĂůĐĂŶnjĂ Ğů ďĂůĂŶĐĞƌĞŵĂŝŶƐŵĂƌŬĞĚůLJĚĞĮĐŝĞŶƚ͘ Ϯϳ͕ϴй͕ϭϱϮŵŝůůŽŶĞƐĚĞĞƵƌŽƐŵĄƐƋƵĞĞŶϮϬϭϬ͖LJ͕ĞŶ menor medida, por el crecimiento de las exportacio- dŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ŝŵƉŽƌƚĞĚ ŐŽŽĚƐ ǁŽƌƚŚ ϭϰ͕Ϭϳϰ ŵŝůůŝŽŶ ŶĞƐĚĞƉƌŽĚƵĐƚŽƐƉĞƚƌŽůşĨĞƌŽƐ͕ƋƵĞĐƌĞĐĞŶƵŶϴ͕ϳй͕ϵϱ ĞƵƌŽƐ͕ ũƵƐƚ ŽǀĞƌ ĨŽƵƌ ƟŵĞƐ ƚŚĞ ǀĂůƵĞ ŽĨ ƚŚĞŝƌ ĞdžƉŽƌƚƐ͕ ŵŝůůŽŶĞƐĚĞĞƵƌŽƐŵĄƐ͕ĞŶƵŶĐŽŶƚĞdžƚŽĚĞŵĂLJŽƌǀĂůŽ- ĞƐƟŵĂƚĞĚĂƚϯ͕ϯϱϳŵŝůůŝŽŶĞƵƌŽƐ͘ ƌĂĐŝſŶŵŽŶĞƚĂƌŝĂĚĞĞƐƚĂƐƉƌŽĚƵĐĐŝŽŶĞƐ͘ However, the good exports performance must be assessed El crecimiento de las cifras de comercio exterior en ƉŽƐŝƟǀĞůLJ͘/ƚŝƐĞƐƐĞŶƟĂůůLJĚƵĞƚŽƚŚĞŝŶĐƌĞĂƐĞŝŶƐŚŝƉŵĞŶƚƐ ŵĂƚĞƌŝĂĚĞŐƌƵƉĂũĞƐƉŽĚƌşĂĞƐƚĂƌƌĞǀĞůĂŶĚŽƵŶĂŵĂLJŽƌ ĂďƌŽĂĚ ďLJ ůŽƚƐ͕ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ǁŚŝĐŚ ƌĞĂĐŚĞĚ Ϯϳ͘ϴй͕ ϭϱϮ orientación de las empresas canarias hacia el mercado million more than in 2010, and to a lesser extent, by the ĞdžƚĞƌŝŽƌ͘ƵŶƋƵĞĞƐƚĂŵĞũŽƌşĂƌĞƐƵůƚĂĂƷŶŝŶĐŝƉŝĞŶƚĞ͕LJ growth in exports of petroleum products, which grew by ƉŽĐŽƐŝŐŶŝĮĐĂƟǀĂĞŶĞůĐŽŶƚĞdžƚŽĚĞůĂĞĐŽŶŽŵşĂĐĂŶĂ- ϴ͘ϳй͕ ŵŽƌĞ ƚŚĂŶ ϵϱ ŵŝůůŝŽŶ ĞƵƌŽƐ͕ ŝŶ Ă ĐŽŶƚĞdžƚ ŽĨ ŐƌĞĂƚĞƌ ƌŝĂĞŶƐƵĐŽŶũƵŶƚŽ͕ƐƵƉŽŶĚƌşĂƵŶƉƌŝŵĞƌƉĂƐŽĚĂĚŽƉŽƌ ŵŽŶĞƚĂƌLJǀĂůƵĞŽĨƚŚĞƐĞƉƌŽĚƵĐƟŽŶƐ͘ ůĂƐWLJŵĞƐĚĞůƌĐŚŝƉŝĠůĂŐŽĞŶƐƵŶĞĐĞƐĂƌŝĂŽƌŝĞŶƚĂĐŝſŶ hacia los mercados exteriores. dŚĞŐƌŽǁƚŚŽĨĨŽƌĞŝŐŶƚƌĂĚĞĮŐƵƌĞƐŽŶůŽƚƐŵĂLJďĞƌĞǀĞĂůŝŶŐ more guidance from local businesses to foreign markets. ůŝŶĐƌĞŵĞŶƚŽĚĞůŽƐŐƌƵƉĂũĞƐĐŽŵƉĞŶƐĂƌşĂĞůƌĞƚƌŽĐĞ- ůƚŚŽƵŐŚƚŚŝƐŝŵƉƌŽǀĞŵĞŶƚŝƐƐƟůůŝŶŝƚƐŝŶĨĂŶĐLJ͕ĂŶĚŝƚŝƐŶŽƚ ƐŽĚĞůĂƐƉĂƌƟĚĂƐĂŐƌşĐŽůĂƐ͕ĐŽŶƵŶƉĞƐŽƚƌĂĚŝĐŝŽŶĂů- ƐŝŐŶŝĮĐĂŶƚŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞĂŶĂƌLJĞĐŽŶŽŵLJĂƐĂǁŚŽůĞ͕ ŵĞŶƚĞƐŝŐŶŝĮĐĂƟǀŽĞŶĞůĐŽŶƚĞdžƚŽĞdžƉŽƌƚĂĚŽƌĐĂŶĂƌŝŽ͘ ŝƚǁŽƵůĚďĞĂĮƌƐƚƐƚĞƉƚĂŬĞŶďLJƚŚĞĂŶĂƌLJ^DƐŝŶƚŚĞŝƌ ƵƌĂŶƚĞ ϮϬϭϭ͕ ůĂ ƉĂƌƟĚĂ ͞ĨƌƵƚŽƐ ĐŽŵĞƐƟďůĞƐ͕͟ ƋƵĞ ŶĞĐĞƐƐĂƌLJŽƌŝĞŶƚĂƟŽŶŝŶĨŽƌĞŝŐŶŵĂƌŬĞƚƐ͘ ĐŽŶƟĞŶĞĂůƉůĄƚĂŶŽ͕ƐƵĨƌĞƵŶƌĞƚƌŽĐĞƐŽĚĞůϰϴ͕ϳй͕ϭϬϬ ŵŝůůŽŶĞƐĚĞĞƵƌŽƐƉŽƌĚĞďĂũŽĚĞůǀŽůƵŵĞŶĞdžƉŽƌƚĂĚŽ dŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ůŽƚƐ ǁŽƵůĚ ŽīƐĞƚ ƚŚĞ ĨĂůů ŝŶ ĂŐƌŝĐƵůƚƵƌĂů ĞŶϮϬϭϬ͕ŵŝĞŶƚƌĂƐƋƵĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞƉƌŽĚƵĐ- ŝƚĞŵƐ͕ ǁŝƚŚ ƚŚĞŝƌ ƚƌĂĚŝƟŽŶĂůůLJ ƐŝŐŶŝĮĐĂŶƚ ǁĞŝŐŚƚ ŝŶ ƚŚĞ ƚŽƐƉĞƐƋƵĞƌŽƐĐĂĞŶĞŶƵŶϯϬ͕ϯй͕ƵŶŽƐϱϬŵŝůůŽŶĞƐĚĞ ĂŶĂƌLJĞdžƉŽƌƚĞƌĐŽŶƚĞdžƚ͘ƵƌŝŶŐϮϬϭϭ͕ƚŚĞŝƚĞŵ͞ĞĚŝďůĞĨƌƵŝƚ͟ ĞƵƌŽƐ͘ ĐŽŶƚĂŝŶŝŶŐ ďĂŶĂŶĂƐ͕ ƐƵīĞƌĞĚ Ă ϰϴ͘ϳй ĚĞĐůŝŶĞ ;ϭϬϬ ŵŝůůŝŽŶ ĞƵƌŽƐďĞůŽǁƚŚĞǀŽůƵŵĞĞdžƉŽƌƚĞĚŝŶϮϬϭϬͿ͕ǁŚŝůĞƚŚĞĞdžƉŽƌƚƐ - Ğů ůĂĚŽ ĚĞ ůĂƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ͕ ƌĞƐƵůƚĂ ƚĂŵďŝĠŶ ůůĂ ŽĨĮƐŚƉƌŽĚƵĐƚƐĨĞůůďLJϯϬ͘ϯй;ĂďŽƵƚϱϬŵŝůůŝŽŶĞƵƌŽƐͿ͘ ŵĂƟǀĂůĂĞǀŽůƵĐŝſŶĚĞůĂƉĂƌƟĚĂƋƵĞŝŶĐŽƌƉŽƌĂĂůŽƐ ŵĞƚĂůĞƐƉƌĞĐŝŽƐŽƐ͕ƋƵĞŵƵĞƐƚƌĂƵŶƌĄƉŝĚŽĐƌĞĐŝŵŝĞŶƚŽ KŶƚŚĞĞdžƉŽƌƚƐŝĚĞ͕ƚŚĞĞǀŽůƵƟŽŶŽĨƐŚŝƉŵĞŶƚƐŝŶĐŽƌƉŽƌĂƟŶŐ ĂůŽůĂƌŐŽĚĞůĂĐƌŝƐŝƐ͘ƵƌĂŶƚĞĞůƷůƟŵŽĂŹŽ͕ůĂƐĞdž- precious metals, showing rapid growth throughout the ƉŽƌƚĂĐŝŽŶĞƐĚĞƐĚĞĂŶĂƌŝĂƐĚĞĞƐƚĞƟƉŽĚĞďŝĞŶĞƐƐĞ crisis, is also remarkable. During the last year, the exports ŝŶĐƌĞŵĞŶƚĂĞŶƵŶϭϭϭ͕ϲй͕ϵϬ͕ϮŵŝůůŽŶĞƐĚĞĞƵƌŽƐŵĄƐ of this type of goods from the Canary Islands increased by ƋƵĞĞŶĞůĂŹŽĂŶƚĞƌŝŽƌ͖ƌĞŐŝƐƚƌĂŶĚŽĚĞƐĚĞĞůŝŶŝĐŝŽĚĞ ϭϭϭ͘ϲй͕ϵϬ͘ϮŵŝůůŝŽŶĞƵƌŽƐŵŽƌĞƚŚĂŶŝŶƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ ůĂ ĐƌŝƐŝƐ ;ϮϬϬϳͲϮϬϭϭͿ ƵŶ ĂǀĂŶĐĞ ŵƵLJ ĚĞƐƚĂĐĂĚŽ͕ ĚĞů ƌĞĐŽƌĚŝŶŐĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞĐƌŝƐŝƐ;ϮϬϬϳͲϮϬϭϭͿĂǀĞƌLJ ϯ͘ϱϴϮ͕ϭй͕ϭϲϲ͕ϯŵŝůůŽŶĞƐĚĞĞƵƌŽƐŵĄƐ͘ ƉƌŽŵŝŶĞŶƚĂĚǀĂŶĐĞŽĨϯϱϴϮ͘ϭй͕ϭϲϲ͘ϯŵŝůůŝŽŶĞƵƌŽƐ͘

97 CONCLUSIONES CONCLUSIONS 2011

ŝĐŚĂĞǀŽůƵĐŝſŶƌĞƐƉŽŶĚĞĂůĂĐŽŶũƵŶĐŝſŶĚĞĚŽƐĨĂĐ- ƚŽƌĞƐ͖ĚĞƵŶůĂĚŽ͕ƐĞĞdžƉĞƌŝŵĞŶƚĂůĂĂƉĂƌŝĐŝſŶĚĞƵŶ ŶƵĞǀŽĨĞŶſŵĞŶŽ͕ůĂƐǀĞŶƚĂƐĂůĞdžƚĞƌŝŽƌĚĞŽƌŽ;ŶŽƐĞ ƌĞŐŝƐƚƌĂďĂŶ ĞdžƉŽƌƚĂĐŝŽŶĞƐ ĚĞ ĞƐƚĞ ƟƉŽ ŚĂƐƚĂ ϮϬϬϴͿ͕ ƋƵĞŚĂƐƵƉƵĞƐƚŽůĂƐĂůŝĚĂĚĞϲϬ͕ϳŵŝůůŽŶĞƐĚĞĞƵƌŽƐ ĚĞĞƐƚĞŵĞƚĂůƉƌĞĐŝŽƐŽĚƵƌĂŶƚĞůŽƐƚƌĞƐƷůƟŵŽƐĂŹŽƐ͕ dŚŝƐ ĞǀŽůƵƟŽŶ ƌĞŇĞĐƚƐ ƚŚĞ ĐŽŵďŝŶĂƟŽŶ ŽĨ ƚǁŽ ĨĂĐƚŽƌƐ͗ ŽŶ ŵƵLJĞƐƉĞĐŝĂůŵĞŶƚĞĞŶϮϬϭϬLJϮϬϭϭ͕ĐŽŶĮƌŵĂŶĚŽĞů the one hand, we have experienced the emergence of a new ĞƐƚĂĚŽĚĞĚĞŐƌĂĚĂĐŝſŶƉŽƌĞůƋƵĞĂƚƌĂǀŝĞƐĂůĂƌŝƋƵĞnjĂ ƉŚĞŶŽŵĞŶŽŶ͕ĨŽƌĞŝŐŶƐĂůĞƐŽĨŐŽůĚ;ŶŽƌĞĐŽƌĚĞĚĞdžƉŽƌƚƐŽĨ ƉĂƚƌŝŵŽŶŝĂůĚĞůĂƐĨĂŵŝůŝĂƐĚĞůƌĐŚŝƉŝĠůĂŐŽ͘ ƚŚŝƐƚLJƉĞƵŶƟůϮϬϬϴͿ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚĞĚϲϬ͘ϳŵŝůůŝŽŶŽĨƚŚĞ precious metal output during the last three years, especially >ĂŽƚƌĂƉĂƌƟĚĂƐŝŐŶŝĮĐĂƟǀĂĚĞŶƚƌŽĚĞĞƐƚĞĞƉşŐƌĂĨĞĞƐ ŝŶ ϮϬϭϬ ĂŶĚ ϮϬϭϭ͕ ĐŽŶĮƌŵŝŶŐ ƚŚĞ ƐƚĂƚƵƐ ŽĨ ĚĞŐƌĂĚĂƟŽŶ ůĂĐŽŵƉƵĞƐƚĂƉŽƌĞƐƉĞƌĚŝĐŝŽƐLJĚĞƐĞĐŚŽƐĚĞŵĞƚĂůĞƐ ƐƵīĞƌĞĚďLJƚŚĞƌŝĐŚŚĞƌŝƚĂŐĞŽĨƚŚĞĨĂŵŝůŝĞƐŽĨƚŚĞĂŶĂƌLJ ƉƌĞĐŝŽƐŽƐ͕ĐƵLJŽĐƌĞĐŝŵŝĞŶƚŽƌĞƐƵůƚĂĚĞůϮϯ͘ϲϰϲ͕ϲйĞŶ- Islands. ƚƌĞϮϬϬϳLJϮϬϭϭ;ϭϮϯŵŝůůŽŶĞƐŵĄƐͿ͕ĚĞďŝĚŽĂůĂƌĞĐƵ- ƉĞƌĂĐŝſŶĚĞŵĞƚĂůĞƐƉƌĞĐŝŽƐŽƐĂƉĂƌƟƌĚĞůŽƐƌĞƐŝĚƵŽƐ dŚĞŽƚŚĞƌƐŝŐŶŝĮĐĂŶƚŝƚĞŵƵŶĚĞƌƚŚŝƐŚĞĂĚŝŶŐŝƐŵĂĚĞƵƉŽĨ ŐĞŶĞƌĂĚŽƐƉŽƌĞƋƵŝƉŽƐĞůĞĐƚƌſŶŝĐŽƐ͘ waste and scrap of precious metals, the growth of which ƐƚŽŽĚ Ăƚ Ϯϯ͕ϲϰϲ͘ϲй ďĞƚǁĞĞŶ ϮϬϬϳ ĂŶĚ ϮϬϭϭ ;ŽǀĞƌ ϭϮϯ ŶĐƵĂŶƚŽĂůĂĞǀŽůƵĐŝſŶĚŝƐƉĂƌĚĞůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐ ŵŝůůŝŽŶͿ͕ĚƵĞƚŽƚŚĞƌĞĐŽǀĞƌLJŽĨƉƌĞĐŝŽƵƐŵĞƚĂůƐĨƌŽŵǁĂƐƚĞ - ƉŽƌĄŵďŝƚŽƐŐĞŽŐƌĄĮĐŽƐ͕ĞƐƚĂƌĞƐƉŽŶĚĞĂŵŽǀŝŵŝĞŶ ŐĞŶĞƌĂƚĞĚďLJĞůĞĐƚƌŽŶŝĐĞƋƵŝƉŵĞŶƚ͘ ƚŽƐĚĞƚƌĂƐǀĂƐĞĞŶůĂŝŵƉŽƌƚĂĐŝſŶĚĞƉƌŽĚƵĐƚŽƐƉĞƚƌŽůş- ĨĞƌŽƐĚĞƐĚĞƵŶĄƌĞĂŚĂĐŝĂŽƚƌĂ͘ĞĞƐƚĞŵŽĚŽ͕ůĂĐĂşĚĂ KŶ ƚŚĞ ƵŶĞǀĞŶ ŝŵƉŽƌƚƐ ĞǀŽůƵƟŽŶ ďLJ ŐĞŽŐƌĂƉŚŝĐĂů ƌĞŐŝŽŶ͕ de las importaciones provenientes del exterior de la ƚŚŝƐƌĞƐƉŽŶĚƐƚŽƐŚŝƉƉŝŶŐŵŽǀĞŵĞŶƚƐŝŶƚŚĞŝŵƉŽƌƚĂƟŽŶŽĨ hŶŝſŶƵƌŽƉĞĂ;Ͳϭϭ͕ϭйͿƐĞĐŽŵƉĞŶƐĂĐŽŶůŽƐŵĂLJŽ- petroleum products from one area to another. Thus, the ƌĞƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞĞƐƚŽƐƉƌŽĚƵĐƚŽƐĚĞƐĚĞĞůƌĞƐƚŽ ĚĞĐůŝŶĞŝŶŝŵƉŽƌƚƐĨƌŽŵŽƵƚƐŝĚĞƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ;ϭϭ͘ϭйͿ ĚĞůĂh;ϭϱ͕ϬйͿ͖ĞŶƵŶĐŽŶƚĞdžƚŽĞŶĞůƋƵĞůĂƐŝŵƉŽƌ- ŝƐ ŽīƐĞƚ ďLJ ƚŚĞ ŝŶĐƌĞĂƐĞĚ ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞƐĞ ƉƌŽĚƵĐƚƐ ƚĂĐŝŽŶĞƐ ŶĂĐŝŽŶĂůĞƐ ƐĞ ŵĂŶƟĞŶĞŶ ƉƌĄĐƟĐĂŵĞŶƚĞ ŝŶ- ĨƌŽŵƚŚĞƌĞƐƚŽĨƚŚĞh;ϭϱ͘ϬйͿ͕ŝŶĂĐŽŶƚĞdžƚǁŚĞƌĞŶĂƟŽŶĂů ǀĂƌŝĂďůĞƐ;ͲϬ͕ϳйͿ͘ƉĞƐĂƌĚĞĞƐƚŽƐŵŽǀŝŵŝĞŶƚŽƐ͕ůĂƐ ŝŵƉŽƌƚƐƌĞŵĂŝŶǀŝƌƚƵĂůůLJƵŶĐŚĂŶŐĞĚ;ͲϬ͘ϳйͿ͘ĞƐƉŝƚĞƚŚĞƐĞ

  
  
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98 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ŝŵƉŽƌƚĂĐŝŽŶĞƐĐŽŶƟŶƷĂŶŵƵLJĐŽŶĐĞŶƚƌĂĚĂƐĞŶƚŽƌŶŽ ĂůĄŵďŝƚŽŶĂĐŝŽŶĂů͕ĚĞůƋƵĞƉƌŽĐĞĚĞƵŶϲϲ͕ϰйĚĞŶƵĞƐ- tras compras en el exterior. movements, imports remain very concentrated around ŶĐƵĂŶƚŽĂůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐ͕ĐŽŶƵŶďĂůĂŶĐĞƉŽƐŝƟ- ŶĂƟŽŶĂůƉƌŽĚƵĐƚƐ͕ǁŚŝĐŚĐŽŶƐƟƚƵƚĞϲϲ͘ϰйŽĨŽƵƌƉƵƌĐŚĂƐĞƐ ǀŽĂůĐŝĞƌƌĞĚĞůĞũĞƌĐŝĐŝŽ;ϯ͕ϯйŝŶƚĞƌĂŶƵĂůͿ͕ĚĞƐƚĂĐĂĞů abroad. ĂƐĐĞŶƐŽĚĞůŽƐĞŶǀşŽƐŚĂĐŝĂƉĂşƐĞƐĨƵĞƌĂĚĞůĂhŶŝſŶ ƵƌŽƉĞĂ͕ƋƵĞĂƵŵĞŶƚĂŶƵŶϮϲ͕Ϯй͖ƉŽƌƵŶĂǀĂŶĐĞĚĞů ƐĨŽƌĞdžƉŽƌƚƐ͕ƚŚĞƉŽƐŝƟǀĞďĂůĂŶĐĞĂƚĞŶĚŽĨƚŚĞĮŶĂŶĐŝĂů ϭϰ͕ϮйĞŶůĂƐǀĞŶƚĂƐŚĂĐŝĂĞůŵĞƌĐĂĚŽĞƵƌŽƉĞŽ͕ƉƌŝŶĐŝ- LJĞĂƌ;ϯ͘ϯйLJĞĂƌͲƚŽͲLJĞĂƌͿ͕ŚŝŐŚůŝŐŚƚƐƚŚĞƌŝƐĞŝŶƐŚŝƉŵĞŶƚƐƚŽ ƉĂůĚĞƐƟŶŽĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĞŶ͞ŐƌƵƉĂũĞƐ͕͟ŵŝĞŶ- countries outside the European Union, which increased by ƚƌĂƐƋƵĞĐĂĞŶůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞƐƟŶĂĚĂƐĂůƌĞƐƚŽĚĞ Ϯϲ͘Ϯй͕ ĐŽŵƉĂƌĞĚ ƚŽ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϭϰ͕ Ϯй ŝŶ ƐĂůĞƐ ƚŽ ƚŚĞ ƐƉĂŹĂĞŶƵŶϮϯ͕ϲй͕ƉŽƌƵŶĂŵĞŶŽƌǀĞŶƚĂĚĞƉƌŽĚƵĐ- ƵƌŽƉĞĂŶ ŵĂƌŬĞƚ͕ ƚŚĞ ŵĂŝŶ ĚĞƐƟŶĂƟŽŶ ŽĨ ͞ůŽƚƐ͟ ĞdžƉŽƌƚƐ͕ ƚŽƐƉĞƚƌŽůşĨĞƌŽƐ͕ƉĞƌŽƚĂŵďŝĠŶƉŽƌůĂĞǀŽůƵĐŝſŶŶĞŐĂƟ- ǁŚŝůĞ ƚŚĞ ĞdžƉŽƌƚƐ ƚŽ ƚŚĞ ƌĞƐƚ ŽĨ ^ƉĂŝŶ ĨĞůů ďLJ Ϯϯ͘ϲй͕ ĚƵĞ ǀĂĚĞůƉůĄƚĂŶŽLJĚĞůŽƐƉƌŽĚƵĐƚŽƐƉĞƐƋƵĞƌŽƐ͘ to lower sales of petroleum products, but also due to the ŶĞŐĂƟǀĞĞǀŽůƵƟŽŶŽĨďĂŶĂŶĂĂŶĚĮƐŚƉƌŽĚƵĐƚƐ͘ Ŷ ĞƐƚĞ ŵĂƌĐŽ͕ ĐŽŶƟŶƷĂ ƌĞƐƵůƚĂŶĚŽ ĞƐƉĞĐŝĂůŵĞŶƚĞ ďĂũĂůĂƉƌĞƐĞŶĐŝĂĚĞĂŶĂƌŝĂƐĞŶůŽƐŵĞƌĐĂĚŽƐĂĨƌŝĐĂ- In this framework, the presence of the Canary Islands in the ŶŽƐ͘ƉĞƐĂƌĚĞŶƵĞƐƚƌĂĐĞƌĐĂŶşĂLJĚĞůĂƐƉŽƚĞŶĐŝĂůĞƐ African market remains especially low. Despite our proximity ǀĞŶƚĂũĂƐĐŽŵƉĞƟƟǀĂƐĐŽŶƋƵĞĐƵĞŶƚĂĂŶĂƌŝĂƐƉĂƌĂƐƵ ĂŶĚ ƚŚĞ ƉŽƚĞŶƟĂů ĐŽŵƉĞƟƟǀĞ ĂĚǀĂŶƚĂŐĞƐ ĨŽƌ ƚŚĞ ĂŶĂƌLJ ĚĞƐĂƌƌŽůůŽ͕ƚĂŶƐŽůŽƐƵƉŽŶĞŶĞůϳ͕ϵйĚĞůĂƐŝŵƉŽƌƚĂĐŝŽ- /ƐůĂŶĚƐ ĚĞǀĞůŽƉŵĞŶƚ͕ ŽŶůLJ ϳ͘ϵй ŽĨ ŝŵƉŽƌƚƐ ŽĨ ƚŚĞ ĂŶĂƌLJ ŶĞƐĚĞůƌĐŚŝƉŝĠůĂŐŽ;ĞŶƐƵŝŶŵĞŶƐĂŵĂLJŽƌşĂ͕ƉĞƚƌſůĞŽ /ƐůĂŶĚƐ;ƚŚĞǀĂƐƚŵĂũŽƌŝƚLJŽĨŽŝůĂŶĚŝƚƐĚĞƌŝǀĂƟǀĞƐͿ͕ĂŶĚϳ͘Ϯй LJƐƵƐĚĞƌŝǀĂĚŽƐͿ͕LJƵŶϳ͕ϮйĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐ͘ exports are present there.

 
 

  
 
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99 CONCLUSIONES CONCLUSIONS 2011

EŽŽďƐƚĂŶƚĞ͕ŚĂLJƋƵĞƉŽŶĞƌĚĞƌĞůŝĞǀĞĞůŶŽƚĂďůĞĐƌĞ- cimiento experimentado por las exportaciones cana- ƌŝĂƐŚĂĐŝĂĞůĐŽŶƟŶĞŶƚĞĂĨƌŝĐĂŶŽ͕ƋƵĞĂǀĂŶnjĂŶĚƵƌĂŶƚĞ ϮϬϭϭ͕ƵŶϮϬ͕ϴй͘ƐƚŽƐĐŽŶƟŶŐĞŶƚĞƐƐĞĐŽŵƉŽŶĞŶ͕ĨƵŶ- ĚĂŵĞŶƚĂůŵĞŶƚĞ͕ƉŽƌĞŶǀşŽƐĚĞŵĂƋƵŝŶĂƌŝĂ͕ƉƌŽĚƵĐƚŽƐ ĂůŝŵĞŶƚĂƌŝŽƐ ;ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ ƉĞƐƋƵĞƌŽƐͿ LJ ǀĞŚş- ĐƵůŽƐƚĞƌƌĞƐƚƌĞƐ͘

^ĞƚƌĂƚĂ͕ƉŽƌƚĂŶƚŽ͕ĚĞƵŶƌĞƐƵůƚĂĚŽƉŽƐŝƟǀŽ͕ƐŝďŝĞŶ ĂƷŶŵƵLJĂůĞũĂĚŽĚĞůƉŽƚĞŶĐŝĂůĞdžƉŽƌƚĂĚŽƌĚĞůƌĐŚŝ- However, we must highlight the remarkable growth ƉŝĠůĂŐŽŚĂĐŝĂůŽƐŵĞƌĐĂĚŽƐĂĨƌŝĐĂŶŽƐ͘ ĞdžƉĞƌŝĞŶĐĞĚďLJĂŶĂƌLJĞdžƉŽƌƚƐƚŽĨƌŝĐĂ͕ĂĚǀĂŶĐŝŶŐϮϬ͘ϴй ŝŶϮϬϭϭ͘dŚĞƐĞƋƵŽƚĂƐĂƌĞŵĂŝŶůLJ ĐŽŵƉŽƐĞĚďLJƐŚŝƉŵĞŶƚƐ hŶĂǀĞnjĂŶĂůŝnjĂĚŽĞůďĂůĂŶĐĞĚĞϮϬϭϭĚĞůƐĞĐƚŽƌĞdžƚĞ- ŽĨŵĂĐŚŝŶĞƌLJ͕ĨŽŽĚƉƌŽĚƵĐƚƐ;ŵĂŝŶůLJĮƐŚͿĂŶĚůĂŶĚǀĞŚŝĐůĞƐ͘ ƌŝŽƌĐĂŶĂƌŝŽ͕ĞůŚŽƌŝnjŽŶƚĞĚĞĨƵƚƵƌŽĚĞůĂƐďĂůĂŶnjĂƐĚĞ ďŝĞŶĞƐLJƐĞƌǀŝĐŝŽƐĚĞůĂĞĐŽŶŽŵşĂĐĂŶĂƌŝĂĞƐƚĂƌĄĐŽŶ- /ƚ ŝƐ ƚŚĞƌĞĨŽƌĞ Ă ƉŽƐŝƟǀĞ ƌĞƐƵůƚ͕ ĂůƚŚŽƵŐŚ ƐƟůů ĨĂƌ ĨƌŽŵ ƚŚĞ ĚŝĐŝŽŶĂĚŽƉŽƌůĂƉĠƌĚŝĚĂĚĞĨƵĞƌnjĂĚĞůƐĞĐƚŽƌĞdžƚĞƌŝŽƌ ƉŽƚĞŶƟĂůĞdžƉŽƌƚŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐŝŶƚŽĨƌŝĐĂŶŵĂƌŬĞƚƐ͘ ĚĞůůĂĚŽĚĞůŽƐƐĞƌǀŝĐŝŽƐ͕ƚƌĂƐůŽƐďƵĞŶŽƐƌĞƐƵůƚĂĚŽƐĚĞů Having analyzed the balance of 2011, the external canary ƷůƟŵŽ ĂŹŽ͕ Ăů ƌĞŵŝƟƌ ůŽƐ ĞĨĞĐƚŽƐ ƋƵĞ ĐŽŶĚŝĐŝŽŶĂƌŽŶ sector, the future horizon balances of goods and services we ƐƵƐƵďŝĚĂ͕ƌĞĐŽƌĚĂŵŽƐ͕ůĂĚĞƐĂƉĂƌŝĐŝſŶĚĞůĂƐďŽŶŝĮ- ĐĂŶƐĞĞƚŚĂƚƚŚĞ/ƐůĂŶĚƐ͛ĞĐŽŶŽŵLJŝƐĐŽŶĚŝƟŽŶĞĚďLJƚŚĞůŽƐƐŽĨ ĐĂĐŝŽŶĞƐƐŽďƌĞůĂƐƚĂƐĂƐĚĞĂĞƌŽƉƵĞƌƚŽLJĂƵŵĞŶƚŽĚĞ ƐƚƌĞŶŐƚŚŽĨƚŚĞĞdžƚĞƌŶĂůƐĞĐƚŽƌŽŶƚŚĞƐĞƌǀŝĐĞƐƐŝĚĞ͕ĂŌĞƌƚŚĞ ůĂĐŽŵƉĞƚĞŶĐŝĂĞdžƚĞƌŝŽƌ͕ƚƌĂƐĞůƉƌŽŐƌĞƐŝǀŽƌĞƐƚĂďůĞĐŝ- ƐƵĐĐĞƐƐŽĨƚŚĞƉĂƐƚLJĞĂƌďLJƌĞĨĞƌƌŝŶŐƚŚĞĞīĞĐƚƐĞŶĐŽƵŶƚĞƌĞĚ ŵŝĞŶƚŽĚĞůŽƐŵĞƌĐĂĚŽƐĚĞůŶŽƌƚĞĚĞĨƌŝĐĂ͘ŝĐŚĂĐĂş- during its ascent, as we have seen, the disappearance of ĚĂƉŽĚƌşĂƌĞƐƵůƚĂƌĂƷŶŵĄƐĂďƵůƚĂĚĂĚĞŵĂŶƚĞŶĞƌƐĞĞů ďŽŶƵƐĞƐŽŶĂŝƌƉŽƌƚƌĂƚĞƐĂŶĚŝŶĐƌĞĂƐĞĚĨŽƌĞŝŐŶĐŽŵƉĞƟƟŽŶ͕ ŝŶĐƌĞŵĞŶƚŽƉƌĞǀŝƐƚŽĞŶůĂƉƌĞƐŝſŶĮƐĐĂůĚĞůƌĐŚŝƉŝĠůĂ- ĨŽůůŽǁŝŶŐ ƚŚĞ ƉƌŽŐƌĞƐƐŝǀĞ ƌĞƐƚŽƌĂƟŽŶ ŽĨ ƚŚĞ EŽƌƚŚ ĨƌŝĐĂŶ ŐŽ͕ƋƵĞĐŽŵƉŝƚĞĞŶƵŶŵĞƌĐĂĚŽĂůƚĂŵĞŶƚĞĐŽŵƉĞƟƟ- markets. This decline could be even more weighty taking ǀŽLJŵƵLJƐĞŶƐŝďůĞĂĐƵĂůƋƵŝĞƌǀĂƌŝĂĐŝſŶĞŶůŽƐƉƌĞĐŝŽƐ͘ ŝŶƚŽĐŽŶƐŝĚĞƌĂƟŽŶƚŚĞƉƌŽũĞĐƚĞĚŝŶĐƌĞĂƐĞŝŶƚŚĞƚĂdžďƵƌĚĞŶŽĨ DŝĞŶƚƌĂƐ͕ ůĂ ĚĞŵĂŶĚĂ ŝŶƚĞƌŶĂ ƐĞŐƵŝƌĄ ƐƵƉĞĚŝƚĂĚĂ Ă ƚŚĞƌĐŚŝƉĞůĂŐŽ͕ĐŽŵƉĞƟŶŐŝŶĂŚŝŐŚůLJĐŽŵƉĞƟƟǀĞŵĂƌŬĞƚ͕ ƵŶĂƌĞĐƵƉĞƌĂĐŝſŶĐůĂƌĂĚĞůĂĂĐƟǀŝĚĂĚ͕ĐŽŵŽƉƌŝŵĞƌ ǁŚŝĐŚŝƐĂůƐŽǀĞƌLJƐĞŶƐŝƟǀĞƚŽĂŶLJĐŚĂŶŐĞŝŶƉƌŝĐĞƐ͘ ƉĂƐŽ ŶĞĐĞƐĂƌŝŽ ƉĂƌĂ Ğů ƉŽƐƚĞƌŝŽƌ ƌĞůĂŶnjĂŵŝĞŶƚŽ ĚĞů empleo en las Islas. DĞĂŶǁŚŝůĞ͕ ĚŽŵĞƐƟĐ ĚĞŵĂŶĚ ǁŝůů ĐŽŶƟŶƵĞ ƚŽ ďĞ ƐƵďũĞĐƚ ƚŽĂĐůĞĂƌƌĞĐŽǀĞƌLJŝŶĂĐƟǀŝƚLJ͕ĂƐƚŚĞĮƌƐƚƐƚĞƉŶĞĐĞƐƐĂƌLJƚŽ WŽƌůŽƋƵĞƐĞƌĞĮĞƌĞĂůŵĞƌĐĂĚŽůĂďŽƌĂů͕ƌĞƐƵůƚĂĞǀŝ- further revitalize employment in the Islands. ĚĞŶƚĞƋƵĞĞůƌĞĐƌƵĚĞĐŝŵŝĞŶƚŽĚĞůĂĐƌŝƐŝƐĂŶŝǀĞůŵƵŶ- ĚŝĂůĚƵƌĂŶƚĞĞůƷůƟŵŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭ͕ƚƌƵŶĐſůĂơ- As regards the ůĂďŽƵƌŵĂƌŬĞƚ, it is clear that the worsening of ŵŝĚĂƌĞĐƵƉĞƌĂĐŝſŶƋƵĞŚĂďşĂĐŽŵĞŶnjĂĚŽĂŵŽƐƚƌĂƌĞů ƚŚĞŐůŽďĂůĐƌŝƐŝƐŝŶƚŚĞůĂƐƚƋƵĂƌƚĞƌŽĨϮϬϭϭƐŵĂƐŚĞĚƚŚĞƟŵŝĚ ĞŵƉůĞŽĞŶĂŶĂƌŝĂƐĚƵƌĂŶƚĞĞůĂŹŽĂŶƚĞƌŝŽƌ͘ recovery that had begun to show in Canary employment during the previous year. ŶĞůƉĞƌŝŽĚŽĐŽŵƉƌĞŶĚŝĚŽĞŶƚƌĞĞůƐĞŐƵŶĚŽƐĞŵĞƐƚƌĞ ĚĞϮϬϭϬLJůĂƉƌŝŵĞƌĂŵŝƚĂĚĚĞϮϬϭϭ͕LJĞŶůşŶĞĂĐŽŶůĂ /ŶƚŚĞƉĞƌŝŽĚďĞƚǁĞĞŶƚŚĞƐĞĐŽŶĚŚĂůĨŽĨϮϬϭϬĂŶĚƚŚĞĮƌƐƚ ŵĞũŽƌĂĚĞůĂĚĞŵĂŶĚĂĚĞůƐĞĐƚŽƌƚƵƌşƐƟĐŽ͕ĞůĞŵƉůĞŽ half of 2011, and in line with the improvement in demand ĞŶĂŶĂƌŝĂƐŚĂďşĂĐŽŶƐĞŐƵŝĚŽĞŶĐĂĚĞŶĂƌŚĂƐƚĂĚŽƐƐĞ- in the tourism sector, employment in the Canaries had ŵĞƐƚƌĞƐĚĞĐƌĞĐŝŵŝĞŶƚŽƐĐŽŶƐĞĐƵƟǀŽƐ͕ĐŽŶĂƵŵĞŶƚŽƐ ŵĂŶĂŐĞĚƚŽůŝŶŬƚŽŐĞƚŚĞƌƚŽƚǁŽƐĞŵĞƐƚĞƌƐŽĨĐŽŶƐĞĐƵƟǀĞ ĞŶĞůŶƷŵĞƌŽĚĞŽĐƵƉĂĚŽƐƋƵĞĂůĐĂŶnjĂƌŽŶůŽƐϭϮ͘ϮϬϬ ŐƌŽǁƚŚ͕ǁŝƚŚŝŶĐƌĞĂƐĞƐŝŶƚŚĞŶƵŵďĞƌŽĨĂĐƟǀĞƉŽƉƵůĂƟŽŶ ĞĨĞĐƟǀŽƐ͕ĚƵƌĂŶƚĞϮϬϭϬ͕LJϭϭ͘ϳϬϬĚƵƌĂŶƚĞůĂƉƌŝŵĞƌĂ ƚŚĂƚƌĞĂĐŚĞĚϭϮ͕ϮϬϬƉĞŽƉůĞ͕ŝŶϮϬϭϬ͕ĂŶĚϭϭ͕ϳϬϬŝŶƚŚĞĮƌƐƚ mitad del año 2011. half of 2011.

100 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

EŽŽďƐƚĂŶƚĞ͕LJĐŽŶĐůƵŝĚŽĞůǀĞƌĂŶŽ͕ůŽƐĞĨĞĐƚŽƐĚĞůĂ ĐƌŝƐŝƐĚĞĚĞƵĚĂƐŽďĞƌĂŶĂŽďůŝŐĂďĂŶĂƌĞǀŝƐĂƌĂůĂďĂũĂ ůĂƐƉƌĞǀŝƐŝŽŶĞƐĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞƐĞŚĂďşĂŶĂĚĞůĂŶ- EĞǀĞƌƚŚĞůĞƐƐ͕ ƚŚĞ ƐƵŵŵĞƌ ĞŶĚĞĚ ĂŶĚ ƚŚĞ ĞīĞĐƚƐ ŽĨ ƚŚĞ ƚĂĚŽƉĂƌĂĞůĂŹŽϮϬϭϭ͕ĞŝŶĐůƵƐŽůĂƐƉƌĞǀŝƐƚĂƐŝŶŝĐŝĂů- sovereign debt crisis forced us to revise downwards the ŵĞŶƚĞƉĂƌĂĞůĂŹŽϮϬϭϮ͕ĂŹĂĚŝĞŶĚŽŶƵĞǀĂƐĚŝĮĐƵůƚĂ- ŐƌŽǁƚŚĨŽƌĞĐĂƐƚƐĨŽƌϮϬϭϭ;ĂŶĚĞǀĞŶƚŚŽƐĞŝŶŝƟĂůůLJƉůĂŶŶĞĚ ĚĞƐƉĂƌĂĂĐĐĞĚĞƌĂůĐƌĠĚŝƚŽLJŽďůŝŐĂŶĚŽĂƌĞĨŽƌnjĂƌůĂ ĨŽƌ ϮϬϭϮͿ ĂĚĚŝŶŐ ĨƵƌƚŚĞƌ ĚŝĸĐƵůƟĞƐ ƚŽ ĂĐĐĞƐƐ ĐƌĞĚŝƚ ĂŶĚ ƉŽůşƟĐĂĚĞĂũƵƐƚĞĚĞůŐĂƐƚŽƉƷďůŝĐŽ͘ strengthen policy forcing adjustment policy of public dŽĚŽĞůůŽŝŶĐŝĚşĂĞŶŵĂLJŽƌĞƐůŝŵŝƚĂĐŝŽŶĞƐƉĂƌĂŶƵĞƐƚƌĂ spending. ĚĞŵĂŶĚĂŝŶƚĞƌŶĂƋƵĞƚĞƌŵŝŶĂƌŽŶƌĞƉĞƌĐƵƟĞŶĚŽƐŽďƌĞ ĞůŵĞƌĐĂĚŽůĂďŽƌĂůĚĞŶƵĞƐƚƌŽƉĂşƐ͕LJƚĂŵďŝĠŶƐŽďƌĞĞů dŚŝƐ ŝŵƉĂĐƚĞĚ ŽŶ ƚŚĞ ŵĂũŽƌ ĐŽŶƐƚƌĂŝŶƚƐ ƚŽ ŽƵƌ ĚŽŵĞƐƟĐ ĚĞĂŶĂƌŝĂƐ͕ƌĞŐŝƐƚƌĂŶĚŽ͕ĞŶĂŵďŽƐĐĂƐŽƐ͕ĐĂşĚĂƐĞŶůĂ demand, which impacted on the labour market of our ŽĐƵƉĂĐŝſŶĚƵƌĂŶƚĞĞůƚƌĂŵŽĮŶĂůĚĞůĂŹŽ͘ country, and also on that of the Canary Islands, recording, ŝŶ ďŽƚŚ ĐĂƐĞƐ͕ ĨĂůůƐ ŝŶ ĞŵƉůŽLJŵĞŶƚ ĚƵƌŝŶŐ ƚŚĞ ĮŶĂů ƐƚƌĞƚĐŚ ŶƚĠƌŵŝŶŽƐĂŶƵĂůĞƐ͕LJƉĞƐĞĂůĂĐƌĞĂĐŝſŶĚĞĞŵƉůĞŽ of the year. ƋƵĞ ĞdžƉĞƌŝŵĞŶƚſ ŶƵĞƐƚƌĂ ĞĐŽŶŽŵşĂ Ăů ĐŽŵŝĞŶnjŽ ĚĞů ejercicio, la ŽĐƵƉĂĐŝſŶĞŶůĂƐ/ƐůĂƐĮŶĂůŵĞŶƚĞƌĞŐŝƐƚƌſ /ŶĂŶŶƵĂůƚĞƌŵƐ͕ĚĞƐƉŝƚĞƚŚĞũŽďĐƌĞĂƟŽŶƚŚĂƚŽƵƌĞĐŽŶŽŵLJ ƵŶĚĞƐĐĞŶƐŽĚĞůϭ͕Ϭй͕ůŽƋƵĞƐƵƉŽŶşĂůĂƉĠƌĚŝĚĂĞĨĞĐ- experienced at the beginning of the year, ĞŵƉůŽLJŵĞŶƚŝŶƚŚĞ ƟǀĂ ĚĞ ϳ͘ϳϬϬ ĞŵƉůĞŽƐ͕ ĞŶ ĐŽŵƉĂƌĂĐŝſŶ ĐŽŶ Ğů ĚĂƚŽ ĂŶĂƌLJ/ƐůĂŶĚƐĮŶĂůůLJƌĞĐŽƌĚĞĚĂĚĞĐƌĞĂƐĞŽĨϭ͘Ϭй, which ĞƐƟŵĂĚŽ ƉĂƌĂ ϮϬϭϬ͕ ĂƵŶƋƵĞ ĐĂďĞ ŵĂƟnjĂƌ ƋƵĞ ĞƐƚĂ ŵĞĂŶƚ ƚŚĞ ĞīĞĐƟǀĞ ůŽƐƐ ŽĨ ϳ͕ϳϬϬ ũŽďƐ͕ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĐĂşĚĂĚĞůĂŽĐƵƉĂĐŝſŶ͕ƌĞƐƵůƚſŵĄƐŵŽĚĞƌĂĚĂƋƵĞůĂ ĞƐƟŵĂƚĞĚ ĮŐƵƌĞƐ ĨŽƌ ϮϬϭϬ͕ ĂůƚŚŽƵŐŚ ŝƚ ƐŚŽƵůĚ ďĞ ĐůĂƌŝĮĞĚ ŽďƐĞƌǀĂĚĂĞŶĞůĐŽŶũƵŶƚŽĚĞůƐƚĂĚŽĚŽŶĚĞƐĞĞƐƟŵſ that this fall in employment was more moderate than that ƵŶĚĞƐĐĞŶƐŽĚĞůϯ͕ϯƉŽƌĐŝĞŶƚŽ͘ ŽďƐĞƌǀĞĚŝŶ^ƉĂŝŶĂƐĂǁŚŽůĞǁŚĞƌĞĂĚĞĐůŝŶĞŽĨϯ͘ϯƉĞƌĐĞŶƚ was recorded. En este contexto, ůĂƉŽďůĂĐŝſŶĂĐƟǀĂĞŶĂŶĂƌŝĂƐĞdž- ƉĞƌŝŵĞŶƚĂďĂ ƵŶ ŝŶĐƌĞŵĞŶƚŽ ƌĞůĂƟǀŽ ĚĞů ϭ͕ϴй͕ ƋƵĞ In this context,ƚŚĞǁŽƌŬŝŶŐƉŽƉƵůĂƟŽŶŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ ƐƵƉŽŶşĂůĂŝŶĐŽƌƉŽƌĂĐŝſŶĚĞϭϵ͘ϴϬϬŶƵĞǀŽƐĞĨĞĐƟǀŽƐ ĞdžƉĞƌŝĞŶĐĞĚĂƌĞůĂƟǀĞŝŶĐƌĞĂƐĞŽĨϭ͘ϴй, which involved the ĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůĚĂƚŽĚĞƵŶĂŹŽĂŶƚĞƐ͕ĂĚŝĨĞ- ĂĚĚŝƟŽŶŽĨϭϵ͕ϴϬϬŶĞǁƉŽƚĞŶƟĂůǁŽƌŬĞƌƐĐŽŵƉĂƌĞĚƚŽƚŚĞ ƌĞŶĐŝĂĚĞůŽŽĐƵƌƌŝĚŽĞŶĞůĐŽŶƚĞdžƚŽŶĂĐŝŽŶĂů͕ĚŽŶĚĞĞů ĮŐƵƌĞƐŽĨLJĞĂƌďĞĨŽƌĞ͕ƵŶůŝŬĞǁŚĂƚŚĂƉƉĞŶĞĚŝŶƚŚĞŶĂƟŽŶĂů ŶƷŵĞƌŽĚĞĂĐƟǀŽƐůůĞŐſŝŶĐůƵƐŽĂƌĞŐŝƐƚƌĂƌƵŶĚĞƐĐĞŶ- ĐŽŶƚĞdžƚ͕ǁŚĞƌĞƚŚĞŶƵŵďĞƌŽĨĂĐƟǀĞƉĞŽƉůĞĞǀĞŶƌĞŐŝƐƚĞƌĞĚ ƐŽ͕ĂƵŶƋƵĞŵŽĚĞƌĂĚŽ͕ĚĞůϬ͕ϭƉŽƌĐŝĞŶƚŽ͘ an albeit modest 0.1 per cent decline.

 


 

 


 


 
  


 
  
 

 

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.YmÄJV Graph 3.5

101 CONCLUSIONES CONCLUSIONS 2011

Ğ ĞƐƚĂ ŵĂŶĞƌĂ͕ Ğů ŇƵũŽ ĚĞ ĂĐƟǀŽƐ ĞŶ ŶƵĞƐƚƌŽ ŵĞƌ- ĐĂĚŽůĂďŽƌĂůƌĞƚŽŵĂŶƵĞǀĂŵĞŶƚĞůĂƚĞŶĚĞŶĐŝĂĂůĐŝƐƚĂ ƋƵĞ ǀĞŶşĂ ŵĂŶƚĞŶŝĞŶĚŽ ĚƵƌĂŶƚĞ ƚŽĚŽ Ğů ƉĞƌŝŽĚŽ ĚĞ ĐƌŝƐŝƐ͕ĐŽŶůĂƷŶŝĐĂĞdžĐĞƉĐŝſŶĚĞϮϬϭϬ͕ĐƵĂŶĚŽƐĞĂĚ- ǀŝƌƟſƵŶĚĞƐĐĞŶƐŽ͕ĚĞĂƉĞŶĂƐƵŶϬ͕ϲƉŽƌĐŝĞŶƚŽ͘ dŚƵƐ͕ ƚŚĞ ŇŽǁ ŽĨ ĂƐƐĞƚƐ ŝŶƚŽ ŽƵƌ ůĂďŽƌ ŵĂƌŬĞƚ ƉŝĐŬĞĚ ƵƉ >ĂŝŶĐŽƌƉŽƌĂĐŝſŶ͕ĞŶƚĠƌŵŝŶŽƐŶĞƚŽƐĂŶƵĂůĞƐ͕ĚĞŶƵĞ- again the upward trend that it had maintained throughout ǀŽƐĂĐƟǀŽƐĂŶƵĞƐƚƌŽŵĞƌĐĂĚŽůĂďŽƌĂůƐĞŚĂĐŽŶǀĞƌƟ- ƚŚĞĐƌŝƐŝƐƉĞƌŝŽĚ͕ǁŝƚŚƚŚĞĞdžĐĞƉƟŽŶŽĨϮϬϭϬ͕ǁŚĞŶĂĚĞĐůŝŶĞ ĚŽ͕ĚĂĚĂůĂĚĠďŝůĐĂƉĂĐŝĚĂĚƉĂƌĂĐƌĞĂƌĞŵƉůĞŽ͕ĞŶƵŶ ŽĨũƵƐƚϬ͘ϲƉĞƌĐĞŶƚǁĂƐŶŽƟĐĞĚ͘ ĨĂĐƚŽƌĚĞƚĞƌŵŝŶĂŶƚĞƋƵĞĞdžƉůŝĐĂĞůĐƌĞĐŝŵŝĞŶƚŽĞŶĞů dŚĞŝŶĐŽƌƉŽƌĂƟŽŶŽĨŶĞǁƉŽƚĞŶƟĂůǁŽƌŬĞƌƐƚŽŽƵƌũŽďŵĂƌŬĞƚ͕ ŶƷŵĞƌŽĚĞƉĂƌĂĚŽƐĞŶůĂƐ/ƐůĂƐ͘ in annual net terms, has become a factor that explains the La población parada en las Islas durante el pasado growth in the number of unemployed people in the Canary ĂŹŽ ĂƵŵĞŶƚſ ĞŶ ƵŶ ϴ͕ϳй͕ en comparación con los Islands, given the weak capacity to create jobs. ĚĂƚŽƐ ĞƐƟŵĂĚŽƐ ƉĂƌĂ ϮϬϭϬ͕ ĂůĐĂŶnjĂŶĚŽ ƵŶ ƚŽƚĂů ĚĞ ϯϰϭ͘ϵϬϬĚĞƐĞŵƉůĞĂĚŽƐ͘ dŚĞƵŶĞŵƉůŽLJĞĚƉŽƉƵůĂƟŽŶŝŶƚŚĞĂŶĂƌŝĞƐĚƵƌŝŶŐƚŚĞƉĂƐƚ LJĞĂƌŝŶĐƌĞĂƐĞĚďLJϴ͘ϳй͕ĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞĞƐƟŵĂƚĞĚĚĂƚĂ Con este avance, el ritmo de crecimiento del desem- ĨŽƌϮϬϭϬ͕ƌĞĂĐŚŝŶŐĂƚŽƚĂůŽĨϯϰϭ͕ϵϬϬƵŶĞŵƉůŽLJĞĚ͘ ƉůĞŽĞŶĂŶĂƌŝĂƐĞdžƉĞƌŝŵĞŶƚĂďĂƵŶůŝŐĞƌŽƌĞƉƵŶƚĞ͕ĞŶ ĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůƌĞŐŝƐƚƌĂĚŽĚƵƌĂŶƚĞϮϬϭϬ͕ĐƵĂŶĚŽ With this development, the unemployment growth rate in ůĂWĞƐƟŵſƵŶŝŶĐƌĞŵĞŶƚŽƌĞůĂƟǀŽĚĞůϳ͕ϬƉŽƌĐŝĞŶ- the Canary Islands experienced a slight increase as compared to. ƚŽƚŚĂƚƌĞĐŽƌĚĞĚŝŶϮϬϭϬ͕ǁŚĞŶƚŚĞWĞƐƟŵĂƚĞĚĂƌĞůĂƟǀĞ ŝŶĐƌĞĂƐĞŽĨϳ͘ϬƉĞƌĐĞŶƚ͘ EŽŽďƐƚĂŶƚĞ͕ĞůŝŶĐƌĞŵĞŶƚŽĚĞůƉĂƐĂĚŽĂŹŽƌĞƐƵůƚĂĐůĂ- ƌĂŵĞŶƚĞŝŶĨĞƌŝŽƌĂůĂƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞůůĞŐſ However, last year’s increase is well below the growth rates a presentar el desempleo en las Islas en los primeros in unemployment in the Canary Islands in the early years

 


 

 

 



    
  
 

 

  


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.YmÄJV Graph 3.6

102 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ĂŹŽƐĚĞĐƌŝƐŝƐ͕ĐƵĂŶĚŽƐĞƌĞŐŝƐƚƌĂƌŽŶĂƵŵĞŶƚŽƐƌĞůĂƟ- ǀŽƐĚĞůϵϴ͕Ϯй͕ĐŽŵŽĞůƐƵĐĞĚŝĚŽĚƵƌĂŶƚĞϮϬϬϴ͕ŽƐƵ- ƉĞƌŝŽƌĞƐĂůϯϬй͕ĐŽŵŽĞůĞƐƟŵĂĚŽĚƵƌĂŶƚĞϮϬϬϵ͘

WƌŽĨƵŶĚŝnjĂŶĚŽĞŶůĂƐĐůĂǀĞƐƐĞĐƚŽƌŝĂůĞƐƋƵĞŚĂŶŵĂƌ- ĐĂĚŽůĂĐĂşĚĂĚĞůĞŵƉůĞŽĞŶĂŶĂƌŝĂƐ͕ƉŽĚĞŵŽƐĂƉƌĞ- ciar cómo ůŽƐƐĞƌǀŝĐŝŽƐŚĂŶůŽŐƌĂĚŽĚĞƐƚĂĐĂƌĐŽŵŽĞů ƷŶŝĐŽƐĞĐƚŽƌƋƵĞŚĂƐŝĚŽĐĂƉĂnjĚĞĐƌĞĂƌĞŵƉůĞŽĚƵ- ƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽ͕ĂůĂƉƌĞĐŝĂƌƵŶŝŶĐƌĞŵĞŶƚŽĞŶĞů ŽĨ ĐƌŝƐŝƐ͕ ǁŚĞŶ ƚŚĞƌĞ ǁĞƌĞ ƌĞůĂƟǀĞ ŝŶĐƌĞĂƐĞƐ ŽĨ ϵϴ͘Ϯй͕ ĂƐ ŶƷŵĞƌŽĚĞŽĐƵƉĂĚŽƐĚĞϮϬ͘ϳϬϬƉĞƌƐŽŶĂƐ͘ ŚĂƉƉĞŶĞĚŝŶϮϬϬϴ͕ŽƌŽĨŽǀĞƌϯϬй͕ĂƐĞƐƟŵĂƚĞĚŝŶϮϬϬϵ͘ EŽŽďƐƚĂŶƚĞ͕ĚĞďĞŵŽƐĚĞƐƚĂĐĂƌƋƵĞĞƐƚĂƌĞƐƉƵĞƐƚĂĨĂ- ǀŽƌĂďůĞĚĞůĞŵƉůĞŽŶŽŚĂƐŝĚŽƵŶĂĐĂƌĂĐƚĞƌşƐƟĐĂƋƵĞ ůĂďŽƌĂƟŶŐŽŶƚŚĞŬĞLJƐĞĐƚŽƌƐƚŚĂƚŚĂǀĞŵĂƌŬĞĚƚŚĞĚĞĐůŝŶĞ ĚĞĮŶĂĞůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞƚŽĚĂƐLJĐĂĚĂƵŶĂĚĞůĂƐ in employment in the Canary Islands, we can see how ƌĂŵĂƐƋƵĞĐŽŶĨŽƌŵĂŶĞůƐĞĐƚŽƌƚĞƌĐŝĂƌŝŽ͘ ƐĞƌǀŝĐĞƐŚĂǀĞŵĂŶĂŐĞĚƚŽƐƚĂŶĚŽƵƚĂƐƚŚĞŽŶůLJƐĞĐƚŽƌƚŚĂƚ ŚĂƐ ďĞĞŶ ĂďůĞ ƚŽ ĐƌĞĂƚĞ ũŽďƐ ŝŶ ƚŚĞ ƉĂƐƚ LJĞĂƌ͕ seeing an DƵLJĂůĐŽŶƚƌĂƌŝŽ͕ĞůĂƵŵĞŶƚŽĚĞůĂŽĐƵƉĂĐŝſŶƐĞŚĂ ŝŶĐƌĞĂƐĞŝŶƚŚĞŶƵŵďĞƌŽĨϮϬ͕ϳϬϬĞŵƉůŽLJĞĚƉĞŽƉůĞ͘ concentrado, principalmente, en ramas como el co- ŵĞƌĐŝŽ͕ůŽƐƚƌĂŶƐƉŽƌƚĞƐLJůĂŚŽƐƚĞůĞƌşĂƋƵĞ͕ĞŶĐŽŶũƵŶ- However, we must emphasize that this favorable response of ƚŽůŽŐƌĂƌŽŶĐƌĞĂƌϭϵ͘ϵϬϬĞŵƉůĞŽƐ͕ĞŶƌĞƐƉƵĞƐƚĂĂůĂ ĞŵƉůŽLJŵĞŶƚŝƐŶŽƚĂĐŚĂƌĂĐƚĞƌŝƐƟĐƚŚĂƚĚĞĮŶĞƐƚŚĞďĞŚĂǀŝŽƌ ƌĞĂĐƟǀĂĐŝſŶƋƵĞŚĂŶǀĞŶŝĚŽŵŽƐƚƌĂŶĚŽůŽƐŝŶĚŝĐĂĚŽ- of each and every one of the branches that make up the ƌĞƐĚĞĂĐƟǀŝĚĂĚƌĞůĂĐŝŽŶĂĚŽƐĐŽŶĞůƚƵƌŝƐŵŽĚƵƌĂŶƚĞ ƚĞƌƟĂƌLJƐĞĐƚŽƌ͘ ϮϬϭϬLJϮϬϭϭ͘ On the contrary, the increase in employment has mainly ^ĞŐƷŶůĂW͕ƚĂŵďŝĠŶƐĞĐƌĞſĞŵƉůĞŽĞŶĂĐƟǀŝĚĂĚĞƐ been concentrated in branches such as trade, transport ĚĞĐĂƌĄĐƚĞƌĂĚŵŝŶŝƐƚƌĂƟǀŽLJƐĞƌǀŝĐŝŽƐĂƵdžŝůŝĂƌĞƐ͕LJĞŶ ĂŶĚŚŽƚĞůƐ͕ǁŚŝĐŚŵĂŶĂŐĞĚƚŽŐĞƚŚĞƌƚŽĐƌĞĂƚĞϭϵ͕ϵϬϬũŽďƐ ŵĞŶŽƌŵĞĚŝĚĂ͕ĞŶĂĐƟǀŝĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐLJĞŶŝŶĨŽƌ- ŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞƌĞǀŝǀĂůƚŚĂƚĂĐƟǀŝƚLJŝŶĚŝĐĂƚŽƌƐŚĂǀĞďĞĞŶ ŵĂĐŝſŶLJĐŽŵƵŶŝĐĂĐŝſŶ͘ showing for tourism during 2010 and 2011.

ŶĐĂŵďŝŽ͕ĞůƌĞďƌŽƚĞĚĞůĂĐƌŝƐŝƐĮŶĂŶĐŝĞƌĂLJůĂŶĞĐĞƐŝ- ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ W͕ ĞŵƉůŽLJŵĞŶƚ ŝŶ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ĚĂĚĚĞĂĐŽŵĞƚĞƌĂũƵƐƚĞƐŵĄƐƉƌŽĨƵŶĚŽƐĞŶĞůĄŵďŝƚŽ ĂĐƟǀŝƟĞƐĂŶĚĂŶĐŝůůĂƌLJƐĞƌǀŝĐĞƐǁĂƐĂůƐŽĐƌĞĂƚĞĚ͕ĂŶĚƚŽĂ ĚĞůĂĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂƉĂƌĂƌĞĐŽŶĚƵĐŝƌůĂƐŝƚƵĂ- ůĞƐƐĞƌĞdžƚĞŶƚ͕ŝŶĮŶĂŶĐŝĂůĂĐƟǀŝƟĞƐĂŶĚŝŶŝŶĨŽƌŵĂƟŽŶĂŶĚ ĐŝſŶĚĞĚĠĮĐŝƚĚĞůĂƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐ͕ŝŶƐƚſĂŝŵƉůĂŶ- ĐŽŵŵƵŶŝĐĂƟŽŶ͘ ƚĂƌ͕ƉŽƌƉƌŝŵĞƌĂǀĞnjĚĞƐĚĞƋƵĞƐĞŝŶŝĐŝĂƌĂůĂĐƌŝƐŝƐĞŶ ϮϬϬϳ͕ŵĞĚŝĚĂƐĚĞĐŽŶƚĞŶĐŝſŶƋƵĞĂĨĞĐƚĂƌŽŶĂůĞŵƉůĞŽ ,ŽǁĞǀĞƌ͕ƚŚĞŽƵƚďƌĞĂŬŽĨƚŚĞĮŶĂŶĐŝĂůĐƌŝƐŝƐĂŶĚƚŚĞŶĞĞĚƚŽ en las ramas directamente relacionadas con la sector ƵŶĚĞƌƚĂŬĞŵŽƌĞŝŶͲĚĞƉƚŚĂĚũƵƐƚŵĞŶƚƐŝŶƚŚĞĮĞůĚŽĨƉƵďůŝĐ ƉƷďůŝĐŽ͘ ĂĚŵŝŶŝƐƚƌĂƟŽŶ ƚŽ ƐŽůǀĞ ƚŚĞ ƐŝƚƵĂƟŽŶ ŽĨ ƉƵďůŝĐ ĂĐĐŽƵŶƚƐ ĚĞĮĐŝƚƵƌŐĞĚƚŽŝŵƉůĞŵĞŶƚ͕ĨŽƌƚŚĞĮƌƐƚƟŵĞƐŝŶĐĞƚŚĞĐƌŝƐŝƐ - ĞĞƐƚĞŵŽĚŽ͕ĞůĐŽŶũƵŶƚŽĚĞĂĐƟǀŝĚĂĚĞƐƌĞůĂĐŝŽŶĂ ďĞŐĂŶŝŶϮϬϬϳ͕ĐŽŶƚĂŝŶŵĞŶƚŵĞĂƐƵƌĞƐĂīĞĐƟŶŐĞŵƉůŽLJŵĞŶƚ ĚĂƐĐŽŶůĂĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂLJĚĞĨĞŶƐĂ͕ĂƐşĐŽŵŽ in the branches directly related to the public sector. ĞŶƐĞƌǀŝĐŝŽƐĚĞŝŶƚĞƌĠƐŐĞŶĞƌĂůĐŽŵŽƐŽŶůĂƐĂŶŝĚĂĚ͕ůĂ ĞĚƵĐĂĐŝſŶLJůŽƐƐĞƌǀŝĐŝŽƐƐŽĐŝĂůĞƐ͕ĂĐƵƐĂƌŽŶůĂƉĠƌĚŝĚĂ dŚƵƐ͕ ƚŚĞ ƐĞƚ ŽĨ ĂĐƟǀŝƟĞƐ ƌĞůĂƚĞĚ ƚŽ ƉƵďůŝĐ ĂĚŵŝŶŝƐƚƌĂƟŽŶ ĚĞϯ͘ϴϬϬĞŵƉůĞŽƐĂůĐŝĞƌƌĞĚĞůĂŹŽ͕ĂůŽƐƋƵĞŚĂďƌşĂŶ and defense, as well as services of general interest such ĚĞĂŹĂĚŝƌƐĞůŽƐϯ͘ϱϬϬŽĐƵƉĂĚŽƐŵĞŶŽƐƋƵĞƐĞƌĞŐŝƐ- ĂƐ ŚĞĂůƚŚ͕ ĞĚƵĐĂƟŽŶ ĂŶĚ ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ͕ ƌĞŐŝƐƚĞƌĞĚ Ă ůŽƐƐ ƚƌĂƌŽŶĞŶĂĐƟǀŝĚĂĚĞƐŝŶŵŽďŝůŝĂƌŝĂƐLJůĂƐƌĞůĂĐŝŽŶĂĚĂƐ ŽĨϯ͕ϴϬϬũŽďƐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͕ƉůƵƐƚŚĞϯ͕ϱϬϬĨĞǁĞƌ ĐŽŶůĂƐĂĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ƌĞĐƌĞĂƟǀĂƐŽĞůĞŵƉůĞŽ employed recorded in real estate and arts, entertainment ĚŽŵĠƐƟĐŽ͘ ĂŶĚĚŽŵĞƐƟĐĞŵƉůŽLJŵĞŶƚ͘

103 CONCLUSIONES CONCLUSIONS 2011

Se trata, como decimos de las primeras medidas con ůĂƐ ƋƵĞ ƐĞ ŚĂ ƉƌĞƚĞŶĚŝĚŽ͕ ĂƵŶƋƵĞ ĚĞ ŵĂŶĞƌĂ ŵƵLJ ơŵŝĚĂ͕ĐŽŵĞŶnjĂƌĂƌĞĚƵĐŝƌůŽƐĞĨĞĐƚŽƐĚĞƵŶĂĚŵŝ- ŶŝƐƚƌĂĐŝſŶƐŽďƌĞĚŝŵĞŶƐŝŽŶĂĚĂƋƵĞĚƵƌĂŶƚĞĞƐƚŽƐƷůƟ- ŵŽƐĐŝŶĐŽĂŹŽƐŚĂƉĞƌŵĂŶĞĐŝĚŽĂũĞŶĂĂůĂƐŵƷůƟƉůĞƐ ůůĂŵĂĚĂƐĚĞĂƚĞŶĐŝſŶƋƵĞ͕ĚĞƐĚĞĚŝĨĞƌĞŶƚĞƐĄŵďŝƚŽƐ͕ /ƚŝƐ͕ĂƐǁĞŚĂǀĞũƵƐƚƐĂŝĚ͕ŽŶĞŽĨƚŚĞĮƌƐƚŵĞĂƐƵƌĞƐƚŚĂƚŚĂĚ ŝŶĐůƵƐŽĚĞƐĚĞŽƌŐĂŶŝƐŵŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ͕ŚĂŶǀĞŶŝĚŽ ďĞĞŶƚƌŝĞĚ͕ĂůďĞŝƚǀĞƌLJƟŵŝĚůLJ͕ƚŽďĞŐŝŶƚŽƌĞǀĞƌƐĞƚŚĞĞīĞĐƚƐ ƌĞĐůĂŵĂŶĚŽƵŶĂŵĞũŽƌĂĚĞĐƵĂĐŝſŶĂůĂƐŶƵĞǀĂƐĐŽŶ- ŽĨĂŶŽǀĞƌƐŝnjĞĚĚŵŝŶŝƐƚƌĂƟŽŶĚƵƌŝŶŐƚŚĞƉĂƐƚĮǀĞLJĞĂƌƐŚĂƐ ĚŝĐŝŽŶĞƐƋƵĞŝŵƉŽŶĞĞůĐĂŵďŝŽĚĞĐŝĐůŽĞŶĞůƋƵĞŶŽƐ ƌĞŵĂŝŶĞĚ ƵŶƚŽƵĐŚĞĚ ďLJ ƚŚĞ ŵĂŶLJ ĐĂůůƐ ŽĨ ĂƩĞŶƟŽŶ ĨƌŽŵ ŚĂůůĂŵŽƐLJĂŝŶŵĞƌƐŽƐ͘ ĚŝīĞƌĞŶƚĂƌĞĂƐ͕ŝŶĐůƵĚŝŶŐŝŶƚĞƌŶĂƟŽŶĂůŽƌŐĂŶŝnjĂƟŽŶƐ͘dŚĞƐĞ A diferencia de los servicios, el resto de los sectores ŝŶƐƟƚƵƟŽŶƐŚĂǀĞďĞĞŶĚĞŵĂŶĚŝŶŐĂďĞƩĞƌĂĚĂƉƚĂƟŽŶƚŽƚŚĞ ƉƌŽĚƵĐƟǀŽƐ ĐĞƌƌĂďĂŶ Ğů ĞũĞƌĐŝĐŝŽ ƌĞŐŝƐƚƌĂŶĚŽ ĐĂşĚĂƐ ŶĞǁĐŽŶĚŝƟŽŶƐŝŵƉŽƐĞĚďLJƚŚĞĐŚĂŶŐĞŽĨĐLJĐůĞŝŶǁŚŝĐŚǁĞ ŶĞƚĂƐĞŶĞůĞŵƉůĞŽ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞŶůĂĐŽŶƐƚƌƵĐĐŝſŶ are now immersed. ĚŽŶĚĞƐĞƉĞƌĚŝĞƌŽŶϭϴ͘ϵϬϬƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽ͕ůŽƋƵĞ hŶůŝŬĞ ƐĞƌǀŝĐĞƐ͕ ƚŚĞ ƌĞƐƚ ŽĨ ƚŚĞ ƉƌŽĚƵĐƟǀĞ ƐĞĐƚŽƌƐ ĐůŽƐĞĚ ƐƵƉƵƐŽƵŶĚĞƐĐĞŶƐŽƌĞůĂƟǀŽĚĞůϮϳ͕ϰй͕ĞŶĐŽŵƉĂƌĂ- ción con el dato de 2010. the year registering net falls in employment, especially in ĐŽŶƐƚƌƵĐƟŽŶ;ǁŚŝĐŚůŽƐƚϭϴ͕ϵϬϬũŽďƐͿƌĞƉƌĞƐĞŶƟŶŐĂƌĞůĂƟǀĞ ŶĞůĐĂƐŽĚĞůĂŝŶĚƵƐƚƌŝĂLJůĂĂŐƌŝĐƵůƚƵƌĂ͕ůĂĚĞƐƚƌƵĐ- ĚĞĐƌĞĂƐĞŽĨϮϳ͘ϰйĐŽŵƉĂƌŝŶŐƚŽϮϬϭϬĚĂƚĂ͘ ĐŝſŶĚĞĞŵƉůĞŽĂĚƋƵŝƌŝſƵŶƚŽŶŽŵĄƐŵŽĚĞƌĂĚŽ͕ĐŽŶ ĚĞƐĐĞŶƐŽƐƋƵĞĂůĐĂŶnjĂƌŽŶĞůϭϰйĞŶĂŵďŽƐĐĂƐŽƐ͕ůŽ /ŶƚŚĞĐĂƐĞŽĨŝŶĚƵƐƚƌLJĂŶĚĂŐƌŝĐƵůƚƵƌĞ͕ũŽďĚĞƐƚƌƵĐƟŽŶƚŽŽŬ ƋƵĞƐƵƉƵƐŽůĂƉĠƌĚŝĚĂĚĞϱ͘ϵϬϬĞŵƉůĞŽƐ͕ĞŶĞůƐĞĐƚŽƌ Ă ŵŽƌĞ ŵŽĚĞƌĂƚĞ ƚŽŶĞ͕ ǁŝƚŚ ƌĞĚƵĐƟŽŶƐ ƌĞĂĐŚŝŶŐ ϭϰй ŝŶ ĚĞůĂƚƌĂŶƐĨŽƌŵĂĐŝſŶ͕LJϯ͘ϲϬϬŽĐƵƉĂĚŽƐĞŶĞůƐĞĐƚŽƌ ďŽƚŚĐĂƐĞƐͲǁŚŝĐŚƌĞƐƵůƚĞĚŝŶƚŚĞůŽƐƐŽĨϱ͕ϵϬϬũŽďƐŝŶƚŚĞ ĂŐƌĂƌŝŽ͘ ƉƌŽĐĞƐƐŝŶŐƐĞĐƚŽƌ͕ĂŶĚϯ͕ϲϬϬũŽďƐŝŶĂŐƌŝĐƵůƚƵƌĞ͘

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƌĞƐƉƵĞƐƚĂĚĞůĂƉŽďůĂĐŝſŶĂĐƟǀĂ In this context, the response of the labour force has been ŚĂ ƌĞƐƵůƚĂĚŽ ĐůĂǀĞ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ ůĂ ĞǀŽůƵĐŝſŶ ĚĞů ŬĞLJŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞĞǀŽůƵƟŽŶŽĨƵŶĞŵƉůŽLJŵĞŶƚŝŶĞĂĐŚ desempleo en cada sector. sector.

En todos los sectores, a excepción de los servicios, el In all sectors, except for services, the number of economically ŶƷŵĞƌŽĚĞĂĐƟǀŽƐĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽƐĞƌĞĚƵĐşĂ͕LJ ĂĐƟǀĞƉĞƌƐŽŶƐŝŶƚŚĞƉĂƐƚLJĞĂƌǁĂƐƌĞĚƵĐĞĚ͕ĂŶĚŝŶƚŚĞĐĂƐĞ

 


 
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.YmÄJV Graph 3.7

104 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ĞŶĞůĐĂƐŽĚĞůĂĂŐƌŝĐƵůƚƵƌĂůŽŚĂĐşĂŝŶĐůƵƐŽĂƵŶƌŝƚŵŽ ƐƵƉĞƌŝŽƌĂůƋƵĞĚĞƐĐĞŶĚşĂĞůĞŵƉůĞŽ͕ŵŝĞŶƚƌĂƐƋƵĞĞŶ ůĂĐŽŶƐƚƌƵĐĐŝſŶLJůĂŝŶĚƵƐƚƌŝĂůŽŚĂĐşĂĐŽŶŝŶƚĞŶƐŝĚĂĚĞƐ ƐŝŵŝůĂƌĞƐ͕ĂƵŶƋƵĞůĞǀĞŵĞŶƚĞŝŶĨĞƌŝŽƌĞƐ͘

WŽƌĞůĐŽŶƚƌĂƌŝŽ͕ĞůĚŝŶĂŵŝƐŵŽĞŶůŽƐƐĞƌǀŝĐŝŽƐƉƌŽƉŝĐŝſ of agriculture employment fell at a more moderate pace; ƵŶƌĞƉƵŶƚĞĞŶĞůŶƷŵĞƌŽĚĞĂĐƟǀŽƐĞŶĞƐĞƐĞĐƚŽƌƋƵĞ ǁŚŝůĞ ŝŶ ĐŽŶƐƚƌƵĐƟŽŶ ĂŶĚ ŝŶĚƵƐƚƌLJ ŝŶƚĞŶƐŝƟĞƐ ƐŽŵĞƚŚŝŶŐ ƐƵƉĞƌĂďĂŝŶĐůƵƐŽĞůƌŝƚŵŽĚĞĐƌĞĂĐŝſŶĚĞĞŵƉůĞŽ͘ similar happened but at a slightly lower rate. ŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ͕ Ğů ƉĂƌŽ ĂƵŵĞŶƚĂďĂ ĞŶ ůŽƐ ƐĞƌ- By contrast, the dynamism in services led to a surge in the ǀŝĐŝŽƐ LJ ůĂ ŝŶĚƵƐƚƌŝĂ͕ LJ ĚĞƐĐĞŶ̺à ơŵŝĚĂŵĞŶƚĞ ĞŶ ůĂ number of employees in that sector that exceeded even the ĐŽŶƐƚƌƵĐĐŝſŶ͕LJĚĞƵŶĂŵĂŶĞƌĂĞƐƉĞĐŝĂůŵĞŶƚĞĚĞƐƚĂ- ƉĂĐĞŽĨũŽďĐƌĞĂƟŽŶ͘ ĐĂĚĂĞŶĞůĄŵďŝƚŽĚĞůĂĂŐƌŝĐƵůƚƵƌĂ͕ĚŽŶĚĞůĂƉŽďůĂĐŝſŶ ĚĞƐĞŵƉůĞĂĚĂĚŝƐŵŝŶƵLJſĞŶƵŶϯϲ͕ϳƉŽƌĐŝĞŶƚŽ͘ As a result, unemployment increased in services and EŽŽďƐƚĂŶƚĞ͕ůĂƌĞĚƵĐŝĚĂĚŝŵĞŶƐŝſŶĚĞůƐĞĐƚŽƌĂŐƌşĐŽůĂ ŝŶĚƵƐƚƌLJ͕ ĂŶĚ ƟŵŝĚůLJ ĚƌŽƉƉĞĚ ŝŶ ĐŽŶƐƚƌƵĐƟŽŶ͕ ĂŶĚ ŝŶ Ă ĞŶůĂƐ/ƐůĂƐ͕LJůĂĨƵĞƌƚĞƉĠƌĚŝĚĂĚĞƉƌŽƚĂŐŽŶŝƐŵŽƋƵĞ ƉĂƌƟĐƵůĂƌůLJƉƌŽŵŝŶĞŶƚǁĂLJŝŶƚŚĞĮĞůĚŽĨĂŐƌŝĐƵůƚƵƌĞͲǁŚĞƌĞ ŚĂǀĞŶŝĚŽĞdžƉĞƌŝŵĞŶƚĂŶĚŽůĂĐŽŶƐƚƌƵĐĐŝſŶĞŶĞůŵĞƌ- ƚŚĞƵŶĞŵƉůŽLJĞĚĚĞĐƌĞĂƐĞĚďLJϯϲ͘ϳƉĞƌĐĞŶƚ͘ ĐĂĚŽůĂďŽƌĂůĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐĐŝŶĐŽĂŹŽƐĚĞĐƌŝƐŝƐ͕ However, the small size of the agricultural sector in the ŝŵƉŝĚŝſƚƌĂƐůĂĚĂƌĞƐƚŽƐĚĞƐĐĞŶƐŽƐĂůƚŽƚĂůŐĞŶĞƌĂůƋƵĞ͕ Canary Islands, and the considerable loss of importance ĐŽŵŽŚĞŵŽƐĂƉƵŶƚĂĚŽ͕ĂƉƌĞĐŝſƵŶĂǀĂŶĐĞĚĞůĂƉŽďůĂ- ƚŚĂƚĐŽŶƐƚƌƵĐƟŽŶŝŶƚŚĞůĂďŽƵƌŵĂƌŬĞƚŚĂƐďĞĞŶƵŶĚĞƌŐŽŝŶŐ ĐŝſŶƉĂƌĂĚĂƚŽƚĂůĞŶĂŶĂƌŝĂƐĚĞůϴ͕ϳƉŽƌĐŝĞŶƚŽ͘ ŽǀĞƌƚŚĞůĂƐƚĮǀĞLJĞĂƌƐŽĨĐƌŝƐŝƐ͕ĚĞĐůŝŶĞƚŚĂƚƵŶĞŵƉůŽLJŵĞŶƚ ĞĞƐƚĂĨŽƌŵĂ͕ŶƵĞƐƚƌŽŵĞƌĐĂĚŽůĂďŽƌĂůĐŽŶƟŶƷĂĞŶ- had registered in these sectors could be extrapolated to ĨƌĞŶƚĄŶĚŽƐĞĂůĚŝİĐŝůƌĞƚŽĚĞƌĞĚƵĐŝƌƵŶĂƚĂƐĂĚĞƉĂƌŽ the overall result, appreciated advancing Canary total ƋƵĞĂůĐŝĞƌƌĞĚĞϮϬϭϭƐĞƐŝƚƵſĞŶĞůϯϬ͕ϵϭйĚĞůĂƉŽ- ƵŶĞŵƉůŽLJĞĚƉŽƉƵůĂƟŽŶŽĨϴ͘ϳƉĞƌĐĞŶƚ͘ ďůĂĐŝſŶĂĐƟǀĂLJƋƵĞ͕ůĞũŽƐĚĞŵŽĚĞƌĂƌƐĞ͕ŚĂĐŽŶƟŶƵĂ- dŚƵƐ͕ ŽƵƌ ůĂďŽƵƌ ŵĂƌŬĞƚ ĐŽŶƟŶƵĞƐ ƚŽ ĨĂĐĞ ƚŚĞ ĚŝĸĐƵůƚ ĚŽĞŶƚĞŶĚĞŶĐŝĂĂůĐŝƐƚĂĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞ challenge of reducing an unemployment rate at the end of ϮϬϭϮ͕ŚĂƐƚĂĂůĐĂŶnjĂƌĞůϯϮ͕ϮϴƉŽƌĐŝĞŶƚŽ͘ ϮϬϭϭƚŚĂƚƐƚŽŽĚĂƚϯϬ͘ϵϭйŽĨƚŚĞƉŽƉƵůĂƟŽŶĂŶĚƚŚĂƚ͕ĨĂƌ ƉĞƐĂƌĚĞůŽƐĚĠďŝůĞƐƐşŶƚŽŵĂƐĚĞƌĞĐƵƉĞƌĂĐŝſŶǀŝǀŝ- ĨƌŽŵŵŽĚĞƌĂƚĞ͕ŚĂƐĐŽŶƟŶƵĞĚǁŝƚŚĂŶƵƉǁĂƌĚƚƌĞŶĚĚƵƌŝŶŐ ĚŽƐĚƵƌĂŶƚĞůŽƐĚŽƐƷůƟŵŽƐĂŹŽƐ͕ůĂĐƌŝƐŝƐƋƵĞǀĞŶŝ- ƚŚĞĮƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϮͲƌĞĂĐŚŝŶŐϯϮ͘ϮϴƉĞƌĐĞŶƚ͘ ŵŽƐ ƉĂĚĞĐŝĞŶĚŽ ĚĞƐĚĞ ϮϬϬϳ ŚĂ ƌĞƉĞƌĐƵƟĚŽ ĞŶ ƵŶĂ ĚĞƐƚƌƵĐĐŝſŶĚĞĞŵƉůĞŽĞŶůĂƐ/ƐůĂƐŵƵLJƐƵƉĞƌŝŽƌĂůĂ Despite the weak recovery symptoms experienced during ƌĞŐŝƐƚƌĂĚĂĞŶĞůĐŽŶũƵŶƚŽĚĞůƉĂşƐ͕LJĞŶƵŶŝŶĐƌĞŵĞŶƚŽ ƚŚĞƉĂƐƚƚǁŽLJĞĂƌƐ͕ƚŚĞĐƌŝƐŝƐƚŚĂƚǁĞŚĂǀĞďĞĞŶƐƵīĞƌŝŶŐ ĚĞůƉĂƌŽĚĞŵĂLJŽƌŝŶƚĞŶƐŝĚĂĚ͘ ƐŝŶĐĞϮϬϬϳŚĂƐƌĞƐƵůƚĞĚŝŶĂŵƵĐŚŚŝŐŚĞƌůŽƐƐŽĨũŽďƐŝŶƚŚĞ Canary Islands than in the whole country, and a more intense Ŷ ƚĠƌŵŝŶŽƐ ĂĐƵŵƵůĂĚŽƐ͕ Ğů ŶƷŵĞƌŽ ĚĞ ĞŵƉůĞŽƐ ĞŶ increase in unemployment. ĂŶĂƌŝĂƐƐĞŚĂƌĞĚƵĐŝĚŽ͕ĞŶůŽƐƷůƟŵŽƐĐŝŶĐŽĂŹŽƐ͕ĞŶ ƵŶϭϲ͕Ϯй͕LJĞůŶƷŵĞƌŽĚĞƉĂƌĂĚŽƐƐĞŚĂĞůĞǀĂĚŽĞŶƵŶ /Ŷ ĐƵŵƵůĂƟǀĞ ƚĞƌŵƐ͕ ƚŚĞ ŶƵŵďĞƌ ŽĨ ũŽďƐ ŝŶ ƚŚĞ ĂŶĂƌLJ ϮϬϯ͕ϭй͕ƐƵƉĞƌĂŶĚŽĞŶĂŵďŽƐĐĂƐŽƐůĂƐǀĂƌŝĂĐŝŽŶĞƐŽď- /ƐůĂŶĚƐŚĂƐďĞĞŶƌĞĚƵĐĞĚŝŶƚŚĞůĂƐƚĮǀĞLJĞĂƌƐďLJϭϲ͘ϮйĂŶĚ ƐĞƌǀĂĚĂƐĞŶĞůĐŽŶƚĞdžƚŽŶĂĐŝŽŶĂůĚŽŶĚĞůĂŽĐƵƉĂĐŝſŶ ƚŚĞŶƵŵďĞƌŽĨƵŶĞŵƉůŽLJĞĚŚĂƐƌŝƐĞŶďLJϮϬϯ͘ϭйͲĞdžĐĞĞĚŝŶŐ ŚĂĚĞƐĐĞŶĚŝĚŽĞŶƵŶϭϯ͕Ϭй͕LJůĂƉŽďůĂĐŝſŶĞŶƐŝƚƵĂ- ďŽƚŚƚŚĞǀĂƌŝĂƟŽŶƐŽďƐĞƌǀĞĚŝŶƚŚĞŶĂƟŽŶĂůĐŽŶƚĞdžƚ;ǁŚĞƌĞ ĐŝſŶĚĞĚĞƐĞŵƉůĞŽƐĞŚĂŝŶĐƌĞŵĞŶƚĂĚŽĞŶƵŶϭϳϯ͕ϲ ĞŵƉůŽLJŵĞŶƚ ŚĂƐ ĨĂůůĞŶ ďLJ ϭϯ͘ϬйͿ ĂŶĚ ƚŚĞ ƵŶĞŵƉůŽLJĞĚ por ciento. ƉŽƉƵůĂƟŽŶƚŚĂƚŚĂƐŝŶĐƌĞĂƐĞĚďLJϭϳϯ͘ϲƉĞƌĐĞŶƚ͘

WĞƐĞĂůĂŵĂLJŽƌƉĠƌĚŝĚĂĚĞĞŵƉůĞŽƌĞŐŝƐƚƌĂĚĂĞŶůĂƐ Despite the fact that greater job losses have been recorded Islas, el impacto diferenciado de la incorporación de ŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ƚŚĞĚŝīĞƌĞŶƟĂůŝŵƉĂĐƚŽĨƚŚĞĂĚĚŝƟŽŶ

105 CONCLUSIONES CONCLUSIONS 2011

ŶƵĞǀŽƐ ĂĐƟǀŽƐ Ă ŶƵĞƐƚƌŽ ŵĞƌĐĂĚŽ ůĂďŽƌĂů ĞƐ Ğů ĞůĞ- ŵĞŶƚŽĐůĂǀĞƋƵĞĞdžƉůŝĐĂĞůŵĂLJŽƌĚŝĨĞƌĞŶĐŝĂůĞŶĞůĐƌĞ- ĐŝŵŝĞŶƚŽĚĞůĚĞƐĞŵƉůĞŽĞŶŶƵĞƐƚƌĂƌĞŐŝſŶ͕ĞŶĐŽŵƉĂ- ración con el contexto nacional. of new assets to our labour market is the key element EŽĞŶǀĂŶŽ͕LJƐĞŐƷŶůŽƐĚĂƚŽƐŽĮĐŝĂůĞƐƋƵĞƉƵďůŝĐĂůĂ ƚŚĂƚ ĞdžƉůĂŝŶƐ ƚŚĞ ďŝŐŐĞƐƚ ĚŝīĞƌĞŶĐĞ ŝŶ ƚŚĞ ŐƌŽǁƚŚ ŽĨ W͕ůĂƉŽďůĂĐŝſŶĂĐƟǀĂĞŶĂŶĂƌŝĂƐ͕ƉĞƐĞĂůĂĐŽŶƟ- ƵŶĞŵƉůŽLJŵĞŶƚŝŶŽƵƌƌĞŐŝŽŶͲĂƐĐŽŵƉĂƌĞĚƚŽƚŚĞŶĂƟŽŶĂů ŶƵĂ ĚĞƐƚƌƵĐĐŝſŶ ĚĞ ĞŵƉůĞŽ͕ ƐĞ ŚĂ ŝŶĐƌĞŵĞŶƚĂĚŽ ĞŶ context. ƵŶϳ͕ϵй͕ĚƵƌĂŶƚĞĞůƉĞƌŝŽĚŽĚĞĐƌŝƐŝƐ͕ĚƵƉůŝĐĂŶĚŽĚĞ EŽƚƐƵƌƉƌŝƐŝŶŐůLJ͕ĂĐĐŽƌĚŝŶŐƚŽŽĸĐŝĂůĚĂƚĂƉƵďůŝƐŚĞĚďLJƚŚĞ ĞƐƚĂĨŽƌŵĂ͕ĞůĂǀĂŶĐĞƌĞŐŝƐƚƌĂĚŽĞŶĞůĄŵďŝƚŽŶĂĐŝŽŶĂů W͕ ƚŚĞ ĂĐƟǀĞ ƉŽƉƵůĂƟŽŶ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ;ĚĞƐƉŝƚĞ ĚŽŶĚĞŚĂŵŽƐƚƌĂĚŽƵŶŝŶĐƌĞŵĞŶƚŽŵƵĐŚŽŵĄƐŵŽĚĞ- ƚŚĞĐŽŶƟŶƵĞĚůŽƐƐŽĨũŽďƐͿŚĂƐŝŶĐƌĞĂƐĞĚďLJϳ͘ϵйĚƵƌŝŶŐƚŚĞ ƌĂĚŽ͕ĚĞĂƉĞŶĂƐƵŶϯ͕ϬƉŽƌĐŝĞŶƚŽ͘ ĐƌŝƐŝƐƉĞƌŝŽĚͲĚŽƵďůŝŶŐƚŚĞŐƌŽǁƚŚƌĞŐŝƐƚĞƌĞĚĂƚƚŚĞŶĂƟŽŶĂů En materia de ĐŽŶƚƌĂƚĂĐŝſŶůĂďŽƌĂů͕ƐĞŽďƐĞƌǀĂƵŶƐĞ- level which has shown much more modest increase of just ŐƵŶĚŽĂǀĂŶĐĞĐŽŶƐĞĐƵƟǀŽĚĞůŽƐĐŽŶƚƌĂƚŽƐƐƵƐĐƌŝƚŽƐ ϯ͘ϬƉĞƌĐĞŶƚ͘ ĞŶĂŶĂƌŝĂƐ͕ĚĞůϱ͕ϭйĚƵƌĂŶƚĞϮϬϭϭ͕ƚƌĂƐĞůĂƵŵĞŶƚŽ͕ ŵĄƐŵŽĚĞƌĂĚŽ;ϭ͕ϵйͿ͕ŽďƐĞƌǀĂĚŽĞŶϮϬϭϬ͘ In the ĮĞůĚŽĨƌĞĐƌƵŝƚŵĞŶƚ͕ we can see a second advance in ƚǁŽLJĞĂƌƐ͕ĞƐƟŵĂƚĞĚďLJϱ͘ϭйŝŶϮϬϭϭ͕ĂŌĞƌĂŵŽƌĞŵŽĚĞƌĂƚĞ ^Ğ ƚƌĂƚĂ ĚĞ ƵŶ ƌĞƐƵůƚĂĚŽ ƋƵĞ ƐĞ ĂůĞũĂ ĚĞ ůŽƐ ĨƵĞƌƚĞƐ ƌŝƐĞ;ϭ͘ϵйͿŽďƐĞƌǀĞĚŝŶϮϬϭϬ͘ ĚĞƐĐĞŶƐŽƐƉĂĚĞĐŝĚŽƐĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐĂŹŽƐĚĞůĂ ĐƌŝƐŝƐ͕ƐŝďŝĞŶůĂŝŶĐĞƌƟĚƵŵďƌĞ͕ƋƵĞĂƷŶƉůĂŶĞĂƐŽďƌĞ dŚŝƐŝƐĂŶŽƵƚĐŽŵĞƚŚĂƚŝƐĨĂƌĨƌŽŵƚŚĞƐŚĂƌƉĚĞĐůŝŶĞƐƐƵīĞƌĞĚ ůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĞŶůĂƐ/ƐůĂƐĞŶĞůĐŽƌƚŽLJŵĞĚŝŽ ĚƵƌŝŶŐƚŚĞĞĂƌůLJLJĞĂƌƐŽĨƚŚĞĐƌŝƐŝƐ͕ĂůƚŚŽƵŐŚƵŶĐĞƌƚĂŝŶƚLJƐƟůů ƉůĂnjŽ͕ĐŽŶĚŝĐŝŽŶĂƌĄĂďƵĞŶƐĞŐƵƌŽůĂĞǀŽůƵĐŝſŶĚĞůŽƐ ŚĂŶŐƐŽǀĞƌƚŚĞĞĐŽŶŽŵŝĐĂĐƟǀŝƚLJŝŶƚŚĞ/ƐůĂŶĚƐŝŶƚŚĞƐŚŽƌƚ ĐŽŶƚƌĂƚŽƐĚƵƌĂŶƚĞϮϬϭϮ͘ ĂŶĚŵĞĚŝƵŵƚĞƌŵ͕ƚŚĞĞǀŽůƵƟŽŶŽĨĐŽŶƚƌĂĐƚƐĚƵƌŝŶŐϮϬϭϮŝƐ ůŝŬĞůLJƚŽďĞĐŽŶĚŝƟŽŶĞĚ͘ ƐƚĞŵŽǀŝŵŝĞŶƚŽĂůĂůnjĂĚĞůĂĐŽŶƚƌĂƚĂĐŝſŶĚĞůŽƐĚŽƐ ƷůƟŵŽƐĂŹŽƐĞŶĐƵĞŶƚƌĂƐƵƐƚĞŶƚŽĞŶůĂƐƉƌŝŵĞƌĂƐƐĞ- This upward movement in recruitment over the last two ŹĂůĞƐƉŽƐŝƟǀĂƐƋƵĞĐŽŵĞŶnjĂƌŽŶĂĂĚǀĞƌƟƌƐĞĞŶůĂĞĐŽ- LJĞĂƌƐĮŶĚƐƌĞƉƌĞƐĞŶƚƐƚŚĞĮƌƐƚƉŽƐŝƟǀĞƐŝŐŶƐƚŚĂƚďĞŐĂŶƚŽ ŶŽŵşĂĐĂŶĂƌŝĂĂƉĂƌƟƌĚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞϮϬϭϬ͕ be seen in the Canary Islands’ economy from the second half ůŝŐĂĚŽƐĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĂůĂďƵĞŶĂĞǀŽůƵĐŝſŶƋƵĞ ŽĨϮϬϭϬͲŵĂŝŶůLJƌĞůĂƚĞĚƚŽƚŚĞƐƚƌŽŶŐƉĞƌĨŽƌŵĂŶĐĞƐŚŽǁŶďLJ ĐŽŵĞŶnjſ Ă ŵŽƐƚƌĂƌ ůĂ ĂĐƟǀŝĚĂĚ ƚƵƌşƐƟĐĂ͕ LJ ƋƵĞ ƐĞ ƚŽƵƌŝƐŵ͕ĂŶĚǁŚŝĐŚǁĂƐŵĂŝŶƚĂŝŶĞĚĂƚůĞĂƐƚĚƵƌŝŶŐƚŚĞĮƌƐƚ ŵĂŶƚƵǀŽ͕ĂůŵĞŶŽƐ͕ĚƵƌĂŶƚĞůĂƉƌŝŵĞƌĂŵŝƚĂĚĚĞϮϬϭϭ͘ half of 2011.

  
  


    
 


  
   
 


  
  







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.YmÄJV Graph 3.8

106 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ƐƚĂƚƌĂLJĞĐƚŽƌŝĂĂƐĐĞŶĚĞŶƚĞĞŶĞůƌŝƚŵŽĚĞĐŽŶƚƌĂƚĂ- ĐŝſŶƐĞƌĂůĞŶƟnjĂĂŵĞĚŝĚĂƋƵĞƚƌĂŶƐĐƵƌƌşĂĞůĂŹŽ͕ŚĂƐ- ƚĂƌĞƚŽƌŶĂƌĮŶĂůŵĞŶƚĞĂƵŶĂŶƵĞǀĂĨĂƐĞĚĞĚĞƐĐĞŶƐŽƐ ŝŶƚĞƌĂŶƵĂůĞƐ ĚƵƌĂŶƚĞ ůŽƐ ƷůƟŵŽƐ ŵĞƐĞƐ ĚĞů ƉĂƐĂĚŽ ejercicio. This upward trajectory in the pace of hiring slowed down as >Ă ƌĞĐƵƉĞƌĂĐŝſŶ ƚƵƌşƐƟĐĂ ƐĞ ĐŽŶǀŝƌƟſ͕ ĐŽŵŽ ƐĞ ŚĂ ƚŚĞLJĞĂƌƉƌŽŐƌĞƐƐĞĚ͕ƵŶƟůĮŶĂůůLJƌĞƚƵƌŶŝŶŐƚŽĂŶĞǁƉŚĂƐĞŽĨ ĐŽŶƐƚĂƚĂĚŽĂŶƚĞƌŝŽƌŵĞŶƚĞ͕ĞŶĞůƷŶŝĐŽĨŽĐŽĚĞƌĞĐƵ- LJĞĂƌůLJĚĞĐůŝŶĞƐĚƵƌŝŶŐƚŚĞůĂƐƚŵŽŶƚŚƐŽĨůĂƐƚĮŶĂŶĐŝĂůLJĞĂƌ͘ ƉĞƌĂĐŝſŶƋƵĞůŽŐƌĂďĂĂĚǀĞƌƟƌƐĞĞŶůĂĞĐŽŶŽŵşĂĚĞůĂƐ /ƐůĂƐLJ͕ƉĞƐĞĂƐƵŝŶƚĞŶƐŝĚĂĚ͕ƌĞƐƵůƚſŝŶƐƵĮĐŝĞŶƚĞƉĂƌĂ The tourism recovery became, as found above, the sole focus ŝŵƉƵůƐĂƌƵŶĂƌĞĂĐƟǀĂĐŝſŶŐůŽďĂůĞŶĞůƌĞƐƚŽĚĞůĂƐƌĂ- of recovery to be seen in the Islands economy and, despite ŵĂƐƋƵĞĐŽŶĨŽƌŵĂŶůŽƐƐĞƌǀŝĐŝŽƐ͕ŵƵLJĐŽŶĚŝĐŝŽŶĂĚŽƐ ŝƚƐŝŶƚĞŶƐŝƚLJ͕ŝƚǁĂƐŝŶƐƵĸĐŝĞŶƚƚŽĚƌŝǀĞĂŐůŽďĂůƌĞĐŽǀĞƌLJŝŶ ƉŽƌĞůĞƐƚĂŶĐĂŵŝĞŶƚŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĚĞďŝĚŽ the rest of the branches that make up the services, greatly ĂůĂĨĂůƚĂĚĞƉƵůƐŽĞŶĞůĐŽŶƐƵŵŽ͕ƚĂŶƚŽƉƷďůŝĐŽĐŽŵŽ ŝŶŇƵĞŶĐĞĚ ďLJ ƚŚĞ ƐƚĂŐŶĂƟŽŶ ŽĨ ĚŽŵĞƐƟĐ ĚĞŵĂŶĚ ĚƵĞ ƚŽ ƉƌŝǀĂĚŽ͖ LJ ŵĞŶŽƐ ĂƷŶ͕ ƉĞƌŵŝƟſ ůĂ ƌĞĂĐƟǀĂĐŝſŶ ĚĞů ƚŚĞ ůĂĐŬ ŽĨ ĚƌŝǀĞ ŝŶ ĐŽŶƐƵŵƉƟŽŶ͕ ďŽƚŚ ƉƵďůŝĐ ĂŶĚ ƉƌŝǀĂƚĞ͕ ƌĞƐƚŽĚĞůŽƐƐĞĐƚŽƌĞƐĚĞĂĐƟǀŝĚĂĚĚĞŶƵĞƐƚƌŽƐŝƐƚĞŵĂ ůĞƚ ĂůŽŶĞ ĞŶĂďůŝŶŐ ƚŚĞ ƌĞĂĐƟǀĂƟŽŶ ŽĨ ŽƚŚĞƌ ƐĞĐƚŽƌƐ ŽĨ ŽƵƌ ƉƌŽĚƵĐƟǀŽ͘ ƉƌŽĚƵĐƟŽŶƐLJƐƚĞŵ͘

ƐƚĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ƐŽďƌĞůĂƐƋƵĞŚĞŵŽƐĂďƵŶĚĂĚŽ These circumstances, about which we have abounded in ĐŽŶƉƌŽĨƵƐŝſŶĂůŽůĂƌŐŽĚĞĞƐƚĞĞƉşŐƌĂĨĞ͕ŝŵƉŝĚĞŶŚĂ- ƉƌŽĨƵƐŝŽŶĚƵƌŝŶŐƚŚŝƐƐĞĐƟŽŶ͕ĚŽŶŽƚĂůůŽǁƵƐƚŽƐƉĞĂŬŽĨĂ ďůĂƌĚĞƵŶĂƌĞĐƵƉĞƌĂĐŝſŶŐĞŶĞƌĂůŝnjĂĚĂĚĞůĂĂĐƟǀŝĚĂĚ ǁŝĚĞƐƉƌĞĂĚƌĞĐŽǀĞƌLJŝŶĞĐŽŶŽŵŝĐĂĐƟǀŝƚLJ͕ĂŶĚĞdžƉůĂŝŶǁŚLJ ĞĐŽŶſŵŝĐĂ͖LJĞdžƉůŝĐĂŶƉŽƌƋƵĠůĂŵĞũŽƌĂŽďƐĞƌǀĂĚĂĞŶ the observed improvement in recruitment did not respond ůĂĐŽŶƚƌĂƚĂĐŝſŶŶŽƌĞƐƉŽŶĚşĂĐŽŶůĂŵŝƐŵĂŝŶƚĞŶƐŝĚĂĚ ǁŝƚŚƚŚĞƐĂŵĞŝŶƚĞŶƐŝƚLJŝŶƚŚĞĚŝīĞƌĞŶƚƚLJƉĞƐŽĨĐŽŶƚƌĂĐƚƐ͘ ĞŶůĂƐĚŝĨĞƌĞŶƚĞƐƟƉŽůŽŐşĂƐĚĞĐŽŶƚƌĂƚŽƐ͘ ĐĐŽƌĚŝŶŐƚŽŽĸĐŝĂůƐƚĂƟƐƟĐƐ͕ǁŚŝůĞƚŚĞŶƵŵďĞƌŽĨƚĞŵƉŽƌĂƌLJ ^ĞŐƷŶůĂƐĞƐƚĂĚşƐƟĐĂƐŽĮĐŝĂůĞƐ͕ŵŝĞŶƚƌĂƐĞůŶƷŵĞƌŽĚĞ ĐŽŶƚƌĂĐƚƐŐƌĞǁďLJϰ͘ϯй͕ƉĞƌŵĂŶĞŶƚŚŝƌŝŶŐƌĞŵĂŝŶĞĚŵŝƌĞĚŝŶ ĐŽŶƚƌĂƚŽƐƚĞŵƉŽƌĂůĞƐĐƌĞĐşĂĞŶƵŶϰ͕ϯй͕ůĂĐŽŶƚƌĂƚĂ- ĂĚĞƐĐĞŶƚ͕ŝŶϮϬϭϭ͕ďLJϱ͘ϵй͕ĂůƚŚŽƵŐŚŝƚƐŚŽƵůĚďĞƉŽŝŶƚĞĚ ĐŝſŶŝŶĚĞĮŶŝĚĂĐŽŶƟŶƵĂďĂƐƵŵŝĚĂĞŶƵŶƉƌŽĐĞƐŽĚĞ ŽƵƚƚŚĂƚƚŚĞŶƵŵďĞƌŽĨƉĂƌƚͲƟŵĞƉĞƌŵĂŶĞŶƚĐŽŶƚƌĂĐƚƐŚĂƐ ĂũƵƐƚĞĂůĚĞƐĐĞŶĚĞƌ͕ĚƵƌĂŶƚĞϮϬϭϭ͕ƵŶϱ͕ϵй͕ĂƵŶƋƵĞ ďĞŐƵŶƚŽĞdžƉĞƌŝĞŶĐĞĂƐůŝŐŚƚĂĚǀĂŶĐĞŽĨũƵƐƚϬ͘ϲϬй͕ĚƵĞƚŽ ĐĂďĞĂƉƌĞĐŝĂƌƋƵĞĞůŶƷŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐŝŶĚĞĮŶŝĚŽƐ the higher number of conversions that occurred in this area Ă ƟĞŵƉŽ ƉĂƌĐŝĂů ŚĂ ĐŽŵĞŶnjĂĚŽ Ă ĞdžƉĞƌŝŵĞŶƚĂƌ ƵŶ over the past year.

EVOLUCIÓN DE LA CONTRATACIÓN CANARIAS - NACIONAL. Variación interanual / RECRUITMENT EVOLUTION CANARY ISLANDS-NATIONAL Year-to-year variation 3,3 5,0 1,9 2,8 0,1 0,0

-5,0

-10,0 -10,9 -15,0 -15,5 -20,0 -17,3 -17,0

-25,0 -22,5

-30,0 -27,8

07-08 08-09 09-10 10-11 07-11

CANARIAS / THE CANARY ISLANDS NACIONAL / NATIONAL .YmÄJV Graph 3.9

107 CONCLUSIONES CONCLUSIONS 2011

ĚĞůŵĂLJŽƌŶƷŵĞƌŽĚĞĐŽŶǀĞƌƐŝŽŶĞƐƋƵĞƐĞƌĞŐŝƐƚƌĂƌŽŶ ĞŶĞƐƚĞĄŵďŝƚŽĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽ͘

Ŷ ƚĠƌŵŝŶŽƐ ĂďƐŽůƵƚŽƐ͕ Ğů ŶƷŵĞƌŽ ĚĞ ĐŽŶƚƌĂƚŽƐ ŝŶ- ĚĞĮŶŝĚŽƐƐĞƌĞĚƵũŽĞŶϯ͘ϮϱϮƌĞŐŝƐƚƌŽƐĚƵƌĂŶƚĞϮϬϭϭ͕ ŚĂƐƚĂĐŽŶƚĂďŝůŝnjĂƌƵŶƚŽƚĂůĚĞϱϭ͘ϵϱϮƵŶŝĚĂĚĞƐ͕ĞůĚĂƚŽ ŵĄƐďĂũŽĚĞůĂƷůƟŵĂĚĠĐĂĚĂ͕ĚŝůƵLJĞŶĚŽĂƐşĞůĞĨĞĐƚŽ ĞdžƉĂŶƐŝǀŽƋƵĞŚĂďşĂŶŝŶĨƌŝŶŐŝĚŽƐŽďƌĞĞƐƚĂƟƉŽůŽŐşĂ In absolute terms, the number of permanent contracts ĐŽŶƚƌĂĐƚƵĂůůĂƐƌĞĨŽƌŵĂƐůĂďŽƌĂůĞƐĚĞϮϬϬϭLJϮϬϬϲ͘ ĚƌŽƉƉĞĚ ŝŶ ϯ͕ϮϱϮ ƵŶŝƚƐ ĚƵƌŝŶŐ ϮϬϭϭ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ Ă ƚŽƚĂů ŽĨϱϭ͕ϵϱϮĐŽŶƚƌĂĐƚƐ͕ǁŚŝĐŚŝƐƚŚĞůŽǁĞƐƚĮŐƵƌĞŽĨƚŚĞƉĂƐƚ ĂĚĂ ĞƐƚĂ ĐŝƌĐƵŶƐƚĂŶĐŝĂ͕ ŶŽ ƌĞƐƵůƚĂ ĞdžƚƌĂŹŽ ƋƵĞ Ğů ĚĞĐĂĚĞ͖ ƚŚĞƌĞďLJ ĚŝůƵƟŶŐ ƚŚŝƐ ƚLJƉĞ ŽĨ ƌŝƉƉůĞ ĞīĞĐƚ ŝƚ ŚĂĚ ƉĞƐŽĚĞůĂĐŽŶƚƌĂƚĂĐŝſŶŝŶĚĞĮŶŝĚĂƐŽďƌĞĞůƚŽƚĂůĚĞůŽƐ ďƌĞĂĐŚĞĚĐŽŶƚƌĂĐƚƵĂůůĂďŽƌƌĞĨŽƌŵƐŝŶϮϬϬϭĂŶĚϮϬϬϲ͘ ĐŽŶƚƌĂƚŽƐƌĞŐŝƐƚƌĂĚŽƐĐĂĚĂĂŹŽĞŶĂŶĂƌŝĂƐŚĂLJĂŝĚŽ ĂŵŝŶŽƌĄŶĚŽƐĞĐŽŶĞůƚƌĂŶƐĐƵƌƐŽĚĞůĂĐƌŝƐŝƐ͕ŚĂƐƚĂƌĞ- Given this circumstance, it is not surprising that the weight ƉƌĞƐĞŶƚĂƌĂƉĞŶĂƐĞůϵ͕ϮйĚĞůĂĐŽŶƚƌĂƚĂĐŝſŶĞĨĞĐƚƵĂĚĂ of permanent contracts on total contracts registered each ĚƵƌĂŶƚĞϮϬϭϭ͕ƚƌĞƐƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐƉŽƌĚĞďĂũŽĚĞ LJĞĂƌŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐŚĂƐďĞĞŶŽīƐĞƚďLJƚŚĞĐŽƵƌƐĞŽĨ ůĂ ĐƵŽƚĂ ŽďƐĞƌǀĂĚĂ ĚƵƌĂŶƚĞ ϮϬϬϳ͕ ĐƵĂŶĚŽ ůĂ ĐŽŶƚƌĂ- ƚŚĞ ĐƌŝƐŝƐ͕ ĂĐĐŽƵŶƟŶŐ ĨŽƌ ũƵƐƚ ϵ͘Ϯй ŽĨ ĐŽŶƚƌĂĐƚƐ ĐŽŶĐůƵĚĞĚ ƚĂĐŝſŶ ŝŶĚĞĮŶŝĚĂƌĞƉƌĞƐĞŶƚĂďĂ Ğů ϭϮ͕ϯйĚĞů ƚŽƚĂů ĚĞ in 2011, three percentage points below the rate observed ĐŽŶƚƌĂƚŽƐĨŽƌŵĂůŝnjĂĚŽƐĞƐĞĂŹŽĞŶůĂƐ/ƐůĂƐ͘ ŝŶϮϬϬϳ͕ǁŚĞŶƉĞƌŵĂŶĞŶƚĐŽŶƚƌĂĐƚƐĂĐĐŽƵŶƚĞĚĨŽƌϭϮ͘ϯйŽĨ total contracts awarded that year in the Islands. ĂĚĂƐůĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ůĂƐĞŵƉƌĞƐĂƐŚĂŶŽƉƚĂĚŽƉŽƌ ĂĨƌŽŶƚĂƌůŽƐĞƐĐĂƐŽƐĂƵŵĞŶƚŽƐĚĞĚĞŵĂŶĚĂĐŽŶĂƋƵĞ- Under the circumstances, companies have chosen to address ůůĂƐĨſƌŵƵůĂƐĐŽŶƚƌĂĐƚƵĂůĞƐƋƵĞůĞƉĞƌŵŝƚĞŶĂĚĂƉƚĂƌƐĞ the limited increases in demand with those contractual ŵĞũŽƌĂƵŶĂƌĞĂůŝĚĂĚĂůƚĂŵĞŶƚĞǀŽůĄƟů͕ĐŽŵŽůĂƋƵĞ ĂƌƌĂŶŐĞŵĞŶƚƐƚŚĂƚĂůůŽǁƚŚĞŵƚŽĂĚĂƉƚďĞƩĞƌƚŽĂŚŝŐŚůLJ ƉƌĞĚŽŵŝŶĂĞŶůĂĂĐƚƵĂůŝĚĂĚ͘ ǀŽůĂƟůĞƌĞĂůŝƚLJ͕ĂƐŶŽǁƉƌĞǀĂŝůƐ͘

  


    
 


  
  
  
  



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108 LA ECONOMÍA CANARIA. Actividad, empleo y contratación. THE CANARY ISLANDS ECONOMY. Activity, employment and contracts.3.1

ŶĞƐƚĞƐĞŶƟĚŽ͕ĞůŶƷŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐĚĞĚƵƌĂĐŝſŶ ĚĞƚĞƌŵŝŶĂĚĂ ĚƵƌĂŶƚĞ Ğů ƉĂƐĂĚŽ ĂŹŽ ĂƵŵĞŶƚſ ĞŶ Ϯϭ͘ϭϱϳ ƌĞŐŝƐƚƌŽƐ͕ ĞŶ ƐƵ ŵĂLJŽƌşĂ Ă ƟĞŵƉŽ ĐŽŵƉůĞƚŽ͕ /ŶƚŚŝƐƐĞŶƐĞ͕ƚŚĞŶƵŵďĞƌŽĨĮdžĞĚͲƚĞƌŵĐŽŶƚƌĂĐƚƐĚƵƌŝŶŐƚŚĞ ĐŽŶ ϭϭ͘ϯϭϱ ƌĞŐŝƐƚƌŽƐ͕ ůŽ ƋƵĞ͕ ĞŶ ƚĠƌŵŝŶŽƐ ƌĞůĂƟǀŽƐ ƉĂƐƚLJĞĂƌŝŶĐƌĞĂƐĞĚďLJϮϭ͕ϭϱϳƵŶŝƚƐ͕ŵŽƐƚůLJĨƵůůͲƟŵĞ͕ǁŝƚŚ ĞƋƵŝǀĂůĞĂƵŶĂǀĂŶĐĞĚĞůϯ͕ϳƉŽƌĐŝĞŶƚŽ͘ ϭϭ͕ϯϭϱ ƵŶŝƚƐ͕ ǁŚŝĐŚ ŝŶ ƌĞůĂƟǀĞ ƚĞƌŵƐ ŝƐ ĞƋƵŝǀĂůĞŶƚ ƚŽ ĂŶ EŽŽďƐƚĂŶƚĞ͕ĐĂďĞƌĞƐĂůƚĂƌƋƵĞ͕ĞŶƚĠƌŵŝŶŽƐƌĞůĂƟǀŽƐ͕ ŝŶĐƌĞĂƐĞŽĨϯ͘ϳƉĞƌĐĞŶƚ͘ Ğů ŝŶĐƌĞŵĞŶƚŽ ĞŶ ůĂ ĐŽŶƚƌĂƚĂĐŝſŶ ƚĞŵƉŽƌĂů Ă ƟĞŵƉŽ ,ŽǁĞǀĞƌ͕ ŝƚ ŝƐ ǁŽƌƚŚ ŶŽƟŶŐ ƚŚĂƚ͕ ŝŶ ƌĞůĂƟǀĞ ƚĞƌŵƐ͕ ƚŚĞ ƉĂƌĐŝĂů ƌĞƐƵůƚſ ĚĞ ŵĂLJŽƌ ŝŶƚĞŶƐŝĚĂĚ͕ Ăů ƌĞŐŝƐƚƌĂƌ ƵŶ ŝŶĐƌĞĂƐĞ ŝŶ ƉĂƌƚͲƟŵĞ ƚĞŵƉŽƌĂƌLJ ĞŵƉůŽLJŵĞŶƚ ǁĂƐ ŵŽƌĞ ĐƌĞĐŝŵŝĞŶƚŽĚĞůϱ͕ϰй͕ƐƵƉĞƌŝŽƌŝŶĐůƵƐŽĂůĂǀĂŶĐĞƋƵĞ ŝŶƚĞŶƐĞ;ƌĞŐŝƐƚĞƌŝŶŐĂŐƌŽǁƚŚŽĨϱ͘ϰйͿĂŶĚĞǀĞŶŚŝŐŚĞƌƚŚĂŶ ĞdžƉĞƌŝŵĞŶƚſĞůĚĂƚŽŐůŽďĂůĚĞĐŽŶƚƌĂƚĂĐŝſŶ͘ that experienced global recruitment breakthrough data. sŝƐƚĂůĂƐŝƚƵĂĐŝſŶƉŽƌůĂƋƵĞĂƚƌĂǀŝĞƐĂůĂĂĐƟǀŝĚĂĚLJĞů empleo, ůĂŝŶĐĞƌƟĚƵŵďƌĞǀƵĞůǀĞĂĐĞƌŶŝƌƐĞƐŽďƌĞůĂ 'ŝǀĞŶ ƚŚĞ ƐŝƚƵĂƟŽŶ ďĞŝŶŐ ĞdžƉĞƌŝĞŶĐĞĚ ďLJ ĂĐƟǀŝƚLJ ĂŶĚ economía canaria͘>ĂĐĂşĚĂĚĞůŐĂƐƚŽƉƷďůŝĐŽĐŽŶĚŝĐŝŽ- employment, ƵŶĐĞƌƚĂŝŶƚLJ ŚĂŶŐƐ ŽǀĞƌ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ͛ ŶĂƌĄĞůĐƌĞĐŝŵŝĞŶƚŽ͕ĞŶƵŶĐŽŶƚĞdžƚŽĞŶĞůƋƵĞƌĞŵŝƚĞĞů ĞĐŽŶŽŵLJĂŐĂŝŶ͘dŚĞĚƌŽƉŝŶƉƵďůŝĐƐƉĞŶĚŝŶŐǁŝůůŝŶŇƵĞŶĐĞ ĞĨĞĐƚŽƚĞŵƉŽƌĂůĚĞůĂŵĂLJŽƌĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂ͕ƉƌŝŶĐŝ- ŐƌŽǁƚŚ͕ŝŶĂĐŽŶƚĞdžƚƚŚĂƚƌĞĨĞƌƐƚŽƚŚĞƚĞŵƉŽƌĂƌLJĞīĞĐƚŽĨ ƉĂůĨĂĐƚŽƌĞdžƉůŝĐĂƟǀŽĚĞůĐƌĞĐŝŵŝĞŶƚŽĚĞĂŶĂƌŝĂƐĚƵ- increase in tourism, the main factor behind the growth of the rante 2011. Canary Islands in 2011.

ŶŵĂƚĞƌŝĂĚĞŐĂƐƚŽƉƷďůŝĐŽ͕ůŽƐĐƌŝƚĞƌŝŽƐĚĞƌĞĚƵĐĐŝſŶ /ŶƚĞƌŵƐŽĨƉƵďůŝĐƐƉĞŶĚŝŶŐ͕ƚŚĞĚĞĮĐŝƚƌĞĚƵĐƟŽŶĐƌŝƚĞƌŝĂŵĂLJ ĚĞůĚĠĮĐŝƚƋƵŝnjĄƐƉƵĞĚĂŶƌĞůĂũĂƌƐĞĞŶĂůŐƵŶĂŵĞĚŝĚĂ͖ be able to relax somewhat, but in any case, the principle of ƉĞƌŽ͕ ĞŶ ĐƵĂůƋƵŝĞƌ ĐĂƐŽ͕ ŵĂŶƚĞŶĚƌĄŶ Ğů ƉƌŝŶĐŝƉŝŽ ĚĞ austerity will be kept. ĂƵƐƚĞƌŝĚĂĚ͘ In this context, the key to the beginning of recovery in the ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂĐůĂǀĞƉĂƌĂĞůŝŶŝĐŝŽĚĞůĂƌĞĐƵƉĞƌĂ- ƉƌŝǀĂƚĞƐĞĐƚŽƌǁŝůůĐŽŶƟŶƵĞƚŽƌĞƐŝĚĞŝŶƚŚĞĮŶĂŶĐŝĂůŝŶĚƵƐƚƌLJ ĐŝſŶĚĞůĂǀĞƌƟĞŶƚĞƉƌŝǀĂĚĂĐŽŶƟŶƵĂƌĄƌĞƐŝĚŝĞŶĚŽĞŶ ĂŶĚŝŶŝƚƐĞǀĞŶƚƵĂůĐŽŶƐŽůŝĚĂƟŽŶ͘dŚŝƐƌĞĐŽǀĞƌLJŝƐƐƵďũĞĐƚƚŽ ĞůƐĞĐƚŽƌĮŶĂŶĐŝĞƌŽ͕ĂƐşĐŽŵŽĞŶƐƵĚĞĮŶŝƟǀŽƐĂŶĞĂ- ƌĞĐĞŶƚĮŶĂŶĐŝĂůƌĞĨŽƌŵƐƵŶĚĞƌƚĂŬĞŶŝŶƚŚĞĞĂƌůLJŵŽŶƚŚƐŽĨ ŵŝĞŶƚŽ͘ƐƚĂƌĞĐƵƉĞƌĂĐŝſŶƐĞĞŶĐƵĞŶƚƌĂƐƵƉĞĚŝƚĂĚĂĂ ϮϬϭϮ͕ ǁŚŝĐŚ͕ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ƌĞĐĂƉŝƚĂůŝnjĂƟŽŶ ŽĨ ďĂŶŬƐ͕ ůĂƐƌĞĐŝĞŶƚĞƐƌĞĨŽƌŵĂƐĮŶĂŶĐŝĞƌĂƐĞŵƉƌĞŶĚŝĚĂƐĞŶůŽƐ ƐŚŽƵůĚ ŚĞůƉ ƚŽ ĚĞůĞǀĞƌĂŐĞ ƚŚĞ ĮŶĂŶĐŝĂů ƐĞĐƚŽƌ ĂŶĚ ƌĞƐƚŽƌĞ ƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮ͕ƋƵĞ͕ũƵŶƚŽĐŽŶůĂƐŵĞĚŝĚĂƐ ĐƌĞĚŝƚ͘tŝƚŚŽƵƚƚŚĞƐĞƐƵƉƉŽƌƚƐ͕ĐŽŶƐƵŵƉƟŽŶŽƌĂĐƟǀŝƚLJĐĂŶ ĚĞƌĞĐĂƉŝƚĂůŝnjĂĐŝſŶĚĞůĂďĂŶĐĂ͕ĚĞďĞƌşĂŶĐŽŶƚƌŝďƵŝƌĂ ŚĂƌĚůLJďĞƌĞĂĐƟǀĂƚĞĚ͘ ĚĞƐĂƉĂůĂŶĐĂƌ Ğů ƐĞĐƚŽƌ ĮŶĂŶĐŝĞƌŽ͕ LJ Ă ƌĞƐƚĂďůĞĐĞƌ Ğů ĐƌĠĚŝƚŽ͘^ŝŶĞƐƚŽƐƐŽƉŽƌƚĞƐ͕ĚŝİĐŝůŵĞŶƚĞƉŽĚƌĄƌĞĂĐƟ- The high level of private sector debt curtails the chances of ǀĂƌƐĞůĂĂĐƟǀŝĚĂĚŶŝĞůĐŽŶƐƵŵŽ͘ ĚĞŵĂŶĚƌĞĐŽǀĞƌLJďLJůŝŵŝƟŶŐƚŚĞƉŽƚĞŶƟĂůŽĨƚŚĞƐĞĂŐĞŶƚƐƚŽ ŽīƐĞƚĚĞĐůŝŶĞƐŝŶŝŶĐŽŵĞďLJŝŶĐƌĞĂƐŝŶŐĐƌĞĚŝƚ͘/ŶĂĚĚŝƟŽŶ͕ƚŚĞ ůĞůĞǀĂĚŽŐƌĂĚŽĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽĚĞůƐĞĐƚŽƌƉƌŝǀĂ- ŚŝŐŚǀŽůƵŵĞŽĨŽƵƚƐƚĂŶĚŝŶŐĐƌĞĚŝƚŝŶĐƌĞĂƐĞĚĮŶĂŶĐŝĂůĐŽƐƚ͕ ĚŽĐĞƌĐĞŶĂůĂƐƉŽƐŝďŝůŝĚĂĚĞƐĚĞƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĚĞ- ĚĞƌŝǀĞĚĨƌŽŵƚŚĞŽďůŝŐĂƟŽŶŽĨŵĞĞƟŶŐŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐ͘ ŵĂŶĚĂ͕ĂůůŝŵŝƚĂƌůĂƐƉŽƐŝďŝůŝĚĂĚĞƐĚĞĞƐƚŽƐĂŐĞŶƚĞƐĚĞ ĐŽŵƉĞŶƐĂƌĐĂşĚĂƐĞŶůĂƌĞŶƚĂŵĞĚŝĂŶƚĞƵŶĂƵŵĞŶƚŽ The lower rate of savings that residents in the Canaries have ĚĞů ĐƌĠĚŝƚŽ͘ ĚĞŵĄƐ͕ Ğů ĞůĞǀĂĚŽ ǀŽůƵŵĞŶ ĚĞ ĐƌĠĚŝƚŽ as compared to the rest of Spain as a whole is also worrying; ƉĞŶĚŝĞŶƚĞƐƵƉŽŶĞƵŶŵĂLJŽƌĐŽƐƚĞĮŶĂŶĐŝĞƌŽ͕ĚĞƌŝǀĂĚŽ ƚŚŝƐĂīĞĐƚƐƚŚĞĂďŝůŝƚLJƚŽƌĞĚƵĐĞƚŚĞŚŝŐŚůĞǀĞůŽĨůĞǀĞƌĂŐĞ ĚĞůĂŽďůŝŐĂĐŝſŶĚĞĐƵŵƉůŝƌĐŽŶĞůƉĂŐŽĚĞŝŶƚĞƌĞƐĞƐ͘ of our economy. This further complicates the recovery of ĂŶĂƌLJĚŽŵĞƐƟĐĚĞŵĂŶĚ͘ WƌĞŽĐƵƉĂ͕ĂƐŝŵŝƐŵŽůĂŵĞŶŽƌƚĂƐĂĚĞĂŚŽƌƌŽĐŽŶƋƵĞ ĐƵĞŶƚĂŶůŽƐƌĞƐŝĚĞŶƚĞƐĐĂŶĂƌŝŽƐĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞů In this context, the lack of jobs is sinking saving levels deeper, ƌĞƐƚŽĚĞůƚĞƌƌŝƚŽƌŝŽŶĂĐŝŽŶĂů͕ƵŶŚĞĐŚŽƋƵĞŝŶŇƵLJĞƐŽ- which usually remain low in the Canaries.

109 CONCLUSIONES CONCLUSIONS 2011

ďƌĞůĂĐĂƉĂĐŝĚĂĚƉĂƌĂƌĞĚƵĐŝƌĞůĞůĞǀĂĚŽŐƌĂĚŽĚĞĂƉĂ- ůĂŶĐĂŵŝĞŶƚŽĚĞŶƵĞƐƚƌĂĞĐŽŶŽŵşĂ͘ƐƚŽĚŝĮĐƵůƚĂĂƷŶ ŵĄƐůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĐĂŶĂƌŝĂ͘

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂĨĂůƚĂĚĞĞŵƉůĞŽƉƌŽĨƵŶĚŝnjĂĞŶĞů ŚƵŶĚŝŵŝĞŶƚŽĚĞůŽƐŶŝǀĞůĞƐĚĞĂŚŽƌƌŽ͕ƚƌĂĚŝĐŝŽŶĂůŵĞŶ- ƚĞďĂũŽƐĞŶĂŶĂƌŝĂƐ͘ Desde el lado de la demanda, no se advierten avan- ĐĞƐĞŶŶŝŶŐƵŶŽĚĞƐƵƐĂŐƌĞŐĂĚŽƐ͖ĂůĐŽŶƚƌĂƌŝŽ͕ƌĞƐƵůƚĂ ƉƌĞǀŝƐŝďůĞƵŶĂƉƌŽĨƵŶĚŝnjĂĐŝſŶĞŶƐƵĐĂşĚĂ͘ůƌĞƚƌŽĐĞƐŽ ĚĞůĐŽŶƐƵŵŽLJůĂŝŶǀĞƌƐŝſŶƉƷďůŝĐĂƌĞĚƵŶĚĂƌĄŶĞŶůĂ &ƌŽŵƚŚĞĚĞŵĂŶĚƐŝĚĞ͕ƚŚĞƌĞŝƐŶŽŝŶĚŝĐĂƟŽŶŽĨĂŶLJƉƌŽŐƌĞƐƐ ƐŝƚƵĂĐŝſŶĚĞĞƐƚƌĂŶŐƵůĂŵŝĞŶƚŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͕ in the aggregates; on the contrary, a deeper fall is expected. ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂ ĚĞŵĂŶĚĂ ĞdžƚĞƌŝŽƌ ĂƉƵŶƚĂ Ă ůĂ ďĂũĂ͕ dŚĞ ĚĞĐůŝŶĞ ŝŶ ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ƉƵďůŝĐ ŝŶǀĞƐƚŵĞŶƚ ǁŝůů ƉŽƌůĂƉƌĞǀŝƐŝďůĞďĂũĂĚĂĚĞůĂƐǀŝƐŝƚĂƐƚƵƌşƐƟĐĂƐ͘ ƌĞƐƵůƚŝŶƚŚĞďŽƩůĞŶĞĐŬƐŝƚƵĂƟŽŶŽĨĚŽŵĞƐƟĐĚĞŵĂŶĚ͕ǁŚŝůĞ ĚĞŵĄƐ͕ Ğů ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůĂ ƉƌĞƐŝſŶ ĮƐĐĂů ƉƌĞǀŝƐƚŽ foreign demand is likely to fall, due to the expected drop in ƉŽƌĞůĞũĞĐƵƟǀŽĂƵƚŽŶſŵŝĐŽĚĂŹĂƌĄůŽƐƌĞƐƵůƚĂĚŽƐƚƵ- tourist visits. ƌşƐƟĐŽƐLJƉĞŶĂůŝnjĂƌĂĂůĐŽŶƐƵŵŽ͕ĂĚĞŵĄƐĚĞůŽƐƉƌĞ- Moreover, the increase in the tax burden imposed by the ǀŝƐŝďůĞƐ ƉĞƌũƵŝĐŝŽƐ ƐŽďƌĞ ůĂ ĂĐƟǀŝĚĂĚ ƉƌŽĚƵĐƟǀĂ ĚĞů regional government will damage tourism results and ƌĐŚŝƉŝĠůĂŐŽ͕ƐŽďƌĞůĂƋƵĞŶŽƐĞĂƟƐďĂŶƐŝŐŶŽƐĐůĂƌŽƐ ƉĞŶĂůŝnjĞĐŽŶƐƵŵƉƟŽŶ͕ŝŶĂĚĚŝƟŽŶƚŽƚŚĞƉƌĞĚŝĐƚĂďůĞĚĂŵĂŐĞ ĚĞƌĞĐƵƉĞƌĂĐŝſŶ͘ ŝŶƉƌŽĚƵĐƟǀĞĂĐƟǀŝƚLJŝŶƚŚĞ/ƐůĂŶĚƐ͕ĂďŽƵƚǁŚŝĐŚƚŚĞƌĞĂƌĞ ůŐƌƵĞƐŽĚĞůĂƐƌĂŵĂƐƉƌŽĚƵĐƟǀĂƐƉĞƌŵĂŶĞĐĞƌĄĂůĂ not clear signs of recovery peaks. ĞƐƉĞƌĂĚĞůĂĞǀĞŶƚƵĂůƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĚĞŵĂŶĚĂŝŶ- ƚĞƌŝŽƌLJůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĐƌĠĚŝƚŽ͕ĐŽŵŽƉƌŝŵĞƌƉĂƐŽ dŚĞďƵůŬŽĨƉƌŽĚƵĐƟŽŶƐĞĐƚŽƌƐĐŽŶƟŶƵĞƚŽǁĂŝƚĨŽƌĂƌĞĐŽǀĞƌLJ ƉĂƌĂůĂĂŶƐŝĂĚĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĂĐƟǀŝĚĂĚ͕LJĐŽŵŽ ŝŶĚŽŵĞƐƟĐĚĞŵĂŶĚĂŶĚĐƌĞĚŝƚƌĞĐŽǀĞƌLJ͕ĂƐĂĮƌƐƚƐƚĞƉĨŽƌƚŚĞ ĐŽŶƐĞĐƵĞŶĐŝĂ͕ĚĞůĞŵƉůĞŽ͘ ĚĞƐŝƌĞĚƌĞĐŽǀĞƌLJŽĨĂĐƟǀŝƚLJ͕ĂŶĚĐŽŶƐĞƋƵĞŶƚůLJĞŵƉůŽLJŵĞŶƚ͘

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂĐĂƌĞƐơĂĚĞůƉĞƚƌſůĞŽƐƵƉŽŶĞƵŶĂ /ŶƚŚŝƐĐŽŶƚĞdžƚ͕ƚŚĞŚŝŐŚƉƌŝĐĞŽĨŽŝůŝƐĂŶĂĚĚŝƟŽŶĂůĚŝĸĐƵůƚLJ ĚŝĮĐƵůƚĂĚ ĂĚŝĐŝŽŶĂů ƉĂƌĂ ŶƵĞƐƚƌĂ ĞĐŽŶŽŵşĂ͕ ƋƵĞ ŚĂ ĨŽƌŽƵƌĞĐŽŶŽŵLJ͕ǁŚŝĐŚŚĂƐůŽƐƚϭϬ͕ϵϴϯĞŶƚĞƌƉƌŝƐĞƐŝŶƚŚĞůĂƐƚ ƉĞƌĚŝĚŽ͕ĞŶĞƐƚŽƐĐƵĂƚƌŽĂŹŽƐĚĞĐƌŝƐŝƐ͕ϭϬ͘ϵϴϯĞŵƉƌĞ- ĨŽƵƌLJĞĂƌƐŽĨĐƌŝƐŝƐͲϳ͘ϳйŽĨƚŚĞĞdžŝƐƟŶŐďƵƐŝŶĞƐƐƟƐƐƵĞͲŝŶ ƐĂƐ͕Ğůϳ͕ϳйĚĞůĂƐĞdžŝƐƚĞŶƚĞƐĂĮŶĂůĞƐĚĞϮϬϬϳ͘ ůĂƚĞϮϬϬϳ͘

ŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ůĂƌĞĐƵƉĞƌĂĐŝſŶƉĞƌŵĂŶĞĐĞƌĄǀŝŶ- In any case, the recovery will remain bound to the ĐƵůĂĚĂĂůĂĚĞƐĂƉĂƌŝĐŝſŶĚĞůŽƐĞĨĞĐƚŽƐƋƵĞĐŽŶƟŶƷĂŶ ĚŝƐĂƉƉĞĂƌĂŶĐĞ ŽĨ ƚŚĞ ĞīĞĐƚƐ ƚŚĂƚ ŬĞĞƉ ƐƚŽƉƉŝŶŐ ƚŚĞ ŝŵƉŝĚŝĞŶĚŽĞůĐƌĞĐŝŵŝĞŶƚŽ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞǀŝŶĐƵ- ŐƌŽǁƚŚ;ŵĂŝŶůLJůŝŶŬĞĚƚŽƚŚĞůĂĐŬŽĨĐŽŶĮĚĞŶĐĞ͕ĂŶĚĐƌĞĚŝƚ ůĂĚŽƐĂůĂĨĂůƚĂĚĞĐŽŶĮĂŶnjĂ͕ĐŽŶƐƵŵŽLJĐƌĠĚŝƚŽ͘ ĐŽŶƐƵŵƉƟŽŶͿ͘

110 LA ECONOMÍA CANARIA. Inflacción y competitividad. THE CANARY ISLANDS ECONOMY. Inflation and Competitiveness.3.2

>ĂĞǀŽůƵĐŝſŶĚĞůŽƐƉƌĞĐŝŽƐĚĞĐŽŶƐƵŵŽĞŶĂŶĂƌŝĂƐ͕ ŵĞĚŝĚŽƐĂƉĂƌƟƌĚĞů/WƋƵĞƉƵďůŝĐĂĞů/E͕ƐĞŝŶĐƌĞ- ŵĞŶƚĂƌŽŶƵŶϮ͕ϬйĂůĐŝĞƌƌĞĚĞϮϬϭϭ͕ůĂŵŝƐŵĂƚĂƐĂĐŽŶ ƋƵĞĮŶĂůŝnjſĞůƉĂƐĂĚŽϮϬϭϬLJůĂŵĞŶŽƌĚĞƚŽĚĂƐůĂƐĐŽ- ŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐĚĞůƉĂşƐ͘>ĂŝŶŇĂĐŝſŶĚĞůƌĐŚŝ- According to the data of the CPI, published by the Spanish ƉŝĠůĂŐŽƐĞƐŝƚƷĂĐƵĂƚƌŽĚĠĐŝŵĂƐƉŽƌĚĞďĂũŽĚĞůĂŶĂĐŝŽ- EĂƟŽŶĂů /ŶƐƟƚƵƚĞ ŽĨ ^ƚĂƟƐƟĐƐ ;/EͿ͕ ƚŚĞ ƉƌŽŐƌĞƐƐ ŽĨ ƚŚĞ ŶĂů͕ĚŽŶĚĞůŽƐƉƌĞĐŝŽƐĂƵŵĞŶƚĂƌŽŶƵŶϮ͕ϰƉŽƌĐŝĞŶƚŽ͘ ĐŽŶƐƵŵƉƟŽŶƉƌŝĐĞƐŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐŝŶĐƌĞĂƐĞĚďLJϮ͘Ϭй ŶƵŶƌĞƉĂƐŽĂůĂƚƌĂLJĞĐƚŽƌŝĂĚĞƐĐƌŝƚĂƉŽƌĞů/WĚĞĂ- towards the end of 2011. This is the same rate as at the end ŶĂƌŝĂƐĂůŽůĂƌŐŽĚĞϮϬϭϭ͕ĞƐƚĂƐĞĞŶŵĂƌĐĂĚĞŶƚƌŽĚĞ ŽĨ ϮϬϭϬ ĂŶĚ ƚŚĞ ůŽǁĞƐƚ ŝŶ ƚŚĞ ƵƚŽŶŽŵŽƵƐ ŽŵŵƵŶŝƟĞƐ ƵŶĐŽŶƚĞdžƚŽĚĞƌĞůĂƟǀĂĞůĞǀĂĐŝſŶĚĞůŽƐƉƌĞĐŝŽƐƉŽƌůĂ ŽĨ^ƉĂŝŶ͘ĂŶĂƌLJ/ƐůĂŶĚƐ͛ŝŶŇĂƟŽŶŝƐϬ͘ϰƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚƐ ĐĂƌĞƐơĂŐĞŶĞƌĂůŝnjĂĚĂĚĞůĂƐŵĂƚĞƌŝĂƐƉƌŝŵĂƐ͕LJĞŶƉĂƌ- ďĞůŽǁŶĂƟŽŶĂůŝŶŇĂƟŽŶ͕ǁŚĞƌĞƉƌŝĐĞƐŝŶĐƌĞĂƐĞĚďLJϮ͘ϰй͘ ƟĐƵůĂƌĚĞůƉĞƚƌſůĞŽ͕ƋƵĞĂĨĞĐƚſĂƐƵĞǀŽůƵĐŝſŶĚƵƌĂŶƚĞ ůĂƉƌĄĐƟĐĂƚŽƚĂůŝĚĂĚĚĞůĞũĞƌĐŝĐŝŽ͘ If we take a look into the progress of the CPI in the Canary /ƐůĂŶĚƐ ĚƵƌŝŶŐ ϮϬϭϭ͕ Ă ƌĞůĂƟǀĞ ŝŶĐƌĞĂƐĞ ŝŶ ƉƌŝĐĞƐ ĐĂŶ ďĞ ĨĞĐƟǀĂŵĞŶƚĞ͕ůĂĐŽƟnjĂĐŝſŶĚĞůŽƐĐĂƌďƵƌĂŶƚĞƐƐĞĞƌŝ- observed. This is caused by the high costs of raw materials, ŐĞĐŽŵŽĞůƉƌŝŶĐŝƉĂůƌĞƐƉŽŶƐĂďůĞĚĞůĐƌĞĐŝŵŝĞŶƚŽĚĞ ƉĂƌƟĐƵůĂƌůLJĐƌƵĚĞŽŝů͕ǁŚŝĐŚĂīĞĐƚĞĚƚŚĞW/ƉƌŽŐƌĞƐƐĚƵƌŝŶŐ ůŽƐƉƌĞĐŝŽƐĚƵƌĂŶƚĞϮϬϭϭ͖ŝŶŇƵŝĚŽƉŽƌĞůŵĂŶƚĞŶŝŵŝĞŶ- almost the whole year. ƚŽĚĞůƉƌĞĐŝŽĚĞůĐƌƵĚŽĞŶƵŶĞŶƚŽƌŶŽĚĞĐŽƟnjĂĐŝſŶ ĞůĞǀĂĚŽ͕ƉŽƌĞŶĐŝŵĂĚĞůŽƐϭϬϬĚſůĂƌĞƐƉŽƌďĂƌƌŝů͘ů Indeed, fuel prices are the main reason for the price increase ƉĞƚƌſůĞŽ ƐĞ ĞŶĐĂƌĞĐŝſ͕ ĞŶ ƚĠƌŵŝŶŽƐ ŵĞĚŝŽƐ ĚƵƌĂŶƚĞ ĚƵƌŝŶŐϮϬϭϭ͕ŝŶŇƵĞŶĐĞĚďLJƚŚĞĐŽŶƐƚĂŶƚŚŝŐŚƉƌŝĐĞƐŽĨĐƌƵĚĞ ϮϬϭϭ͕ĞŶƵŶϰϬ͕ϱй͕ƐŝďŝĞŶĞƐƚĂƐƵďŝĚĂƐĞǀŝŽĂŵŽƌ- oil, over 100 dollars per barrel. The price of this raw material ƟŐƵĂĚĂƉŽƌůĂƌĞůĂƟǀĂĂƉƌĞĐŝĂĐŝſŶĚĞůĞƵƌŽĨƌĞŶƚĞĂů ŝŶĐƌĞĂƐĞĚďLJϰϬ͘ϱй͕ŽŶĂǀĞƌĂŐĞ͕ĚƵƌŝŶŐϮϬϭϭ͘dŚŝƐƌŝƐĞǁĂƐ ĚſůĂƌĚƵƌĂŶƚĞďƵĞŶĂƉĂƌƚĞĚĞůĞũĞƌĐŝĐŝŽ͕ƋƵĞĐŽŶĚƵũŽĂ not very abrupt thanks to the strengthening of the euro ƵŶĂĞůĞǀĂĐŝſŶŵĞĚŝĂĚĞůŽƐƉƌĞĐŝŽƐĚĞůƉĞƚƌſůĞŽ͕ŵĞ- against the dollar during a great part of the year, leading ĚŝĚŽƐĞŶĞƵƌŽƐ͕ĚĞůϯϯ͕ϲƉŽƌĐŝĞŶƚŽ͘ ƚŽĂŶĂǀĞƌĂŐĞŝŶĐƌĞĂƐĞŽĨϯϯ͘ϲйŝŶŽŝůƉƌŝĐĞƐ͕ŵĞĂƐƵƌĞĚŝŶ euros. >ĂƚƌĂLJĞĐƚŽƌŝĂĂůĐŝƐƚĂĚĞůĐƌƵĚŽŚĂĐŽŶƟŶƵĂĚŽĚƵƌĂŶƚĞ ůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮ͕ĂƵŶƋƵĞĞŶĞƐƚĞĐĂƐŽůĂ dŚĞ ƌŝƐŝŶŐ ĐŽƵƌƐĞ ŽĨ ĐƌƵĚĞ ŚĂƐ ĐŽŶƟŶƵĞĚ ĚƵƌŝŶŐ ƚŚĞ ĮƌƐƚ ĞǀŽůƵĐŝſŶĚĞůƟƉŽĚĞĐĂŵďŝŽŚĂũƵŐĂĚŽĂůĂĐŽŶƚƌĂĚĞ ŵŽŶƚŚƐŽĨϮϬϭϮ͕ĂůƚŚŽƵŐŚŝŶƚŚŝƐĐĂƐĞ͕ƚŚĞĞǀŽůƵƟŽŶŽĨƚŚĞ ůŽƐ ŝŶƚĞƌĞƐĞƐ ĞƵƌŽƉĞŽƐ͘ ,ĂƐƚĂ ŵĂƌnjŽ͕ Ğů ĐƌĞĐŝŵŝĞŶƚŽ exchange rate plays against European interests. The rise of

  
  

 
 




  


  
   
  




 
 
 
 
 
 
 

 
 
 
 
 
 
 

 

 
 

 






 


 




.YmÄJV Graph 3.2.11

111 CONCLUSIONES CONCLUSIONS 2011

ĚĞůĐƌƵĚŽŵĞĚŝĚŽĞŶĚſůĂƌĞƐĨƵĞĚĞůϭϯ͕ϭй͕ŵŝĞŶƚƌĂƐ ƋƵĞĞŶĞƵƌŽƐĞƐƚĂŵŝƐŵĂƐƵďŝĚĂƐƵƉŽŶĞƵŶĞŶĐĂƌĞĐŝ- ŵŝĞŶƚŽĚĞůϭϳ͕ϵƉŽƌĐŝĞŶƚŽ͘

ƵŶƋƵĞůĂĐĂƌĞƐơĂƉĞƌƐŝƐƚĞŶƚĞĚĞůƉĞƚƌſůĞŽƐĞƚĞƌŵŝŶĂ ƚƌĂŶƐŵŝƟĞŶĚŽƐŽďƌĞĞůĐŽŶũƵŶƚŽĚĞůƚĞũŝĚŽƉƌŽĚƵĐƟǀŽ͕ ĂŵĞĚŝĚĂƋƵĞƐĞǀĂŶŝŶĐŽƌƉŽƌĂŶĚŽĂůĂĞƐƚƌƵĐƚƵƌĂĚĞ ĐŽƐƚĞƐĚĞůĂƐĞŵƉƌĞƐĂƐ͕ƚĂŵďŝĠŶƌĞƐƵůƚĂĐŝĞƌƚŽƋƵĞůĂ ƐƵďŝĚĂĚĞĞƐƚŽƐƉƌŽĚƵĐƚŽƐƌĞƉĞƌĐƵƚĞŶĂŶƚĞƐLJĐŽŶŵĂ- LJŽƌŝŶƚĞŶƐŝĚĂĚƐŽďƌĞůŽƐƉƌĞĐŝŽƐĚĞĂƋƵĞůůŽƐďŝĞŶĞƐLJ ĐƌƵĚĞǁĂƐϭϯ͘ϭй͕ŵĞĂƐƵƌĞĚŝŶĚŽůůĂƌƐ͘DĞĂŶǁŚŝůĞ͕ƚŚĞƐĂŵĞ ƐĞƌǀŝĐŝŽƐƌĞůĂĐŝŽŶĂĚŽƐĐŽŶĞůŐƌƵƉŽ͞transporte͕͟ƋƵĞ ƌŝƐĞŝŶĞƵƌŽƐƌĞƉƌĞƐĞŶƚƐĂŶŝŶĐƌĞĂƐĞŽĨϭϳ͘ϵй͘ ƌĞƉƌĞƐĞŶƚĂŶƵŶϭϳ͕ϭйĚĞůĂĐĞƐƚĂĚĞĐŽŶƐƵŵŽĞŶĂ- narias. Although the constant high costs of crude oil end up ĂīĞĐƟŶŐ ƉƌŽĚƵĐƟŽŶ ĂƐ Ă ǁŚŽůĞ͕ ĂŶĚ ƚŚĞLJ ĂƌĞ ŐƌĂĚƵĂůůLJ Los precios de los transportes cierran el ejercicio con being incorporated to the structure of the enterprises’ costs, ƵŶŝŶĐƌĞŵĞŶƚŽĚĞůϲ͕ϴƉŽƌĐŝĞŶƚŽ͕ƐŝďŝĞŶĞůĂƵŵĞŶƚŽ ŝƚŝƐƚƌƵĞƚŚĂƚƚŚĞŝŶĐƌĞĂƐĞŽĨƚŚĞƐĞƉƌŽĚƵĐƚƐĮƌƐƚůLJŚĂƐĂŶ ĚĞůŽƐƉƌĞĐŝŽƐĚĞůŐƌƵƉŽĂůŽůĂƌŐŽĚĞůĞũĞƌĐŝĐŝŽƌĞƐƵůƚſ intense repercussion in those goods and services related ƐƵƉĞƌŝŽƌ͕ Ăů ĐŽŶƚĂďŝůŝnjĂƌƐĞ ƵŶ ĐƌĞĐŝŵŝĞŶƚŽ ŵĞĚŝŽ ĚĞů ƚŽ ƚŚĞ ͞ƚƌĂŶƐƉŽƌƚ͟ ŐƌŽƵƉ͕ ǁŚŝĐŚ ƌĞƉƌĞƐĞŶƚ ϭϳ͘ϭй ŽĨ ƚŚĞ ϴ͕ϴƉŽƌĐŝĞŶƚŽ͘>ŽƐ͞ƚƌĂŶƐƉŽƌƚĞƐ͟ĂƉŽƌƚĂŶϭ͕ϮƉƵŶƚŽƐ ĐŽŶƐƵŵƉƟŽŶďĂƐŬĞƚŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͘ ĚĞůŽƐĚŽƐĞŶƋƵĞƐĞŝŶĐƌĞŵĞŶƚſůĂŝŶŇĂĐŝſŶĚƵƌĂŶƚĞ el pasado ejercicio. WƌŝĐĞƐŽĨƚƌĂŶƐƉŽƌƚƐŝŶĐƌĞĂƐĞĚďLJϲ͘ϴйĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͕ ĂůƚŚŽƵŐŚƚŚĞƌŝƐĞŝŶƉƌŝĐĞƐǁĂƐŚŝŐŚĞƌŝŶƚŚŝƐŐƌŽƵƉ͕ŶŽƟĐŝŶŐ Ŷ ĐŽŚĞƌĞŶĐŝĂ ĐŽŶ ĞƐƚĞ ƌĞƐƵůƚĂĚŽ͕ Ğů ŐƌƵƉŽ ĞƐƉĞĐŝĂů ĂŶĂǀĞƌĂŐĞŐƌŽǁƚŚŽĨϴ͘ϴй͘͞dƌĂŶƐƉŽƌƚƐ͟ĐŽŶƐƟƚƵƚĞƐϭ͘ϮŽĨ ͞ĐĂƌďƵƌĂŶƚĞƐLJĐŽŵďƵƐƟďůĞƐ͟ŽďƐĞƌǀĂƵŶĂƐƵďŝĚĂŵĞ- ƚŚĞƚǁŽƉŽŝŶƚƐŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͛ŝŶŇĂƟŽŶŝŶĐƌĞĂƐĞ͘ ĚŝĂĚĞůϭϴ͕ϲйĂůŽůĂƌŐŽĚĞϮϬϭϭ͘ /Ŷ ůŝŶĞ ǁŝƚŚ ƚŚŝƐ ƌĞƐƵůƚ͕ ƚŚĞ ƐƉĞĐŝĂů ŐƌŽƵƉ ͞ĨƵĞůƐ ĂŶĚ ŵĠŶ ĚĞů ƉĞƚƌſůĞŽ͕ ŽƚƌŽ ŐƌƵƉŽ ĐůĂǀĞ ƉĂƌĂ ĞŶƚĞŶĚĞƌ ĐŽŵďƵƐƟďůĞ͟ŚĂĚĂŶĂǀĞƌĂŐĞƌŝƐĞŽĨϭϴ͘ϲйƚŚƌŽƵŐŚŽƵƚϮϬϭϭ͘ ůĂĚŝŶĄŵŝĐĂĚĞůŽƐƉƌĞĐŝŽƐĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽ ƌĞƐƵůƚſĞůĚĞ͞ǀŝǀŝĞŶĚĂ͕͟ƋƵĞ͕ƌĞĐŽƌĚĞŵŽƐ͕ĐŽŵƉƌĞŶ- Apart from crude oil, another key group to understand the ĚĞůĂĂĚƋƵŝƐŝĐŝſŶĚĞďŝĞŶĞƐLJůĂĐŽŶƚƌĂƉƌĞƐƚĂĐŝſŶĚĞ ĚLJŶĂŵŝĐƐŽĨƉƌŝĐĞƐĚƵƌŝŶŐƚŚĞůĂƐƚLJĞĂƌǁĂƐ͞ŚŽƵƐŝŶŐ͘͟ tĞ servicios complementarios a la vivienda, pero no los ƐŚŽƵůĚƌĞŵĞŵďĞƌƚŚĂƚƚŚŝƐŐƌŽƵƉĐŽŶƐƟƚƵƚĞƐƚŚĞƉƵƌĐŚĂƐŝŶŐ

 



 
 






 


 
  


















 


 


 

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112 LA ECONOMÍA CANARIA. Inflacción y competitividad. THE CANARY ISLANDS ECONOMY. Inflation and Competitiveness.3.2

ĐŽƐƚĞƐĚĞĂĚƋƵŝƐŝĐŝſŶĚĞĠƐƚĂ͕ĂůĐŽŶƐŝĚĞƌĂƌƐĞĐŽŵŽƵŶ ďŝĞŶĚĞŝŶǀĞƌƐŝſŶ͘ŝĐŚŽŐƌƵƉŽĐŝĞƌƌĂϮϬϭϭĐŽŶƵŶĐƌĞ- ŽĨŐŽŽĚƐĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƟŽŶŽĨĐŽŵƉůĞŵĞŶƚĂƌLJƐĞƌǀŝĐĞƐƚŽ ĐŝŵŝĞŶƚŽĚĞůϯ͕ϱй͕ĚĞďŝĚŽĂůĂƵŵĞŶƚŽĚĞůŽƐƉƌĞĐŝŽƐ housing. The costs of purchasing are not included, because ĚĞůĂĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂƚƌĂƐůĂĂĐƚƵĂůŝnjĂĐŝſŶĚĞůĂdĂƌŝĨĂ they are considered a capital good. This group increased ĚĞjůƟŵŽƌĞĐƵƌƐŽĞŶĞŶĞƌŽĚĞϮϬϭϭ͕ĞŶƌĞƐƉƵĞƐƚĂĂůĂ ϯ͘ϱйĂƚƚŚĞĞŶĚŽĨϮϬϭϭ͕ĚƵĞƚŽĂƌŝƐĞŝŶĞůĞĐƚƌŝĐŝƚLJƉƌŝĐĞƐ ŶĞĐĞƐŝĚĂĚĚĞĐƵďƌŝƌĞůĚĠĮĐŝƚƚĂƌŝĨĂƌŝŽĚĞůƐĞĐƚŽƌĞůĠĐ- trico español. ĂŌĞƌƚŚĞƌĞǀŝĞǁŽĨƚŚĞ>ĂƐƚZĞƐŽƌƚdĂƌŝīŝŶ:ĂŶƵĂƌLJϮϬϭϭ͕ŝŶ ƌĞƐƉŽŶƐĞƚŽƚŚĞŶĞĞĚƚŽĐŽǀĞƌƚŚĞƚĂƌŝīĚĞĮĐŝƚŽĨƚŚĞ^ƉĂŶŝƐŚ ƐƚĞŝŶĐƌĞŵĞŶƚŽƐĞǀŝƐƵĂůŝnjĂĚĞŵĂŶĞƌĂŵĄƐŶşƟĚĂĞŶ electricity sector. ůĂĞǀŽůƵĐŝſŶĚĞůƐƵďŐƌƵƉŽ͞ĂůĞĨĂĐĐŝſŶ͕ĂůƵŵďƌĂĚŽLJ ĚŝƐƚƌŝďƵĐŝſŶ ĚĞ ĂŐƵĂ͕͟ĐƵLJĂ ŝŶŇĂĐŝſŶ Ă ĚŝĐŝĞŵďƌĞ ĚĞ dŚŝƐŝŶĐƌĞĂƐĞŝƐŵŽƌĞĞǀŝĚĞŶƚĂƐǁĞŽďƐĞƌǀĞƚŚĞĞǀŽůƵƟŽŶŽĨ ϮϬϭϭƐĞƐŝƚƵſĞŶĞůϳ͕ϱƉŽƌĐŝĞŶƚŽ͘ ƚŚĞ͞ŚĞĂƟŶŐ͕ůŝŐŚƟŶŐĂŶĚǁĂƚĞƌƐƵƉƉůLJ͟ƐƵďŐƌŽƵƉ͕ǁŚŽƐĞ ŝŶŇĂƟŽŶǁĂƐϳ͘ϱйŝŶĞĐĞŵďĞƌϮϬϭϭ͘ ŶŽƚƌŽĄŵďŝƚŽ͕ƌĞƐƵůƚĂƌĞůĞǀĂŶƚĞĞƐƚƵĚŝĂƌůĂĞǀŽůƵĐŝſŶ de “alimentos y bebidas no alcohólicas”͕ƉƵĞƐƌĞƐƵůƚĂ /Ŷ ĂŶŽƚŚĞƌ ĂƌĞĂ͕ ĂŶĂůLJƐŝŶŐ ƚŚĞ ƉƌŽŐƌĞƐƐ ŽĨ ͞food and non ĞůŐƌƵƉŽĚĞŵĂLJŽƌƉĞƐŽĞŶĞůşŶĚŝĐĞŐĞŶĞƌĂů͕ĂůƌĞƉƌĞ- ĂůĐŽŚŽůŝĐďĞǀĞƌĂŐĞƐ͟ is important, since it is the group with ƐĞŶƚĂƌĞůϭϴ͕ϴйĚĞůĂĐĞƐƚĂĚĞĐŽŶƐƵŵŽĚĞůĂƐ/ƐůĂƐ͘ the highest weight in the general index and it represents ĚŝĐŝĞŵďƌĞĚĞϮϬϭϭ͕ĞƐƚĞŐƌƵƉŽĂǀĂŶnjĂƵŶϭ͕ϳйŝŶƚĞ- ϭϴ͘ϴйŽĨƚŚĞĐŽŶƐƵŵƉƟŽŶďĂƐŬĞƚŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͘dŚŝƐ ƌĂŶƵĂů͕ƋƵĞƐƵƉŽŶĞŶƵŶĂĂƉŽƌƚĂĐŝſŶĚĞƚƌĞƐĚĠĐŝŵĂƐ ŐƌŽƵƉĂĚǀĂŶĐĞĚϭ͘ϳйLJĞĂƌͲƚŽͲLJĞĂƌŝŶĞĐĞŵďĞƌϮϬϭϭ͕ǁŚŝĐŚ ĂůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂŝŶŇĂĐŝſŶĚĞůĞũĞƌĐŝĐŝŽ͘ ŵĞĂŶƐĂĐŽŶƚƌŝďƵƟŽŶŽĨϬ͘ϯƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚƐƚŽƚŚĞŐƌŽǁƚŚ ŽĨƚŚĞŝŶŇĂƟŽŶĚƵƌŝŶŐƚŚĞLJĞĂƌ͘ ŽŶǀŝĞŶĞĂĐŽŶƟŶƵĂĐŝſŶĞƐƚƵĚŝĂƌůĂŝŶŇĂĐŝſŶƐƵďLJĂ- ĐĞŶƚĞ͕ƋƵĞĞdžĐůƵLJĞĚĞůşŶĚŝĐĞŐĞŶĞƌĂůĞůĞĨĞĐƚŽĚĞůŽƐ It is also important to analyse the ƵŶĚĞƌůLJŝŶŐ ŝŶŇĂƟŽŶ͕ ƉƌŽĚƵĐƚŽƐĞŶĞƌŐĠƟĐŽƐLJůŽƐĂůŝŵĞŶƚŽƐŶŽĞůĂďŽƌĂĚŽƐ͕ ǁŚŝĐŚ ĞdžĐůƵĚĞƐ ƚŚĞ ĞīĞĐƚ ŽĨ ƚŚĞ ĞŶĞƌŐLJ ƉƌŽĚƵĐƚƐ ĂŶĚ ĞŶ ƵŶ ŝŶƚĞŶƚŽ ĚĞ ŵĞĚŝƌ Ğů ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ĚĞ ůŽƐ ŶŽŶͲĞůĂďŽƌĂƚĞĚ ĨŽŽĚ ĨƌŽŵ ƚŚĞ ŐĞŶĞƌĂů ŝŶĚĞdž͕ ĂƐ Ă ǁĂLJ ŽĨ ƉƌĞĐŝŽƐĚĞĂƋƵĞůůŽƐŐƌƵƉŽƐƋƵĞĐŽŶĨŽƌŵĂŶĞůŶƷĐůĞŽ measuring the price behaviour that makes up the structural ĞƐƚƌƵĐƚƵƌĂůĚĞŶƵĞƐƚƌĂŝŶŇĂĐŝſŶ͘ůůŽĐŽŶǀŝĞƌƚĞĂůĂŝŶ- ŶƵĐůĞƵƐ ŽĨ ŽƵƌ ŝŶŇĂƟŽŶ͘ ůů ŽĨ ƚŚŝƐ ƚƵƌŶƐ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ŇĂĐŝſŶƐƵďLJĂĐĞŶƚĞĞŶƵŶŝŶĚŝĐĂĚŽƌĞƐƉĞĐŝĂůŵĞŶƚĞƌĞ- ŝŶŇĂƟŽŶŝŶƚŽĂŶĞƐƉĞĐŝĂůůLJƌĞůĞǀĂŶƚŝŶĚŝĐĂƚŽƌŝŶƚŚĞĂŶĂůLJƐŝƐ ůĞǀĂŶƚĞĞŶĞůĞƐƚƵĚŝŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͘ ŽĨƚŚĞĚŽŵĞƐƟĐĚĞŵĂŶĚ͘

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113 CONCLUSIONES CONCLUSIONS 2011

>ĂĐŽŵƉŽŶĞŶƚĞƐƵďLJĂĐĞŶƚĞƌĞŐŝƐƚƌſĞŶĞůďĂůĂŶĐĞĚĞ ϮϬϭϭƵŶĂǀĂŶĐĞŝŶƚĞƌĂŶƵĂůĚĞůϭ͕Ϭй͕ϲĚĠĐŝŵĂƐŵĄƐ ƋƵĞĞŶĞůĞũĞƌĐŝĐŝŽĂŶƚĞƌŝŽƌ͕LJůĞũŽƐĚĞůĚĂƚŽŶĞŐĂƟǀŽ ;ͲϬ͕ϳйͿƌĞŐŝƐƚƌĂĚŽĞŶϮϬϬϵ͘

^ŝŶĞŵďĂƌŐŽ͕ĂůŝŐƵĂůƋƵĞĞŶĂŹŽƐĂŶƚĞƌŝŽƌĞƐ͕ůĂĐŽŵ- ƉŽŶĞŶƚĞ ŵĄƐ ĞƐƚƌƵĐƚƵƌĂů ĚĞ ůĂ ŝŶŇĂĐŝſŶ ƐĞ ŵĂŶƚƵǀŽ dŚĞƵŶĚĞƌůLJŝŶŐĐŽŵƉŽŶĞŶƚƌĞŐŝƐƚĞƌĞĚĂLJĞĂƌͲƚŽͲLJĞĂƌĂĚǀĂŶĐĞ ƉŽƌĚĞďĂũŽĚĞůŽƐŶŝǀĞůĞƐƌĞŐŝƐƚƌĂĚŽƐƉĂƌĂĞůĐŽŶũƵŶ- ŽĨϭ͘ϬйŝŶƚŚĞϮϬϭϭďĂůĂŶĐĞ͕ǁŚŝĐŚŵĞĂŶƐƐŝdžƉĞƌĐĞŶƚĂŐĞ ƚŽŶĂĐŝŽŶĂů͕ĚŽŶĚĞƐĞƚĂƐſƵŶŝŶĐƌĞŵĞŶƚŽĚĞůϭ͕ϱƉŽƌ ƉŽŝŶƚƐŵŽƌĞƚŚĂŶůĂƐƚLJĞĂƌ͘/ƚŝƐĨĂƌĨƌŽŵƚŚĞͲϬ͘ϳйŶĞŐĂƟǀĞ ĐŝĞŶƚŽ͘ ŝĐŚĂ ĞůĞǀĂĐŝſŶ ƐĞ ƉƌŽĚƵĐĞ ĞŶ ƵŶ ĐŽŶƚĞdžƚŽ ĚĂƚƵŵ͕ƌĞŐŝƐƚĞƌĞĚŝŶϮϬϬϵ͘ ĚŽŶĚĞĞůĐŽŶƐƵŵŽƉĞƌŵĂŶĞĐĞĞƐƚĂŶĐĂĚŽ͕ŵƵLJĐŽŶĚŝ- However, as in previous years, the most structural component ĐŝŽŶĂĚŽƉŽƌƵŶŵĞƌĐĂĚŽůĂďŽƌĂůĂƷŶĞŶĨĂƐĞĚĞĚĞƚĞ- rioro. ŽĨ ƚŚĞ ŝŶŇĂƟŽŶ ƌĞŵĂŝŶĞĚ ďĞůŽǁ ƚŚĞ ŶĂƟŽŶĂů ůĞǀĞůƐ͕ ǁŝƚŚ ĂŶ ŝŶĐƌĞŵĞŶƚ ŽĨ ϭ͘ϱй͘ dŚŝƐ ƌŝƐĞ ŽĐĐƵƌƐ ŝŶ Ă ĐŽŶƚĞdžƚ ǁŚĞƌĞ ŶĞƐƚĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůŽƐƉƌĞĐŝŽƐ ĐŽŶƐƵŵƉƟŽŶ ƌĞŵĂŝŶƐ ƐƚĂŐŶĂƚĞĚ ĂŶĚ ƐƚƌŽŶŐůLJ ĐŽŶĚŝƟŽŶĞĚ ƌĞƐƉŽŶĚĞďĄƐŝĐĂŵĞŶƚĞĂůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĂůĐŝƐƚĂƋƵĞ ďLJĂƐƟůůĚĞƚĞƌŝŽƌĂƚĞĚůĂďŽƵƌŵĂƌŬĞƚ͘ ŚĂŶ ĚĞƐĐƌŝƚŽ ůŽƐ ŵĞƌĐĂĚŽƐ ĞŶĞƌŐĠƟĐŽƐ ŝŶƚĞƌŶĂĐŝŽŶĂ- ůĞƐ͕ ƋƵĞ ĂƷŶ ĚƵƌĂŶƚĞ ϮϬϭϮ ƉŽĚƌĄŶ ĐŽŶƟŶƵĂƌ ŝŶĨƌŝŶ- In these circumstances, the price growth basically responds ŐŝĞŶĚŽŶƵĞǀĂƐƉƌĞƐŝŽŶĞƐƐŽďƌĞůŽƐƉƌĞĐŝŽƐ͕ĞŶƵŶĞƐĐĞ- ƚŽƚŚĞƌŝƐŝŶŐƚĞŶĚĞŶĐLJŽĨƚŚĞŝŶƚĞƌŶĂƟŽŶĂůĞŶĞƌŐLJŵĂƌŬĞƚƐ͕ ŶĂƌŝŽĚĞŐƌĂĚĂĚŽĚĞƐĚĞĞůƉƵŶƚŽĚĞǀŝƐƚĂĚĞůĐŽŶƐƵŵŽ͘ ǁŚŝĐŚ͕ŝŶϮϬϭϮ͕ǁŝůůĐŽŶƟŶƵĞƚŽĞdžĞƌƚŶĞǁƉƌĞƐƐƵƌĞŽŶƉƌŝĐĞƐ ŝŶĂĚĞŐƌĂĚĞĚĐŽŶƚĞdžƚŽĨĐŽŶƐƵŵƉƟŽŶ͘ ŽŵƉůĞŵĞŶƚĂƌŝĂŵĞŶƚĞĂůĂŶĄůŝƐŝƐĚĞůŽƐƉƌĞĐŝŽƐ͕ƌĞƐƵů- ƚĂƌĞůĞǀĂŶƚĞĂďŽƌĚĂƌĞůĞƐƚƵĚŝŽĚĞůŽƐCostes Labora- /ŶĂĚĚŝƟŽŶƚŽƚŚĞƉƌŝĐĞĂŶĂůLJƐŝƐ͕ŝƚŝƐŝŵƉŽƌƚĂŶƚƚŽƐƚƵĚLJƚŚĞ ůĞƐhŶŝƚĂƌŝŽƐ͕ como factor clave en la conformación de hŶŝƚ>ĂďŽƵƌŽƐƚƐĂƐĂŬĞLJĨĂĐƚŽƌŽĨƉƌŝĐĞĐŽŶĨŽƌŵĂƟŽŶďLJ ůŽƐƉƌĞĐŝŽƐƉŽƌůĂǀşĂĚĞůŽƐƐĂůĂƌŝŽƐ͘ means of wages.

ƐƚĂŵĂŐŶŝƚƵĚ͕ĂůǀŝŶĐƵůĂƌƉƌŽĚƵĐƟǀŝĚĂĚĐŽŶůĂƌĞƚƌŝ- dŚŝƐŵĂŐŶŝƚƵĚĞƌĞůĂƚĞƐƉƌŽĚƵĐƟǀŝƚLJƚŽƚŚĞƌĞŵƵŶĞƌĂƟŽŶĨŽƌ ďƵĐŝſŶĚĞůĨĂĐƚŽƌƚƌĂďĂũŽ͕ƌĞƐƵůƚĂƵŶĂďƵĞŶĂĂƉƌŽdžŝŵĂ- work and therefore, it is a great approach to the progress of ĐŝſŶƐŽďƌĞůĂĞǀŽůƵĐŝſŶĚĞůĂƉŽƐŝĐŝſŶĐŽŵƉĞƟƟǀĂĚĞ ƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͛ĐŽŵƉĞƟƟǀĞƉŽƐŝƟŽŶĨƌŽŵŝƚƐƌĞĨĞƌĞŶĐĞ ůĂĞĐŽŶŽŵşĂĐĂŶĂƌŝĂĨƌĞŶƚĞĂƐƵŵĂƌĐŽĚĞƌĞĨĞƌĞŶĐŝĂ͘ framework.

 
   

 

  

 

  
 



 
  
     
   
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114 LA ECONOMÍA CANARIA. Inflacción y competitividad. THE CANARY ISLANDS ECONOMY. Inflation and Competitiveness.3.2

^ĞŐƷŶůŽƐĚĂƚŽƐƉƵďůŝĐĂĚŽƐƉŽƌĞůĂŶĐŽĚĞƐƉĂŹĂ͕ůŽƐ >hƉĂƌĂĞůĐŽŶũƵŶƚŽĚĞůƐƚĂĚŽƐĞƌĞĚƵĐĞŶƉŽƌƐĞŐƵŶ- ĚŽĂŹŽĐŽŶƐĞĐƵƟǀŽ͕ĂůĐŝĨƌĂƌĚƵƌĂŶƚĞϮϬϭϭƵŶĂĐĂşĚĂ ŵĞĚŝĂĚĞůϭ͕ϵй͕ĞŶĐŽŶƚƌĂƉŽƐŝĐŝſŶĐŽŶĞůŝŶĐƌĞŵĞŶƚŽ ŽďƐĞƌǀĂĚŽƉŽƌĞƐƚĂŵĂŐŶŝƚƵĚĞŶůĂĞƵƌŽnjŽŶĂ͕ĚŽŶĚĞ According to the data, published by the Bank of Spain, ĚŝĐŚŽŝŶĚŝĐĂĚŽƌƐĞĂŵŝŶŽƌĂĞŶƵŶϬ͕ϵƉŽƌĐŝĞŶƚŽ͘ ƚŚĞ h> ŽĨ ƚŚĞ ĞŶƟƌĞ ĐŽƵŶƚƌLJ ĚĞĐƌĞĂƐĞĚ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ WƌŽĨƵŶĚŝnjĂŶĚŽ ĞŶ ůŽƐ ĨĂĐƚŽƌĞƐ ƋƵĞ ŚĂŶ ŝŵƉůŝĐĂĚŽ ůĂ ĐŽŶƐĞĐƵƟǀĞ LJĞĂƌ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ĂŶ ĂǀĞƌĂŐĞ ĨĂůů ŽĨ ϭ͘ϵй ĐĂşĚĂĚĞůŽƐ>hĞŶŶƵĞƐƚƌŽƉĂşƐ͕ƐĞĂƉƌĞĐŝĂƋƵĞĞƐƚĂ in 2011, as opposed to the increment experienced in the ƌĞƐƉŽŶĚĞ͕ĞŶŐƌĂŶŵĞĚŝĚĂ͕ĂůĂŶĞĐĞƐŝĚĂĚĚĞůĂƐĞŵ- ƵƌŽnjŽŶĞ͕ǁŚĞƌĞƚŚŝƐŝŶĚŝĐĂƚŽƌĚĞĐƌĞĂƐĞĚϬ͘ϵй͘ ƉƌĞƐĂƐĚĞĂĚĂƉƚĂƌƐƵƉƌŽĚƵĐĐŝſŶĂůĞƐĐĞŶĂƌŝŽĞĐŽŶſ- ŵŝĐŽ͘ŶƚĞůĂĞƐĐĂƐĂŇĞdžŝďŝůŝĚĂĚĚĞůŵĞƌĐĂĚŽůĂďŽƌĂů džĂŵŝŶŝŶŐƚŚĞĨĂĐƚŽƌƐƚŚĂƚŚĂǀĞĂīĞĐƚĞĚƚŚĞĨĂůůŽĨƚŚĞh> ĞƐƉĂŹŽů͕ ŶŽ ƐĞ ŚĂ ƚĞŶŝĚŽ ŽƚƌĂ ĂůƚĞƌŶĂƟǀĂ ƋƵĞ ůĂ ĚĞů in Spain more closely, we observe the necessity of companies ĂũƵƐƚĞůĂďŽƌĂů͘ ƚŽ ĂĚũƵƐƚ ƚŚĞŝƌ ƉƌŽĚƵĐƟŽŶ ƚŽ ƚŚĞ ĞĐŽŶŽŵŝĐ ƐĐĞŶĂƌŝŽ͘ ƵĞ ƚŽƚŚĞůĂĐŬŽĨŇĞdžŝďŝůŝƚLJŝŶƚŚĞ^ƉĂŶŝƐŚůĂďŽƵƌŵĂƌŬĞƚ͕ƚŚĞƌĞ ůŽĂŶƚĞƌŝŽƌƐĞĂŹĂĚĞƵŶĂũƵƐƚĞĐŽŵƉĞƟƟǀŽƉŽƌůĂǀşĂ ǁĞƌĞŶŽĂůƚĞƌŶĂƟǀĞƐďƵƚƚŚĞůĂďŽƵƌĂĚũƵƐƚŵĞŶƚ͘ ĚĞůŽƐƐĂůĂƌŝŽƐ͕ƚƌĂƐĞůĞƐƚĂďůĞĐŝŵŝĞŶƚŽĚĞĂůŐƵŶĂƐŵĞ- ĚŝĚĂƐĚĞĂũƵƐƚĞ͕ƉƵŶƚƵĂůĞƐLJƉĂƌƟĐƵůĂƌĞƐ͕ĞŶĞůŵĂƌĐŽ  ĐŽŵƉĞƟƟǀĞ ĂĚũƵƐƚŵĞŶƚ ďLJ ŵĞĂŶƐ ŽĨ ǁĂŐĞƐ ǁĂƐ ĂĚĚĞĚ ŝŶƚĞƌŶŽĚĞůĂƐĞŵƉƌĞƐĂƐ͕ŵĞĚŝĂŶƚĞĂĐƵĞƌĚŽƐƉƌĞǀŝŽƐ ĂŌĞƌ ƚŚĞ ŝŵƉŽƐŝƟŽŶ ŽĨ ĐĞƌƚĂŝŶ ŽŶĞͲŽī ĂŶĚ ƉĂƌƟĐƵůĂƌ ĞŶƚƌĞĞƐƚĂƐLJůŽƐƚƌĂďĂũĂĚŽƌĞƐ͕ĐŽŵŽǀşĂƉĂƌĂĂũƵƐƚĂƌ adjustment measures in the enterprises’ internal framework. ůĂĞƐƚƌƵĐƚƵƌĂůĂďŽƌĂůĂůĂƐŶĞĐĞƐŝĚĂĚĞƐƉƌŽĚƵĐƟǀĂƐĚĞ These measures have been imposed by previous agreements ůĂƐĞŵƉƌĞƐĂƐLJƉƌĞƐĞƌǀĂƌ͕ĂƐş͕ůĂĂĐƟǀŝĚĂĚLJĞůĞŵƉůĞŽ͘ between these companies and their workers, as a way of ĂĚũƵƐƟŶŐƚŚĞůĂďŽƵƌƐƚƌƵĐƚƵƌĞƚŽƚŚĞĞŶƚĞƌƉƌŝƐĞƐ͛ƉƌŽĚƵĐƟŽŶ - >ĂƌĞĐŝĞŶƚĞZĞĨŽƌŵĂ>ĂďŽƌĂůĚĞϮϬϭϮĚĞďĞƌşĂĐŽŶƚƌŝ ŶĞĞĚƐĂŶĚ͕ƚŚĞƌĞĨŽƌĞ͕ƉƌĞƐĞƌǀŝŶŐĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚ͘ ďƵŝƌ Ă ƵŶ ŵĞũŽƌ ĂũƵƐƚĞ ĚĞ ůŽƐ ŽƐƚĞƐ >ĂďŽƌĂůĞƐ hŶŝ- ƚĂƌŝŽƐ͕ Ăů ƉŽƐŝďŝůŝƚĂƌ ƵŶĂ ĂƐŝŐŶĂĐŝſŶ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ The recent labour reform in 2012 should contribute to a ĞŵƉƌĞƐĂƌŝĂůĞƐŵĄƐĞĮĐŝĞŶƚĞ͕ĚĂĚŽƋƵĞĞƐƚĂďůĞĐĞƵŶĂ ďĞƩĞƌ ĂĚũƵƐƚŵĞŶƚ ŽĨ ƚŚĞ hŶŝƚ >ĂďŽƵƌ ŽƐƚ͕ ĂƐ ŝƚ ĂůůŽǁƐ Ă ŵĂLJŽƌ ŇĞdžŝďŝůŝĚĂĚ ŝŶƚĞƌŶĂ ĞŶ ůĂ ƌĞůĂĐŝſŶ ƚƌĂďĂũĂĚŽƌͲ ŵŽƌĞ ĞĸĐŝĞŶƚ ĂůůŽĐĂƟŽŶ ŽĨ ĞŶƚĞƌƉƌŝƐĞƐ͛ ƌĞƐŽƵƌĐĞƐ ďĞĐĂƵƐĞ ĞŵƉƌĞƐĂ͕ ĨĂĐŝůŝƚĂŶĚŽ ƵŶ ŵĞũŽƌ ĂƉƌŽǀĞĐŚĂŵŝĞŶƚŽ ĚĞ ŝƚŽīĞƌƐŐƌĞĂƚĞƌŝŶƚĞƌŶĂůŇĞdžŝďŝůŝƚLJďĞƚǁĞĞŶĞŶƚĞƌƉƌŝƐĞƐĂŶĚ ůĂƐŚŽƌĂƐƚƌĂďĂũĂĚĂƐ͘ ǁŽƌŬĞƌƐ͕ĂŶĚƚĂŬĞƐďĞƩĞƌĂĚǀĂŶƚĂŐĞŽĨŚŽƵƌƐǁŽƌŬĞĚ͘

 
   

 
  
 
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 Tabla 3.14 Table 3.14

115 CONCLUSIONES CONCLUSIONS 2011

ƵŶƋƵĞƐƵƐĞĨĞĐƚŽƐĞŶĞůĐŽƌƚŽƉůĂnjŽŶŽƌĞƐƵůƚĂŶǀŝƐŝ- ďůĞƐĂůŚĂďĞƌƐŝĚŽƉƵĞƐƚŽĞŶŵĂƌĐŚĂĐƵĂŶĚŽĞůƚĞũŝĚŽ ƉƌŽĚƵĐƟǀŽƐĞĞŶĐŽŶƚƌĂďĂLJĂŵƵLJĚĞŐƌĂĚĂĚŽ͕ĐŽĂĚLJƵ- ǀĂƌĄ͕ĞŶĞůĨƵƚƵƌŽ͕ĂŝŶĐƌĞŵĞŶƚĂƌůĂƉƌŽĚƵĐƟǀŝĚĂĚĚĞů ĨĂĐƚŽƌƚƌĂďĂũŽLJĨĂĐŝůŝƚĂƌĄĞůĂĐĞƌĐĂŵŝĞŶƚŽĞŶŵĂƚĞƌŝĂ ůƚŚŽƵŐŚƚŚĞƐŚŽƌƚͲƚĞƌŵĞīĞĐƚƐĂƌĞŶŽƚǀŝƐŝďůĞƐŝŶĐĞŝƚǁĂƐ ĚĞĐŽŵƉĞƟƟǀŝĚĂĚͲƉƌĞĐŝŽĂůĂƐĞĐŽŶŽŵşĂƐĚĞŶƵĞƐƚƌŽ ƐƚĂƌƚĞĚ ǁŚĞŶ ƚŚĞ ƉƌŽĚƵĐƟŽŶ ǁĂƐ ĂůƌĞĂĚLJ ĚĞŐƌĂĚĞĚ͕ ƚŚŝƐ entorno. reform will contribute, in the future, to increase employment hŶĂĞĐŽŶŽŵşĂĂƐĞŐƵƌĂƐƵĚĞƐĂƌƌŽůůŽLJƐĞďůŝŶĚĂĂŶƚĞ ƉƌŽĚƵĐƟǀŝƚLJ ĂŶĚ ǁŝůů ĨĂĐŝůŝƚĂƚĞ ƚŚĞ ĐŽŵƉĞƟƟǀĞŶĞƐƐͲƉƌŝĐĞ ůŽƐĞĨĞĐƚŽƐŶĞŐĂƟǀŽƐĚĞĨƵƚƵƌĂƐĐƌŝƐŝƐĂĚŽƉƚĂŶĚŽŵĞ- ƌĂƟŽƚŽƚŚĞĞĐŽŶŽŵŝĞƐŽĨŽƵƌĞŶǀŝƌŽŶŵĞŶƚ͘ ĚŝĚĂƐƋƵĞƉƌŽƉŝĐŝĞŶůĂĂĐƵŵƵůĂĐŝſŶĚĞĐĂƉŝƚĂů͕ƚĂŶƚŽ The economy ensures its development and takes measures İƐŝĐŽĐŽŵŽŚƵŵĂŶŽ͕LJ͕ĞƐƉĞĐŝĂůŵĞŶƚĞ͕ŵĞũŽƌĂŶĚŽĚĞ ĂŐĂŝŶƐƚ ƚŚĞ ŶĞŐĂƟǀĞ ĞīĞĐƚƐ ŽĨ ĨƵƚƵƌĞ ĐƌŝƐŝƐ ďLJ ĂĚŽƉƟŶŐ ŵŽĚŽ ĞĨĞĐƟǀŽ ůĂ ƉƌŽĚƵĐƟǀŝĚĂĚ ĂƉĂƌĞŶƚĞ ĚĞů ĨĂĐƚŽƌ measures that improve physical and human capital ƚƌĂďĂũŽ͘ ĂĐĐƵŵƵůĂƟŽŶ͕ ĂŶĚ͕ ĞƐƉĞĐŝĂůůLJ͕ ŝŵƉƌŽǀŝŶŐ ƚŚĞ ĂƉƉĂƌĞŶƚ ƉƌŽĚƵĐƟǀŝƚLJŽĨƚŚĞĞŵƉůŽLJŵĞŶƚĨĂĐƚŽƌŝŶĂŶĞīĞĐƟǀĞǁĂLJ͘ PRODUCTIVIDAD PIB HORAS TRABAJADAS APARENTE DEL =X HORAS TRABAJADAS OCUPADOS Apparent GDP WORKED HOURS FACTOR TRABAJO productivity of = X WORKED HOURS EMPLOYMENT >ĂWƌŽĚƵĐƟǀŝĚĂĚƉĂƌĞŶƚĞĚĞů&ĂĐƚŽƌdƌĂďĂũŽ -enten- the work factor ĚŝĚĂĐŽŵŽůĂƌĂƟŽĞŶƚƌĞĞůW/ƌĞĂůLJůĂƉŽďůĂĐŝſŶŽĐƵ- ƉĂĚĂͲĂƵŵĞŶƚĂĞŶƵŶϮ͕ϴйĞŶŶƵĞƐƚƌŽƉĂşƐĚƵƌĂŶƚĞĞů dŚĞƉƉĂƌĞŶƚWƌŽĚƵĐƟǀŝƚLJŽĨƚŚĞŵƉůŽLJŵĞŶƚĨĂĐƚŽƌ, the ƉĂƐĂĚŽϮϬϭϭ͕ĞŶƵŶĐŽŶƚĞdžƚŽĞŶĞůƋƵĞůĂƌĞŵƵŶĞƌĂ- ƌĂƟŽ ďĞƚǁĞĞŶ ƚŚĞ ƌĞĂů 'W ĂŶĚ ƚŚĞ ǁŽƌŬŝŶŐ ƉŽƉƵůĂƟŽŶ͕ ĐŝſŶŶŽŵŝŶĂůƉŽƌĂƐĂůĂƌŝĂĚŽ;ƋƵĞĞŶŐůŽďĂĐŽŶĐĞƉƚŽƐ ŝŶĐƌĞĂƐĞĚϮ͘ϴйĚƵƌŝŶŐϮϬϭϭŝŶ^ƉĂŝŶ͕ŝŶĂĐŽŶƚĞdžƚŝŶǁŚŝĐŚ ĐŽŵŽƐƵĞůĚŽƐLJƐĂůĂƌŝŽƐ͕ŽĐŽƟnjĂĐŝŽŶĞƐĂůĂƐĞŐƵƌŝĚĂĚ ƚŚĞ ŶŽŵŝŶĂů ƌĞŵƵŶĞƌĂƟŽŶ ƉĞƌ ĞŵƉůŽLJĞĞ ;ŝŶĐůƵĚŝŶŐ ǁĂŐĞƐ ƐŽĐŝĂůͿ͕ĐŝĨƌĂƵŶĂǀĂŶĐĞŵĞĚŝŽĚĞůϬ͕ϴƉŽƌĐŝĞŶƚŽ͘ ĂŶĚ ƐĂůĂƌŝĞƐ͕ Žƌ ƐŽĐŝĂů ƐĞĐƵƌŝƚLJ ĐŽŶƚƌŝďƵƟŽŶƐͿ ƐŚŽǁĞĚ ĂŶ ĂǀĞƌĂŐĞĂĚǀĂŶĐĞŽĨϬ͘ϴй͘ ^ŝŶĞŵďĂƌŐŽ͕ĐŽŶǀŝĞŶĞŵĂƟnjĂƌƋƵĞĞůŝŶĐƌĞŵĞŶƚŽĚĞ ůĂƉƌŽĚƵĐƟǀŝĚĂĚĚƵƌĂŶƚĞϮϬϭϭƐĞƉƌŽĚƵĐĞĞŶƵŶĞƐ- ,ŽǁĞǀĞƌ͕ ŝƚ ŝƐ ǁŽƌƚŚǁŚŝůĞ ŶŽƟŶŐ ƚŚĂƚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĐĞŶĂƌŝŽ ĚĞ ƐŝŐŶŝĮĐĂƟǀĂ ŵŝŶŽƌĂĐŝſŶ ĚĞ ůĂ ŽĐƵƉĂĐŝſŶ ƉƌŽĚƵĐƟǀŝƚLJ ĚƵƌŝŶŐ ϮϬϭϭ ŽĐĐƵƌĞĚ ŝŶ Ă ƐĐĞŶĂƌŝŽ ŽĨ Ă ;ͲϮ͕ϬйͿ͕ŵĞĚŝĚĂĞŶƚĠƌŵŝŶŽƐĚĞĞŵƉůĞŽĞƋƵŝǀĂůĞŶƚĞ ƐŝŐŶŝĮĐĂŶƚ ŽĐĐƵƉĂƟŽŶ ƌĞĚƵĐƟŽŶ ;ͲϮ͘ϬйͿ͕ ŵĞĂƐƵƌĞĚ ŝŶ ĨƵůů ĂƟĞŵƉŽĐŽŵƉůĞƚŽ͕ĨƌĞŶƚĞĂůůĞǀĞŝŶĐƌĞŵĞŶƚŽĚĞůW/ ƟŵĞ ĞƋƵŝǀĂůĞŶƚ ƚĞƌŵƐ͕ ĂŐĂŝŶƐƚ ƚŚĞ ƐůŝŐŚƚ ^ƉĂŶŝƐŚ 'W ĞƐƉĂŹŽů;Ϭ͕ϳйͿ͘ ŝŶĐƌĞĂƐĞ;Ϭ͘ϳйͿ͘

.YmÄJV Graph 3.14

116 LA ECONOMÍA CANARIA. Inflacción y competitividad. THE CANARY ISLANDS ECONOMY. Inflation and Competitiveness.3.2

ŶĞůĐĂƐŽĚĞĂŶĂƌŝĂƐ͕ůĂƉƌŽĚƵĐƟǀŝĚĂĚĂƉĂƌĞŶƚĞĚĞů ĨĂĐƚŽƌ ƚƌĂďĂũŽ ĂƵŵĞŶƚĂ ĞŶ ƵŶ Ϯ͕ϵй ĚƵƌĂŶƚĞ ϮϬϭϭ͕ ĂƵŶƋƵĞ ĞƐƚĞ ĂǀĂŶĐĞ͕ Ăů ĐŽŶƚƌĂƌŝŽ ƋƵĞ Ğů ĐĂƐŽ ŶĂĐŝŽ- ŶĂů͕ŽďĞĚĞĐĞĞŶŵĂLJŽƌŵĞĚŝĚĂĂůŝŶĐƌĞŵĞŶƚŽĞƐƟŵĂ- ĚŽ ƉĂƌĂ Ğů W/ ĐĂŶĂƌŝŽ ĚƵƌĂŶƚĞ ƷůƟŵŽ ĂŹŽ ;Ϯ͕ϭй ŝŶ- ƚĞƌĂŶƵĂůͿ͕ƋƵĞĂůĂĐĂşĚĂĚĞůĂŽĐƵƉĂĐŝſŶ͕ŵĞĚŝĚĂĞŶ ƚĠƌŵŝŶŽƐĚĞĞŵƉůĞŽĞƋƵŝǀĂůĞŶƚĞĂƟĞŵƉŽĐŽŵƉůĞƚŽ͕ ĚĞůϬ͕ϳƉŽƌĐŝĞŶƚŽ͘

ŶĐƵĂůƋƵŝĞƌĂĚĞůŽƐĐĂƐŽƐ͕ĞůŶĂĐŝŽŶĂůŽĞůĐĂŶĂƌŝŽ͕Ğů /Ŷ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ͕ ƚŚĞ ĂƉƉĂƌĞŶƚ ƉƌŽĚƵĐƟǀŝƚLJ ŽĨ ƚŚĞ ĂǀĂŶĐĞĚĞůĂƉƌŽĚƵĐƟǀŝĚĂĚŶŽŐƵĂƌĚĂƌĞůĂĐŝſŶĚŝƌĞĐ- ĞŵƉůŽLJŵĞŶƚĨĂĐƚŽƌŝŶĐƌĞĂƐĞĚϮ͘ϵйĚƵƌŝŶŐϮϬϭϭ͘hŶůŝŬĞƚŚĞ ƚĂĐŽŶŵĞũŽƌĂƐĚĞŶƵĞƐƚƌŽĞƐƋƵĞŵĂƉƌŽĚƵĐƟǀŽ͖LJƐş ĞŶƟƌĞĐŽƵŶƚƌLJ͕ƚŚŝƐĂĚǀĂŶĐĞǁĂƐŵĂŝŶůLJĐĂƵƐĞĚďLJƚŚĞ'W ǀƵĞůǀĞĂƉŽŶĞƌĚĞƌĞůŝĞǀĞĞůŶƵůŽĞĨĞĐƚŽƋƵĞƚƵǀŝĞƌŽŶ increment recorded in the Canary Islands during the last year ůĂƐƌĞĨŽƌŵĂƐůĂďŽƌĂůĞƐĚĞϮϬϭϬLJϮϬϭϭĞŶŵĂƚĞƌŝĂĚĞ ;Ϯ͘ϭйLJĞĂƌͲƚŽͲLJĞĂƌͿ͕ŝŶƐƚĞĂĚŽĨƚŚĞĨĂůůŝŶĞŵƉůŽLJŵĞŶƚ;Ϭ͘ϳйͿ ŇĞdžŝďŝůŝĚĂĚŝŶƚĞƌŶĂ͘^ŝŶƉĞƌũƵŝĐŝŽĚĞůŽƐĂǀĂŶĐĞƐƉƌŽ- ŵĞĂƐƵƌĞĚŝŶĨƵůůƟŵĞĞƋƵŝǀĂůĞŶƚƚĞƌŵƐ͘ ĚƵĐƟǀŽƐůůĞǀĂĚŽƐĂĐĂďŽĞŶĚĞƚĞƌŵŝŶĂĚŽƐĄŵďŝƚŽƐ͕Ğů /ŶďŽƚŚĐĂƐĞƐ͕ŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐĂŶĚŝŶƚŚĞĞŶƟƌĞĐŽƵŶƚƌLJ͕ ĞŵƉůĞŽǀŽůǀŝſĂƌĞƐĞŶƟƌƐĞ͕ĂůŶŽƋƵĞĚĂƌŵĂƌŐĞŶĚĞ ƚŚĞĂĚǀĂŶĐĞŝŶƉƌŽĚƵĐƟǀŝƚLJĚŽĞƐŶŽƚďĞĂƌĂĚŝƌĞĐƚƌĞůĂƟŽŶƐŚŝƉ ŵĂŶŝŽďƌĂƉĂƌĂŵƵĐŚĂƐĞŵƉƌĞƐĂƐ͕ƚƌĂƐĐƵĂƚƌŽĂŹŽƐĚĞ ƚŽ ŝŵƉƌŽǀĞŵĞŶƚƐ ŝŶ ŽƵƌ ƉƌŽĚƵĐƟǀĞ ƐƚƌƵĐƚƵƌĞ͕ ďƵƚ ŝƚ ĚƵƌĂĐƌŝƐŝƐƋƵĞŚĂŶĞƌŽƐŝŽŶĂĚŽƐƵĐĂƉĂĐŝĚĂĚƉƌŽĚƵĐ- demonstrates that the labour reforms in 2010 and 2011 had ƟǀĂLJĮŶĂŶĐŝĞƌĂ͕ǀŝĠŶĚŽƐĞŽďůŝŐĂĚĂƐĂŽƉƚĂƌƉŽƌůĂƌĞ- ŶŽĞīĞĐƚŝŶƚĞƌŵƐŽĨŝŶƚĞƌŶĂůŇĞdžŝďŝůŝƚLJ͘EŽƚǁŝƚŚƐƚĂŶĚŝŶŐƚŚĞ ĚƵĐĐŝſŶůĂďŽƌĂůĐŽŵŽƷŶŝĐĂǀşĂƉĂƌĂƐƵƐƵďƐŝƐƚĞŶĐŝĂ͘ ƉƌŽĚƵĐƟǀĞĂĚǀĂŶĐĞƐŝŶƐĞǀĞƌĂůĂƌĞĂƐ͕ĞŵƉůŽLJŵĞŶƚƐƵīĞƌĞĚ ŶĞƐƚĞĞƐĐĞŶĂƌŝŽ͕ůĂĂƉƵĞƐƚĂƉŽƌůĂŵĞũŽƌĂĚĞůĂƉƌŽ- again, since many enterprises had no room for manoeuvre ĚƵĐƟǀŝĚĂĚƌĞƋƵŝĞƌĞĚĞŵĞĚŝĚĂƐĞŶĞůĄŵďŝƚŽŝŶƚĞƌŶŽ ĂŌĞƌĨŽƵƌLJĞĂƌƐŽĨƐĞǀĞƌĞĞĐŽŶŽŵŝĐĐƌŝƐŝƐ͘dŚŝƐƐŝƚƵĂƟŽŶŚĂƐ ĚĞůĂĞŵƉƌĞƐĂ͕ƉĞƌŽƚĂŵďŝĠŶĚĞŵŽĚŝĮĐĂĐŝŽŶĞƐĞŶĞů ĚĂŵĂŐĞĚƚŚĞŝƌƉƌŽĚƵĐƟŽŶĂŶĚĮŶĂŶĐŝĂůĐĂƉĂďŝůŝƚLJ͕ĂŶĚƚŚĞLJ ŵĂƌĐŽƌĞŐƵůĂƚŽƌŝŽ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĚĞůůĂĚŽĚĞůŵĞƌĐĂ- ǁĞƌĞĨŽƌĐĞĚƚŽĂůĂďŽƵƌƌĞĚƵĐƟŽŶĂƐƚŚĞŽŶůLJǁĂLJƚŽƐƵƌǀŝǀĞ͘ ĚŽĚĞƚƌĂďĂũŽ͘ /ŶƚŚŝƐƐĐĞŶĂƌŝŽ͕ƚĂŬŝŶŐĂĐƟŽŶŽŶĞŶƚĞƌƉƌŝƐĞƐ͛ĚŽŵĞƐƟĐƉŽůŝĐLJ ŶĞƐƚĞƷůƟŵŽƐĞŶƟĚŽ͕ůĂZĞĨŽƌŵĂ>ĂďŽƌĂůĚĞϮϬϭϮŚĂ ŝƐ ƌĞƋƵŝƌĞĚ ŝŶ ŽƌĚĞƌ ƚŽ ŝŵƉƌŽǀĞ ƉƌŽĚƵĐƟǀŝƚLJ͘ &ƵƌƚŚĞƌŵŽƌĞ͕ ŵĞũŽƌĂĚŽůĂŇĞdžŝďŝůŝĚĂĚŝŶƚĞƌŶĂ͕ƐŝďŝĞŶĞƐƚĂƐŵĞĚŝĚĂƐ͕ changes in the regulatory framework are also necessary, ƋƵĞĨĂǀŽƌĞĐĞŶĂĐƚƵĂĐŝŽŶĞƐĞŶůĂĞŵƉƌĞƐĂĞŶŵĂƚĞƌŝĂ especially from the labour market side. ĚĞƐĂůĂƌŝŽƐ͕ũŽƌŶĂĚĂLJĨƵŶĐŝŽŶĞƐ͕ůůĞŐĂŶƚĂƌĚĞ͘EŽŚĂŶ ŝŵƉĞĚŝĚŽĞůĨƵĞƌƚĞƉƌŽĐĞƐŽĚĞĚĞŐƌĂĚĂĐŝſŶĞŵƉƌĞƐĂ- In this last regard, 2012 Labour Reform has enhanced internal ƌŝĂůĚĞĂŹŽƐĂŶƚĞƌŝŽƌĞƐ͕ƋƵĞŽďůŝŐſĂƌĞĚƵĐŝƌƉůĂŶƟůůĂƐ͕ ŇĞdžŝďŝůŝƚLJ͕ ďƵƚ ƚŚĞƐĞ ŵĞĂƐƵƌĞƐ͕ ǁŚŝĐŚ ƐĞƌǀĞ ƚŽ ƉƌŽŵŽƚĞ ĐƵĄŶĚŽŶŽŚĂĂůĐŝĞƌƌĞĚĞƵŶďƵĞŶŶƷŵĞƌŽĚĞĞŵƉƌĞ- ĂĐƟŽŶƐ ŝŶ ƚĞƌŵƐ ŽĨ ƐĂůĂƌŝĞƐ͕ ǁŽƌŬŝŶŐ ƟŵĞ ĂŶĚ ĨƵŶĐƟŽŶƐ͕ sas. ŚĂǀĞĐŽŵĞƚŽŽůĂƚĞ͘dŚĞƐĞĂĐƟŽŶƐǁĞƌĞŶŽƚĞŶŽƵŐŚƚŽƐƚŽƉ ƚŚĞƐƚƌŽŶŐĚĞŐƌĂĚĂƟŽŶƉƌŽĐĞƐƐŽĨƚŚĞĞŶƚĞƌƉƌŝƐĞƐ͕ƐƚĂƌƚĞĚŝŶ - ůƉƌŽďůĞŵĂĚĞůĂĨĂůƚĂĚĞŇĞdžŝďŝůŝĚĂĚŝŶƚĞƌŶĂĞƐĐŽŶƐĞ previous years, which forced the companies to reduce their - ĐƵĞŶĐŝĂ͕ĞŶďƵĞŶĂŵĞĚŝĚĂ͕ĚĞƵŶŵŽĚĞůŽĚĞƌĞůĂĐŝŽ ƐƚĂī͕ĂŶĚŵĂŶLJŽĨƚŚĞŵǁĞƌĞĨŽƌĐĞĚƚŽƐŚƵƚĚŽǁŶ͘ ŶĞƐůĂďŽƌĂůĞƐŝŶĂĚĞĐƵĂĚŽ͕ĐŽŵŽŚĂƉƵĞƐƚŽĚĞĞǀŝĚĞŶ- ĐŝĂĞůƉĞƌŝŽĚŽĚĞĐƌŝƐŝƐ͘ŶƵŶƐŝƐƚĞŵĂĐŽŶŵĞĐĂŶŝƐŵŽƐ dŚĞůĂĐŬŽĨŝŶƚĞƌŶĂůŇĞdžŝďŝůŝƚLJŝƐŵĂŝŶůLJĂĐŽŶƐĞƋƵĞŶĐĞŽĨĂŶ ĂĚĞĐƵĂĚŽƐ͕ ůĂƐ ĞŵƉƌĞƐĂƐ ƉƵĞĚĞŶ ŚĂĐĞƌ ĨƌĞŶƚĞ Ă ůĂƐ ŝŶĂĚĞƋƵĂƚĞůĂďŽƵƌƌĞůĂƟŽŶƐŵŽĚĞů͕ǁŚŝĐŚŚĂƐďĞĞŶĞǀŝĚĞŶƚ ŽƐĐŝůĂĐŝŽŶĞƐĚĞůĂĚĞŵĂŶĚĂƌĞĐƵƌƌŝĞŶĚŽĂĂůƚĞƌŶĂƟǀĂƐ in this crisis. In an appropriate system, companies could cope ĚŝĨĞƌĞŶƚĞƐĂůĚĞƐƉŝĚŽ͕ƋƵĞƉƌĞƐĞƌǀĞŶĞůĐĂƉŝƚĂůŚƵŵĂ- ǁŝƚŚ ƚŚĞ ǀĂƌŝĂƟŽŶƐ ŝŶ ĚĞŵĂŶĚ ďLJ ƵƐŝŶŐ ŽƚŚĞƌ ŵĞĂƐƵƌĞƐ͕ ŶŽĚĞůĂĞŵƉƌĞƐĂ͕ƚĂůĞƐĐŽŵŽƌĞĚƵĐĐŝŽŶĞƐƚĞŵƉŽƌĂůĞƐ ǁŚŝĐŚƉƌĞƐĞƌǀĞŚƵŵĂŶĐĂƉŝƚĂů͕ƐƵĐŚĂƐƚĞŵƉŽƌĂƌLJƌĞĚƵĐƟŽŶƐ de salario o de jornada. ŝŶƐĂůĂƌŝĞƐŽƌǁŽƌŬŝŶŐƟŵĞ͕ŝŶƐƚĞĂĚŽĨĚŝƐŵŝƐƐĂůƐ͘

117 CONCLUSIONES CONCLUSIONS 2011

ŶŽƚƌŽĄŵďŝƚŽ͕ƉĞƌŽƚĂŵďŝĠŶĚĞŶƚƌŽĚĞůĐĂŵƉŽĚĞůĂ ƉƌŽĚƵĐƟǀŝĚĂĚ͕ ĚĞďĞ ĚĞƐƚĞƌƌĂƌƐĞ ĂƋƵĞůůĂ ǀŝƐŝſŶ ƚƌĂĚŝ- ĐŝŽŶĂůƋƵĞƷŶŝĐĂŵĞŶƚĞƌĞůĂĐŝŽŶĂďĂƉƌŽĐĞƐŽƐŝŶŶŽǀĂ- ĚŽƌĞƐĐŽŶƵŶŶƷŵĞƌŽůŝŵŝƚĂĚŽĚĞĂĐƟǀŝĚĂĚĞƐ͘ůƚƵƌŝƐ- ŵŽ͕ůŽƐƚƌĂŶƐƉŽƌƚĞƐ͕ůĂƐĂŶŝĚĂĚŽĞůĐŽŵĞƌĐŝŽ͕ĚĞďĞŶ - ŝŶĐŽƌƉŽƌĂƌƉƌŽĐĞƐŽƐŝŶŶŽǀĂĚŽƌĞƐĂĚĂƉƚĂĚŽƐĂƐƵƐŶĞ /ŶŽƚŚĞƌĮĞůĚƐŽĨƉƌŽĚƵĐƟǀŝƚLJ͕ǁĞƐŚŽƵůĚĨŽƌŐĞƚƚŚĞƚƌĂĚŝƟŽŶĂů ĐĞƐŝĚĂĚĞƐ͕ƋƵĞƉĞƌŵŝƚĂŶŵĞũŽƌĂƌƐƵƉƌŽĚƵĐƟǀŝĚĂĚ͘ ǀŝĞǁŽĨƌĞůĂƟŶŐŝŶŶŽǀĂƟǀĞƉƌŽĐĞƐƐĞƐǁŝƚŚĂůŝŵŝƚĞĚŶƵŵďĞƌ >ĂŵĞũŽƌĂĚĞůĂƉƌŽĚƵĐƟǀŝĚĂĚĞŶĞůĄŵďŝƚŽĚĞůĂĞŵ- ŽĨ ĂĐƟǀŝƟĞƐ͘ dŽƵƌŝƐŵ͕ ƚƌĂŶƐƉŽƌƚ͕ ŚĞĂůƚŚ Žƌ ƚƌĂĚĞ ƐŚŽƵůĚ ƉƌĞƐĂ ƉĂƐĂ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ ƉŽƌ ůĂ ĂĐƚƵĂĐŝſŶ ĞŶ ŝŶĐŽƌƉŽƌĂƚĞŝŶŶŽǀĂƟǀĞƉƌŽĐĞƐƐĞƐƐƵŝƚĞĚƚŽƚŚĞŝƌŶĞĐĞƐƐŝƟĞƐ ƚƌĞƐĐĂŵƉŽƐ͕ůĂŽƉƟŵŝnjĂĐŝſŶĚĞůŽƐƌĞĐƵƌƐŽƐůĂďŽƌĂůĞƐ ƚŚĂƚĞŶĂďůĞƚŚĞŵƚŽŝŵƉƌŽǀĞƚŚĞŝƌƉƌŽĚƵĐƟǀŝƚLJ͘ ĞŶĞůƉƌŽĐĞƐŽƉƌŽĚƵĐƟǀŽ͕ĞůĂƉƌŽǀĞĐŚĂŵŝĞŶƚŽĚĞůĂƐ /ŵƉƌŽǀĞŵĞŶƚƐŝŶĐŽŵƉĂŶŝĞƐ͛ƉƌŽĚƵĐƟǀŝƚLJŵƵƐƚďĞĂƉƉůŝĞĚŝŶ ƐŝŶĞƌŐŝĂƐŐĞŶĞƌĂĚĂƐĞŶƚƌĞůŽƐƌĞĐƵƌƐŽƐŚƵŵĂŶŽƐĚĞůĂ ƚŚĞĨŽůůŽǁŝŶŐĮĞůĚƐ͗ƚŚĞŽƉƟŵŝnjĂƟŽŶŽĨůĂďŽƵƌƌĞƐŽƵƌĐĞƐŝŶ ĞŵƉƌĞƐĂ͕LJůĂĂĚĞĐƵĂĐŝſŶĚĞůƚƌĂďĂũĂĚŽƌĂůƉƵĞƐƚŽĚĞ ƚŚĞƉƌŽĚƵĐƟǀĞƉƌŽĐĞƐƐ͕ĂďĞƩĞƌƵƐĞŽĨƐLJŶĞƌŐŝĞƐŐĞŶĞƌĂƚĞĚ ƚƌĂďĂũŽ͘ŽŶĞŵƉĞŹŽLJƵŶĂĞƐƚƌĂƚĞŐŝĂĂĚĞĐƵĂĚĂ͕ůĂƐ among the human resources of the company, and the ĞŵƉƌĞƐĂƐ ƉŽĚƌşĂŶ ĂůĐĂŶnjĂƌ ĐŽŶƐŝĚĞƌĂďůĞƐ ŐĂŶĂŶĐŝĂƐ ĂĚĂƉƚĂƟŽŶ ŽĨ ƚŚĞ ĞŵƉůŽLJĞĞƐ ƚŽ ƚŚĞŝƌ ƐƉĞĐŝĮĐ ũŽďƐ͘ tŝƚŚ ĞŶŵĂƚĞƌŝĂĚĞƉƌŽĚƵĐƟǀŝĚĂĚ͘ ĞīŽƌƚ͕ ĂŶĚ ĂŶ ĂƉƉƌŽƉƌŝĂƚĞ ƐƚƌĂƚĞŐLJ͕ ĐŽŵƉĂŶŝĞƐ ǁŝůů ƌĞĂĐŚ ŽŵƉůĞŵĞŶƚĂƌŝĂŵĞŶƚĞ͕ĚĞďĞĐŽŶƟŶƵĂƌƚƌĂďĂũĄŶĚŽƐĞ ƐŝŐŶŝĮĐĂŶƚƉƌŽĮƚƐŝŶƉƌŽĚƵĐƟǀŝƚLJ͘ ĞŶůĂƌĞĚƵĐĐŝſŶĚĞůĂďƐĞŶƟƐŵŽůĂďŽƌĂů͕ĞŶĞůŝŶĐĞŶƟǀŽ ĚĚŝƟŽŶĂůůLJ͕ ƚŽ ƌĞĚƵĐĞ ǁŽƌŬ ĂďƐĞŶƚĞĞŝƐŵ͕ ŝŵƉƌŽǀŝŶŐ ĚĞůĂĐƵĂůŝĮĐĂĐŝſŶƉƌŽĨĞƐŝŽŶĂůŽĞŶĞůŝŶĐƌĞŵĞŶƚŽĚĞ ƉƌŽĨĞƐƐŝŽŶĂůƋƵĂůŝĮĐĂƟŽŶƐĂŶĚŝŶĐƌĞĂƐŝŶŐƋƵĂůŝƚLJƐƚĂŶĚĂƌĚƐ ůŽƐĞƐƚĄŶĚĂƌĞƐĚĞĐĂůŝĚĂĚĚĞƚŽĚŽƐŶƵĞƐƚƌŽƐƐĞĐƚŽƌĞƐ ŝŶ Ăůů ŽĨ ŽƵƌ ƉƌŽĚƵĐƟǀĞ ƐĞĐƚŽƌƐ͕ ĞƐƉĞĐŝĂůůLJ ƐĞƌǀŝĐĞƐ͕ ŵƵƐƚ ƉƌŽĚƵĐƟǀŽƐ͕ĐŽŶĞƐƉĞĐŝĂůĂƚĞŶĐŝſŶĂůŽƐƐĞƌǀŝĐŝŽƐ͘ ĐŽŶƟŶƵĞ͘ >ĂƌĞǀŝƐŝſŶĚĞůĂƉƌŽĚƵĐƟǀŝĚĂĚůĂďŽƌĂůĚĞďĞƚĂŵďŝĠŶ ĞdžƚĞŶĚĞƌƐĞ Ăů ĄŵďŝƚŽ ĚĞ ůŽ ƉƷďůŝĐŽ͘ ƐƚƌĂƚĞŐŝĂƐ ƉƌŽ- dŚĞ ƌĞǀŝĞǁ ŽĨ ůĂďŽƵƌ ƉƌŽĚƵĐƟǀŝƚLJ ŵƵƐƚ ĂůƐŽ ďĞ ĂƉƉůŝĞĚ ƉƵĞƐƚĂƐ ƉĂƌĂ ŵĞũŽƌĂƌ ůĂ ƉƌŽĚƵĐƟǀŝĚĂĚ ůĂďŽƌĂů ĞŶ Ğů in the public sector. Strategies created to improve labour ĄŵďŝƚŽĚĞůĂĞŵƉƌĞƐĂƐŽŶƉĞƌĨĞĐƚĂŵĞŶƚĞĞdžƚƌĂƉŽůĂ- ƉƌŽĚƵĐƟǀŝƚLJ ŝŶ ƚŚĞ ĐŽŵƉĂŶLJ ĨƌĂŵĞǁŽƌŬ ĂƌĞ ƉĞƌĨĞĐƚůLJ ďůĞƐ Ă ďƵĞŶĂ ƉĂƌƚĞ ĚĞ ůĂ ĞƐƚƌƵĐƚƵƌĂ ůĂďŽƌĂů ƉƷďůŝĐĂ͘ applicable to a great part of the public labour structure. hƌŐĞŶ ƉŽƌ ƚĂŶƚŽ ƌĞĨŽƌŵĂƐ͕ ƋƵĞ ƉŽƐŝďŝůŝƚĞŶ ƵŶĂ ŽƉƟ- dŚĞƌĞĨŽƌĞ͕ƌĞĨŽƌŵƐĂƌĞŶĞĐĞƐƐĂƌLJƚŽĨĂĐŝůŝƚĂƚĞƚŚĞŽƉƟŵŝnjĂƟŽŶ ŵŝnjĂĐŝſŶĚĞĞƐƚŽƐƌĞĐƵƌƐŽƐƉƷďůŝĐŽƐ͕ĂĚĂƉƚĄŶĚŽůŽƐĂů of these public resources, according to the current scenario. ĞƐĐĞŶĂƌŝŽĂĐƚƵĂů͘

^ĞĐƚŽƌŝĂůŶĂůLJƐŝƐ Análisis sectorial. EĞdžƚ͕ǁĞǁŝůůŐŽŽǀĞƌƚŚĞƉƌŽŐƌĞƐƐŽĨƚŚĞĚŝīĞƌĞŶƚƐĞĐƚŽƌƐƚŚĂƚ ĐŽŶƟŶƵĂĐŝſŶ͕ƐĞƌĞƉĂƐĂůĂƚƌĂLJĞĐƚŽƌŝĂĚĞůŽƐĚŝĨĞƌĞŶ- ŵĂŬĞƵƉƚŚĞƉƌŽĚƵĐƟŽŶĂĐƟǀŝƚLJŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐĨƌŽŵ ƚĞƐƐĞĐƚŽƌĞƐƋƵĞĐŽŵƉŽŶĞŶůĂĂĐƟǀŝĚĂĚƉƌŽĚƵĐƟǀĂĚĞů ƚŚĞƉĞƌƐƉĞĐƟǀĞŽĨŝƚƐƉƌŝŵĂƌLJŵĂĐƌŽĞĐŽŶŽŵŝĐĂŐŐƌĞŐĂƚĞƐ͕ 3.3 ƌĐŚŝƉŝĠůĂŐŽ͕ĚĞƐĚĞůĂƉĞƌƐƉĞĐƟǀĂĚĞƐƵƐƉƌŝŶĐŝƉĂůĞƐ according to the Spanish Regional Accounts and the most ĂŐƌĞŐĂĚŽƐŵĂĐƌŽĞĐŽŶſŵŝĐŽƐ͕ĂƉĂƌƟƌĚĞůĂŽŶƚĂďŝ- ƌĞůĞǀĂŶƚĞŵƉůŽLJŵĞŶƚĂŶĚĂĐƟǀŝƚLJŝŶĚŝĐĂƚŽƌƐ͘ ůŝĚĂĚZĞŐŝŽŶĂůĚĞƐƉĂŹĂĚĞů/ŶƐƟƚƵƚŽEĂĐŝŽŶĂůĚĞƐ- ƚĂĚşƐƟĐĂ͕ĂƐşĐŽŵŽŵĞĚŝĂŶƚĞĂƋƵĞůůŽƐŝŶĚŝĐĂĚŽƌĞƐĚĞ It should be recalled that the methodological change ĞŵƉůĞŽLJĂĐƟǀŝĚĂĚŵĄƐƌĞůĞǀĂŶƚĞƐ͘ ŽƉĞƌĂƚĞĚĨƌŽŵƚŚĞEͲϬϵŝƐŝŶĨŽƌĐĞƐŝŶĐĞϮϬϭϭĂŶĚŚĂĚĂ new database in 2008. Therefore, the regional comparability - ĞďĞƌĞĐŽƌĚĂƌƐĞƋƵĞ͕ĂƉĂƌƟƌĚĞůĞũĞƌĐŝĐŝŽϮϬϭϭ͕ƐƵƌ of the data calculated before that year is not possible. ƚĞĞĨĞĐƚŽĞůĐĂŵďŝŽŵĞƚŽĚŽůſŐŝĐŽŽƉĞƌĂĚŽĂƉĂƌƟƌĚĞ ůĂEͲϬϵ͕ĐŽŶŶƵĞǀĂďĂƐĞĞŶϮϬϬϴ͕ƋƵĞŝŵƉŝĚĞŶůĂ dŚĞ ŵĂŝŶ ĚŝīĞƌĞŶĐĞƐ ĂƌĞ ĨŽƵŶĚ ŝŶ ƚŚĞ ƐĞĐƚŽƌŝĂů ƐĐŽƉĞ͕

118 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ĐŽŵƉĂƌĂďŝůŝĚĂĚƌĞŐŝŽŶĂůĐŽŶƌĞƐƉĞĐƚŽĂĚĂƚŽƐĂŶƚĞƌŝŽ- res a esa fecha.

>ĂƐƉƌŝŶĐŝƉĂůĞƐĚŝĨĞƌĞŶĐŝĂƐƌĞƐŝĚĞŶĞŶĞůĄŵďŝƚŽƐĞĐƚŽ- ƌŝĂů͕LJĂƋƵĞŶŽĞdžŝƐƚĞĐŽƌƌĞƐƉŽŶĚĞŶĐŝĂĐŽŶůĂĂŶƟŐƵĂ ĐůĂƐŝĮĐĂĐŝſŶEͲϵϯ͕ĂůĞĨĞĐƚƵĂƌƐĞƵŶĐĂŵďŝŽĞŶůĂ ůŽĐĂůŝnjĂĐŝſŶĚĞůĂƐƌĂŵĂƐĚĞĂĐƟǀŝĚĂĚĞŶƚƌĞůŽƐĚŝƐƟŶ- ƚŽƐƐĞĐƚŽƌĞƐ͕ĂĚĞŵĄƐĚĞŝŶĐŽƌƉŽƌĂƌƐĞ͕ĐŽŵŽŶŽǀĞĚĂĚ͕ ƵŶŵĂLJŽƌŶŝǀĞůĚĞĚĞƐŐůŽƐĞĞŶĞůƐĞĐƚŽƌƐĞƌǀŝĐŝŽƐ͘ ƐŝŶĐĞ ƚŚĞƌĞ ŝƐ ŶŽ ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ ǁŝƚŚ ƚŚĞ ŽůĚĞƌ EͲϵϯ El Sector Primario ĐůĂƐƐŝĮĐĂƟŽŶĚƵĞƚŽĐŚĂŶŐĞƐŝŶƚŚĞůŽĐĂƟŽŶŽĨƚŚĞĂĐƟǀŝƚLJ branches among the sectors. Furthermore, there is a new ƵƌĂŶƚĞůĂƉĂƐĂĚĂĚĠĐĂĚĂ͕ůĂƐĚŝƐƟŶƚĂƐƌĂŵĂƐĂĐŽŐŝĚĂƐ higher level of breakdown in the services sector. ďĂũŽĞƐƚĂĚĞŶŽŵŝŶĂĐŝſŶŚĂŶƐĞŐƵŝĚŽƵŶĂƚƌĂLJĞĐƚŽƌŝĂ ƉƌŝŵĂƌŝĂĐŽŶƚƌĂĐƟǀĂ͕ƋƵĞůĞŚĂŝĚŽĐŽŶĚƵĐŝĞŶĚŽĂƵŶĂ WƌŝŵĂƌLJ^ĞĐƚŽƌ ƉĠƌĚŝĚĂĚĞƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĞŶĞůĐŽŶƚĞdžƚŽƉƌŽĚƵĐƟ- ǀŽĚĞůƌĐŚŝƉŝĠůĂŐŽ͘ ƵƌŝŶŐƚŚĞůĂƐƚĚĞĐĂĚĞ͕ƚŚĞĂĐƟǀŝƟĞƐŝŶƚĞŐƌĂƚĞĚƵŶĚĞƌƚŚŝƐ ĚĞŶŽŵŝŶĂƟŽŶ ŚĂǀĞ ďĂƐŝĐĂůůLJ ĐŽŶƚƌĂĐƚĞĚ͕ ǁŚŝĐŚ ŚĂƐ ůĞĚ ƚŽ - ƐƚĞĨĞŶſŵĞŶŽƐĞũƵƐƟĮĐĂƌşĂ͕ĞŶƉĂƌƚĞ͕ƉŽƌůĂƚƌĂŶƐŝ ĂŶŝƌƌĞŵĞĚŝĂďůĞůŽƐƐŽĨƌĞƉƌĞƐĞŶƚĂƟǀĞŶĞƐƐŝŶƚŚĞƉƌŽĚƵĐƟǀĞ - ĐŝſŶĚĞůĂĞĐŽŶŽŵşĂĚĞůƌĐŚŝƉŝĠůĂŐŽŚĂĐŝĂŽƚƌŽƐƐĞĐ context of the Canary Islands. ƚŽƌĞƐĚĞĂĐƟǀŝĚĂĚĐŽŶƌĞƚŽƌŶŽƐĚĞŝŶǀĞƌƐŝſŶƐƵƉĞƌŝŽ- ƌĞƐ͕ƉĞƌŽĞůƐĞĐƚŽƌƚĂŵďŝĠŶƐĞŚĂǀŝƐƚŽŵƵLJĂĨĞĐƚĂĚŽ dŚŝƐƉŚĞŶŽŵĞŶŽŶŝƐũƵƐƟĮĞĚďLJƚŚĞƚƌĂŶƐŝƟŽŶŽĨƚŚĞĂŶĂƌLJ ƉŽƌŵƷůƟƉůĞƐĚŝĮĐƵůƚĂĚĞƐ͕ĞŶƚƌĞŽƚƌĂƐ͕ĞůƉƌŽĐĞƐŽĚĞ /ƐůĂŶĚƐĞĐŽŶŽŵLJƚŽǁĂƌĚƐŽƚŚĞƌĂĐƟǀŝƚLJƐĞĐƚŽƌƐǁŝƚŚŚŝŐŚĞƌ ƉƌŽŐƌĞƐŝǀĂůŝďĞƌĂůŝnjĂĐŝſŶĚĞƉƌŽĚƵĐƚŽƐĂŐƌşĐŽůĂƐ͕ĂƵƐ- investment returns, but the primary sector has been ƉŝĐŝĂĚĂƉŽƌůĂƐĚŝƐƟŶƚĂƐƌŽŶĚĂƐŵƵŶĚŝĂůĞƐĚĞůĐŽŵĞƌ- ƐƚƌŽŶŐůLJĂīĞĐƚĞĚďLJƐĞǀĞƌĂůĚŝĸĐƵůƟĞƐ͕ƐƵĐŚĂƐƚŚĞŐƌŽǁŝŶŐ ĐŝŽ͖ĂƐşĐŽŵŽƉŽƌůĂƉƌŽŐƌĞƐŝǀĂĂƉĞƌƚƵƌĂĚĞůŽƐŵĞƌĐĂ- ůŝďĞƌĂůŝƐĂƟŽŶ ŽĨ ĂŐƌŝĐƵůƚƵƌĂů ƉƌŽĚƵĐƚƐ͕ ƉƌŽŵŽƚĞĚ ďLJ ƚŚĞ ĚŽƐĂŐƌşĐŽůĂƐĚĞůĂhĞŶďĞŶĞĮĐŝŽĚĞĚĞƚĞƌŵŝŶĂĚŽƐ global trade rounds of talks, and the progressive opening of ƉĂşƐĞƐ͕ĞŶƚƌĞĞůůŽƐ͕ůŽƐƉĂşƐĞƐWLJĂůŐƵŶŽƐƐŽĐŝŽƐƉƌĞ- ƚŚĞƵƌŽƉĞĂŶhŶŝŽŶ͛ƐĂŐƌŝĐƵůƚƵƌĂůŵĂƌŬĞƚƐƚŽďĞŶĞĮƚĐĞƌƚĂŝŶ ĨĞƌĞŶƚĞƐĚĞůĂhĐŽŵŽDĂƌƌƵĞĐŽƐ͕ĨƌĞŶƚĞĂůŽƐƋƵĞƌĞ- ĐŽƵŶƚƌŝĞƐ͕ůŝŬĞWĐŽƵŶƚƌŝĞƐĂŶĚƐŽŵĞƉƌĞĨĞƌĞŶƟĂůŵĞŵďĞƌƐ ƐƵůƚĂŝŶǀŝĂďůĞĐŽŵƉĞƟƌ͕ĚĂĚŽƋƵĞƐŽƉŽƌƚĂŶĐŽƐƚĞƐŵƵLJ ŽĨƚŚĞh͕ĨŽƌĞdžĂŵƉůĞ͕DŽƌŽĐĐŽ͕ǁŚŝĐŚƐĞĞŵƐǀĞƌLJĚŝĸĐƵůƚ ŝŶĨĞƌŝŽƌĞƐ͘ůŽĂŶƚĞƌŝŽƌŚĂLJƋƵĞĂŹĂĚŝƌůĂĞdžŝƐƚĞŶĐŝĂ to compete with, because those countries bear very low

   
 
 



  


 
  


  
  



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119 CONCLUSIONES CONCLUSIONS 2011

ĚĞƐŽďƌĞĐŽƐƚĞƐĞŶĂŶĂƌŝĂƐ͕ĚĞƌŝǀĂĚŽƐĚĞƐƵĐŽŶĚŝĐŝſŶ ƵůƚƌĂƉĞƌŝĨĠƌŝĐĂ͘

ůƐĞĐƚŽƌƉƌŝŵĂƌŝŽĐŽŵƉƌĞŶĚĞƵŶĂŵƉůŝŽĂďĂŶŝĐŽĚĞ ƉƌŽĚƵĐĐŝŽŶĞƐĚĞŶĂƚƵƌĂůĞnjĂĂŐƌşĐŽůĂ͕ŐĂŶĂĚĞƌĂLJƉĞƐ- ĐŽƐƚƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞƌĞĂƌĞĂĚĚŝƟŽŶĂůĐŽƐƚƐŝŶƚŚĞĂŶĂƌLJ ƋƵĞƌĂʹŝŶĐůƵŝĚĂƐůĂƐĂĐƵşĐŽůĂƐͲ͕ƋƵĞĞũĞƌĐĞŶƵŶƉĂƉĞů /ƐůĂŶĚƐ͕ĚĞƌŝǀĞĚĨƌŽŵŽƵƌĐŽŶĚŝƟŽŶƐĂƐĂŶŽƵƚĞƌŵŽƐƚƌĞŐŝŽŶ͘ ĨƵŶĚĂŵĞŶƚĂů͕ŶŽƐſůŽĞŶĞůĂƉĂƌƚĂĚŽĞĐŽŶſŵŝĐŽ͕ƐŝŶŽ The primary sector includes a wide range of agricultural, ĐŽŵŽĞůĞŵĞŶƚŽǀĞƌƚĞďƌĂĚŽƌĚĞůƚĞƌƌŝƚŽƌŝŽĐĂŶĂƌŝŽ͕Ăů ůŝǀĞƐƚŽĐŬ ĂŶĚ ĮƐŚĞƌLJ ƉƌŽĚƵĐƟŽŶƐ ͲĂƐ ǁĞůů ĂƐ ĂƋƵĂĐƵůƚƵƌĞͲ ĐŽŶƚƌŝďƵŝƌĂůŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞůŽƐĂƐĞŶƚĂŵŝĞŶƚŽƐƌƵ- that play a primary role, not only in economic terms, but also ƌĂůĞƐ͕ůĂƉƌŽƚĞĐĐŝſŶĚĞůŵĞĚŝŽĂŵďŝĞŶƚĞLJĂůĂƉƌĞƐĞƌ- vación del paisaje. ĂƐĂďĂĐŬďŽŶĞĞůĞŵĞŶƚŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ďLJĐŽŶƚƌŝďƵƟŶŐ ƚŽŵĂŝŶƚĂŝŶƌƵƌĂůƐĞƩůĞŵĞŶƚƐ͕ĞŶǀŝƌŽŶŵĞŶƚƉƌŽƚĞĐƟŽŶ͕ĂŶĚ ĞƐĚĞĞůƉƵŶƚŽĚĞǀŝƐƚĂĞƐƚƌŝĐƚĂŵĞŶƚĞĞĐŽŶſŵŝĐŽ͕Ğů ůĂŶĚƐĐĂƉĞƉƌĞƐĞƌǀĂƟŽŶ͘ sĂůŽƌŹĂĚŝĚŽƌƵƚŽĚĞůƐĞĐƚŽƌ͕ƐĞŐƷŶůĂƐĞƐƚĂĚşƐƟĐĂƐ From a strictly economic point of view, the Gross Value ĚĞŽŶƚĂďŝůŝĚĂĚZĞŐŝŽŶĂůĚĞƐƉĂŹĂĚĞů/E͕ĂƐĐĞŶĚŝſ Added of the sector, according to the INE’s Spanish Regional Ăϰϭϯ͕ϯŵŝůůŽŶĞƐĚĞĞƵƌŽƐĐŽƌƌŝĞŶƚĞƐĞŶĞůďĂůĂŶĐĞĚĞ ĐĐŽƵŶƚƐƐƚĂƟƐƟĐƐ͕ƌŽƐĞƚŽϰϭϯ͘ϯŵŝůůŝŽŶĞƵƌŽƐŝŶƚŚĞϮϬϭϭ ϮϬϭϭ͘ƐƚĞĚĂƚŽƐƵƉŽŶĞƵŶĨƵĞƌƚĞƌĞƚƌŽĐĞƐŽĚĞůs balance. This datum represents an intense decrease of ĂŐƌşĐŽůĂ͕ĞŶƚĠƌŵŝŶŽƐƌĞĂůĞƐ͕ĚĞůϭϬ͕ϬƉŽƌĐŝĞŶƚŽ͘ ϭϬ͘ϬйŝŶƚŚĞĂŐƌŝĐƵůƚƵƌĞ'ƌŽƐƐsĂůƵĞĂĚĚĞĚ͘ ĂĞĂďƌƵƉƚĂŵĞŶƚĞůĂƉƌŽĚƵĐĐŝſŶĂŐƌşĐŽůĂ͕ŵƵĐŚŽŵĄƐ ƋƵĞĞŶĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽƌĞƐ͕ůŽƋƵĞĐŽŶůůĞǀĂĂĂŐƵĚŝnjĂƌ ŐƌŝĐƵůƚƵƌĞƉƌŽĚƵĐƟŽŶĚƌŽƉƉĞĚƐŚĂƌƉůLJŵŽƌĞƚŚĂŶƉƌĞǀŝŽƵƐ ůĂĐĂşĚĂŵĞĚŝĂĚĞůsĚƵƌĂŶƚĞůĂƷůƟŵĂĚĠĐĂĚĂ͕ĞŶůĂ years. This decrease helped to exacerbate the GVA average ƋƵĞƌĞƚƌŽĐĞĚĞƵŶϮ͕ϬƉŽƌĐŝĞŶƚŽ͘ ĨĂůů͕ǁŚŝĐŚĚĞĐƌĞĂƐĞĚϮ͘ϬйĚƵƌŝŶŐƚŚĞůĂƐƚĚĞĐĂĚĞ͘

ŽŶĞƐƚĞƌĞƐƵůƚĂĚŽ͕ůĂƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĚĞůƐĞĐƚŽƌƐĞ tŝƚŚĮŐƵƌĞƐůŝŬĞƚŚŝƐ͕ƚŚĞƌĞƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞƐĞĐƚŽƌĨĞůůďLJ ƌĞĚƵũŽĞŶĞƐƚŽƐĚŝĞnjƷůƟŵŽƐĂŹŽƐĂůĂŵŝƚĂĚ͕ĚĞƐĚĞĞů ŚĂůĨĚƵƌŝŶŐƚŚĞůĂƐƚƚĞŶLJĞĂƌƐ͕ĨƌŽŵϮ͘ϭŝŶϮϬϬϭ͕ƚŽϭ͘ϬйŝŶ Ϯ͕ϭĚĞϮϬϬϭ͕ŚĂƐƚĂĞůϭ͕ϬйĚĞϮϬϭϭ͘ 2011.

>ĂĞǀŽůƵĐŝſŶĚĞůƐĞĐƚŽƌĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐĂŹŽƐƌĞƐƵů- The progress of the sectors during the last few years is a fair ƚĂƵŶĮĞůƌĞŇĞũŽĚĞĞƐƚĂƌĞĂůŝĚĂĚ͕ƚĂŶƚŽĚĞƐĚĞĞůƉƵŶƚŽ ƌĞŇĞĐƟŽŶŽĨƚŚŝƐƌĞĂůŝƚLJ͕ĨƌŽŵƚŚĞƉĞƌƐƉĞĐƟǀĞŽĨƉƌŽĚƵĐƚĂŶĚ ĚĞǀŝƐƚĂĚĞůƉƌŽĚƵĐƚŽ͕ĐŽŵŽĚĞůĞŵƉůĞŽ͘ employment.



   

 

 

   





  

  

 
 

 































  

  






*Los datos a partir de 2008 fueron calculados con una metodología diferente, lo que dificulta su comparabilidad / Data from 2008 were calculated differently, which makes it harder to compare. .YmÄJV Graph 3.16

120 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ŶŵĂƚĞƌŝĂĚĞĂĐƟǀŝĚĂĚ͕ůĂƉƌŽĚƵĐĐŝſŶĚĞůƐĞĐƚŽƌĂŐƌş- ĐŽůĂĐĂŶĂƌŝŽƉŝǀŽƚĂĞŶƚŽƌŶŽĂĚŽƐĐƵůƟǀŽƐĂŐƌşĐŽůĂƐĚĞ /Ŷ ƚĞƌŵƐ ŽĨ ĂĐƟǀŝƚLJ͕ ƉƌŽĚƵĐƟŽŶ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ͛ ĞdžƉŽƌƚĂĐŝſŶ͕ĞůƉůĄƚĂŶŽLJĞůƚŽŵĂƚĞ͕LJĞŶŵĞŶŽƌŵĞĚŝ- agricultural sector is based on two agricultural crops for ĚĂ͕ƐŽďƌĞůĂĂĐƟǀŝĚĂĚƉĞƐƋƵĞƌĂLJĂĐƵşĐŽůĂ͕LJůĂĂĐƟǀŝ- ĞdžƉŽƌƚĂƟŽŶ͗ƚŚĞďĂŶĂŶĂĂŶĚƚŚĞƚŽŵĂƚŽ͘/ŶĂŵŝůĚĞƌǁĂLJ͕ŝƚ ĚĂĚŐĂŶĂĚĞƌĂ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĐĂƉƌŝŶĂ͘ ŝƐďĂƐĞĚŽŶĮƐŚĞƌŝĞƐ͕ĂƋƵĂĐƵůƚƵƌĞ͕ĂŶĚůŝǀĞƐƚŽĐŬ;ĞƐƉĞĐŝĂůůLJ ŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ƌĞƐƵůƚĂƐƵƐƚĂŶƟǀĂůĂƉƌĞƐĞŶĐŝĂĚĞů ŐŽĂƚƐͿ͘ ƉůĄƚĂŶŽLJĚĞůƚŽŵĂƚĞ͕ƋƵĞƐĞŚĂŶůĂďƌĂĚŽƐƵĠdžŝƚŽƉƌŽ- ĚƵĐƟǀŽĂƉĂƌƟƌĚĞƚƌĞƐƉƌŝŶĐŝƉŝŽƐ͕ůĂĞƐƉĞĐŝĂůŝnjĂĐŝſŶ͕ůĂ /ŶĂŶLJĐĂƐĞ͕ƚŚĞďĂŶĂŶĂĂŶĚƚŽŵĂƚŽƉƌŽĚƵĐƟŽŶŝƐŝŵƉŽƌƚĂŶƚ͕ ƉƌŽĚƵĐĐŝſŶŝŶƚĞŶƐŝǀĂLJůĂĚŝĨĞƌĞŶĐŝĂĐŝſŶĚĞůƉƌŽĚƵĐƚŽ͘ ƐŝŶĐĞƚŚĞLJŚĂǀĞĐĂƌǀĞĚƚŚĞŝƌƉƌŽĚƵĐƟǀĞƐƵĐĐĞƐƐĨŽƌŵƚŚƌĞĞ ƉƌŝŶĐŝƉůĞƐ͗ƐƉĞĐŝĂůŝnjĂƟŽŶ͕ŝŶƚĞŶƐŝǀĞƉƌŽĚƵĐƟŽŶĂŶĚƉƌŽĚƵĐƚ ƐƚŽƐĨĂĐƚŽƌĞƐŶŽŐĂƌĂŶƟnjĂŶ͕ƐŝŶĞŵďĂƌŐŽ͕ĞůĠdžŝƚŽĞŶ ĚŝīĞƌĞŶƟĂƟŽŶ͘ Ɛş ŵŝƐŵŽƐ͕ ĚĞďŝĚŽ Ă ƋƵĞ Ğů ƌĐŚŝƉŝĠůĂŐŽ ĐƵĞŶƚĂ ĐŽŶ ĚŝĮĐƵůƚĂĚĞƐ ĞƐƚƌƵĐƚƵƌĂůĞƐ͕ ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞ ƐƵ However, these factors do not guarantee their market ƌĞĂůŝĚĂĚƵůƚƌĂƉĞƌŝĨĠƌŝĐĂ͘>ĂĞdžŝƐƚĞŶĐŝĂĚĞĞƐƚŽƐĐŽŶĚŝ- success. This is due to the fact that the Canary Islands have ĐŝŽŶĂŶƚĞƐĚĂŶƐĞŶƟĚŽĂƵŶƐŝƐƚĞŵĂĚĞŵĞĚŝĚĂƐĞƐƉĞ- ƐƚƌƵĐƚƵƌĂů ĚŝīĞƌĞŶĐĞƐ ƚŚĂƚ ĚĞƌŝǀĞ ĨƌŽŵ ƚŚĞŝƌ ŽƵƚĞƌŵŽƐƚ ĐşĮĐĂƐĂĨĂǀŽƌĚĞůƐĞĐƚŽƌĂŐƌĂƌŝŽƉĂƌĂƐĂůǀĂŐƵĂƌĚĂƌůŽƐ ůŽĐĂƟŽŶ͘ dŚĞ ƉƌĞƐĞŶĐĞ ŽĨ ƚŚĞƐĞ ĚĞƚĞƌŵŝŶŝŶŐ ĨĂĐƚŽƌƐ ŐŝǀĞƐ ĐƵůƟǀŽƐůŽĐĂůĞƐ͕ŵĂŶƚĞŶĞƌůŽƐŶŝǀĞůĞƐĚĞƌĞŶƚĂĚĞůŽƐ ƉƵƌƉŽƐĞ ƚŽ Ă ƐLJƐƚĞŵ ŽĨ ƐƉĞĐŝĮĐ ŵĞĂƐƵƌĞƐ ƚŽ ƐƵƉƉŽƌƚ ĂŐƌŝĐƵůƚŽƌĞƐLJŵŝƟŐĂƌůŽƐƐŽďƌĞĐŽƐƚĞƐĞƐƚƌƵĐƚƵƌĂůĞƐLJ the agricultural sector, which emerge from the aim of ƉĞƌŵĂŶĞŶƚĞƐĚĞůĂƐƉƌŽĚƵĐĐŝŽŶĞƐĐĂŶĂƌŝĂƐ͘ ƐĂĨĞŐƵĂƌĚŝŶŐĂŶĚŵŝƟŐĂƟŶŐƚŚĞƐƚƌƵĐƚƵƌĂůĂŶĚƉĞƌŵĂŶĞŶƚ ŽǀĞƌŚĞĂĚĐŽƐƚƐŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐƉƌŽĚƵĐƟŽŶƐ͘ ^ƵƌŐĞ͕ĚĞĞƐƚĂĨŽƌŵĂ͕ƵŶŵŽĚĞůŽďĂƐĂĚŽĞŶƵŶĐŽŶ- ũƵŶƚŽĚĞŵĞĚŝĚĂƐĚĞĂƉŽLJŽĂůĂƉƌŽĚƵĐĐŝſŶĂŐƌşĐŽůĂ Thus, a model based on a group of measures to support ůŽĐĂů͕ ĂŐƌƵƉĂĚĂƐ ĞŶ ƚŽƌŶŽ Ăů WƌŽŐƌĂŵĂ ĚĞ KƉĐŝŽŶĞƐ ůŽĐĂů ĂŐƌŝĐƵůƚƵƌĂů ƉƌŽĚƵĐƟŽŶ ŚĂƐ ďĞĞŶ ĚĞǀŝƐĞĚ͕ ŐƌŽƵƉĞĚ ƐƉĞĐşĮĐĂƐƉĂƌĂůĂƐ/ƐůĂƐĂŶĂƌŝĂƐ;WK^/EͿ͘^ĞƚƌĂƚĂ ĂƌŽƵŶĚ ƚŚĞ WƌŽŐƌĂŵŵĞ ŽĨ KƉƟŽŶƐ ^ƉĞĐŝĮĐ ƚŽ ƚŚĞ ZĞŵŽƚĞ ĚĞƵŶŵĂƌĐŽĚĞĂLJƵĚĂƐƋƵĞďƵƐĐĂŽƚŽƌŐĂƌĞůƐŽƉŽƌƚĞ ĂŶĚ/ŶƐƵůĂƌEĂƚƵƌĞŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ;WK^/EͿ͘dŚŝƐ ŶĞĐĞƐĂƌŝŽĂůĂĂĐƟǀŝĚĂĚĂŐƌşĐŽůĂĐĂŶĂƌŝĂ͕ĐŽŶĞůŽďũĞƟ- framework aims to award the necessary support to the ǀŽĚĞŐĂƌĂŶƟnjĂƌ͕ƚĂŶƚŽƐƵƐƵƉĞƌǀŝǀĞŶĐŝĂŝŶƚĞƌŝŽƌ͕ĐŽŵŽ ĂŐƌŝĐƵůƚƵƌĂůĂĐƟǀŝƚLJŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ǁŝƚŚƚŚĞĂŝŵŽĨ ůĂƌĞŶƚĂďŝůŝĚĂĚĚĞůĂƐƉƌŽĚƵĐĐŝŽŶĞƐĚĞĞdžƉŽƌƚĂĐŝſŶĞŶ ŐƵĂƌĂŶƚĞĞŝŶŐ ŝƚƐ ŝŶƚĞƌŶĂů ƐƵƌǀŝǀĂů ĂŶĚ ƚŚĞ ƉƌŽĮƚĂďŝůŝƚLJ ŽĨ los mercados internacionales. ŝŶƚĞƌŶĂƟŽŶĂůƚƌĂĚĞ͘

  

 


 

    
 
 

  

 


 
  








 










      
     
 

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 Tabla 3.15 Table 3.15

121 CONCLUSIONES CONCLUSIONS 2011

ƐƚŽƐŵĞĐĂŶŝƐŵŽƐŚĂŶŝĚŽƉĞƌĚŝĞŶĚŽĞĨĞĐƟǀŝĚĂĚĐŽŶ ĞůƉĂƐŽĚĞůƟĞŵƉŽƉŽƌůĂĐŽŵƉĞƚĞŶĐŝĂĞdžƚĞƌŝŽƌ͕ƉĞƌŽ ƚĂŵďŝĠŶƉŽƌĞůĞŶĐĂƌĞĐŝŵŝĞŶƚŽĚĞĂůŐƵŶŽƐƐŽďƌĞĐŽƐ- ƚĞƐŶŽĐƵďŝĞƌƚŽƐĞŶƐƵƚŽƚĂůŝĚĂĚ͕ĐŽŵŽůŽƐĐŽƐƚĞƐĚĞ transporte. dŚĞƐĞ ŵĞĐŚĂŶŝƐŵƐ ŚĂǀĞ ďĞĞŶ ůŽƐŝŶŐ ĞīĞĐƚ ŽǀĞƌ ƟŵĞ͕ ŶŽƚ >Ă ĐĂşĚĂ ĚĞ ůĂ ĂĐƟǀŝĚĂĚ ŚĂ ƌĞƉĞƌĐƵƟĚŽ ƚĂŵďŝĠŶ ƐŽ- ŽŶůLJ ĚƵĞ ƚŽ ĞdžƚĞƌŶĂů ĐŽŵƉĞƟƟŽŶ͕ ďƵƚ ĂůƐŽ ďĞĐĂƵƐĞ ŽĨ ƚŚĞ ďƌĞĞůĞŵƉůĞŽĂůŽůĂƌŐŽĚĞůĂĚĠĐĂĚĂƉĂƐĂĚĂ͘ŝĐŚĂ ŝŶĐƌĞĂƐĞŽĨƐŽŵĞĂĚĚŝƟŽŶĂůĐŽƐƚƐ͕ǁŚŝĐŚĂƌĞŶŽƚĐŽŵƉůĞƚĞůLJ ƚƌĂLJĞĐƚŽƌŝĂĐŽŶƚƌĂĐƟǀĂŚĂƚĞŶŝĚŽĐŽŶƟŶƵŝĚĂĚĚƵƌĂŶƚĞ covered, such as transport costs. ϮϬϭϭ͕ĐŽŵŽƌĞŇĞũĂŶůŽƐĚĂƚŽƐĚĞůĂWƉĂƌĂĞůĐƵĂƚƌŽ trimestre del año. dŚĞ ĨĂůů ŝŶ ĞĐŽŶŽŵŝĐ ĂĐƟǀŝƚLJ ŝŶ ƚŚŝƐ ƐĞĐƚŽƌ ŚĂƐ ŶĞŐĂƟǀĞůLJ ĂīĞĐƚĞĚĞŵƉůŽLJŵĞŶƚĚƵƌŝŶŐƚŚĞůĂƐƚĚĞĐĂĚĞ͘^ƵĐŚƌĞĐĞƐƐŝǀĞ ĨĞĐƟǀĂŵĞŶƚĞ͕ůĂŽĐƵƉĂĐŝſŶĚĞůƐĞĐƚŽƌƉƌŝŵĂƌŝŽŚĂƉĂ- trend remained unchanged during 2011, as evidenced by the ĚĞĐŝĚŽƵŶŶŽƚĂďůĞƌĞƚƌŽĐĞƐŽ͕ĚĞůϭϰ͕ϳй͕ƌĞĚƵĐŝĠŶĚŽƐĞ W͛ƐĚĂƚĂŝŶƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌŽĨƚŚĞLJĞĂƌ͘ ƐƵŵĂƐĂůĂďŽƌĂůŚĂƐƚĂůŽƐϮϬ͘ϵϬϬĞŵƉůĞĂĚŽƐ͕ĨƌĞŶƚĞĂ ůŽƐϮϰ͘ϱϬϬƋƵĞƐĞĐŽŶƚĂďŝůŝnjĂƌŽŶĂůĐŝĞƌƌĞĚĞůĐƵĂƌƚŽ /ŶĚĞĞĚ͕ĞŵƉůŽLJŵĞŶƚŚĂƐƐƵīĞƌĞĚĂƐƚƌŽŶŐĚĞĐƌĞĂƐĞŽĨϭϰ͘ϳй trimestre de 2010. ŝŶƚŚĞƉƌŝŵĂƌLJƐĞĐƚŽƌ͕ĨĂůůŝŶŐďLJĂƐŵĂŶLJĂƐϮϬ͕ϵϬϬǁŽƌŬĞƌƐ͕ ĐŽŵƉĂƌĞĚƚŽƚŚĞϮϰ͕ϱϬϬǁŽƌŬĞƌƐĐŽƵŶƚĞĚĂƚƚŚĞĞŶĚŽĨƚŚĞ ŽŶũƵŶƚĂŵĞŶƚĞĂůĂĐĂşĚĂĚĞůĂŽĐƵƉĂĐŝſŶ͕ĞůŶƷŵĞƌŽ ůĂƐƚƋƵĂƌƚĞƌϮϬϭϬ͘ ĚĞĂĐƟǀŽƐŽďƐĞƌǀĂƵŶƌĞƚƌŽĐĞƐŽƐŝŐŶŝĮĐĂƟǀŽ͕ƚŽĚĂǀĞnj ƋƵĞ͕ƐĞŐƷŶůĂW͕ůĂƐƉĞƌƐŽŶĂƐĞŶĞĚĂĚLJĚŝƐƉŽƐŝĐŝſŶ Along with the decrease in employment, the size of the ĚĞƚƌĂďĂũĂƌƐĞŵŝŶŽƌĂŶĚƵƌĂŶƚĞĞůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞĚĞ ĂĐƟǀĞ ƉŽƉƵůĂƟŽŶ ŚĂƐ ƐƚƌŽŶŐůLJ ƌĞĚƵĐĞĚ͕ ĂƐ ƚŚĞ ƉŽƉƵůĂƟŽŶ ϮϬϭϭĞŶƵŶŽƐϱ͘ϴϬϬĞĨĞĐƟǀŽƐ͕ůŽƋƵĞƐƵƉŽŶĞƵŶĂĐĂşĚĂ ǁŚŽĂƌĞŽĨǁŽƌŬŝŶŐĂŐĞĂŶĚĂďůĞƚŽǁŽƌŬĚĞĐƌĞĂƐĞĚďLJϱ͕ϴϬϬ ŝŶƚĞƌĂŶƵĂůĚĞůϭϵ͕Ϭй͕ŚĂƐƚĂƚŽƚĂůŝnjĂƌƚĞƵŶƌĞŐŝƐƚƌŽĚĞ ǁŽƌŬĞƌƐĚƵƌŝŶŐƚŚĞĨŽƵƌƚŚƋƵĂƌƚĞƌŽĨϮϬϭϭ͕ĂĐĐŽƌĚŝŶŐƚŽW͘ Ϯϰ͘ϳϬϬĂĐƟǀŽƐĂĚƐĐƌŝƚŽƐĂůƐĞĐƚŽƌ͘ dŚŝƐŵĞĂŶƐĂLJĞĂƌͲƚŽͲLJĞĂƌĨĂůůŽĨϭϵ͘Ϭй͕ƚŚĂƚŝƐ͕ĂƚŽƚĂůƌĞĐŽƌĚ ŽĨϮϰ͕ϳϬϬŵĞŵďĞƌƐŽĨƚŚĞĂĐƟǀĞƉŽƉƵůĂƟŽŶŝŶƚŚĞƐĞĐƚŽƌ͘ >ĂĐĂşĚĂĞŶůĂĂĐƟǀŝĚĂĚĐŽŶůůĞǀĂƵŶƌĞƚƌŽĐĞƐŽĚĞůĚĞƐ- ĞŵƉůĞŽĂŐƌşĐŽůĂ͕ƋƵĞƐĞƌĞĚƵĐĞĞŶƵŶŶŽƚĂďůĞϯϲ͕ϳй͕ dŚĞĚĞĐƌĞĂƐĞŝŶĂĐƟǀŝƚLJĐĂŵĞǁŝƚŚĂŶĞŵƉůŽLJŵĞŶƚƐĞƚďĂĐŬ ƉĂƌĂƵŶĂĐĂşĚĂĚĞϮ͘ϮϬϬĞĨĞĐƟǀŽƐ͕ƐŝƚƵĂŶĚŽĞůŶƷŵĞƌŽ ŝŶ ĂŐƌŝĐƵůƚƵƌĞ͘ /ƚ ĚĞĐƌĞĂƐĞĚ ϯϲ͘ϳй͕ ǁŚŝĐŚ ŵĞĂŶƐ Ă ůŽƐƐ ŽĨ ĚĞƉĂƌĂĚŽƐĂĚƐĐƌŝƚŽƐĂůƐĞĐƚŽƌĞŶůŽƐϯ͘ϴϬϬĚĞŵĂŶĚĂŶ- 2,200 jobs, establishing the number of unemployed people at ƚĞƐ͘ŶĐŽŶƐĞĐƵĞŶĐŝĂ͕ƐĞƌĞĚƵĐĞůĂƚĂƐĂĚĞƉĂƌŽĚĞĞƐƚĂ ϯ͕ϴϬϬũŽďĂƉƉůŝĐĂŶƚƐ͘ƐĂĐŽŶƐĞƋƵĞŶĐĞ͕ƚŚĞƵŶĞŵƉůŽLJŵĞŶƚ ƌĂŵĂƉƌŽĚƵĐƟǀĂŚĂƐƚĂĞůϭϱ͕ϰйĚƵƌĂŶƚĞĞůĐƵĂƌƚŽƚƌŝ- ƌĂƚĞŝƐƌĞĚƵĐĞĚƵƉƚŽϭϱ͘ϰйŝŶƚŚŝƐƉƌŽĚƵĐƟǀĞďƌĂŶĐŚĚƵƌŝŶŐ

 
 

  


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.YmÄJVGraph 3.17

122 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ŵĞƐƚƌĞĚĞϮϬϭϭ͕ϰ͕ϯƉŽƌĚĞďĂũŽĚĞůĂĐŽŵƉƵƚĂĚĂĚƵ- rante el mismo trimestre del ejercicio anterior.

ƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮƐĞŚĂŽďƐĞƌǀĂĚŽ ƵŶĐĂŵďŝŽĞŶĞƐƚĂĞǀŽůƵĐŝſŶ͕LJƐĞŐƷŶůŽƐƌĞƐƵůƚĂĚŽƐĚĞ ůĂWƉĂƌĂĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞĞƐƚĞĂŹŽ͕ƐĞĐƌĞĂŶ Ϯ͘ϲϬϬĞŵƉůĞŽƐ͕ŵĄƐƋƵĞůŽƐĂĐƟǀŽƐĞŶƚƌĂĚŽƐĞŶĞůƐĞĐ- ƚŚĞůĂƐƚƋƵĂƌƚĞƌŽĨϮϬϭϭ͘dŚŝƐĮŐƵƌĞŝƐϰ͘ϯƉŽŝŶƚƐůŽǁĞƌƚŚĂŶ ƚŽƌ;Ϯ͘ϬϬϬŵĄƐͿ͕ĐŽŶĞůĐŽŶƐŝŐƵŝĞŶƚĞƌĞƐƵůƚĂĚŽƐŽďƌĞĞů ƚŚĞůĂƐƚLJĞĂƌĂŶĚƋƵĂƌƚĞƌ͘ ĚĞƐĞŵƉůĞŽ͕ƋƵĞƐĞŵŝŶŽƌĂĞŶϲϬϬĚĞŵĂŶĚĂŶƚĞƐ͘ ƵƌŝŶŐ ƚŚĞ ĮƌƐƚ ĨĞǁ ŵŽŶƚŚƐ ŽĨ ϮϬϭϮ͕ Ă ĐŚĂŶŐĞ ŚĂƐ ďĞĞŶ En materia de contratación, el sector primario de las observed in this progress and, according to EPA’s results for /ƐůĂƐƌĞŐŝƐƚƌĂƵŶŶŽƚĂďůĞŝŶĐƌĞŵĞŶƚŽĞŶĞůŶƷŵĞƌŽĚĞ ƚŚĞĮƌƐƚƋƵĂƌƚĞƌŽĨƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͕Ϯ͕ϲϬϬũŽďƐǁĞƌĞĐƌĞĂƚĞĚ͕ ĐŽŶƚƌĂƚŽƐƌĞŐŝƐƚƌĂĚŽƐ͕ĚĞůϭϯ͕ϲƉŽƌĐŝĞŶƚŽ͕ƐŝďŝĞŶĞƐƚĞ ƚŚĂƚŝƐ͕Ϯ͕ϬϬϬĂĐƟǀĞƐƵďũĞĐƚƐŵŽƌĞŝŶƚŚĞƐĞĐƚŽƌ͘ƐĂƌĞƐƵůƚ͕ ƌĞƉƵŶƚĞ ĚĞ ůĂ ĐŽŶƚƌĂƚĂĐŝſŶ ŽďĞĚĞĐĞ͕ ĞƐĞŶĐŝĂůŵĞŶƚĞ͕ ƵŶĞŵƉůŽLJŵĞŶƚĚĞĐƌĞĂƐĞĚďLJϲϬϬũŽďĂƉƉůŝĐĂŶƚƐ͘ ĂƵŶĂƵŵĞŶƚŽĚĞůĂĐŽŶƚƌĂƚĂĐŝſŶƚĞŵƉŽƌĂůĚĞůϭϲ͕ϭй͕ ĂƵŶƋƵĞ ĚĞďĞ ƉŽŶĞƌƐĞ ĚĞ ƌĞůŝĞǀĞ Ğů ĂƵŵĞŶƚŽ ĚĞ ůŽƐ /Ŷ ƌĞĐƌƵŝƚŵĞŶƚ ŵĂƩĞƌƐ͕ ƚŚĞ ƉƌŝŵĂƌLJ ƐĞĐƚŽƌ ŽĨ ƚŚĞ ĂŶĂƌLJ ĐŽŶƚƌĂƚŽƐĚĞĐĂƌĄĐƚĞƌŝŶĚĞĮŶŝĚŽ;ϭ͕ϱйͿ͕ĚĂĚŽƋƵĞĞƐ /ƐůĂŶĚƐŚĂƐƌĞŐŝƐƚĞƌĞĚĂŶŝŶĐƌĞŵĞŶƚŽĨϭϯ͘ϲйŝŶƚŚĞŶƵŵďĞƌ ĞůƷŶŝĐŽƐĞĐƚŽƌĚŽŶĚĞƐĞĞdžƉĞƌŝŵĞŶƚĂĞƐƚĞĐŽŵƉŽƌƚĂ- ŽĨƌĞŐŝƐƚĞƌĞĚĐŽŶƚƌĂĐƚƐ͘dŚŝƐƌŝƐĞŽĨϭϲ͘ϭйŵĂŝŶůLJĂƉƉůŝĞƐƚŽ miento para 2011. ĂŶŝŶĐƌĞĂƐĞŽĨƚĞŵƉŽƌĂƌLJŚŝƌŝŶŐ͕ďƵƚƚŚĞŝŶĐƌĞĂƐĞŽĨϭ͘ϱйŝŶ permanent contracts should be taken into account, due to >ŽƐŵĂůŽƐƌĞƐƵůƚĂĚŽƐĞŶŵĂƚĞƌŝĂĚĞĂĐƟǀŝĚĂĚLJĐŽŶƚƌĂ- the fact that it is the only sector with this behaviour in 2011. ƚĂĐŝſŶƉĂƌĂϮϬϭϭ͕ƋƵĞƐĞƌĞĐƌƵĚĞĐĞƌĄŶĂůĂǀŝƐƚĂĚĞůĂƐ ƉĞƌƐƉĞĐƟǀĂƐŶĞŐĂƟǀĂƐĚĞĨƵƚƵƌŽ͕ƐŝƚƷĂŶĞŶƵŶĂĚŝİĐŝů ĂĚ ƉĞƌĨŽƌŵĂŶĐĞƐ ŝŶ ƚĞƌŵƐ ŽĨ ĂĐƟǀŝƚLJ ĂŶĚ ƌĞĐƌƵŝƚŵĞŶƚ ĐŽLJƵŶƚƵƌĂĂĞƐƚĞƐĞĐƚŽƌ͕ĂůĞƐƚĂƌĐŽŶĐĞŶƚƌĂĚŽĞŶƚŽƌŶŽ in 2011, which are expected to worsen in a future due to ĂƵŶŐƌƵƉŽƌĞĚƵĐŝĚŽĚĞƉƌŽĚƵĐƚŽƐŚŽƌƚŽĨƌƵơĐŽůĂƐĐŽŶ ŶĞŐĂƟǀĞƉƌŽƐƉĞĐƚƐ͕ƉƵƚƚŚŝƐƐĞĐƚŽƌŝŶĂĚŝĸĐƵůƚƐŝƚƵĂƟŽŶ͘/ƚ ƵŶĂĚƵƌĂĐŽŵƉĞƚĞŶĐŝĂĞdžƚĞƌŝŽƌ͕ƋƵĞĐĂƐŝŝŵƉŽƐŝďŝůŝƚĂ is concentrated around a small group of fruit and vegetable ƌĞŶƚĂďŝůŝnjĂƌůĂƐƉƌŽĚƵĐĐŝŽŶĞƐĐĂŶĂƌŝĂƐĞŶůŽƐŵĞƌĐĂĚŽƐ ƉƌŽĚƵĐƟŽŶǁŝƚŚĂǀĂƐƚĞdžƚĞƌŶĂůĐŽŵƉĞƟƟŽŶƚŚĂƚŵĂŬĞƐƚŚĞ ĞƵƌŽƉĞŽƐ͕ĂůŵĞŶŽƐƐŝŶŝŶĐƌĞŵĞŶƚĂƌĞůŶŝǀĞůĚĞĐŽŵ- ƉƌŽĮƚĂďŝůŝƚLJŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐƉƌŽĚƵĐƟŽŶŝŶƚŚĞƵƌŽƉĞĂŶ pensaciones. markets almost impossible, at least without increasing the ĐŽŵƉĞŶƐĂƟŽŶůĞǀĞů͘ En este contexto, la producción tomatera ŵĂŶƟĞŶĞ ůŽƐŶŝǀĞůĞƐĚĞůĂŹŽĂŶƚĞƌŝŽƌƉĞƌŽĐŽŶƟŶƷĂĞŶƵŶĂƐŝ- In this context, the ƉƌŽĚƵĐƟŽŶ ŽĨ ƚŽŵĂƚŽĞƐ remained ƚƵĂĐŝſŶƉƌĞĐĂƌŝĂ͕ĚĞƐƉƵĠƐĚĞƵŶĂĚĠĐĂĚĂĞŶŵĂƌĐĂĚĂ ƵŶĐŚĂŶŐĞĚ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ƉƌĞǀŝŽƵƐ LJĞĂƌ͕ ďƵƚ ŝƚ ŝƐ ƐƟůů ŝŶ Ă ĞŶƵŶĂĚŝŶĄŵŝĐĂŶĞŐĂƟǀĂĞŶůĂƋƵĞƉŝĞƌĚĞƵŶϲϬйĚĞ ƉƌĞĐĂƌŝŽƵƐ ƐŝƚƵĂƟŽŶ ĂŌĞƌ Ă ĚĞĐĂĚĞ ĨƌĂŵĞĚ ŝŶ Ă ŶĞŐĂƟǀĞ ƐƵƉƌŽĚƵĐĐŝſŶ͘ ĚLJŶĂŵŝĐǁŝƚŚĂůŽƐƐŽĨϲϬйŝŶƉƌŽĚƵĐƟŽŶ͘

  
 
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 Tabla 3.16 Table 3.16

123 CONCLUSIONES CONCLUSIONS 2011

>ĂĨƵĞƌƚĞĐŽŵƉĞƚĞŶĐŝĂƋƵĞƐƵƉŽŶĞĞůƚŽŵĂƚĞƉƌŽĐĞ- ĚĞŶƚĞĚĞDĂƌƌƵĞĐŽƐ͕ĚŝĮĐƵůƚĂĞŶŐƌĂŶŵĞĚŝĚĂůĂĐŽ- ŵĞƌĐŝĂůŝnjĂĐŝſŶĚĞŶƵĞƐƚƌŽƉƌŽĚƵĐƚŽLJŚĂĐĞƉĞůŝŐƌĂƌƐƵ ƐƵƉĞƌǀŝǀĞŶĐŝĂ͕ĞƐƉĞĐŝĂůŵĞŶƚĞƚƌĂƐůŽƐĂĐƵĞƌĚŽƐĂůĐĂŶ- njĂĚŽƐĞŶƚƌĞůĂhLJĞƐƚĞƉĂşƐƉĂƌĂůĂĞdžƉŽƌƚĂĐŝſŶĚĞƵŶ ĐŽŶƟŶŐĞŶƚĞůŝďƌĞĚĞĂƌĂŶĐĞů͕ƌĂƟĮĐĂĚŽƐĂĐŽŵŝĞŶnjŽƐ ĚĞϮϬϭϮ͕LJĞŶĚŽŶĚĞƐĞĐŽŶƚĞŵƉůĂůĂŝŶŵĞĚŝĂƚĂůŝďĞ- dŚĞ ƚŽƵŐŚ ĐŽŵƉĞƟƟŽŶ ŽĨ ƚŚĞ DŽƌŽĐĐĂŶ ƚŽŵĂƚŽ ŵĂŬĞƐ ƌĂůŝnjĂĐŝſŶ ĚĞů ϱϱй ĚĞ ůĂƐ ĞdžƉŽƌƚĂĐŝŽŶĞƐ ŵĂƌƌŽƋƵşĞƐ͕ our product really hard to sell and complicates its survival, ĞƐƚĂďůĞĐŝĞŶĚŽ͕ĞŶĞůĐĂƐŽĚĞůƚŽŵĂƚĞ͕ĞůƉƌĞĐŝŽĚĞĞŶ- ĞƐƉĞĐŝĂůůLJ ĂŌĞƌ ƚŚĞ ĂŐƌĞĞŵĞŶƚ ƌĞĂĐŚĞĚ ďĞƚǁĞĞŶ ƚŚĞ h ƚƌĂĚĂĞŶůŽƐϰϲ͕ϭĞƵƌŽƐƉŽƌϭϬϬŬŝůŽŐƌĂŵŽƐ͘ ĂŶĚ DŽƌŽĐĐŽ ĨŽƌ Ă ĚƵƚLJͲĨƌĞĞ ĞdžƉŽƌƚ ƋƵŽƚĂ͕ ƌĂƟĮĞĚ Ăƚ ƚŚĞ ďĞŐŝŶŶŝŶŐŽĨϮϬϭϮ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞŝŵŵĞĚŝĂƚĞůŝďĞƌĂůŝnjĂƟŽŶ ĚĞŵĄƐ͕ůĂƉƌŽĚƵĐĐŝſŶƚŽŵĂƚĞƌĂĚƵƌĂŶƚĞůĂƐƷůƟŵĂƐ ŽĨϱϱйŽĨDŽƌŽĐĐĂŶĞdžƉŽƌƚĂƟŽŶƐŝƐĐŽǀĞƌĞĚ͕ĞƐƚĂďůŝƐŚŝŶŐƚŚĞ njĂĨƌĂƐƐĞŚĂǀŝƐƚŽůĂƐƚƌĂĚĂƉŽƌůĂƉƌĞƐĞŶĐŝĂĚĞĚŝǀĞƌ- ĞŶƚƌLJƉƌŝĐĞĨŽƌƚŽŵĂƚŽĞƐĂƚϰϲ͘ϭĞƵƌŽƐƉĞƌϭϬϬ<ŝůŽŐƌĂŵƐ͘ ƐĂƐƉůĂŐĂƐLJƉŽƌůĂĞdžŝƐƚĞŶĐŝĂĚĞĐŽŶĚŝĐŝŽŶĞƐŵĞƚĞŽ- ƌŽůſŐŝĐĂƐ ĂĚǀĞƌƐĂƐ͕ ƋƵĞ ůĞ ŚĂŶ ĐŽŶĚƵĐŝĚŽ Ă ƵŶ ǀŽůƵ- &ƵƌƚŚĞƌŵŽƌĞ͕ ƚŚĞ ƚŽŵĂƚŽ ƉƌŽĚƵĐƟŽŶ ŚĂƐ ďĞĞŶ ŶĞŐĂƟǀĞůLJ men de ϭϭϬ͘ϯϯϱ ƚŽŶĞůĂĚĂƐ ĚĞ ĞdžƉŽƌƚĂĐŝſŶ ĚƵƌĂŶƚĞ ĂīĞĐƚĞĚďLJƐĞǀĞƌĂůƉůĂŐƵĞƐĂŶĚĂĚǀĞƌƐĞǁĞĂƚŚĞƌĐŽŶĚŝƟŽŶƐ ůĂ njĂĨƌĂ ϮϬϭϭͬϮϬϭϬ͕ ƐĞŐƷŶ ůŽƐ ĚĂƚŽƐ ĚĞ &y͘ Esta ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ ŚĂƌǀĞƐƚ ƐĞĂƐŽŶƐ͘ Ɛ Ă ĐŽŶƐĞƋƵĞŶĐĞ ĂŶĚ ĐŝĨƌĂ͕ĂƵŶƋƵĞƐƵƉŽŶĞƵŶůĞǀĞŝŶĐƌĞŵĞŶƚŽĚĞůϭ͕ϴйĞŶ according to FEDEX data, the ĞdžƉŽƌƚǀŽůƵŵĞǁĂƐϭϭϬ͕ϯϯϱ ĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůĞũĞƌĐŝĐŝŽŝŶŵĞĚŝĂƚĂŵĞŶƚĞĂŶƚĞ- ƚŽŶƐ during the harvest season of 2010/2011. dŚŝƐ ĮŐƵƌĞ ƌŝŽƌ͕ƌĞƐƵůƚĂŵƵLJŝŶĨĞƌŝŽƌĂůĂƉƌŽĚƵĐĐŝſŶĚĞŚĂĐĞƵŶĂ ŵĞĂŶƐĂƐůŝŐŚƚŝŶĐƌĞĂƐĞŽĨϭ͘ϴйĐŽŵƉĂƌĞĚƚŽƚŚĞƉƌĞǀŝŽƵƐ ĚĠĐĂĚĂ͕ŵŽŵĞŶƚŽƌĞƐƉĞĐƚŽĂůƋƵĞƐĞŵŝŶŽƌĂĞŶƵŶ LJĞĂƌ͘,ŽǁĞǀĞƌ͕ƚŚŝƐƉƌŽĚƵĐƟŽŶŝƐŵƵĐŚůŽǁĞƌƚŚĂŶŝƚǁĂƐ ϱϵ͕ϵйĞƐƚŽĞƐ͕ƵŶĂƐϭϲϰ͘ϵϬϴƚŽŶĞůĂĚĂƐŵĞŶŽƐ͘ Ă ĚĞĐĂĚĞ ĂŐŽ͘ /ƚ ĚĞĐƌĞĂƐĞĚ ϱϵ͘ϵй ǁŚŝĐŚ͕ ƚƌĂŶƐůĂƚĞĚ ŝŶ ĮŐƵƌĞƐ͕ŵĞĂŶƐϭϲϰ͕ϵϬϴƚŽŶƐůĞƐƐ͘ ƐŝŵŝƐŵŽ͕ĞůƚŽŵĂƚĞĞŶĨƌĞŶƚĂƵŶĂŶƵĞǀĂƉƌŽďůĞŵĄƟĐĂ ƚƌĂƐůĂĞůŝŵŝŶĂĐŝſŶĚĞůĂĮĐŚĂĚĞĮŶĂŶĐŝĂĐŝſŶĂĚŝĐŝŽŶĂů >ŝŬĞǁŝƐĞ͕ ƚŚĞ ƚŽŵĂƚŽ ƉƌŽĚƵĐƟŽŶ ĨĂĐĞƐ Ă ŶĞǁ ƉƌŽďůĞŵ ĞŶĞůŵĂƌĐŽĚĞůWK^/ĞŶĞůWƌŽLJĞĐƚŽĚĞWƌĞƐƵƉƵĞƐƚŽƐ ĂŌĞƌ ƚŚĞ ĂĚĚŝƟŽŶĂů ĮŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚ ǁĂƐ ƌĞŵŽǀĞĚ 'ĞŶĞƌĂůĞƐĚĞůƐƚĂĚŽϮϬϭϮ͕ůŽƋƵĞĂďƵĞŶƐĞŐƵƌŽĚŝĮ- ĨƌŽŵƚŚĞƌĂŌ'ĞŶĞƌĂů^ƚĂƚĞƵĚŐĞƚĨŽƌϮϬϭϮŝŶƚŚĞWK^/ ĐƵůƚĂƌĄƋƵĞůŽƐƉƌŽĚƵĐƚŽƌĞƐĐĂŶĂƌŝŽƐƉƵĞĚĂŶĐŽŵƉĞƟƌ ĨƌĂŵĞǁŽƌŬ͘ƵĞƚŽŽƵƌŽƵƚĞƌŵŽƐƚƐŝƚƵĂƟŽŶ͕ƚŚŝƐƉƌŽďůĞŵǁŝůů ĞŶŝŐƵĂůĚĂĚĚĞĐŽŶĚŝĐŝŽŶĞƐĐŽŶůĂƐƉƌŽĚƵĐĐŝŽŶĞƐƵďŝ- ƐƵƌĞůLJĐŽŵƉůŝĐĂƚĞĐŽŵƉĞƟƟŽŶŽŶĞƋƵĂůƚĞƌŵƐďĞƚǁĞĞŶƚŚĞ ĐĂĚĂƐĞŶĞůĐŽŶƟŶĞŶƚĞ͕ĚĂĚĂŶƵĞƐƚƌĂĐŽŶĚŝĐŝſŶƵůƚƌĂ- Canary Islands’ growers and those located in the rest of the ƉĞƌŝĨĠƌŝĐĂ͘ ĐŽŶƟŶĞŶƚ͘

  
 
 

 

 


 
 
 

  
 
  









































 


 

 

.YmÄJV Graph 3.18

124 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

Mientras, la producción de plátano para 2011 ascen- ĚŝſĂϯϰϲ͘ϰϰϬƚŽŶĞůĂĚĂƐŵĠƚƌŝĐĂƐ͕ůŽƋƵĞŝŵƉůŝĐĂƵŶ ĚĞƐĐĞŶƐŽ ĚĞ ƐƵ ǀŽůƵŵĞŶ ĚĞů ϭϮ͕ϲй ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ 2010.

ůƌĞƐƵůƚĂĚŽĚĞϮϬϭϭƐƵƉŽŶĞůĂŵĞŶŽƌƉƌŽĚƵĐĐŝſŶĚĞ Meanwhile, the ďĂŶĂŶĂƉƌŽĚƵĐƟŽŶŝŶĐƌĞĂƐĞĚƵƉƚŽϯϰϲ͕ϰϰϬ ůŽƐƷůƟŵŽƐƐĞŝƐĂŹŽƐ͕ĂĚĞŵĄƐĚĞĐůĂƌĂŵĞŶƚĞŝŶĨĞƌŝŽƌĂ ŵĞƚƌŝĐƚŽŶƐŝŶϮϬϭϭ͕ǁŚŝĐŚŵĞĂŶƐĂĨĂůůŝŶǀŽůƵŵĞŽĨϭϮ͘ϲй ůŽƐƌĞŐŝƐƚƌŽƐĚĞĐŽŵŝĞŶnjŽƐĚĞůƐŝŐůŽ͕ŽďƐĞƌǀĄŶĚŽƐĞƵŶĂ compared to 2010. ƌĞĚƵĐĐŝſŶĚĞůϭϳ͕ϲй͕ĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůĂŹŽϮϬϬϭ͘ dŚĞƌĞƐƵůƚŽĨϮϬϭϭŝŶĚŝĐĂƚĞƐƚŚĞůŽǁĞƐƚƉƌŽĚƵĐƟŽŶůĞǀĞůŝŶ ŶůĂĂĐƚƵĂůŝĚĂĚ͕ůĂƌĞŶƚĂďŝůŝĚĂĚĚĞĞƐƚĞĐƵůƟǀŽƐĞĞŶ- the last six years and shows that it is clearly inferior to the ĐƵĞŶƚƌĂƐĞƌŝĂŵĞŶƚĞĂŵĞŶĂnjĂĚĂ͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂ͕ ƌĞĐŽƌĚƐŽĨƚŚĞĞĂƌůLJLJĞĂƌƐŽĨƚŚĞĐĞŶƚƵƌLJ͘ĚĞĐƌĞĂƐĞŽĨϭϳ͘ϲй ƉƌŝŶĐŝƉĂůŵĞŶƚĞ͕ĚĞůĂĨƵĞƌƚĞĐŽŵƉĞƚĞŶĐŝĂƉƌŽǀĞŶŝĞŶƚĞ ŝŶƌĞůĂƟŽŶƚŽϮϬϭϭŝƐŽďƐĞƌǀĞĚ͘ ĚĞůĞdžƚĞƌŝŽƌ͕ŝŶƚĞŶƐŝĮĐĂĚĂĚƵƌĂŶƚĞůĂƐƷůƟŵĂƐĐĂŵƉĂ- ŹĂƐƉŽƌĞůƉƌŽŐƌĞƐŝǀŽĚĞďŝůŝƚĂŵŝĞŶƚŽĚĞůŽƐŵĞĐĂŶŝƐ- EŽǁĂĚĂLJƐ͕ƚŚĞďĂŶĂŶĂƉƌŽĚƵĐƟŽŶƉƌŽĮƚĂďŝůŝƚLJŝƐƐĞƌŝŽƵƐůLJ ŵŽƐƋƵĞŚĂŶǀĞŶŝĚŽĚĞĨĞŶĚŝĞŶĚŽƐƵĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶ ƚŚƌĞĂƚĞŶĞĚ ďLJ ƚŚĞ ŝŶƚĞŶƐĞ ĐŽŵƉĞƟƟŽŶ ĐŽŵŝŶŐ ĨƌŽŵ ĂďƌŽĂĚ͕ǁŚŝĐŚŚĂƐďĞĞŶŝŶƚĞŶƐŝĮĞĚďLJƚŚĞůĂƐƚĐĂŵƉĂŝŐŶƐ͕ ůŵĂƌŐĞŶĚĞůĂƐĞdžƉůŽƚĂĐŝŽŶĞƐĂŐƌşĐŽůĂƐ͕ĞůĞƐĐĞŶĂƌŝŽ ĂƐ Ă ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚĞ ƉƌŽŐƌĞƐƐŝǀĞ ǁĞĂŬĞŶŝŶŐ ŽĨ ƚŚĞ - ƉƌŽĚƵĐƟǀŽĚĞůƐĞĐƚŽƌƉƌŝŵĂƌŝŽƐĞĐŽŵƉůĞƚĂĐŽŶĞůĞƐ ŵĞĐŚĂŶŝƐŵƐƚŚĂƚĐŽŶƟŶƵĞƚŽƐƵƉƉŽƌƚŝƚƐĐŽŵŵĞƌĐŝĂůŝnjĂƟŽŶ͘ ƚƵĚŝŽĚĞůĂƐƉƌŽĚƵĐĐŝŽŶĞƐŐĂŶĂĚĞƌĂƐ͕LJĚĞůĂƐĂĐƟǀŝ- ĚĂĚĞƐƉĞƐƋƵĞƌĂƐ͕ƋƵĞĂĐŽŐĞŶƚĂŶƚŽĂůĂƐĂĐƟǀŝĚĂĚĞƐ >ĞĂǀŝŶŐ ĂŐƌŝĐƵůƚƵƌĂů ĞdžƉůŽŝƚĂƟŽŶ ĂƐŝĚĞ͕ ƚŚĞ ƉƌŽĚƵĐƟǀĞ ĞdžƚƌĂĐƟǀĂƐĐŽŵŽĂůĂƐĂĐƵşĐŽůĂƐ͘ĨĂůƚĂĚĞƵŶĂĐƵĂŶ- context of the primary sector is completed with the study ƟĮĐĂĐŝſŶĞĐŽŶſŵŝĐĂĚĞůĐŽŶũƵŶƚŽĚĞŽƉĞƌĂĚŽƌĞƐĞĐŽ- ŽĨůŝǀĞƐƚŽĐŬƉƌŽĚƵĐƟŽŶ͕ĂŶĚĮƐŚĞƌLJĂĐƟǀŝƟĞƐ͕ǁŚŝĐŚŝŶĐůƵĚĞ ŶſŵŝĐŽƐƋƵĞŝŶƚĞƌǀŝĞŶĞŶĞŶĞůƉƌŽĐĞƐŽĚĞŐĞŶĞƌĂĐŝſŶ ĞdžƚƌĂĐƟǀĞ ĂŶĚ ĂƋƵĂĐƵůƚƵƌĞ ĂĐƟǀŝƟĞƐ͘ /Ŷ ƐĞĂƌĐŚ ŽĨ ĂŶ

 
 
 
  
 
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 Tabla 3.17 Table 3.17

125 CONCLUSIONES CONCLUSIONS 2011

ĚĞ ǀĂůŽƌ ĂŹĂĚŝĚŽ ĚĞ ĞƐƚŽƐ ƐƵďƐĞĐƚŽƌĞƐ͕ ƉĂƌƟƌĞŵŽƐ ĚĞůĂƐĐŝĨƌĂƐƋƵĞƉƵďůŝĐĂůĂŽŶƐĞũĞƌşĂĚĞŐƌŝĐƵůƚƵƌĂ͕ 'ĂŶĂĚĞƌşĂ͕WĞƐĐĂLJŐƵĂƐĚĞů'ŽďŝĞƌŶŽĚĞĂŶĂƌŝĂƐ͕ ĞĐŽŶŽŵŝĐƋƵĂŶƟĮĐĂƟŽŶŽĨƚŚĞŐƌŽƵƉŽĨĞĐŽŶŽŵŝĐŽƉĞƌĂƚŽƌƐ ƌĞůĂƟǀĂƐĂůĂǀĂůŽƌĂĐŝſŶŵŽŶĞƚĂƌŝĂĚĞĂŵďĂƐƉƌŽĚƵĐ- ciones para el ejercicio 2010. ŝŶǀŽůǀĞĚŝŶƚŚĞƉƌŽĐĞƐƐŽĨŐĞŶĞƌĂƟŶŐĂĚĚĞĚǀĂůƵĞŽĨƚŚĞƐĞ ƐƵďͲƐĞĐƚŽƌƐ͕ǁĞƐŚĂůůďĞŐŝŶǁŝƚŚƚŚĞĚĂƚĂƉƵďůŝƐŚĞĚďLJƚŚĞ ŽŵĞŶnjĂŶĚŽƉŽƌůĂŐĂŶĂĚĞƌşĂ͕ĞƐƚĂĐĞŶƚƌĂƐƵĂĐƟǀŝĚĂĚ Ministry of Agriculture, Livestock, Fisheries and Water of ĞŶůĂƉƌŽĚƵĐĐŝſŶĚĞůĞĐŚĞ͕ĐĂƌŶĞLJŚƵĞǀŽƐ͕LJƐƵĨĂĐƚƵ- ƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ƌĞůĂƟŶŐƚŽƚŚĞŵŽŶĞƚĂƌLJǀĂůƵĞŽĨďŽƚŚ ƌĂĐŝſŶƐĞƐŝƚƷĂĞŶůŽƐϭϵϬ͕ϴŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕ĚĞƐƚĂ- ƉƌŽĚƵĐƟŽŶƐĨŽƌϮϬϭϬ͘ ĐĂŶĚŽƉŽƌƐƵŝŵƉŽƌƚĂŶĐŝĂ͕ůĂĐĂďĂŹĂĐĂƉƌŝŶĂ͕ƋƵĞƌĞ- ^ƚĂƌƟŶŐǁŝƚŚůŝǀĞƐƚŽĐŬ͕ŝƚĐĞŶƚƌĞƐŝƚƐĂĐƟǀŝƚLJŽŶƚŚĞƉƌŽĚƵĐƟŽŶ ƉƌĞƐĞŶƚĂƵŶƚĞƌĐŝŽĚĞůĂƉƌŽĚƵĐĐŝſŶŐĂŶĂĚĞƌĂƌĞŐŝŽŶĂů͘ ŽĨ ŵŝůŬ͕ ŵĞĂƚ ĂŶĚ ĞŐŐƐ͕ ĂŶĚ ŝƚƐ ƚƵƌŶŽǀĞƌ ƐƚĂŶĚƐ Ăƚ ϭϵϬ͘ϴ WŽƌƟƉŽƐĚĞƉƌŽĚƵĐƚŽ͕ĚĞƐƚĂĐĂŶůĂƉƌŽĚƵĐĐŝſŶĚĞůĞ- ŵŝůůŝŽŶ ĞƵƌŽƐ͕ ŚŝŐŚůŝŐŚƟŶŐ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ŐŽĂƚƐ͕ ǁŚŝĐŚ ĐŚĞƐ ;ϯϯ͕ϱй ĚĞů ƚŽƚĂů͕ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ ĚĞ ĐĂďƌĂͿ͕ ƌĞƉƌĞƐĞŶƚƐŽŶĞͲƚŚŝƌĚŽĨƚŚĞƌĞŐŝŽŶĂůůŝǀĞƐƚŽĐŬƉƌŽĚƵĐƟŽŶ͘ ƐĞŐƵŝĚĂƉŽƌůĂƉƌŽĚƵĐĐŝſŶĚĞĐĂƌŶĞƐ͕ĐŽŶĞůϯϯ͕Ϭй͕LJ ƉŽƌůĂƉƌŽĚƵĐĐŝſŶĚĞŚƵĞǀŽƐ͕ƋƵĞƌĞƉƌĞƐĞŶƚĂĞůϮϯ͕ϳй LJƚLJƉĞƐŽĨƉƌŽĚƵĐƚ͕ǁĞĞŵƉŚĂƐŝnjĞƚŚĞƉƌŽĚƵĐƟŽŶŽĨŵŝůŬ ĚĞůĂĂĐƟǀŝĚĂĚŐĂŶĂĚĞƌĂƌĞŐŝŽŶĂů͘ ;ϯϱ͘ϱй ŽĨ ƚŚĞ ŽǀĞƌĂůů ƉƌŽĚƵĐƟŽŶ͕ ĞƐƉĞĐŝĂůůLJ ŐŽĂƚƐ͛ ŵŝůŬͿ͕ ĨŽůůŽǁĞĚďLJƚŚĞƉƌŽĚƵĐƟŽŶŽĨŵĞĂƚǁŝƚŚϯϯ͘Ϭй͕ĂŶĚĞŐŐƐ͕ DŝĞŶƚƌĂƐ͕ůĂǀĂůŽƌĂĐŝſŶŵŽŶĞƚĂƌŝĂĚĞůƐƵďƐĞĐƚŽƌƉĞƐ- ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƐϮϯ͘ϳйŽĨƚŚĞƌĞŐŝŽŶĂůůŝǀĞƐƚŽĐŬƉƌŽĚƵĐƟŽŶ͘ ƋƵĞƌŽĂƐĐĞŶĚŝſĚƵƌĂŶƚĞϮϬϭϬĂƵŶƚŽƚĂůĚĞϰϲ͕ϵŵŝ- ůůŽŶĞƐĚĞĞƵƌŽƐ͕ƋƵĞƐĞƚƌĂĚƵĐĞĐŽŶƵŶĂƵŵĞŶƚŽĚĞ DĞĂŶǁŚŝůĞ͕ƚŚĞĮƐŚĞƌLJƐƵďͲƐĞĐƚŽƌƌĞĂĐŚĞĚĂƚŽƚĂůŵŽŶĞƚĂƌLJ ůĂĂĐƟǀŝĚĂĚ͕ĐŽŶƌĞƐƉĞĐƚŽĂůĞũĞƌĐŝĐŝŽĂŶƚĞƌŝŽƌ͕ĚĞůϰ͕ϰ ǀĂůƵĞ ŽĨ ϰϲ͘ϵ ŵŝůůŝŽŶ ĞƵƌŽƐ ĚƵƌŝŶŐ ϮϬϭϬ͕ ǁŚŝĐŚ ƌĞƉƌĞƐĞŶƚƐ por ciento. ĂŶŝŶĐƌĞĂƐĞŽĨϰ͘ϰйŽĨƚŚĞĂĐƟǀŝƚLJĐŽŵƉĂƌĞĚƚŽƚŚĞƉƌĞǀŝŽƵƐ year. ĞŶƚƌŽĚĞƐƵƐĂĐƟǀŝĚĂĚĞƐ͕ƐĞĚŝƐƟŶŐƵĞŶĞŶƚƌĞĂƋƵĞ- ůůĂƐƌĞůĂĐŝŽŶĂĚĂƐĐŽŶůĂƉĞƐĐĂĞdžƚƌĂĐƟǀĂ͕ƚĂŶƚŽĨƌĞƐĐĂ tŝƚŚŝŶ ŝƚƐ ĂĐƟǀŝƟĞƐ͕ ǁĞ ĐĂŶ ĚŝƐƟŶŐƵŝƐŚ ƚŚŽƐĞ ƌĞůĂƚĞĚ ƚŽ ĐŽŵŽĐŽŶŐĞůĂĚĂ͖LJůĂƐǀŝŶĐƵůĂĚĂƐĂůĐƵůƟǀŽĚĞĞƐƉĞĐŝĞƐ ĨƌĞƐŚŽƌĨƌŽnjĞŶĞdžƚƌĂĐƟǀĞĮƐŚŝŶŐŽĨƚŚŽƐĞƌĞůĂƚĞĚƚŽĂƋƵĂƟĐ ĂĐƵĄƟĐĂƐ͕ƋƵĞŚĂŶŝĚŽŐĂŶĂĚŽƚĞƌƌĞŶŽĞŶĞůƐĞĐƚŽƌĐŽŶ species, which has been gaining ground in the sector as the el paso de los años. years go by.

 


 
  
 
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126 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

^ĞŐƷŶ ĞƐƚŽƐ ĚĂƚŽƐ͕ ůĂƐ ĂĐƟǀŝĚĂĚĞƐ ƌĞƐƵůƚĂŶ ŵĂLJŽƌşĂ ĚĞŶƚƌŽĚĞůĂƌĂŵĂƉĞƐƋƵĞƌĂ͕ĂůƌĞƉƌĞƐĞŶƚĂƌĞůϱϵ͕ϲй ĚĞůĂƉƌŽĚƵĐĐŝſŶƌĞŐŝŽŶĂů͕ĨƌĞŶƚĞĂůϯϮ͕ϴйƋƵĞƐƵƉŽŶĞ ůĂƉĞƐĐĂĨƌĞƐĐĂ͕LJĞůϳ͕ϲйĚĞůĂƉĞƐĐĂĐŽŶŐĞůĂĚĂ͘

ZĞƐƵůƚĂ ĚĞƐƚĂĐĂďůĞ Ğů ĂǀĂŶĐĞ ĞdžƉĞƌŝŵĞŶƚĂĚŽ ƉŽƌ ůĂ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚŝƐ ŝŶĨŽƌŵĂƟŽŶ͕ ƚŚĞƐĞ ĂĐƟǀŝƟĞƐ ĨŽƌŵ ƚŚĞ ĂĐƵŝĐƵůƚƵƌĂ͕ĂĐƟǀŝĚĂĚĚĞƵŶǀĂůŽƌĂŹĂĚŝĚŽƐƵƐƚĂŶƟǀŽ͕ ŵĂũŽƌŝƚLJ ŝŶ ƚŚĞ ĮƐŚĞƌLJ ďƌĂŶĐŚ ĂŶĚ ƌĞƉƌĞƐĞŶƚ ϱϵ͘ϲй ŽĨ ƚŚĞ ƋƵĞƐĞĨƵŶĚĂŵĞŶƚĂĞŶĞůĐƵůƟǀŽĚĞĞƐƉĞĐŝĞƐŵĂƌŝŶĂƐ ŽǀĞƌĂůů ƌĞŐŝŽŶĂů ƉƌŽĚƵĐƟŽŶ͕ ĐŽŵƉĂƌĞĚ ƚŽ ϯϮ͘ϴй ŽĨ ĨƌĞƐŚ ĚĞĂůƚĂƌĞŶƚĂďŝůŝĚĂĚ͕ƚĂŶƚŽĚĞŶĂƚƵƌĂůĞnjĂĂŶŝŵĂůĐŽŵŽ ĮƐŚŝŶŐ͕ĂŶĚϳ͘ϲйŽĨƚŚĞĨƌŽnjĞŶĮƐŚŝŶŐ͘ ǀĞŐĞƚĂů͕ ĂƉƌŽǀĞĐŚĂŶĚŽ ůĂ ĐĂůŝĚĂĚ ĚĞ ŶƵĞƐƚƌĂƐ ĂŐƵĂƐ͕ ĂƐşĐŽŵŽĞůŝŵƉŽƌƚĂŶƚĞƐƚŽĐŬĚĞĐĂƉŝƚĂůŚƵŵĂŶŽĐŽŶ dŚĞ ƉƌŽŐƌĞƐƐ ĞdžƉĞƌŝĞŶĐĞĚ ďLJ ĂƋƵĂĐƵůƚƵƌĞ ŝƐ ƌĞŵĂƌŬĂďůĞ͘ /ƚ ƋƵĞĐƵĞŶƚĂůĂƐ/ƐůĂƐĞŶĞƐƚĞĄŵďŝƚŽ͘ ŝƐĂŶŝŵƉŽƌƚĂŶƚǀĂůƵĞͲĂĚĚĞĚĂĐƟǀŝƚLJƚŚĂƚŝƐďĂƐĞĚŽŶŚŝŐŚůLJ ƉƌŽĮƚĂďůĞŵĂƌŝŶĞƐƉĞĐŝĞƐŽĨĂŶŝŵĂůƐĂŶĚǀĞŐĞƚĂďůĞƐ͕ŵĂŬŝŶŐ sŝƐƚŽ Ğů ŵĂƌĐŽ ŐĞŶĞƌĂů ĞŶ Ğů ƋƵĞ ƐĞ ĚĞƐĞŶǀƵĞůǀĞ ůĂ ƚŚĞŵŽƐƚŽĨƚŚĞƋƵĂůŝƚLJŽĨŽƵƌǁĂƚĞƌƐĂŶĚƚŚĞŚŝŐŚůĞǀĞůŽĨ ĂĐƟǀŝĚĂĚƉƌŝŵĂƌŝĂ͕ƌĞƐƵůƚĂƉĞƌƟŶĞŶƚĞĞŵƉƌĞŶĚĞƌƵŶĂ ŚƵŵĂŶĐĂƉŝƚĂůŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐŝŶƚŚŝƐŵĂƩĞƌ͘ ƌĞŇĞdžŝſŶƐŽďƌĞƐƵĚĞƐĂƌƌŽůůŽĞƐƚƌĂƚĠŐŝĐŽLJůĂƐƉĞƌƐƉĞĐ- ƟǀĂƐĚĞĨƵƚƵƌŽƋƵĞĚĞƚĞƌŵŝŶĂƌĄŶĞůŵŽĚĞůŽĂŐƌŽƉĞ- dĂŬŝŶŐ ŝŶƚŽ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ŐĞŶĞƌĂů ƐĞƫŶŐ ǁŚĞƌĞ ƚŚĞ ĐƵĂƌŝŽĚĞĂŶĂƌŝĂƐ͘ ƉƌŝŵĂƌLJĂĐƟǀŝƚLJƚĂŬĞƐƉůĂĐĞ͕ŝƚƐĞĞŵƐĂƉƉƌŽƉƌŝĂƚĞƚŽůĂƵŶĐŚ a debate about the strategic development and future YƵĠĚƵĚĂĐĂďĞƋƵĞŐƌĂŶƉĂƌƚĞĚĞƐƵƐŽƐƚĞŶŝŵŝĞŶƚŽ͕ ƉĞƌƐƉĞĐƟǀĞƐ ƚŚĂƚ ǁŝůů ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĮƐŚŝŶŐ ŵŽĚĞů ŽĨ ƚŚĞ - ĚĞĐĂƌĂĂůŽƐƉƌſdžŝŵŽƐĂŹŽƐ͕ĚĞƉĞŶĚĞƌĄĚĞůŽƐƌĞƐƵů Canary Islands. ƚĂĚŽƐŽďƚĞŶŝĚŽƐƉŽƌůŽƐĐƵůƟǀŽƐĚĞĞdžƉŽƌƚĂĐŝſŶ͕ĐƵLJŽ ĨƵƚƵƌŽ͕ ĐŽŵŽ ŚĞŵŽƐ ƚĞŶŝĚŽ ŽĐĂƐŝſŶ ĚĞ ĞƐƚƵĚŝĂƌ͕ ƐĞ In the near future, the issue that concerns a large part of ĞŶĐƵĞŶƚƌĂĞdžƉƵĞƐƚŽĂŵƷůƟƉůĞƐĐŽŶĚŝĐŝŽŶĂŶƚĞƐƋƵĞůŽ its sustainability will depend on the results obtained by ŚĂĐĞŶ ŝŶĐŝĞƌƚŽ͘ Ŷ ĞƐƚĞ ƐĞŶƟĚŽ͕ ůĂ ƌĞĐŝĞŶƚĞ ĂƉĞƌƚƵƌĂ ƚŚĞ ĐƵůƟǀĂƟŽŶ ŽĨ ĞdžƉŽƌƚƐ͕ ǁŚŽƐĞ ĨƵƚƵƌĞ͕ ĂƐ ǁĞ ŚĂǀĞ ďĞĞŶ ĚĞůŽƐŵĞƌĐĂĚŽƐĂŐƌşĐŽůĂƐĚĞůĂhĂƐŽĐŝŽƐƉƌĞĨĞƌĞŶ- ĂďůĞ ƚŽ ƐƚƵĚLJ͕ ŝƐ ĞdžƉŽƐĞĚ ƚŽ ŵƵůƟƉůĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƚŚĂƚ ƚĞƐĐŽŵŽDĂƌƌƵĞĐŽƐƐŝƚƷĂŶĂůůşŵŝƚĞĂůƐĞĐƚŽƌƚŽŵĂ- make it uncertain. In this sense, the recent opening of the ƚĞƌŽ͕ĂůŚĂĐĞƌŝŶǀŝĂďůĞƌĞŶƚĂďŝůŝnjĂƌŶƵĞƐƚƌŽƐƉƌŽĚƵĐƚŽƐ EU’s agricultural markets to privileged partners, such as ŚŽƌƚŽĨƌƵơĐŽůĂƐĨƌĞŶƚĞĂůĂƐƉƌŽĚƵĐĐŝŽŶĞƐĂůĂƵŝƚĂƐ͘Ŷ DŽƌŽĐĐŽ͕ƉƵƚƐƚŚĞƚŽŵĂƚŽƐĞĐƚŽƌŝŶĂĚŝĸĐƵůƚƐŝƚƵĂƟŽŶ͕ƐŝŶĐĞ ĞƐƚĞĐŽŶƚĞdžƚŽ͕ĞůŵĂŶƚĞŶŝŵŝĞŶƚŽĞŝŶƚĞŶƐŝĮĐĂĐŝſŶĚĞ ƚŚŝƐŵĂŬĞƐŽƵƌĨƌƵŝƚĂŶĚǀĞŐĞƚĂďůĞƉƌŽĚƵĐƟŽŶŶŽƚƉƌŽĮƚĂďůĞ


     


 
  
  
   




 
 

 
  
 
 

























 








*Los datos a partir de 2008 fueron calculados con una metodología diferente, lo que dificulta su comparabilidad / Data from 2008 were calculated differently, which makes it harder to compare. .YmÄJV Graph 3.19

127 CONCLUSIONES CONCLUSIONS 2011

ůĂƐĂLJƵĚĂƐƐĞƉůĂŶƚĞĂĐŽŵŽůĂƷŶŝĐĂƐŽůƵĐŝſŶƉĂƌĂƵŶ ƐĞĐƚŽƌďĄƐŝĐŽĞŶůĂǀĞƌƚĞďƌĂĐŝſŶƐŽĐŝĂůLJƚĞƌƌŝƚŽƌŝĂůĚĞ ůŽƐĂƐĞŶƚĂŵŝĞŶƚŽƐƌƵƌĂůĞƐĚĞĂŶĂƌŝĂƐ͘ ĂŐĂŝŶƐƚƚŚĞDŽƌŽĐĐŽƉƌŽĚƵĐƟŽŶ͘/ŶƚŚŝƐĐŽŶƚĞdžƚ͕ƚŽŵĂŝŶƚĂŝŶ ŶůŽƋƵĞƐĞƌĞĮĞƌĞĂůƉůĄƚĂŶŽ͕ƌĞƐƵůƚĂƉƌĞĐŝƐŽŝŶƚĞŶƐŝĮ- ĂŶĚŝŶƚĞŶƐŝĨLJƚŚĞƐƵďƐŝĚŝĞƐƐĞĞŵƐƚŽďĞƚŚĞŽŶůLJƐŽůƵƟŽŶĨŽƌ ĐĂƌůĂƐĐŽŵƉĞŶƐĂĐŝŽŶĞƐĚĞƐƟŶĂĚĂƐĂůŽƐƉƌŽĚƵĐƚŽƌĞƐ͕ this sector, which is very relevant for social and territorial ŝŶĐůƵŝĚĂƐĞŶĞůWK^/͕ĂƐşĐŽŵŽĂƉůŝĐĂƌŽƚƌĂƐŵĞĚŝĚĂƐ ŽƌŐĂŶŝnjĂƟŽŶŽĨŽƵƌƌƵƌĂůƐĞƩůĞŵĞŶƚƐ͘ ĂĚŝĐŝŽŶĂůĞƐ͕ĞŝŶĐůƵŝƌĂůƉůĄƚĂŶŽĚĞŶƚƌŽĚĞůĂƐĂLJƵĚĂƐ concedidas en materia de transporte. ZĞŐĂƌĚŝŶŐƚŚĞďĂŶĂŶĂƉƌŽĚƵĐƟŽŶ͕ŝƚŝƐŶĞĐĞƐƐĂƌLJƚŽŝŶƚĞŶƐŝĨLJ ƚŚĞĐŽŵƉĞŶƐĂƟŽŶŝŶĐůƵĚĞĚŝŶƚŚĞWK^/͕ĨŽƌŐƌŽǁĞƌƐŝŶŽƌĚĞƌ ŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ĚĞďĞŶďƵƐĐĂƌƐĞŶƵĞǀĂƐǀşĂƐĚĞƉƌŽ- ƚŽ ĂƉƉůLJ ŽƚŚĞƌ ĂĚĚŝƟŽŶĂů ŵĞĂƐƵƌĞƐ ĂŶĚ ƚŽ Įƚ ƚŚĞ ďĂŶĂŶĂ ĚƵĐĐŝſŶĞŶůĂƐĂĐƟǀŝĚĂĚĞƐĚĞůƐĞĐƚŽƌƉƌŝŵĂƌŝŽ͕ĨŽŵĞŶ- into the transport subsidies as well. ƚĂŶĚŽůĂŝŵƉůĂŶƚĂĐŝſŶĚĞƉƌŽĚƵĐĐŝŽŶĞƐƋƵĞĂŹĂĚĂŶƵŶ ŵĂLJŽƌǀĂůŽƌĂŹĂĚŝĚŽ͖LJƉŽƚĞŶĐŝĂƌƐĞůĂŝŶǀĞƐƟŐĂĐŝſŶ͕Ğů ,ŽǁĞǀĞƌ͕ ǁĞ ŵƵƐƚ ŽƉĞŶ ŽƵƌ ĚŽŽƌƐ ƚŽ ŶĞǁ ƉƌŽĚƵĐƟŽŶ ĚĞƐĂƌƌŽůůŽLJůĂŝŶŶŽǀĂĐŝſŶƚĞĐŶŽůſŐŝĐĂĞŶĞůƐĞĐƚŽƌ͖ĂƐş ŵĞƚŚŽĚƐŝŶƚŚĞĂĐƟǀŝƟĞƐŽĨƚŚĞƉƌŝŵĂƌLJƐĞĐƚŽƌ͕ƉƌŽŵŽƟŶŐ ĐŽŵŽĂƉŽƐƚĂƌƉŽƌƐƵŵĂLJŽƌƚĞĐŶŝĮĐĂĐŝſŶ͕ƉĂƌĂůŽƋƵĞ ŶĞǁƉƌŽĚƵĐƟŽŶƚŚĂƚǁŝůůĂĚĚĂŚŝŐŚĞƌĂĚĚĞĚǀĂůƵĞ͘ZĞƐĞĂƌĐŚ͕ ƌĞƐƵůƚĂƌĄŶĞĐĞƐĂƌŝŽĚŽƚĂƌĂůƐĞĐƚŽƌĚĞůĂƉŽLJŽĮŶĂŶĐŝĞ- ƚĞĐŚŶŽůŽŐŝĐĂů ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ŝŶŶŽǀĂƟŽŶ ŝŶ ƚŚĞ ƐĞĐƚŽƌ ro necesario. should also be promoted. Finally, we must aim for a major improvement in technology, for which it would be necessary La Industria ƚŽƉƌŽǀŝĚĞƚŚĞƐĞĐƚŽƌǁŝƚŚƚŚĞŶĞĐĞƐƐĂƌLJĮŶĂŶĐŝĂůƐƵƉƉŽƌƚ͘

ůĚĞƐĞŵƉĞŹŽĚĞĂĐƟǀŝĚĂĚĞƐŝŶĚƵƐƚƌŝĂůĞƐĞŶĂŶĂƌŝĂƐ Industry ƉƌĞƐĞŶƚĂƌĂƐŐŽƐĚŝĨĞƌĞŶĐŝĂĚŽƌĞƐƋƵĞůĞĐŽŶǀŝĞƌƚĞŶĞŶ ƵŶĂƌĞĂůŝĚĂĚƐŝŶŐƵůĂƌĚĞŶƚƌŽĚĞůĞƐĐĞŶĂƌŝŽĞĐŽŶſŵŝ- /ŶĚƵƐƚƌŝĂů ĂĐƟǀŝƟĞƐ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ƐŚŽǁ ĚŝīĞƌĞŶƚ ĐŽ ĞƵƌŽƉĞŽ͘ &ĂĐƚŽƌĞƐ ĐŽŵŽ Ğů ĂůĞũĂŵŝĞŶƚŽ͕ ůĂ ĚŽďůĞ ĨĞĂƚƵƌĞƐ ƚŚĂƚ ŵĂŬĞ ƚŚĞŵ Ă ƵŶŝƋƵĞ ƌĞĂůŝƚLJ ǁŝƚŚŝŶ ƚŚĞ ĨƌĂŐŵĞŶƚĂĐŝſŶŽůĂŝŶƐƵůĂƌŝĚĂĚ͕ŝŶĚƵĐĞŶĂƋƵĞůĂƐƉƌŽ- economic European scenario. Factors such as distance, ĚƵĐĐŝŽŶĞƐĐĂŶĂƌŝĂƐƐŽƉŽƌƚĞŶŵĂLJŽƌĞƐĐŽƐƚĞƐůĂďŽƌĂůĞƐ ĚŽƵďůĞĨƌĂŐŵĞŶƚĂƟŽŶŽƌŝŶƐƵůĂƌŝƚLJĨŽƌĐĞƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ ƵŶŝƚĂƌŝŽƐƋƵĞůŽƐĚĞĐƵĂůƋƵŝĞƌƉƌŽĚƵĐĐŝſŶĐŽŶƟŶĞŶƚĂů͘ ƉƌŽĚƵĐƟŽŶƚŽďĞĂƌƵŶŝƚůĂďŽƵƌĐŽƐƚƐƚŚĂƚĂƌĞƐƵƉĞƌŝŽƌƚŽĂŶLJ ůůŽƐĞƌĞŇĞũĂĞŶƵŶĂŵĂLJŽƌŝŶĐŝĚĞŶĐŝĂĚĞůĂĐŽŵƉŽ- ŽƚŚĞƌĐŽŶƟŶĞŶƚĂůƉƌŽĚƵĐƟŽŶ͘dŚŝƐŝƐƌĞŇĞĐƚĞĚŝŶƚŚĞŝŶĐƌĞĂƐĞĚ ŶĞŶƚĞƐĂůĂƌŝĂůƐŽďƌĞůĂĐŝĨƌĂĚĞŶĞŐŽĐŝŽƐĞŶůĂŝŶĚƵƐƚƌŝĂ incidence of wage share in the number of businesses of the ůŽĐĂů͕ĂůƌĞƐƵůƚĂƌŶĞĐĞƐĂƌŝŽƵŶŵĂLJŽƌŶƷŵĞƌŽĚĞĞĨĞĐ- local industry, as a larger number of workers are necessary ƟǀŽƐƉĂƌĂŝĚĠŶƟĐŽǀŽůƵŵĞŶĚĞŶĞŐŽĐŝŽ͘ ĨŽƌĂŶĞƋƵĂůǀŽůƵŵĞŽĨďƵƐŝŶĞƐƐ͘

  
 
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;HISH Table 3.19

128 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ƐƚĞĞƐĞůŵŽƟǀŽĚĞƋƵĞĞůĞdžĐĞĚĞŶƚĞĚĞĞdžƉůŽƚĂĐŝſŶ ƉŽƌƵŶŝĚĂĚĚĞƉƌŽĚƵĐĐŝſŶĚĞůĂŝŶĚƵƐƚƌŝĂĞŶĂŶĂƌŝĂƐ ƐĞƐŝƚƷĞƉŽƌĚĞďĂũŽĚĞůĂŵĞĚŝĂŶĂĐŝŽŶĂů͕ĞŶƵŶĐŽŶ- ƚĞdžƚŽ ĐŽŶĚŝĐŝŽŶĂĚŽ Ă ƐƵ ǀĞnj ƉŽƌ ĐŽƐƚĞƐ ƵŶŝƚĂƌŝŽƐ ĚĞ dŚŝƐŝƐǁŚLJƚŚĞŽƉĞƌĂƟŶŐƐƵƌƉůƵƐƉĞƌƉƌŽĚƵĐƟŽŶƵŶŝƚŽĨƚŚĞ ĐŽŵĞƌĐŝŽLJƚƌĂŶƐƉŽƌƚĞŵƵLJƐƵƉĞƌŝŽƌĞƐ͘ ĂŶĂƌLJ/ƐůĂŶĚƐŝŶĚƵƐƚƌLJŝƐďĞůŽǁƚŚĞŶĂƟŽŶĂůĂǀĞƌĂŐĞ͕ŝŶĂ >ĂŝŶĚƵƐƚƌŝĂƚĂŵďŝĠŶƐĞǀĞŵƵLJĂĨĞĐƚĂĚĂƉŽƌůĂĞƐƚƌĞ- ĐŽŶƚĞdžƚĐŽŶĚŝƟŽŶĞĚĂƚƚŚĞƐĂŵĞƟŵĞďLJŵƵĐŚŚŝŐŚĞƌƚƌĂĚĞ ĐŚĞnjĚĞůŵĞƌĐĂĚŽŝŶƚĞƌŝŽƌ͕ƉƌŝŶĐŝƉĂůĐůŝĞŶƚĞĚĞůĂƐŵĂ- and transport unit costs. ŶƵĨĂĐƚƵƌĂƐLJƚƌĂŶƐĨŽƌŵĂĐŝŽŶĞƐŝŶĚƵƐƚƌŝĂůĞƐƉƌŽĚƵĐŝĚĂƐ ĞŶĂŶĂƌŝĂƐ͖ůĂĚĞƉĞŶĚĞŶĐŝĂƚŽƚĂůĚĞůĞdžƚĞƌŝŽƌ͕ƉĂƌĂĞů /ŶĚƵƐƚƌLJ ŝƐ ĂůƐŽ ĂīĞĐƚĞĚ ďLJ ƚŚĞ ůŝŵŝƚĞĚ ŶĂƚƵƌĞ ŽĨ ŝŶƚĞƌŶĂů ĂƉƌŽǀŝƐŝŽŶĂŵŝĞŶƚŽĚĞŵĂƚĞƌŝĂƐƉƌŝŵĂƐ͕ŝŶƐƵŵŽƐŝŶƚĞƌ- trade, which is the main client of the manufactures and ŵĞĚŝŽƐLJďŝĞŶĞƐĚĞĞƋƵŝƉŽ͖ŽůĂůĞũĂŶşĂĚĞůŽƐŵĞƌĐĂ- ŝŶĚƵƐƚƌŝĂůƚƌĂŶƐĨŽƌŵĂƟŽŶƐƉƌŽĚƵĐĞĚďLJƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͖ ĚŽƐĚĞĂďĂƐƚĞĐŝŵŝĞŶƚŽ͘dŽĚŽƐĞƐƚŽƐĐŽƐƚĞƐ͕ĚĞĐĂƌĄĐƚĞƌ the total dependence on the exterior for provisioning raw ĞdžƚƌĂŽƌĚŝŶĂƌŝŽ͕ŝŶƚƌŽĚƵĐĞŶůŝŵŝƚĂĐŝŽŶĞƐĞŶĞůƉƌŽĐĞƐŽ materials, intermediate input and capital goods; or the ƉƌŽĚƵĐƟǀŽ͕ŝŵƉŝĚŝĞŶĚŽůŽŐƌĂƌĞĐŽŶŽŵşĂƐĚĞĞƐĐĂůĂ͘ ĚŝƐƚĂŶĐĞĨƌŽŵƐƵƉƉůŝĞƌƐ͘ůůƚŚĞƐĞĂĚĚŝƟŽŶĂůĐŽƐƚƐŝŶƚƌŽĚƵĐĞ ůŝŵŝƚĂƟŽŶƐŝŶƚŚĞƉƌŽĚƵĐƟŽŶƉƌŽĐĞƐƐ͕ƉƌĞǀĞŶƟŶŐĞĐŽŶŽŵŝĞƐ A los condicionantes descritos hasta el momento, of scale. ŚĂŶĚĞĂŹĂĚŝƌƐĞŽƚƌŽƐĐŽŵŽůĂĞƐĐĂƐĞnjLJĞůĞǀĂĚŽĐŽƐƚĞ ĚĞůƐƵĞůŽ͕ŽůĂƐĚŝĮĐƵůƚĂĚĞƐĚĞĂĐĐĞƐŽĂůŽƐƌĞĐƵƌƐŽƐ To the determining factors described so far, we must add ĚĞƉƌŽĚƵĐĐŝſŶŵĄƐďĄƐŝĐŽƐ͕ĐŽŶůŽƋƵĞƐĞĂĐƌĞĐŝĞŶƚĂ others such as the shortage and high cost of land, or access ůĂƉƌĞƐŝſŶƋƵĞĞũĞƌĐĞŶůŽƐƉƌŽĚƵĐƚŽƌĞƐĞdžƚĞƌŶŽƐ͕ƋƵĞ ĚŝĸĐƵůƟĞƐ ƚŽ ƚŚĞ ŵŽƐƚ ďĂƐŝĐ ƉƌŽĚƵĐƟŽŶ ƌĞƐŽƵƌĐĞƐ͕ ǁŚŝĐŚ ĐƵĞŶƚĂŶĐŽŶƵŶĐŽŶƚĞdžƚŽŵĄƐĨĂǀŽƌĂďůĞ͘ increase the pressure that the external producers, who enjoy a more favourable context, exercise. Este escenario ũƵƐƟĮĐĂƉůĞŶĂŵĞŶƚĞůĂĞdžŝƐƚĞŶĐŝĂĚĞ ƵŶŵĂƌĐŽĮƐĐĂůĞƐƉĞĐşĮĐŽƋƵĞĨŽŵĞŶƚĞĞůĚĞƐĂƌƌŽůůŽ This scenario ĨƵůůLJ ũƵƐƟĮĞƐ ƚŚĞ ĞdžŝƐƚĞŶĐĞ ŽĨ Ă ĮƐĐĂů ĚĞůƐĞĐƚŽƌŝŶĚƵƐƚƌŝĂůĞŶĂŶĂƌŝĂƐ͕ŐĂƌĂŶƟnjĂŶĚŽƋƵĞůĂ ĨƌĂŵĞǁŽƌŬ ƚŚĂƚ ǁŝůů ƉƌŽŵŽƚĞ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ŝŶĚƵƐƚƌŝĂĐĂŶĂƌŝĂĐƵŵƉůĂƐƵƉĂƉĞůĨƵŶĚĂŵĞŶƚĂůĞŶĞů ŝŶĚƵƐƚƌŝĂů ƐĞĐƚŽƌ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ, ensuring that ĞŶƚƌĂŵĂĚŽ ƉƌŽĚƵĐƟǀŽ ĚĞů ƌĐŚŝƉŝĠůĂŐŽ͕ ƚĂŶƚŽ ĞŶ ůĂ industry will play a fundamental role in the Canary Islands’ ĞƐƚĂďŝůŝnjĂĐŝſŶĚĞůĐŝĐůŽĞĐŽŶſŵŝĐŽĐŽŵŽĞŶůĂĨĂďƌŝĐĂ- ƉƌŽĚƵĐƟǀĞ ĨƌĂŵĞǁŽƌŬ͕ ďŽƚŚ ŝŶ ƚŚĞ ƐƚĂďŝůŝnjĂƟŽŶ ŽĨ ƚŚĞ ĐŝſŶĚĞƉƌŽĚƵĐƚŽƐͲƐŽďƌĞƚŽĚŽĂŐƌŽĂůŝŵĞŶƚĂƌŝŽƐͲĞƐĞŶ- economic cycle and product manufacturing –especially ĐŝĂůĞƐƉĂƌĂĞůĂďĂƐƚĞĐŝŵŝĞŶƚŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂLJ ĂŐƌŝĐƵůƚƵƌĂů ĨŽŽĚ ƉƌŽĚƵĐƚƐʹ ƚŚĂƚ ĂƌĞ ĞƐƐĞŶƟĂů ƚŽ ƐƵƉƉůLJ

 

 


 

 


    
 
 



 
  














 

 




      

    


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 Tabla 3.20 Table 3.20

129 CONCLUSIONES CONCLUSIONS 2011

ĞůĐŽŶƐƵŵŽƚƵƌşƐƟĐŽ͕ƐŝĞŶĚŽĂƐŝŵŝƐŵŽĚĞƐƚĂĐĂďůĞůŽƐ ĞĨĞĐƚŽƐĚĞĂƌƌĂƐƚƌĞƋƵĞƉƌŽĚƵĐĞƐŽďƌĞŽƚƌŽƐƐĞĐƚŽƌĞƐ͕ ĞŶůĂŵĞĚŝĚĂƋƵĞĚĞŵĂŶĚĂŝŶƉƵƚƐLJƐĞƌǀŝĐŝŽƐĞdžƚĞƌŶŽƐ ĚĞƚŽĚŽƟƉŽ͕ĞŶĄŵďŝƚŽƐƚĂŶĚŝǀĞƌƐŽƐĐŽŵŽĞůƚƌĂŶƐ- ƉŽƌƚĞ͕ůĂĚŝƐƚƌŝďƵĐŝſŶĐŽŵĞƌĐŝĂů͕ŽůĂƌĞƉĂƌĂĐŝſŶLJĐŽŶ- ƐĞƌǀĂĐŝſŶĚĞďŝĞŶĞƐĚĞĞƋƵŝƉŽ͘

ƐƚĞĐŽŶƚĞdžƚŽũƵƐƟĮĐĂƉůĞŶĂŵĞŶƚĞůĂĞdžŝƐƚĞŶĐŝĂĚĞƵŶ ĐŽŶũƵŶƚŽ ƐŝŶŐƵůĂƌ ĚĞ ŵĞĚŝĚĂƐ ĚĞ ĐŽďĞƌƚƵƌĂ ƉƌĞǀŝƐ- ĚŽŵĞƐƟĐĚĞŵĂŶĚĂŶĚƚŽƵƌŝƐŵĐŽŶƐƵŵƉƟŽŶ͘/ƚŝƐĂůƐŽǁŽƌƚŚ ƚĂƐƉĂƌĂůĂŝŶĚƵƐƚƌŝĂĞŶŶƵĞƐƚƌŽZĠŐŝŵĞŶĐŽŶſŵŝĐŽ ŶŽƟŶŐƚŚĞƐƉŝůůŽǀĞƌĞīĞĐƚƐŽĨŝŶĚƵƐƚƌLJŽŶŽƚŚĞƌƐĞĐƚŽƌƐ͕ƚŽ LJ&ŝƐĐĂů͘ůZ&͕ƌĞĐŽŐĞƵŶĐŽŵƉĞŶĚŝŽĚĞŝŶƐƚƌƵŵĞŶ- the extent that inputs and external services of any type ƚŽƐĞĐŽŶſŵŝĐŽƐLJĮƐĐĂůĞƐƋƵĞďƵƐĐĂŶĐŽŵƉĞŶƐĂƌůŽƐ demand in areas that range from transport, to commercial ƐŝŐŶŝĮĐĂƟǀŽƐ ƐŽďƌĞĐŽƐƚĞƐ ƋƵĞ ĚĞďĞ ĂƐƵŵŝƌ Ğů ƐĞĐƚŽƌ ĚŝƐƚƌŝďƵƟŽŶ͕ŽƌƚŚĞƌĞĐƵƉĞƌĂƟŽŶĂŶĚĐŽŶƐĞƌǀĂƟŽŶŽĨĐĂƉŝƚĂů ƉĂƌĂĞůŶŽƌŵĂůĚĞƐĞŵƉĞŹŽĚĞůĂĂĐƟǀŝĚĂĚ͕ƐŝŶĞůƋƵĞ goods. ůĂŝŶĚƵƐƚƌŝĂĚŝİĐŝůŵĞŶƚĞƉŽĚƌşĂĚĞƐĞŵƉĞŹĂƌƐƵƉĂƉĞů dŚŝƐĐŽŶƚĞdžƚĨƵůůLJũƵƐƟĮĞƐƚŚĞĞdžŝƐƚĞŶĐĞŽĨĂŐƌŽƵƉŽĨƵŶŝƋƵĞ ĞƐƚƌĂƚĠŐŝĐŽ͘ coverage measures for industry within our Economic and ŶƚĞƐĚĞĂĚĞŶƚƌĂƌŶŽƐĞŶĞůĂŶĄůŝƐŝƐĚĞůĂĂĐƟǀŝĚĂĚLJĞů Fiscal Regime. This regime includes a list of economic and ĞŵƉůĞŽĚĞůƐĞĐƚŽƌ͕ĚĞďĞƌĞƉĂƌĂƌƐĞĞŶĞůĐĂŵďŝŽŵĞƚŽ- ĮƐĐĂů ŝŶƐƚƌƵŵĞŶƚƐ ƚŽ ŽīƐĞƚ ƚŚĞ ĂĚĚŝƟŽŶĂů ĐŽƐƚƐ ƚŚĂƚ ŵƵƐƚ ĚŽůſŐŝĐŽƚƌĂƐĞůĐĂŵďŝŽĚĞďĂƐĞ͕ĂϮϬϬϴ͕ĚĞůĂŶƵĞǀĂ be borne by the sector in order to guarantee a normal ŽŶƚĂďŝůŝĚĂĚ ZĞŐŝŽŶĂů ĚĞ ƐƉĂŹĂ͕ ĐŽŶ ĞĨĞĐƚŽƐ Ă ƉĂƌ- ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ĂĐƟǀŝƚLJ͘ tŝƚŚŽƵƚ ƚŚŝƐ ŝŶƐƚƌƵŵĞŶƚ͕ ƟƌĚĞůƉĂƐĂĚŽϮϬϭϭ͘ŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂŶƵĞǀĂ industry could hardly exercise its strategic role. ŵĞƚŽĚŽůŽŐşĂ͕ ůĂƐ ĂŶƚĞƌŝŽƌĞƐ ƌĂŵĂƐ ŝŶĚƵƐƚƌŝĂů LJ ĞŶĞƌ- ĞĨŽƌĞůŽŽŬŝŶŐŝŶŵŽƌĞĚĞƉƚŚĂƚƚŚĞĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚ ŐĠƟĐĂƐĞƐƵƐƟƚƵLJĞŶƉŽƌůĂƌĂŵĂ͞/ŶĚƵƐƚƌŝĂƐĞdžƚƌĂĐƟ- ĂŶĂůLJƐŝƐŽĨƚŚĞƐĞĐƚŽƌ͕ǁĞƐŚŽƵůĚƉĂLJƐƉĞĐŝĂůĂƩĞŶƟŽŶƚŽƚŚĞ ǀĂƐ͖ ŝŶĚƵƐƚƌŝĂ ŵĂŶƵĨĂĐƚƵƌĞƌĂ͖ ƐƵŵŝŶŝƐƚƌŽ ĚĞ ĞŶĞƌպà ŵĞƚŚŽĚŽůŽŐŝĐĂůĐŚĂŶŐĞĂŌĞƌŵŽĚŝĨLJŝŶŐƚŚĞďĂƐĞƚŽϮϬϬϴŽĨ ĞůĠĐƚƌŝĐĂ͕ŐĂƐ͕ǀĂƉŽƌLJĂŝƌĞĂĐŽŶĚŝĐŝŽŶĂĚŽ͖ƐƵŵŝŶŝƐƚƌŽ ƚŚĞŶĞǁ^ƉĂŶŝƐŚZĞŐŝŽŶĂůĐĐŽƵŶƚƐ͕ǁŝƚŚĞīĞĐƚĨƌŽŵϮϬϭϭ͘ ĚĞĂŐƵĂ͕ĂĐƟǀŝĚĂĚĞƐĚĞƐĂŶĞĂŵŝĞŶƚŽ͕ŐĞƐƟſŶĚĞƌĞƐŝ- Ɛ Ă ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚĞ ŶĞǁ ŵĞƚŚŽĚŽůŽŐLJ͕ ƚŚĞ ĨŽƌŵĞƌ ĚƵŽƐLJĚĞƐĐŽŶƚĂŵŝŶĂĐŝſŶ͕͟ĂƵŶƋƵĞƐĞŝŶĐŽƌƉŽƌĂƵŶĂ ŝŶĚƵƐƚƌLJĂŶĚĞŶĞƌŐLJďƌĂŶĐŚĞƐǁĞƌĞƌĞƉůĂĐĞĚďLJ͞džƚƌĂĐƟǀĞ ĞƐƟŵĂĐŝſŶŝŶĚŝǀŝĚƵĂůƉĂƌĂůĂŝŶĚƵƐƚƌŝĂŵĂŶƵĨĂĐƚƵƌĞƌĂ͘ industries; manufacturing industry; electricity, gas, steam >ŽƐƌĞƐƵůƚĂĚŽƐƉĂƌĂϮϬϭϭƌĞǀĞůĂŶƵŶĂĐŝĞƌƚĂƌĞĐƵƉĞƌĂ- ĂŶĚĂŝƌĐŽŶĚŝƟŽŶŝŶŐƐƵƉƉůLJ͖ǁĂƚĞƌƐƵƉƉůLJ͕ƐĞǁĞƌĂŐĞ͕ǁĂƐƚĞ ĐŝſŶĚĞĞƐƚĂƐĂĐƟǀŝĚĂĚĞƐ͕ƚƌĂƐĞůĚĞƐƉůŽŵĞŽďƐĞƌǀĂĚŽ ŵĂŶĂŐĞŵĞŶƚ ĂŶĚ ƌĞŵĞĚŝĂƟŽŶ ĂĐƟǀŝƟĞƐ͘͞ ,ŽǁĞǀĞƌ͕ Ă ĚƵƌĂŶƚĞϮϬϬϵLJϮϬϭϬ͘ ƐƉĞĐŝĮĐĞƐƟŵĂƚĞĨŽƌŵĂŶƵĨĂĐƚƵƌŝŶŐŝŶĚƵƐƚƌLJǁĂƐĂĚĚĞĚ͘

ƐƚĞƐĞĐƚŽƌŽďƐĞƌǀĂƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůϰ͕ϵйŝŶƚĞƌĂŶƵĂů ZĞƐƵůƚƐĨŽƌϮϬϭϭƌĞǀĞĂůĂƐůŝŐŚƚƌĞĐŽǀĞƌLJŽĨƚŚĞƐĞĂĐƟǀŝƟĞƐ͕ ƉĂƌĂϮϬϭϭ͕ĨƌĞŶƚĞĂůϮ͕ϵйĚĞůƚĞƌƌŝƚŽƌŝŽŶĂĐŝŽŶĂů͕ĞŶƵŶ ĂŌĞƌƚŚĞĞĐŽŶŽŵŝĐƐůƵŵƉĚƵƌŝŶŐϮϬϬϵĂŶĚϮϬϭϬ͘ ĞƐĐĞŶĂƌŝŽƉƌĞƐŝĚŝĚŽ͕ĚĞůůĂĚŽĞŶĞƌŐĠƟĐŽ͕ƉŽƌƵŶŝŶĐƌĞ- ŵĞŶƚŽĚĞůĂƚĂƌŝĨĂĞůĠĐƚƌŝĐĂLJƉŽƌůĂĞůĞǀĂĐŝſŶŐĞŶĞƌĂů dŚŝƐ ƐĞĐƚŽƌ ƐŚŽǁƐ Ă LJĞĂƌͲƚŽͲLJĞĂƌ ŐƌŽǁƚŚ ŽĨ ϰ͘ϵй ŝŶ ϮϬϭϭ͕ ĚĞůĂĐŽƟnjĂĐŝſŶĚĞůƉĞƚƌſůĞŽ͖ŵŝĞŶƚƌĂƐƋƵĞůĂĂĐƟǀŝĚĂĚ ĂŐĂŝŶƐƚϮ͘ϵйŽĨƚŚĞĞŶƟƌĞĐŽƵŶƚƌLJ͕ǁŚĞƌĞƚŚĞĞŶĞƌŐLJďƌĂŶĐŚ ŵĂŶƵĨĂĐƚƵƌĞƌĂŵĞũŽƌĂĂůĂďƌŝŐŽĚĞůĂŵĂLJŽƌĚĞŵĂŶĚĂ ŚĞĂĚƐƚŚŝƐƐĐĞŶĂƌŝŽĚƵĞƚŽĂŶŝŶĐƌĞŵĞŶƚŝŶƚŚĞĞůĞĐƚƌŝĐŝƚLJƚĂƌŝī ŶŽƌĞƐŝĚĞŶƚĞ͕ƉŽƌĞůĞŵƉƵũĞĚĞůĂĂĐƟǀŝĚĂĚƚƵƌşƐƟĐĂĂ and the increase in oil prices. Meanwhile, manufacturing ůŽůĂƌŐŽĚĞůƉĂƐĂĚŽĂŹŽ͘ ŝŵƉƌŽǀĞƐƚŚĂŶŬƐƚŽĂŐƌĞĂƚĞƌĚĞŵĂŶĚŽĨŶŽŶͲƌĞƐŝĚĞŶƚĐůŝĞŶƚƐ͕ ĚƌŝǀĞŶďLJƚŚĞƚŽƵƌŝƐŵĂĐƟǀŝƚLJĚƵƌŝŶŐƚŚĞůĂƐƚLJĞĂƌ͘ ĞŶƚƌŽĚĞĞƐƚĂ͕ůĂŝŶĚƵƐƚƌŝĂŵĂŶƵĨĂĐƚƵƌĞƌĂƌŽŵƉĞĐŽŶ ůĂƚĞŶĚĞŶĐŝĂďĂũŝƐƚĂ͕ƚƌĂƐǀĂƌŝŽƐĂŹŽƐĐŽŶĨƵĞƌƚĞƐƉĠƌ- DĂŶƵĨĂĐƚƵƌŝŶŐ ŝŶĚƵƐƚƌLJ ďƌĞĂŬƐ ƚŚĞ ĚŽǁŶǁĂƌĚ ƚƌĞŶĚ ĂŌĞƌ ĚŝĚĂƐ͕ƋƵĞĐŽŶĚƵũĞƌŽŶĂĞƐƚĂƌĂŵĂĂƉĞƌĚĞƌƉƌĄĐƟĐĂ- several years of strong losses, which led this branch to lose ŵĞŶƚĞĞůϮϬйĚĞƐƵǀŽůƵŵĞŶ͕ĞŶƚƌĞϮϬϬϴLJϮϬϭϬ͘ ϮϬйŽĨŝƚƐŽǀĞƌĂůůǀŽůƵŵĞďĞƚǁĞĞŶϮϬϬϴĂŶĚϮϬϭϬ͘

130 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ĞĞƐƚĞŵŽĚŽ͕ĂǀĂŶnjĂĞŶϮϬϭϭĞŶƵŶϱ͕ϳй͕ĂůĂďƌŝŐŽ ĚĞůƌĞƉƵŶƚĞĚĞůĐŽŶƐƵŵŽŶŽƌĞƐŝĚĞŶƚĞĂŵƉĂƌĂĚŽƉŽƌ ĞůƟƌſŶƚƵƌşƐƟĐŽ͘

ŶƚĠƌŵŝŶŽƐĚĞƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚ͕ĞůĐŽŶũƵŶƚŽĚĞůĂƐ ƌĂŵĂƐ ŝŶĚƵƐƚƌŝĂů LJ ĞŶĞƌŐĠƟĐĂ ĂŐůƵƟŶĂŶ Ğů ϳ͕ϵй ĚĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ƌĞŐŝŽŶĂů͕ ƚƌĞƐ ĚĠĐŝŵĂƐ ŵĞŶŽƐ ƋƵĞ ĞŶ ϮϬϬϴ͘ĞŶƚƌŽĚĞĠƐƚĂƐ͕ůĂŝŶĚƵƐƚƌŝĂŵĂŶƵĨĂĐƚƵƌĞƌĂƐƵ- ƉŽŶĞĞůϰ͕ϯйĚĞůsĚĞůƌĐŚŝƉŝĠůĂŐŽ͕ƵŶƌĞƐƵůƚĂĚŽ ƋƵĞĐŽŶƚƌĂƐƚĂƚĂŶƚŽĐŽŶůĂƉĂƌƟĐŝƉĂĐŝſŶĐŽŵŽĐŽŶůĂ dŚƵƐ͕ ŝƚ ŝŶĐƌĞĂƐĞĚ ϱ͘ϳй ŝŶ ϮϬϭϭ ƚŚĂŶŬƐ ƚŽ Ă ŐƌĞĂƚĞƌ ŶŽŶͲ ĞǀŽůƵĐŝſŶĚĞĞƐƚĂŵŝƐŵĂƌĂŵĂĞŶĞůĐŽŶũƵŶƚŽĚĞůƐ- ƌĞƐŝĚĞŶƚĐŽŶƐƵŵƉƟŽŶ͕ĚƌŝǀĞŶďLJĂŶŝŶĐƌĞĂƐĞŝŶƚŽƵƌŝƐŵ͘ ƚĂĚŽ͕ĚŽŶĚĞŝŶĐƌĞŵĞŶƚĂƐƵƉƌĞƐĞŶĐŝĂĞŶĚŽƐĚĠĐŝŵĂƐ͕ /Ŷ ƚĞƌŵƐ ŽĨ ƌĞƉƌĞƐĞŶƚĂƟǀĞŶĞƐƐ͕ ƚŚĞ ŝŶĚƵƐƚƌLJ ĂŶĚ ĞŶĞƌŐLJ ŚĂƐƚĂƌĞƉƌĞƐĞŶƚĂƌĞůϭϮ͕ϵйĚĞůsŶĂĐŝŽŶĂů͘ ďƌĂŶĐŚĞƐƚŽŐĞƚŚĞƌŵĂŬĞƵƉϳ͘ϵйŽĨƚŚĞƌĞŐŝŽŶĂůƉƌŽĚƵĐƟŽŶ͕ ŶĐƵĂŶƚŽĂůĂǀĂůŽƌĂĐŝſŶĚĞůĂƉƌŽĚƵĐĐŝſŶĚĞůĂƐƌĂ- ƚŚƌĞĞƚĞŶƚŚƐůĞƐƐƚŚĂŶϮϬϬϴ͘DĂŶƵĨĂĐƚƵƌŝŶŐŝŶĚƵƐƚƌLJŝƐϰ͘ϯй ŵĂƐ ŝŶĚƵƐƚƌŝĂůĞƐ LJ ĞŶĞƌŐĠƟĐĂƐ͕ ĞƐƚĂ ĂƐĐŝĞŶĚĞ Ă ůŽƐ ŽĨƚŚĞ'sŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͘dŚŝƐĮŐƵƌĞĐŽŶƚƌĂƐƚƐǁŝƚŚ ϯ͘ϯϮϬŵŝůůŽŶĞƐĚĞĞƵƌŽƐĐŽƌƌŝĞŶƚĞƐ͕ĚĞůŽƐƋƵĞϭ͘ϳϮϯ ƚŚĞ ƉĂƌƟĐŝƉĂƟŽŶ ĂŶĚ ƚŚĞ ƉƌŽŐƌĞƐƐ ŽĨ ƚŚŝƐ ďƌĂŶĐŚ ŝŶ ƚŚĞ ŵŝůůŽŶĞƐ;ϱϭ͕ϵйͿƐĞĐŽƌƌĞƐƉŽŶĚĞŶĐŽŶůĂŝŶĚƵƐƚƌŝĂŵĂ- ĐŽƵŶƚƌLJĂƐĂǁŚŽůĞ͕ǁŚĞƌĞƚŚŝƐĮŐƵƌĞŝŶĐƌĞĂƐĞĚďLJϮƚĞŶƚŚƐ͕ ŶƵĨĂĐƚƵƌĞƌĂ͖ ŵŝĞŶƚƌĂƐ ƋƵĞ Ğů ƌĞƐƚŽ ĚĞ ůĂ ĂĐƟǀŝĚĂĚĞƐ ƌĞƉƌĞƐĞŶƟŶŐƵƉƚŽϭϮ͘ϵйŽĨƚŚĞŶĂƟŽŶĂů's͘ ĐŽŵƉƌĞŶĚŝĚĂƐƉŽƌĞƐƚĞƐĞĐƚŽƌ͕ĐŽŵŽƐŽŶĞůƐƵŵŝŶŝƐ- ƚƌŽĚĞŐĂƐ͕ǀĂƉŽƌLJĂŝƌĞĂĐŽŶĚŝĐŝŽŶĂĚŽ͖ĞůƐƵŵŝŶŝƐƚƌŽ ZĞŐĂƌĚŝŶŐ ƚŚĞ ǀĂůƵĂƟŽŶ ŽĨ ƚŚĞ ŝŶĚƵƐƚƌLJ ĂŶĚ ĞŶĞƌŐLJ ĚĞĂŐƵĂLJůĂƐĂĐƟǀŝĚĂĚĞƐĚĞƐĂŶĞĂŵŝĞŶƚŽ͕ŐĞƐƟſŶĚĞ ďƌĂŶĐŚĞƐ͛ƉƌŽĚƵĐƟŽŶ͕ŝƚŝŶĐƌĞĂƐĞĚƵƉƚŽϯ͕ϯϮϬŵŝůůŝŽŶĐƵƌƌĞŶƚ ƌĞƐŝĚƵŽƐLJĚĞƐĐŽŶƚĂŵŝŶĂĐŝſŶ͕LJ͕ĞƐƉĞĐŝĂůŵĞŶƚĞ͕ĞůƐƵ- ĞƵƌŽƐ͕ŽĨ ǁŚŝĐŚ ϭ͕ϳϮϯŵŝůůŝŽŶ ĞƵƌŽƐ ;ϱϭ͘ϵйͿ ĐŽƌƌĞƐƉŽŶĚ ƚŽ ŵŝŶŝƐƚƌŽĚĞĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ͕ƐƵƉŽŶĞŶĞůϰϴ͕ϭй;ϭ͘ϱϵϲ ŵĂŶƵĨĂĐƚƵƌŝŶŐŝŶĚƵƐƚƌLJ͘dŚĞƌĞŵĂŝŶŝŶŐϭ͕ϱϵϲŵŝůůŝŽŶĞƵƌŽƐ ŵŝůůŽŶĞƐĚĞĞƵƌŽƐͿƌĞƐƚĂŶƚĞ͘ ;ϰϴ͘ϭйͿĐŽƌƌĞƐƉŽŶĚƚŽŐĂƐ͕ƐƚĞĂŵĂŶĚĂŝƌĐŽŶĚŝƟŽŶŝŶŐ͖ǁĂƚĞƌ ƐƵƉƉůLJ ĂŶĚ ƐĞǁĞƌĂŐĞ͕ ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚ͕ ƌĞŵĞĚŝĂƟŽŶ ^ĞŐƷŶ ůŽƐ ƷůƟŵŽƐ ĚĂƚŽƐ ƐŽďƌĞ ůĂ ĐŽŵƉŽƐŝĐŝſŶ ŝŶƚĞƌ- ĂĐƟǀŝƟĞƐĂŶĚ͕ƐƉĞĐŝĂůůLJ͕ĞůĞĐƚƌŝĐŝƚLJƐƵƉƉůLJ͘ ŶĂĚĞůĂƐƌĂŵĂƐŵĂŶƵĨĂĐƚƵƌĞƌĂƐ͕ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐĂ ϮϬϬϵ͕ ůĂ ĂĐƟǀŝĚĂĚ ĚĞů ƐĞĐƚŽƌ ƐĞ ĐŽŶĐĞŶƚƌĂ ƉƌŝŶĐŝƉĂů- ĐĐŽƌĚŝŶŐƚŽƚŚĞůĂƚĞƐƚĚĂƚĂĂďŽƵƚƚŚĞŝŶƚĞƌŶĂůĐŽŵƉŽƐŝƟŽŶ ŵĞŶƚĞĞŶƚŽƌŶŽĂĐŝŶĐŽĞƉşŐƌĂĨĞƐ͕ůĂ͞/ŶĚƵƐƚƌŝĂĚĞůĂ ŽĨƚŚĞŵĂŶƵĨĂĐƚƵƌŝŶŐďƌĂŶĐŚĞƐŝŶϮϬϬϵ͕ƚŚĞƐĞĐƚŽƌĂĐƟǀŝƚLJ ĂůŝŵĞŶƚĂĐŝſŶ͕ďĞďŝĚĂƐLJƚĂďĂĐŽ͕͟ĐŽŶƵŶϯϳ͕ϱйĚĞůĂ ŝƐĐŽŶĐĞŶƚƌĂƚĞĚŝŶĮǀĞƐĞĐƚŽƌ͕ƚŚĞ͞ĨŽŽĚ͕ĚƌŝŶŬĂŶĚƚŽďĂĐĐŽ ƉƌŽĚƵĐĐŝſŶ͖͞&ĂďƌŝĐĂĐŝſŶĚĞŵƵĞďůĞƐ͖ŽƚƌĂƐŝŶĚƵƐƚƌŝĂƐ /ŶĚƵƐƚƌLJ͕͟ ǁŝƚŚ ϯϳ͘ϱй ŽĨ ƚŚĞ ƉƌŽĚƵĐƟŽŶ͖ ͞ĨƵƌŶŝƚƵƌĞ ŵĂŶƵĨĂĐƚƵƌĞƌĂƐLJƌĞƉĂƌĂĐŝſŶĞŝŶƐƚĂůĂĐŝſŶĚĞŵĂƋƵŝ- manufacturing; other manufacturing industries and repair ŶĂƌŝĂ LJ ĞƋƵŝƉŽ͕͟ ĐŽŶ ƵŶ ϭϱ͕ϲй͖ ͞DĞƚĂůƵƌŐŝĂ LJ ĨĂďƌŝ- ĂŶĚŝŶƐƚĂůůĂƟŽŶŽĨŵĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚ͕͟ǁŝƚŚĂϭϱ͘ϲй͖ ĐĂĐŝſŶ ĚĞ ƉƌŽĚƵĐƚŽƐ ŵĞƚĄůŝĐŽƐ͕ ĞdžĐĞƉƚŽ ŵĂƋƵŝŶĂƌŝĂ ͞ŵĞƚĂůůƵƌŐLJ ĂŶĚ ŵĞƚĂůůŝĐ ƉƌŽĚƵĐƚƐ͕ ĞdžĐĞƉƚ ĨŽƌ ŵĂĐŚŝŶĞƌLJ LJĞƋƵŝƉŽ͕͟ƋƵĞ ƌĞƉƌĞƐĞŶƚĂ Ğů ϭϮ͕Ϭй͖͞&ĂďƌŝĐĂĐŝſŶ ĚĞ ĂŶĚĞƋƵŝƉŵĞŶƚ͕͟ǁŝƚŚĂϭϮ͘Ϭй͖͞ŵĂŶƵĨĂĐƚƵƌĞŽĨƌƵďďĞƌĂŶĚ ƉƌŽĚƵĐƚŽƐĚĞĐĂƵĐŚŽLJƉůĄƐƟĐŽƐLJĚĞŽƚƌŽƐƉƌŽĚƵĐƚŽƐ ƉůĂƐƟĐƉƌŽĚƵĐƚƐ͕ĂŶĚŽƚŚĞƌŶŽŶŵĞƚĂůůŝĐŵŝŶĞƌĂůƉƌŽĚƵĐƚƐ͕͟ ŵŝŶĞƌĂůĞƐŶŽŵĞƚĄůŝĐŽƐ͕͟ĐŽŶƵŶϭϬ͕ϲй͖LJ͞ŽƋƵĞƌşĂƐ ǁŝƚŚĂϭϬ͘ϲй͖ĂŶĚĮŶĂůůLJ͕͞ŵĂŶƵĨĂĐƚƵƌĞŽĨĐŽŬĞĂŶĚƌĞĮŶĞĚ LJƌĞĮŶŽĚĞƉĞƚƌſůĞŽ͖ŝŶĚƵƐƚƌŝĂƋƵşŵŝĐĂ͖ĨĂďƌŝĐĂĐŝſŶĚĞ petroleum products; chemical industry; manufacture of ƉƌŽĚƵĐƚŽƐĨĂƌŵĂĐĠƵƟĐŽƐ͕͟ƋƵĞĐƵĞŶƚĂĐŽŶƵŶĂƉĂƌƟĐŝ- ƉŚĂƌŵĂĐĞƵƟĐĂů ƉƌŽĚƵĐƚƐ͕͟ ǁŚŝĐŚ ŚĂƐ Ă ƉĂƌƟĐŝƉĂƟŽŶ ŽĨ pación del 10,1 por ciento. ϭϬ͘ϭй͘

ƐƚŽƐĐŝŶĐŽŐƌƵƉŽƐ͕ƐƵƉŽŶşĂŶ͕ĞŶƐƵĐŽŶũƵŶƚŽ͕Ğůϴϱ͕ϴй Ɛ Ă ǁŚŽůĞ͕ ƚŚĞƐĞ ĮǀĞ ŐƌŽƵƉƐ ĐŽŶƐƟƚƵƚĞĚ ϴϱ͘ϴй ŽĨ ƚŚĞ ĚĞůĂŝŶĚƵƐƚƌŝĂĐĂŶĂƌŝĂĚƵƌĂŶƚĞϮϬϬϵ͕ƷůƟŵŽĞũĞƌĐŝĐŝŽ ĂŶĂƌLJ /ƐůĂŶĚƐ͛ ŝŶĚƵƐƚƌLJ ŝŶ ϮϬϬϵ͕ ǁŚŝĐŚ ǁĂƐ ƚŚĞ ůĂƐƚ LJĞĂƌ ĚĞůƋƵĞĚŝƐƉŽŶĞŵŽƐŝŶĨŽƌŵĂĐŝſŶƉŽƌƌĂŵĂĚĞĂĐƟǀŝ- ǁŝƚŚ ŝŶĨŽƌŵĂƟŽŶ ĂďŽƵƚ ĞĂĐŚ ĂĐƟǀŝƚLJ ďƌĂŶĐŚ͕ ĂĐĐŽƌĚŝŶŐ ƚŽ ĚĂĚ͕ĚĞĂĐƵĞƌĚŽĂůĂŽŶƚĂďŝůŝĚĂĚZĞŐŝŽŶĂůĚĞů/E͘ the Spanish Regional Accounts of the INE.

131 CONCLUSIONES CONCLUSIONS 2011

ĞĐĂƌĂĂϮϬϭϬLJϮϬϭϭ͕ƌĞƐƵůƚĂƉƌĞǀŝƐŝďůĞƵŶĂŵĂLJŽƌ ĐŽŶĐĞŶƚƌĂĐŝſŶĞŶƚŽƌŶŽĂůĂƐĂĐƟǀŝĚĂĚĞƐĂŐƌŽĂůŝŵĞŶ- ƚĂƌŝĂƐ͕ĂƐşĐŽŵŽƵŶŝŶĐƌĞŵĞŶƚŽĚĞůĂǀĂůŽƌĂĐŝſŶĚĞůĂƐ ĂĐƟǀŝĚĂĚĞƐĚĞƌĞĮŶŽ͖LJĂĐĂŵďŝŽ͕ŶƵĞǀŽƐƌĞƚƌŽĐĞƐŽƐ ĞŶůĂƐĂĐƟǀŝĚĂĚĞƐĂƵdžŝůŝĂƌĞƐĚĞůĂĐŽŶƐƚƌƵĐĐŝſŶ͕ƉƌŽďĂ- ďůĞŵĞŶƚĞůĂƐŵĂLJŽƌĞƐƉĞƌũƵĚŝĐĂĚĂƐƉŽƌůĂĐƌŝƐŝƐĚĞŶƚƌŽ de estas ramas. /ƚ ŝƐ ĞdžƉĞĐƚĞĚ ƚŚĂƚ ƚŚĞƌĞ ǁŝůů ďĞ Ă ŐƌĞĂƚĞƌ ĐŽŶĐĞŶƚƌĂƟŽŶ ŝƐƉŽŶĞŵŽƐĚĞĂůŐƵŶŽƐŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐƟǀŝĚĂĚƋƵĞ ŝŶ ĂŐƌŽͲĨŽŽĚ ĂĐƟǀŝƟĞƐ ĨŽƌ ϮϬϭϬ ĂŶĚ ϮϬϭϭ͕ ĂƐ ǁĞůů ĂƐ ĂŶ ŶŽƐƉĞƌŵŝƚĞŶĚĞƐĐĞŶĚĞƌĞŶƚƌĞůĂƐĚŝƐƟŶƚĂƐƌĂŵĂƐĚĞů ŝŶĐƌĞŵĞŶƚŝŶƚŚĞǀĂůƵĞŽĨƌĞĮŶŝŶŐĂĐƟǀŝƟĞƐ͘,ŽǁĞǀĞƌ͕ƚŚĞƌĞ ƐĞĐƚŽƌ͕ĐŽŵŽ Ğů 1ŶĚŝĐĞ ĚĞ WƌŽĚƵĐĐŝſŶ /ŶĚƵƐƚƌŝĂů͕ ƋƵĞ ǁŝůů ďĞ ŶĞǁ ĚĞĐƌĞĂƐĞƐ ŝŶ ĐŽŶƐƚƌƵĐƟŽŶ ĂƵdžŝůŝĂƌLJ ĂĐƟǀŝƟĞƐ͕ ƉŽŶĞĚĞŵĂŶŝĮĞƐƚŽůŽƐĞĨĞĐƚŽƐĐŽŶƚƌĂĐƟǀŽƐĞŶůĂƉƌŽ- ƉƌŽďĂďůLJƚŚĞŵŽƐƚĂīĞĐƚĞĚďLJƚŚĞĞĐŽŶŽŵŝĐƌĞĐĞƐƐŝŽŶǁŝƚŚŝŶ ĚƵĐĐŝſŶ ŝŶĚƵƐƚƌŝĂů ĚĞ ďŝĞŶĞƐ ĚĞ ĐŽŶƐƵŵŽ ĚƵƌĂĚĞƌŽƐ these branches. ;Ͳϭϯ͕ϳйͿ͕ĚĞĞŶĞƌŐşĂ;Ͳϭϵ͕ϳйͿ͕LJĚĞĨŽƌŵĂŵĄƐĐŽŶƚĞŶŝ- ĚĂ͕ĞŶůŽƐďŝĞŶĞƐŝŶƚĞƌŵĞĚŝŽƐ;Ͳϰ͕ϬйͿ͕ĞŶƵŶĐŽŶƚĞdžƚŽ dŚĞƌĞĂƌĞƐŽŵĞĂĐƟǀŝƚLJŝŶĚŝĐĂƚŽƌƐƚŚĂƚƉĞƌŵŝƚƵƐƚŽůŽŽŬŝŶ ĞŶĞůƋƵĞƌĞŵŽŶƚĂůĂƉƌŽĚƵĐĐŝſŶĚĞďŝĞŶĞƐĚĞĞƋƵŝƉŽ more depth at in the sector’s branches, such as the Industrial ;ϭϯ͕ϭйͿLJĚĞďŝĞŶĞƐĚĞĐŽŶƐƵŵŽ;ϲ͕ϰйͿ͕ŝŶŇƵŝĚŽƐƉŽƌ WƌŽĚƵĐƟŽŶ /ŶĚĞdž͘ dŚŝƐ ŝŶĚĞdž ƐŚŽǁƐ ƚŚĞ ĐŽŶƚƌĂĐƟǀĞ ĞīĞĐƚƐ ůŽƐƌĞƐƵůƚĂĚŽƐƚƵƌşƐƟĐŽƐ͕ĂƵŶƋƵĞ͕ĞŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ŶŽ ŝŶ ƚŚĞ ŝŶĚƵƐƚƌŝĂů ƉƌŽĚƵĐƟŽŶ ŽĨ ĚƵƌĂďůĞ ĐŽŶƐƵŵĞƌ ŐŽŽĚƐ ĐŽŵƉĞŶƐĂŶůĂƐĨƵĞƌƚĞƐƉĠƌĚŝĚĂƐĚĞĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽ- ;Ͳϭϯ͘ϳйͿ͕ĞŶĞƌŐLJ;Ͳϭϵ͘ϳйͿĂŶĚ͕ŝŶĂŵŝůĚĞƌǁĂLJ͕ŝŶƚĞƌŵĞĚŝĂƚĞ res. ŐŽŽĚƐ;Ͳϰ͘ϬйͿ͘ĂƉŝƚĂůĂƐƐĞƚƐĂŶĚĐŽŶƐƵŵĞƌŐŽŽĚƐŝŶĐƌĞĂƐĞĚ ƵƉ ƚŽ ϭϯ͘ϭй ĂŶĚ ϲ͘ϰй ƌĞƐƉĞĐƟǀĞůLJ͕ ĂƐ ƚŚĞLJ ĂƌĞ ŝŶŇƵĞŶĐĞĚ Ŷ ĞƐƚĞ ĞƐĐĞŶĂƌŝŽ͕ Ğů ĞŵƉůĞŽ ĂĚƐĐƌŝƚŽ Ă ůĂ ŝŶĚƵƐƚƌŝĂ by the results of tourism. However, in any case, they do not ŵĂŶƟĞŶĞ ůĂ ƚĞŶĚĞŶĐŝĂ ĐŽŶƚƌĂĐƟǀĂ͕ ĐŽŶ ƵŶĂ ƉĠƌĚŝĚĂ compensate the strong losses of previous years. ĚĞϱ͘ϵϬϬĞŵƉůĞŽƐĚƵƌĂŶƚĞϮϬϭϭ͕ĚĞŵĂŶĞƌĂƋƵĞŚĂŶ ĚĞƐĂƉĂƌĞĐŝĚŽ͕ĞŶĞůƚƌĂŶƐĐƵƌƐŽĚĞůŽƐƚƌĞƐƷůƟŵŽƐĞũĞƌ- In this scenario, the employment related to industry ĐŝĐŝŽƐ͕ϭϬ͘ϮϬϬƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽĞŶĞůƐĞĐƚŽƌŝŶĚƵƐ- ŵĂŝŶƚĂŝŶƐƚŚĞĐŽŶƚƌĂĐƟǀĞƚĞŶĚĞŶĐLJ͕ǁŝƚŚĂůŽƐƐŽĨϱ͕ϵϬϬũŽďƐ ƚƌŝĂů͕ĞƋƵŝǀĂůĞŶƚĞ͕ĞŶƚĠƌŵŝŶŽƐƌĞůĂƟǀŽƐ͕ĂƵŶĂĐĂşĚĂ during 2011, therefore, disappearing 10,200 jobs during the ĚĞůϮϮ͕ϳƉŽƌĐŝĞŶƚŽ͘ ůĂƐƚƚŚƌĞĞLJĞĂƌƐŝŶƚŚĞŝŶĚƵƐƚƌŝĂůƐĞĐƚŽƌ͕ǁŚŝĐŚŝƐĞƋƵŝǀĂůĞŶƚ͕ ŝŶƌĞůĂƟǀĞƚĞƌŵƐ͕ƚŽĂůŽƐƐŽĨϮϮ͘ϳй͘ DŝĞŶƚƌĂƐ͕ĞůŶƷŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐƌĞŐŝƐƚƌĂĚŽƐĞŶĞƐƚĞ ƐĞĐƚŽƌĂƵŵĞŶƚĂĚƵƌĂŶƚĞϮϬϭϭƵŶϭ͕ϳй͕ƉŽƌĞůĂǀĂŶĐĞ Meanwhile, the number of contracts registered in this sector ĚĞůĂĐŽŶƚƌĂƚĂĐŝſŶƚĞŵƉŽƌĂů;Ϯ͕ϵйŝŶƚĞƌĂŶƵĂůͿ͕ŵŝĞŶƚƌĂƐ ŝŶĐƌĞĂƐĞĚ ďLJ ϭ͘ϳй ĚƵƌŝŶŐ ϮϬϭϭ͕ ĂƐ Ă ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚĞ

  

 

  
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 Tabla 3.21 Table 3.21

132 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ƋƵĞĐĂĞůĂĐŽŶƚƌĂƚĂĐŝſŶŝŶĚĞĮŶŝĚĂĞŶƵŶϱ͕ϬƉŽƌĐŝĞŶƚŽ͘

ŶƐşŶƚĞƐŝƐ͕ůĂĂĐƟǀŝĚĂĚĚĞůĂŝŶĚƵƐƚƌŝĂƚƌĂŶƐĨŽƌŵĂĚŽ- ƌĂLJŵĂŶƵĨĂĐƚƵƌĞƌĂĚĞĂŶĂƌŝĂƐ͕ĐŽŶĐůĂƌĂŽƌŝĞŶƚĂĐŝſŶ ŚĂĐŝĂ Ğů ŵĞƌĐĂĚŽ ŝŶƚĞƌŝŽƌ͕ĞŶĐƵĞŶƚƌĂ ĚŝĮĐƵůƚĂĚĞƐ ĞƐ- ƚƌƵĐƚƵƌĂůĞƐƉĂƌĂůĂĐŽŶƐŽůŝĚĂĐŝſŶĚĞƵŶŵĂLJŽƌƚĞũŝĚŽ ĞdžƉŽƌƚĂĚŽƌ͕ůŽƋƵĞůĂƐƚƌĂƐƵĚĞƐĂƌƌŽůůŽ͘ ƉƌŽŐƌĞƐƐ ŽĨ ƚĞŵƉŽƌĂƌLJ ĐŽŶƚƌĂĐƚƐ ;Ϯ͘ϵй LJĞĂƌͲƚŽͲLJĞĂƌͿ͕ ďƵƚ ƵŶĚĞĮŶĞĚĐŽŶƚƌĂĐƚƐĚĞĐƌĞĂƐĞĚďLJϱ͘Ϭй͘ dĂůĞƐĚŝĮĐƵůƚĂĚĞƐƌĞƐƵůƚĂŶŝŶŚĞƌĞŶƚĞƐĂůƉƌŽƉŝŽĐĂƌĄĐ- ƚĞƌ ƵůƚƌĂƉĞƌŝĨĠƌŝĐŽ ĚĞ ŶƵĞƐƚƌŽ ƚĞƌƌŝƚŽƌŝŽ͖ LJ ŽďĞĚĞĐĞ͕ /Ŷ ƐŚŽƌƚ͕ ƚŚĞ ĂĐƟǀŝƚLJ ŽĨ ƚŚĞ ƉƌŽĐĞƐƐŝŶŐ ĂŶĚ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ĞŶƚƌĞŽƚƌŽƐĨĂĐƚŽƌĞƐ͕ĂůĂĞƐĐĂƐĞnjĚĞƌĞĐƵƌƐŽƐ͕ŵĂƚĞƌŝĂƐ ŝŶĚƵƐƚƌLJ͕ ǁŝƚŚ ŝŶƚĞƌŶĂů ŵĂƌŬĞƚͲŽƌŝĞŶƚĂƟŽŶ͕ ŚĂƐ ƐĞǀĞƌĂů ƉƌŝŵĂƐLJďŝĞŶĞƐŝŶƚĞƌŵĞĚŝŽƐ͖ĂůĂĚŝĮĐƵůƚĂĚƉĂƌĂĂůĐĂŶ- ƐƚƌƵĐƚƵƌĂů ĚŝĸĐƵůƟĞƐ ĂƩĞŵƉƟŶŐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞ Ă ǁŝĚĞƌ njĂƌĞĐŽŶŽŵşĂƐĚĞĞƐĐĂůĂĚĂĚŽĞůĨƌĂĐĐŝŽŶĂŵŝĞŶƚŽĚĞů ƌĂŶŐĞŽĨĞdžƉŽƌƚĂƟŽŶƐĂŶĚƐůŽǁĚŽǁŶŝƚƐĚĞǀĞůŽƉŵĞŶƚ͘ ƚĞƌƌŝƚŽƌŝŽ͖ŽĂůĂůƚŽĐŽƐƚĞĚĞůƐƵĞůŽ͘ƐƚŽƐĨĂĐƚŽƌĞƐĚŝĮ- dŚĞƐĞ ĚŝĸĐƵůƟĞƐ ĂƌĞ ůŝŶŬĞĚ ƚŽ ƚŚĞ ŽƵƚůLJŝŶŐ ŶĂƚƵƌĞ ŽĨ ŽƵƌ ĐƵůƚĂŶƵŶĂŵĂLJŽƌŝŵƉůĂŶƚĂĐŝſŶŝŶĚƵƐƚƌŝĂůĞŶĂŶĂƌŝĂƐ territory. Lack of resources, materials and intermediate ƐƚĂ ƌĞĂůŝĚĂĚ ĐŽŶĚŝĐŝŽŶĂ ůĂƐ ƉƌŽLJĞĐĐŝŽŶĞƐ ĚĞ ĨƵƚƵƌŽ goods stand out among other factors. Besides, there is ĚĞůƐĞĐƚŽƌ͕ƋƵĞĐŽŶƟŶƵĂƌĄŶĞŶĞůĐŽƌƚŽLJŵĞĚŝŽƉůĂ- ĂĐĞƌƚĂŝŶĚŝĸĐƵůƚLJƚŽƌĞĂĐŚĞĐŽŶŽŵŝĞƐŽĨƐĐĂůĞĚƵĞƚŽƚŚĞ njŽƐƵƉĞĚŝƚĂĚĂƐĂůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĐŽŶƐƵŵŽ͕ĞŶƵŶ territorial division or the high cost of land. These factors ĐŽŶƚĞdžƚŽĞŶĞůƋƵĞůĂĐŽŵƉŽŶĞŶƚĞŶŽƌĞƐŝĚĞŶƚĞƚĞŶĚĞ- hinder a greater industrial establishment in the Canary ƌĄĂƌĞƐĞŶƟƌƐĞ͕ƉŽƌůĂƉƌĞǀŝƐŝďůĞĐĂşĚĂĚĞůĐŽŶƐƵŵŽƚƵ- Islands. ƌşƐƟĐŽ͘dĂŵƉŽĐŽƐĞĂĚǀŝĞƌƚĞŶƉĞƌƐƉĞĐƟǀĂƐĚĞŵĞũŽƌşĂ ƉĂƌĂůĂƐŝŶĚƵƐƚƌŝĂƐĂƵdžŝůŝĂƌĞƐĚĞůĂĐŽŶƐƚƌƵĐĐŝſŶ͕ĚĂĚŽ dŚŝƐ ƌĞĂůŝƚLJ ĂīĞĐƚƐ ƚŚĞ ƉƌŽƐƉĞĐƚƐ ŝŶ Ă ŶĞĂƌ ĨƵƚƵƌĞ͕ ǁŚŝĐŚ ĞůŚŽƌŝnjŽŶƚĞŝŶĐŝĞƌƚŽĚĞůƐĞĐƚŽƌĐŽŶƐƚƌƵĐƚŽƌ͕ŵŝĞŶƚƌĂƐ will be linked to a short and medium term recovery in ƋƵĞĞŶƚƌĞůĂƐƌĂŵĂƐŶŽŵĂŶƵĨĂĐƚƵƌĞƌĂƐ͕ůĂĐŽŵƉŽŶĞŶ- ĐŽŶƐƵŵƉƟŽŶ͕ŝŶĂĐŽŶƚĞdžƚǁŚĞƌĞƚŚĞŶŽŶͲƌĞƐŝĚĞŶƚĐŽŵƉŽŶĞŶƚ ƚĞĞŶĞƌŐĠƟĐĂŇƵĐƚƵĂƌĄĞŶĨƵŶĐŝſŶĚĞůĂĐŽƟnjĂĐŝſŶĚĞů ǁŝůůƚĞŶĚƚŽƐƵīĞƌ͕ĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞĨŽƌĞƐĞĞĂďůĞĨĂůů ƉĞƚƌſůĞŽ͕ƐŝŶƋƵĞĞdžŝƐƚĂŶƉĞƌƐƉĞĐƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽ ŽĨ ƚŽƵƌŝƐƚ ĐŽŶƐƵŵƉƟŽŶ͘ dŚĞƌĞ ĂƌĞ ŶŽƚ ĂƉƉĂƌĞŶƚ ƉƌŽƐƉĞĐƚƐ ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞƵŶĂŵĂLJŽƌĚĞŵĂŶĚĂ͘ ĨŽƌĂŶŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞĐŽŶƐƚƌƵĐƟŽŶĂƵdžŝůŝĂƌLJŝŶĚƵƐƚƌŝĞƐ ĚƵĞ ƚŽ ĂŶ ƵŶĐĞƌƚĂŝŶ ĨƵƚƵƌĞ͘ DĞĂŶǁŚŝůĞ͕ ĂŵŽŶŐ ƚŚĞ ŶŽŶͲ ŽŵŽĂƐƉĞĐƚŽĚĞƐƚĂĐĂĚŽ͕ĐĂďƌşĂƐĞŹĂůĂƌĂůŐƵŶŽƐƐŝŐ- manufacturing branches, the energy component will ŶŽƐƉŽƐŝƟǀŽƐĞŵŝƟĚŽƐƉŽƌŶƵĞƐƚƌĂĚĞŵĂŶĚĂĞdžƚĞƌŝŽƌ ŇƵĐƚƵĂƚĞ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Žŝů ƉƌŝĐĞƐ͕ ĂŶĚ ƚŚĞƌĞ ĂƌĞ ŶŽƚ ĚĞůůĂĚŽĚĞŶƵĞƐƚƌĂďĂůĂŶnjĂĐŽŵĞƌĐŝĂů͕ƋƵĞŚĂďƌĄĂĨĞĐ- growth prospects as a result of a greater demand. ƚĂĚŽ ƚĂŶƚŽ Ă ůĂ ĂĐƟǀŝĚĂĚ ĐŽŵĞƌĐŝĂů ĐŽŵŽ ŝŶĚƵƐƚƌŝĂů͘ ƐƚĞƌĞƐƵůƚĂĚŽƐĞƉŽŶĞĚĞŵĂŶŝĮĞƐƚŽĞŶĞůƐŝŐŶŝĮĐĂƟǀŽ /ƚ ŝƐ ǁŽƌƚŚ ŶŽƟŶŐ ƐŽŵĞ ƉŽƐŝƟǀĞ ƐŝŐŶƐ ŽďƐĞƌǀĞĚ ŝŶ ŽƵƌ ĐƌĞĐŝŵŝĞŶƚŽĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĐĂŶĂƌŝĂƐĞŶ͞ŐƌƵƉĂ- ĞdžƚĞƌŶĂů ĚĞŵĂŶĚ ĨƌŽŵ ŽƵƌ ƚƌĂĚĞ ďĂůĂŶĐĞ͕ ǁŚŝĐŚ ĂīĞĐƚĞĚ ũĞ͟ĂůŽůĂƌŐŽĚĞůĂĐƌŝƐŝƐ͕ƋƵĞĂǀĂŶnjĂŶĞŶƚƌĞůŽƐĞdžƚƌĞ- ƚƌĂĚĞĂŶĚŝŶĚƵƐƚƌŝĂůĂĐƟǀŝƚLJ͘dŚŝƐƌĞƐƵůƚďĞĐŽŵĞƐĞǀŝĚĞŶƚĂƐ ŵŽƐĚĞůƉĞƌŝŽĚŽϮϬϬϳͲϮϬϭϭƵŶϭϮϲ͕ϳƉŽƌĐŝĞŶƚŽ͘ ǁĞŽďƐĞƌǀĞĂŶĂƌLJ/ƐůĂŶĚƐ͛ĞdžƉŽƌƚŐƌŽǁƚŚŝŶ͞ůŽƚ͟ĚƵƌŝŶŐƚŚĞ ĐƌŝƐŝƐ͘dŚĞƐĞĞdžƉŽƌƚƐĂĚǀĂŶĐĞϭϮϲ͘ϳйĨƌŽŵϮϬϬϳƚŽϮϬϭϭ͘ ŝĐŚĂƐĐŝĨƌĂƐƉŽĚƌşĂŶĞƐƚĂƌĂůŝŵĞŶƚĂĚĂƐ͕ĞŶĐŝĞƌƚĂŵĞ- ĚŝĚĂ͕ƉŽƌƵŶĂŵĂLJŽƌŽƌŝĞŶƚĂĐŝſŶĞdžƉŽƌƚĂĚŽƌĂĚĞŶƵĞƐ- dŚĞƐĞ ĮŐƵƌĞƐ ĐŽƵůĚ ďĞ ĨƵĞůůĞĚ͕ ƚŽ Ă ĐĞƌƚĂŝŶ ĞdžƚĞŶƚ͕ ďLJ Ă ƚƌĂŝŶĚƵƐƚƌŝĂŵĂŶƵĨĂĐƚƵƌĞƌĂLJƐĞƚƌĂƚĂƌşĂĚĞƵŶƉƌŝŵĞƌ ŐƌĞĂƚĞƌ ĞdžƉŽƌƚ ŽƌŝĞŶƚĂƟŽŶ ŽĨ ŽƵƌ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ŝŶĚƵƐƚƌLJ͘ ƉĂƐŽƉĂƌĂƵŶŽďũĞƟǀŽŵƵĐŚŽŵĄƐĂŵďŝĐŝŽƐŽ͕ĞůĚĞůĂ dŚŝƐĐŽƵůĚďĞĂĮƌƐƚƐƚĞƉŝŶŽƌĚĞƌƚŽƐĞƚĂŵŽƌĞĂŵďŝƟŽƵƐ ŝŶƚĞƌŶĂĐŝŽŶĂůŝnjĂĐŝſŶĚĞůĂŝŶĚƵƐƚƌŝĂĐĂŶĂƌŝĂ͕ƉŽƌůŽƋƵĞ ŐŽĂů͕ƚŚĞŝŶƚĞƌŶĂƟŽŶĂůŝnjĂƟŽŶŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐŝŶĚƵƐƚƌLJ͘ ƌĞƐƵůƚĂďĄƐŝĐŽĐŽŶƚĂƌĐŽŶƵŶŵĂƌĐŽŝŶƐƟƚƵĐŝŽŶĂůƋƵĞ dŚĞƌĞĨŽƌĞ͕ĂŶŝŶƐƟƚƵƟŽŶĂůĨƌĂŵĞǁŽƌŬŝƐĞƐƐĞŶƟĂůŝŶŽƌĚĞƌƚŽ ĨĂĐŝůŝƚĞĞůĂĐĐĞƐŽĚĞůŽƐƉƌŽĚƵĐƚŽƐĐĂŶĂƌŝŽƐĂůŽƐŵĞƌ- facilitate access of the Canary Islands’ products to markets ĐĂĚŽƐLJĐŽŶƚƌŝďƵLJĂĂƐƵƉƌŽŵŽĐŝſŶ͕ƉĞƌŽ͕ƚĂŵďŝĠŶ͕ĐŽŶ ĂŶĚ ĐŽŶƚƌŝďƵƚĞ ƚŽ ƚŚĞŝƌ ƉƌŽŵŽƟŽŶ͕ ďƵƚ ĂůƐŽ ǁŝƚŚ Ă ďĞƩĞƌ ƵŶĂŵĞũŽƌĐŽŶĞĐƟǀŝĚĂĚ͕ƚĂŶƚŽŵĂƌşƟŵĂĐŽŵŽĂĠƌĞĂ͘ ŵĂƌŝƟŵĞĂŶĚĂŝƌĐŽŶŶĞĐƟǀŝƚLJ͘

133 CONCLUSIONES CONCLUSIONS 2011

ĞůŵŝƐŵŽŵŽĚŽ͕ĞdžŝƐƚĞŶŽƚƌĂƐĞƐƚƌĂƚĞŐŝĂƐƋƵĞƉƵĞ- ĚĞŶĐŽŶƚƌŝďƵŝƌĂƵŶĂŵĞũŽƌĞǀŽůƵĐŝſŶĚĞůƐĞĐƚŽƌŝŶĚƵƐ- ƚƌŝĂů͕ ŝŶĐůƵƐŽ ĞŶ ƵŶ ĐŽŶƚĞdžƚŽ ĚĞ ĨƵĞƌƚĞƐ ůŝŵŝƚĂĐŝŽŶĞƐ ƉƌĞƐƵƉƵĞƐƚĂƌŝĂƐĐŽŵŽĞůĂĐƚƵĂů͘ Likewise, there are other strategies that are useful to ŶƚƌĞŽƚƌĂƐĐƵĞƐƟŽŶĞƐ͕ƋƵĞĚĂŵƵĐŚŽŵĂƌŐĞŶƉĂƌĂůĂ ĐŽŶƚƌŝďƵƚĞƚŽĂďĞƩĞƌƉƌŽŐƌĞƐƐŽĨƚŚĞŝŶĚƵƐƚƌŝĂůƐĞĐƚŽƌ͕ĞǀĞŶ ŵĞũŽƌĂŝŶƚĞƌĂĚŵŝŶŝƐƚƌĂƟǀĂLJŶŽƌŵĂƟǀĂƋƵĞĂĨĞĐƚĂĂůĂ in a context of strong budgetary constraints as this. ŝŶĚƵƐƚƌŝĂĐĂŶĂƌŝĂ͕ĂĮŶĚĞĨĂĐŝůŝƚĂƌůĂĐƌĞĂĐŝſŶĚĞŝŶĚƵƐ- ƚƌŝĂƐ͕ŵŝŶŝŵŝnjĂŶĚŽĂůŵŝƐŵŽƟĞŵƉŽƉŽƐŝďůĞƐƌŝĞƐŐŽƐ ŵŽŶŐ ŽƚŚĞƌ ŝƐƐƵĞƐ͕ ƚŚĞƌĞ ŝƐ ƉůĞŶƚLJ ŽĨ ƌŽŽŵ ĨŽƌ ŝŶƚĞƌͲ ĚĞĚĞƐůŽĐĂůŝnjĂĐŝſŶ͘ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂŶĚ Ă ďĞƩĞƌ ƌĞŐƵůĂƟŽŶ ƚŚĂƚ ĂīĞĐƚ ĂŶĂƌLJ /ƐůĂŶĚƐ͛ ŝŶĚƵƐƚƌLJ͘ dŚĞ ƉƵƌƉŽƐĞ ŽĨ ƚŚĞƐĞ ƐŝŵŝƐŵŽ͕ĐŽŶƟŶƷĂĞƐĐĂƐĞĂŶĚŽůĂŽĨĞƌƚĂĚĞƐƵĞůŽƉĂƌĂ ŝŵƉƌŽǀĞŵĞŶƚƐŝƐƚŽĨĂĐŝůŝƚĂƚĞƚŚĞĐƌĞĂƟŽŶŽĨŶĞǁŝŶĚƵƐƚƌŝĞƐ͕ ƵƐŽŝŶĚƵƐƚƌŝĂů͕ůŽƋƵĞĞůĞǀĂůŽƐĐŽƐƚĞƐĚĞŝŵƉůĂŶƚĂĐŝſŶ ŵŝŶŝŵŝƐŝŶŐƉŽƐƐŝďůĞƌŝƐŬƐŽĨĚĞůŽĐĂůŝƐĂƟŽŶ͘ ŚĂƐƚĂĚĞƐŝŶĐĞŶƟǀĂƌĞůĂĐĐĞƐŽĂůƐĞĐƚŽƌĚĞŶƵĞǀĂƐĞŵ- ƉƌĞƐĂƐ͖ŵŝĞŶƚƌĂƐƋƵĞůĂĚŽƚĂĐŝſŶĚĞŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐ ƚ ƚŚĞ ƐĂŵĞ ƟŵĞ͕ ƚŚĞƌĞ ŝƐ ƐƟůů Ă ůĂĐŬ ŽĨ ůĂŶĚ ƐƵƉƉůLJ ĨŽƌ ĐŽŶƟŶƷĂƐŝĞŶĚŽŝŶƐƵĮĐŝĞŶƚĞ͘ ŝŶĚƵƐƚƌŝĂů ƉƵƌƉŽƐĞƐ͕ ǁŚŝĐŚ ŝŶĐƌĞĂƐĞƐ ŝŵƉůĞŵĞŶƚĂƟŽŶ ĐŽƐƚƐ ŶƚŽĚŽĞƐƚĞĐŽŶƚĞdžƚŽ͕ƌĞƐƵůƚĂƌĄĞƐĞŶĐŝĂůŵĂŶƚĞŶĞƌůĂ to such an extent that the access for new enterprises is intensidad de las medidas de compensación ampara- ĚŝƐĐŽƵƌĂŐĞĚ͘DĞĂŶǁŚŝůĞ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞƉƌŽǀŝƐŝŽŶĐŽŶƟŶƵĞƐ ĚĂƐƉŽƌŶƵĞƐƚƌŽZĠŐŝŵĞŶĐŽŶſŵŝĐŽLJ&ŝƐĐĂůĂĨĂǀŽƌ ƚŽďĞŝŶƐƵĸĐŝĞŶƚ͘ ĚĞůƐĞĐƚŽƌ͕ĐŽŵŽƷŶŝĐĂǀşĂƉĂƌĂŐĂƌĂŶƟnjĂƌƐƵƐƵƉĞƌǀŝ- In this context, it will be crucial to maintain the intensity of ǀĞŶĐŝĂLJĂĐĞƌĐĂƌůĂ͕ĞŶƚĠƌŵŝŶŽƐĚĞĐŽŵƉĞƟƟǀŝĚĂĚ͕Ă ƚŚĞĐŽŵƉĞŶƐĂƟŽŶĂƌƌĂŶŐĞŵĞŶƚƐƐƵƉƉŽƌƚĞĚďLJŽƵƌĐŽŶŽŵŝĐ ůŽƐĚĞŵĄƐƚĞƌƌŝƚŽƌŝŽƐĐŽŵƵŶŝƚĂƌŝŽƐ͘ and Fiscal Regime in favour of the sector, as the only way La Construcción to guarantee its survival and to bring it closer to other ĐŽŵŵƵŶŝƟĞƐ͘ ĞƐĚĞĞůŝŶŝĐŝŽĚĞůĂĐƌŝƐŝƐ͕ůĂƐƌĂŵĂƐǀŝŶĐƵůĂĚĂƐĂůĂ ĐŽŶƐƚƌƵĐĐŝſŶ ŚĂŶ ĚĞďŝĚŽ ĂĨƌŽŶƚĂƌ ƵŶ ĚƵƌŽ ĚĞƐŐĂƐƚĞ dŚĞŽŶƐƚƌƵĐƟŽŶƐĞĐƚŽƌ ƋƵĞ ůĞ ŚĂ ĐŽŶĚƵĐŝĚŽ Ă ƵŶĂ ŝƌƌĞŵĞĚŝĂďůĞ ƉĠƌĚŝĚĂ ĚĞ ƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚ͘ ^ŝŶĐĞƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞĐƌŝƐŝƐ͕ƚŚĞĚŝīĞƌĞŶƚďƌĂŶĐŚĞƐůŝŶŬĞĚ ƚŽ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ƐĞĐƚŽƌ ŚĂǀĞ ďĞĞŶ ŐƌĞĂƚůLJ ǁŽƌŶ ĚŽǁŶ͕ dƌĂƐƵŶƉĞƌŝŽĚŽĚĞĨƵĞƌƚĞĞdžƉĂŶƐŝſŶ͕ŝŶŝĐŝĂĚŽĂƉĂƌƟƌ ǁŚŝĐŚŚĂƐůĞĚƚŚĞŵƚŽĂŶŝƌƌĞŵĞĚŝĂďůĞůŽƐƐŽĨƌĞƉƌĞƐĞŶƚĂƟŽŶ͘ ĚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞůŽƐŶŽǀĞŶƚĂ͕ĞůƉƌŽĐĞƐŽĚĞƉƌŽ- ŐƌĞƐŝǀĂĚĞƐĂĐĞůĞƌĂĐŝſŶ ƋƵĞǀĞŶşĂ ĞdžƉĞƌŝŵĞŶƚĂŶĚŽ Ğů ŌĞƌ Ă ƉĞƌŝŽĚ ŽĨ ƐƚƌŽŶŐ ĞdžƉĂŶƐŝŽŶ ŝŶ ƚŚĞ ƐĞĐŽŶĚ ŚĂůĨ ŽĨ ƐĞĐƚŽƌĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐĂŹŽƐĚĞůƐŝŐůŽyy/ĚĞƐĞŵ- ƚŚĞ ŶŝŶĞƟĞƐ͕ ƚŚĞ ƉƌŽŐƌĞƐƐŝǀĞ ĚĞĐĞůĞƌĂƟŽŶ ƚŚĂƚ ƚŚĞ ƐĞĐƚŽƌ ďŽĐſĞŶƵŶĂĂďƌƵƉƚĂĐŽŶƚƌĂĐĐŝſŶĂƉĂƌƟƌĚĞůƐĞŐƵŶĚŽ ǁĂƐ ƵŶĚĞƌŐŽŝŶŐ ĚƵƌŝŶŐ ƚŚĞ ĮƌƐƚ LJĞĂƌƐ ŽĨ ƚŚĞ yy/ ĐĞŶƚƵƌLJ ƐĞŵĞƐƚƌĞĚĞϮϬϬϳ͕ƐŝƚƵĂŶĚŽĂĞƐƚĂĂĐƟǀŝĚĂĚĐŽŵŽƵŶĂ ĐƵůŵŝŶĂƚĞĚŝŶĂŶĂďƌƵƉƚĐŽŶƚƌĂĐƟŽŶďĞŐŝŶŶŝŶŐŝŶƚŚĞƐĞĐŽŶĚ ĚĞůĂƐŵĄƐƉĞƌũƵĚŝĐĂĚĂƐƉŽƌůĂĐƌŝƐŝƐ͘ ƋƵĂƌƚĞƌŽĨϮϬϬϳ͘dŚŝƐƐŝƚƵĂƟŽŶƉŽƐŝƟŽŶĞĚƚŚĞĐŽŶƐƚƌƵĐƟŽŶ ƐĞĐƚŽƌĂƐŽŶĞŽĨƚŚĞĂĐƟǀŝƟĞƐǁŽƌƐƚĂīĞĐƚĞĚďLJƚŚĞĐƌŝƐŝƐ͘ ƵƌĂŶƚĞĞƐƚĞƉĞƌŝŽĚŽ͕ůĂĐŽŶƐƚƌƵĐĐŝſŶƉŝĞƌĚĞĂƉƌŽdžŝ- ŵĂĚĂŵĞŶƚĞƵŶͲϮϲ͕ϭйĚĞƐƵǀĂůŽƌ;ƐĞƚƌĂƚĂĚĞƵŶĐĄů- ƵƌŝŶŐ ƚŚŝƐ ƉĞƌŝŽĚ͕ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ƐĞĐƚŽƌ ŚĂƐ ůŽƐƚ ĐƵůŽĂƉƌŽdžŝŵĂĚŽ͕ĚĂĚŽƋƵĞƐĞƉƌŽĚƵĐĞƵŶĐĂŵďŝŽĚĞ ĂƉƉƌŽdžŝŵĂƚĞůLJϮϲ͘ϭйŽĨŝƚƐǀĂůƵĞ;ƚŚŝƐŝƐĂƌŽƵŐŚĞƐƟŵĂƚĞ͕ ďĂƐĞĞŶůĂZͲϮϬϬϴ͕ƋƵĞŝŵƉŝĚĞƐƵĐŽŵƉĂƌĂďŝůŝĚĂĚͿ͕ ƐŝŶĐĞ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ Ă ďĂƐĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ^ZͲϮϬϬϴ щʹ ĞŶƵŶĐŽŶƚĞdžƚŽĚĞĨƵĞƌƚĞƐĂũƵƐƚĞƐĞŶůĂĂĐƟǀŝĚĂĚLJĞů ^ƉĂŶŝƐŚ ZĞŐŝŽŶĂů ĐĐŽƵŶƚƐʹ ǁŚŝĐŚ ŵĂŬĞƐ ŝƚ ĚŝĸĐƵůƚ ƚŽ ĞŵƉůĞŽĚĞůƐĞĐƚŽƌ͕ƉŽƌůĂƉƌĄĐƟĐĂƉĂƌĂůŝnjĂĐŝſŶĚĞůŵĞƌ- ŵĂŬĞ Ă ĐŽŵƉĂƌŝƐŽŶͿ͘ dŚŝƐ ŚĂƉƉĞŶƐ ŝŶ Ă ĐŽŶƚĞdžƚ ŽĨ ƐƚƌŽŶŐ ĐĂĚŽĚĞůĂǀŝǀŝĞŶĚĂLJůĂŽďƌĂƉƷďůŝĐĂ͖LJĞŶŐĞŶĞƌĂů͕ƉŽƌ ĂĚũƵƐƚŵĞŶƚƐ͕ ǁŚŝĐŚ ĂīĞĐƚ ĂĐƟǀŝƚLJ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ ŝŶ ƚŚŝƐ ůĂĨĂůƚĂĚĞĐƌĠĚŝƚŽLJĞůĐůŝŵĂŐĞŶĞƌĂůŝnjĂĚŽĚĞƌĞĐĞƐŝſŶ͕ ƐĞĐƚŽƌ͕ŵĂŝŶůLJĚƵĞƚŽƚŚĞƐƚĂŐŶĂƟŽŶŽĨƚŚĞŚŽƵƐŝŶŐŵĂƌŬĞƚ

134 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ƋƵĞŚĂƌĞĚƵĐŝĚŽĂůĂŵşŶŝŵĂĞdžƉƌĞƐŝſŶĂůĐŽŶũƵŶƚŽĚĞ ĂĐƟǀŝĚĂĚĞƐǀŝŶĐƵůĂĚĂƐĂůĂĐŽŶƐƚƌƵĐĐŝſŶ͘

ĞŶƚƌĂŶĚŽ ŶƵĞƐƚƌŽ ĂŶĄůŝƐŝƐ ĞŶ ϮϬϭϭ͕ ůĂƐ ƌĂŵĂƐ ĚĞ ůĂ ĐŽŶƐƚƌƵĐĐŝſŶƌĞĐƌƵĚĞĐĞŶƐƵƚƌĂLJĞĐƚŽƌŝĂƌĞĐĞƐŝǀĂĂůŝŶ- and public works and more generally because of the lack of ƚĞŶƐŝĮĐĂƌƐƵĐĂşĚĂ͕ĞŶƚĠƌŵŝŶŽƐĚĞs͕ŚĂƐƚĂĞůͲϳ͕ϭ credit and a general recession climate, which has reduced all ƉŽƌĐŝĞŶƚŽ͘ƐƚĞƌĞƐƵůƚĂĚŽĐŽŶůůĞǀĂƵŶĂŝƌƌĞŵĞĚŝĂďůĞ ĐŽŶƐƚƌƵĐƟŽŶůŝŶŬĞĚĂĐƟǀŝƟĞƐƚŽĂŵŝŶŝŵƵŵ͘ ƉĠƌĚŝĚĂĚĞƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĚĞůƐĞĐƚŽƌ͕ƋƵĞƉĂƐĂĚĞů ϭϭ͕ϴĚĞůsƌĞŐŝŽŶĂůĞŶϮϬϬϴ͕ŚĂƐƚĂĞůϵ͕ϯйĂůĐŝĞƌƌĞ Focusing our analysis on 2011, the worsening of the drop de 2011. ƵƉƚŽϳ͘ϭƉĞƌĐĞŶƚŝŶƚĞƌŵƐŽĨƚŚĞ'sŝŶƚŚĞĐŽŶƐƚƌƵĐƟŽŶ ƐĞĐƚŽƌŝŶƚĞŶƐŝĮĞƐŝƚƐƌĞĐĞƐƐŝǀĞƚƌĂũĞĐƚŽƌLJ͘dŚŝƐƌĞƐƵůƚŝŶǀŽůǀĞƐ ƐƚĂƐŝƚƵĂĐŝſŶĚĞĨƵĞƌƚĞĚĞƚĞƌŝŽƌŽƌĞƐƵůƚĂǀŝƐŝďůĞĚĞƐĚĞ ĂŶŝƌƌĞŵĞĚŝĂďůĞůŽƐƐŽĨƌĞƉƌĞƐĞŶƚĂƟŽŶŝŶƚŚĞƐĞĐƚŽƌ͕ǁŚŝĐŚ ƚŽĚŽƐƐƵƐŝŶĚŝĐĂĚŽƌĞƐĚĞĚĞŵĂŶĚĂ͕ĞŵƉůĞŽLJĂĐƟǀŝ- ŐŽĞƐĨƌŽŵϭϭ͘ϴŝŶƚŚĞƌĞŐŝŽŶĂů'sŝŶϮϬϬϴƚŽϵ͘ϯйĂƚƚŚĞ ĚĂĚ͘ŶŵĂƚĞƌŝĂĚĞĂĐƟǀŝĚĂĚ͕ǀƵĞůǀĞŶĂƌĞƚƌŽĐĞĚĞƌĚĞ end of 2011. ŵĂŶĞƌĂƐƵƐƚĂŶƟǀĂůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐĚĞŵĂƚĞƌŝĂůĞƐĚĞ ĐŽŶƐƚƌƵĐĐŝſŶ ĚƵƌĂŶƚĞ ϮϬϭϭ ;Ͳϭϯ͕ϴйͿ͕ ƐƵŵĄŶĚŽƐĞ ĂƐş dŚŝƐ ƐŝƚƵĂƟŽŶ ŽĨ ƐŚĂƌƉ ĚĞƚĞƌŝŽƌĂƟŽŶ ŝƐ ŶŽƟĐĞĂďůĞ ĨƌŽŵ Ăůů ĂĐƵĂƚƌŽĞũĞƌĐŝĐŝŽƐĚĞĚĞƐĐĞŶƐŽƐ͕ƋƵĞĂĐƵŵƵůĂŶƵŶĂ ŝƚƐĚĞŵĂŶĚ͕ĞŵƉůŽLJŵĞŶƚĂŶĚĂĐƟǀŝƚLJŝŶĚŝĐĂƚŽƌƐ͘/ŶŵĂƩĞƌƐ ĐĂşĚĂĚĞůϳϬйĚĞƐĚĞĞůŝŶŝĐŝŽĚĞůĂĐƌŝƐŝƐ͘ŶůĂŵŝƐŵĂ ŽĨĂĐƟǀŝƚLJ͕ƚŚĞƌĞŚĂƐďĞĞŶĂĚĞĐůŝŶĞŝŶŝŵƉŽƌƚƐŽĨďƵŝůĚŝŶŐ ůşŶĞĂ͕ůŽƐŐƌĂŶĞůĞƐƐſůŝĚŽƐĞŶƚƌĂĚŽƐƉŽƌůŽƐƉƵĞƌƚŽƐĚĞ ŵĂƚĞƌŝĂůƐĚƵƌŝŶŐϮϬϭϭ;ϭϯ͘ϴйͿǁŚŝĐŚ͕ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĨŽƵƌ ƟƚƵůĂƌŝĚĂĚĞƐƚĂƚĂů͕ĐƵLJŽĚĞƐƟŶŽƉƌŝŶĐŝƉĂůƌĞƐƵůƚĂůĂĂĐ- ƉƌĞǀŝŽƵƐ ĮŶĂŶĐŝĂů LJĞĂƌƐ͕ ĂĐĐƵŵƵůĂƚĞƐ Ă ĨĂůů ŽĨ ϳϬй ƐŝŶĐĞ ƟǀŝĚĂĚĚĞůĂĐŽŶƐƚƌƵĐĐŝſŶ͕ĂŶŽƚĂŶƵŶƌĞƚƌŽĐĞƐŽƉĂƌĂ the beginning of the crisis. Along the same line, bulk solids ϮϬϭϭĚĞůͲϭϲ͕Ϯй͕ĐŽŶůŽƋƵĞĂĐƵŵƵůĂƵŶĂĐŽŶƚƌĂĐĐŝſŶ ĂƌƌŝǀĞĚ Ăƚ ƐƚĂƚĞͲŽǁŶĞĚ ƉŽƌƚƐ͕ ĂŶĚ ĂŝŵĞĚ Ăƚ ĐŽŶƐƚƌƵĐƟŽŶ͕ ĚĞƐĚĞϮϬϬϳĚĞůͲϲϯ͕ϮƉŽƌĐŝĞŶƚŽ͘ ŚĂǀĞ ƌĞĐĞĚĞĚ ŝŶ ϮϬϭϭ ;ϭϲ͘ϮйͿ ǁŚŝĐŚ ĂĐĐƵŵƵůĂƚĞƐ Ă ĐŽŶƚƌĂĐƟŽŶŽĨϲϯ͘ϮйƐŝŶĐĞϮϬϬϳ͘ WŽƌ ĂĐƟǀŝĚĂĚĞƐ͕ ůĂ ĞĚŝĮĐĂĐŝſŶ ƌĞƐŝĚĞŶĐŝĂů ĐŽŶƟŶƷĂ ĂĐĞƌĐĄŶĚŽƐĞĂƐƵƉƌĄĐƟĐĂƉĂƌĂůŝnjĂĐŝſŶ͕ĐŽŶƵŶĂŶƵĞǀĂ ZĞŐĂƌĚŝŶŐ ĂĐƟǀŝƟĞƐ͕ ƌĞƐŝĚĞŶƟĂů ďƵŝůĚŝŶŐ ŝƐ ĂďŽƵƚ ƚŽ ƐƚŽƉ ĐĂşĚĂƉĂƌĂϮϬϭϭĚĞůϱϲ͕ϵй͕ŝŶŝĐŝĄŶĚŽƐĞƚĂŶƐŽůŽϴϮϭ ĐŽŵƉůĞƚĞůLJĂŌĞƌĂŶĞǁĨĂůůŽĨϱϲ͘ϵйŝŶϮϬϭϭ͘KŶůLJϴϮϭŶĞǁ ǀŝǀŝĞŶĚĂƐĂůŽůĂƌŐŽĚĞůĞũĞƌĐŝĐŝŽ͕ĨƌĞŶƚĞĂůĂƐϮϳ͘ϲϵϮ housing projects have been carried out throughout the year, ǀŝǀŝĞŶĚĂƐƋƵĞ͕ĚĞŵĞĚŝĂ͕ƐĞĐŽŵĞŶnjĂďĂŶĚƵƌĂŶƚĞůŽƐ ĂƐŽƉƉŽƐĞĚƚŽƚŚĞϮϳ͕ϲϵϮŶĞǁŚŽŵĞƐĨƌŽŵƚŚĞďĞŐŝŶŶŝŶŐŽĨ ĂŹŽƐĚĞĞdžƉĂŶƐŝſŶĚĞůƐĞĐƚŽƌ;ƵŶĂĐĂşĚĂĚĞůϵϳйͿ͘ ƚŚĞĐŽŶƐƚƌƵĐƟŽŶƐĞĐƚŽƌĞdžƉĂŶƐŝŽŶ;ĂĚƌŽƉŽĨϵϳйͿ͘

 

 
   






   
  

  
  
  


  
  
 

 







 



 












.YmÄJV Graph 3.20

135 CONCLUSIONES CONCLUSIONS 2011

ĞŵĂŶĞƌĂƐŝŵŝůĂƌ͕ůĂƐǀŝǀŝĞŶĚĂƐĮŶĂůŝnjĂĚĂƐƐĞŝŶƐĐƌŝ- ďĞŶƚĂŵďŝĠŶĞŶƵŶƉƌŽĐĞƐŽĚĞƐŝŐŶŽŶĞŐĂƟǀŽĚƵƌĂŶƚĞ ĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽ;Ͳϰϯ͕ϵйͿ͕ŵĞŶŽƐŝŶƚĞŶƐŽƋƵĞĞŶĞů ĐĂƐŽĚĞůĂƐĮŶĂůŝnjĂĚĂƐ͕ĚĞďŝĚŽĂůĂŶĞĐĞƐŝĚĂĚĚĞĐĞƌƌĂƌ ůŽƐƉƌŽLJĞĐƚŽƐŝŶŝĐŝĂĚŽƐĞŶĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽƌĞƐĂůĂĐƌŝ- ƐŝƐ͘ŶƚƌĞϮϬϬϳLJϮϬϭϭ͕ƐĞĂĐƵŵƵůĂLJĂƵŶĂĐĂşĚĂĚĞůϳϬ por ciento. Similarly, completed homes have also receded during the ůĚĞƐŐĂƐƚĞĚĞůŵĞƌĐĂĚŽŝŶŵŽďŝůŝĂƌŝŽĞƐƚĂŵďŝĠŶŽď- ůĂƐƚLJĞĂƌ;ϰϯ͘ϵйͿ͕ĂĨĂůůƚŚĂƚŚĂƐďĞĞŶůĞƐƐŝŶƚĞŶƐĞƚŚĂŶŝŶ ƐĞƌǀĂďůĞĂƉĂƌƟƌĚĞůĂĞǀŽůƵĐŝſŶĚĞůŽƐ/ŵƉƵĞƐƚŽƐĚĞ ĐŽŵƉůĞƚĞĚŚŽŵĞƐ͕ĚƵĞƚŽƚŚĞŶĞĞĚƚŽĐůŽƐĞƉƌŽũĞĐƚƐŝŶŝƟĂƚĞĚ dƌĂŶƐŵŝƐŝŽŶĞƐ WĂƚƌŝŵŽŶŝĂůĞƐ LJ ĐƚŽƐ :ƵƌşĚŝĐŽƐ ŽĐƵ- ŝŶĮƐĐĂůLJĞĂƌƐƉƌĞǀŝŽƵƐƚŽƚŚĞĐƌŝƐŝƐ͘ĞƚǁĞĞŶϮϬϬϳĂŶĚϮϬϭϭ͕ ŵĞŶƚĂĚŽƐ͕ ĞƐƚƌĞĐŚĂŵĞŶƚĞ ǀŝŶĐƵůĂĚŽƐ Ă ůĂ ĐŽŵƉƌĂ- ƚŚĞƌĞŚĂƐďĞĞŶĂĨĂůůŽĨϳϬй͘ ǀĞŶƚĂĚĞŝŶŵƵĞďůĞƐ͕ƋƵĞǀƵĞůǀĞŶĂƌĞĚƵĐŝƌƐĞĚƵƌĂŶƚĞ ϮϬϭϭĞŶƵŶϭϮ͕ϯй͕LJĂůŽůĂƌŐŽĚĞůƉĞƌŝŽĚŽϮϬϬϳͲϮϬϭϭ͕ dŚŝƐ ĚĞƚĞƌŝŽƌĂƟŽŶ ŽĨ ƚŚĞ ŚŽƵƐŝŶŐ ŵĂƌŬĞƚ ŝƐ ĂůƐŽ ǀŝƐŝďůĞ ŝŶ ĞŶƵŶϱϵ͕ϲƉŽƌĐŝĞŶƚŽ͘ ƚŚĞĞǀŽůƵƟŽŶŽĨƚŚĞKŶĞƌŽƵƐWĂƚƌŝŵŽŶŝĂůdƌĂŶƐŵŝƐƐŝŽŶdĂdž of Stamp duty, closely linked to the buying and selling of ǀŽůƵĐŝŽŶĂŶƚĂŵďŝĠŶĂůĂďĂũĂůŽƐƉƌĞĐŝŽƐĚĞǀĞŶƚĂĚĞ ƉƌŽƉĞƌƟĞƐ͕ǁŚŝĐŚŚĂƐĚĞĐůŝŶĞĚĂŐĂŝŶďLJϭϮ͘ϯйŝŶϮϬϭϭĂŶĚ ǀŝǀŝĞŶĚĂƐ͕ƋƵĞĐĂĞŶƵŶŶƵĞǀŽϱ͕ϬйĚƵƌĂŶƚĞϮϬϭϭ͕ĐŽŶ ďLJϱϵ͘ϲйďĞƚǁĞĞŶϮϬϬϳĂŶĚϮϬϭϭ͘ ůŽƋƵĞĂĐƵŵƵůĂƵŶĂƌĞĚƵĐĐŝſŶĚĞůϭϳ͕ϭйĚĞƐĚĞϮϬϬϳ͘ ƷŶƋƵĞĚĂƌĞĐŽƌƌŝĚŽƉĂƌĂŶƵĞǀĂƐďĂũĂĚĂƐ͕ĞŶĐƵĂŶƚŽ ,ŽƵƐĞƉƌŝĐĞƐŚĂǀĞĂůƐŽĨĂůůĞŶ͕ǁŝƚŚĂŶĞǁϱ͘ϬйĚƌŽƉĚƵƌŝŶŐ ĐŽŵŝĞŶĐĞŶĂƐƵƌƟƌĞĨĞĐƚŽůĂƐƉƌŽǀŝƐŝŽŶĞƐƉƌĞǀŝƐƚĂƐƉŽƌ ϮϬϭϭ͕ǁŚŝĐŚĂĐĐƵŵƵůĂƚĞƐĂƌĞĚƵĐƟŽŶŽĨϭϳ͘ϭйƐŝŶĐĞϮϬϬϳ͘ ůĂƐƌĞĨŽƌŵĂƐĮŶĂŶĐŝĞƌĂƐĚĞĨĞďƌĞƌŽLJŵĂLJŽĚĞϮϬϭϮ͕ EĞǁƉƌŝĐĞƌĞĚƵĐƟŽŶƐǁŝůůƚĂŬĞƉůĂĐĞĂƐƐŽŽŶĂƐƚŚĞƉƌŽǀŝƐŝŽŶƐ ƋƵĞŝŶĐĞŶƟǀĂƌĄůĂƐĂůŝĚĂĂůŵĞƌĐĂĚŽĚĞĂĐƟǀŽƐŝŶŵŽďŝ- ƐĞƚďLJƚŚĞĮŶĂŶĐŝĂůƌĞĨŽƌŵŽĨ&ĞďƌƵĂƌLJĂŶĚDĂLJϮϬϭϮƐƚĂƌƚ ůŝĂƌŝŽƐĞŶƉƌŽƉŝĞĚĂĚĚĞůĂƐĞŶƟĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐ͕ĐŽŶ ƚĂŬŝŶŐĞīĞĐƚ͘dŚŝƐƌĞĨŽƌŵǁŝůůƐƟŵƵůĂƚĞƚŚĞƌĞůĞĂƐĞŽĨƌĞĂů ŝŵƉŽƌƚĂŶƚĞƐĚĞƐĐƵĞŶƚŽƐ͘ ĞƐƚĂƚĞĂƐƐĞƚƐŽǁŶĞĚďLJĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐǁŝƚŚƐŝŐŶŝĮĐĂŶƚ price cuts. >ĂĞĚŝĮĐĂĐŝſŶƌĞƐŝĚĞŶĐŝĂůŶŽƉƌĞƐĞŶƚĂƐŝŐŶŽƐĚĞƌĞĂĐ- ƟǀĂĐŝſŶ͕ĂůĂǀŝƐƚĂĚĞůĂŝŶƚĞŶƐĂĐĂşĚĂƋƵĞĂĐƵŵƵůĂŶ dŚĞƌĞ ĂƌĞ ŶŽ ƐŝŐŶƐ ŽĨ ƌĞĐŽǀĞƌLJ ŝŶ ƌĞƐŝĚĞŶƟĂů ďƵŝůĚŝŶŐ͕ ŝŶ ůĂƐǀŝǀŝĞŶĚĂƐŝŶŝĐŝĂĚĂƐĚĞƐĚĞϮϬϬϳ͕ĚĞůĚĞƚĞƌŝŽƌŽĚĞů ǀŝĞǁŽĨƚŚĞƐŚĂƌƉĨĂůůƚŚĂƚŚŽƵƐĞƐƐƚĂƌƚĞĚĨƌŽŵϮϬϬϳŚĂǀĞ ŵĞƌĐĂĚŽůĂďŽƌĂůLJĚĞůĂƐƚĞŶƐŝŽŶĞƐƋƵĞĐŽŶƟŶƷĂŶĞdžŝƐ- ĂĐĐƵŵƵůĂƚĞĚ͕ŽĨƚŚĞůĂďŽƵƌŵĂƌŬĞƚĚĞƚĞƌŝŽƌĂƟŽŶĂŶĚŽĨƚŚĞ ƟĞŶĚŽĞŶůŽƐŵĞƌĐĂĚŽƐĮŶĂŶĐŝĞƌŽƐ͘ƐƚĂƌĞĂůŝĚĂĚƌĞƐ- ĞdžŝƐƟŶŐ ƚĞŶƐŝŽŶƐ ǁŝƚŚŝŶ ƚŚĞ ĮŶĂŶĐŝĂů ŵĂƌŬĞƚƐ͘ dŚŝƐ ƌĞĂůŝƚLJ

 

 


  
 


    
 
 

 


 
  













 

 



      
     
 

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 Tabla 3.22 Table 3.22

136 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ƚƌŝŶŐŝƌĄ͕ĂůŵĞŶŽƐĞŶĞůĐŽƌƚŽƉůĂnjŽ͕ůĂĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞĐƌĠĚŝƚŽƉĂƌĂůĂƐĨĂŵŝůŝĂƐLJĞŵƉƌĞƐĂƐ͘

Ŷ ĞƐƚĞ ƉĂŶŽƌĂŵĂ͕ ůĂ ŶĞĐĞƐŝĚĂĚ ĚĞ ƌĞĞƋƵŝůŝďƌĂƌ ůĂƐ ĐƵĞŶƚĂƐ ĚĞ ůĂƐ ĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ ƉƷďůŝĐĂƐ ĂŹĂĚĞ ƵŶ ŶƵĞǀŽŽďƐƚĄĐƵůŽĂůƐĞĐƚŽƌĐŽŶƐƚƌƵĐƚŽƌ͕ƋƵĞŚĂƉĂĚĞ- will reduce, at least in the short term, the availability of ĐŝĚŽƵŶĨƵĞƌƚĞƌĞƚƌĂŝŵŝĞŶƚŽĚĞůĂůŝĐŝƚĂĐŝſŶƉƷďůŝĐĂĚƵ- credit for families and companies. ƌĂŶƚĞĞƐƚĞƷůƟŵŽĂŹŽ͘ /ŶƚŚŝƐƐĐĞŶĂƌŝŽ͕ƚŚĞŶĞĞĚƚŽƌĞďĂůĂŶĐĞƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶ >ĂůŝĐŝƚĂĐŝſŶƉƷďůŝĐĂƐĂĐĂĚĂĂĐŽŶĐƵƌƐŽƉŽƌĞůĐŽŶũƵŶ- ĂĐĐŽƵŶƚƐ ĂĚĚƐ Ă ŶĞǁ ŽďƐƚĂĐůĞ ƚŽ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ƐĞĐƚŽƌ͕ ƚŽĚĞůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐĚĞƐĐĞŶĚŝſĞŶĂŶĂƌŝĂƐƵŶ which has gone through a strong withdrawal of public ϲϲ͕ϵй ŝŶƚĞƌĂŶƵĂů͕ ĂĐƵŵƵůĄŶĚŽƐĞ ƵŶ ƌĞĐŽƌƚĞ ĚĞƐĚĞ tendering during the last year. ϮϬϬϳĚĞůϳϴ͕ϴƉŽƌĐŝĞŶƚŽ͘ WƵďůŝĐƚĞŶĚĞƌŝŶŐŽīĞƌĞĚďLJƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐĚƌŽƉƉĞĚďLJ ĚĞŵĄƐ͕ĂƷŶƋƵĞĚĂƌĞĐŽƌƌŝĚŽƉĂƌĂŶƵĞǀĂƐďĂũĂĚĂƐ͕LJĂ ϲϲ͘ϵйLJĞĂƌͲƚŽͲLJĞĂƌŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ǁŚŝĐŚĂĐĐƵŵƵůĂƚĞƐ ƋƵĞůŽƐĞƐĨƵĞƌnjŽƐĂĚŝĐŝŽŶĂůĞƐƋƵĞĚĞďĞƌĄŶĂĐŽŵĞƚĞƌ ĂƌĞĚƵĐƟŽŶŽĨϳϴ͘ϴйƐŝŶĐĞϮϬϬϳ͘ ůĂƐĚŝĨĞƌĞŶƚĞƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐƉĂƌĂĐƵŵƉůŝƌ ĐŽŶůŽƐŽďũĞƟǀŽƐĚĞĚĠĮĐŝƚƉƷďůŝĐŽƉĂƌĂϮϬϭϮLJϮϬϭϯ͕ &ƵƌƚŚĞƌŵŽƌĞ͕ŶĞǁĨĂůůƐǁŝůůŚĂƉƉĞŶƐŝŶĐĞĂĚĚŝƟŽŶĂůĞīŽƌƚƐ ƌĞĚƵĐŝƌĄŶĂůĂŵşŶŝŵĂůĂŝŶǀĞƌƐŝſŶƉƷďůŝĐĂĚƵƌĂŶƚĞůŽƐ ƚŚĂƚ ǁŝůů ŚĂǀĞ ƚŽ ďĞ ŵĂĚĞ ďLJ ƉƵďůŝĐ ĂĚŵŝŶŝƐƚƌĂƟŽŶƐ ƚŽ ƉƌſdžŝŵŽƐĞũĞƌĐŝĐŝŽƐ͘ůůŽĚŝĮĐƵůƚĂĂƷŶŵĄƐůĂƌĞĐƵƉĞ- ŵĞĞƚƚŚĞŽďũĞĐƟǀĞƐŽĨƉƵďůŝĐĚĞĮĐŝƚĨŽƌϮϬϭϮĂŶĚϮϬϭϯǁŝůů ƌĂĐŝſŶĚĞůĂĨŽƌŵĂĐŝſŶďƌƵƚĂĚĞĐĂƉŝƚĂůĞŶďŝĞŶĞƐĚĞ reduce public investment to a minimum in the next years. ĐŽŶƐƚƌƵĐĐŝſŶ͕ĞƐĞŶĐŝĂůƉĂƌĂĞůŝŵƉƵůƐŽĚĞůĂĂĐƟǀŝĚĂĚ dŚŝƐĨĂĐƚŵĂŬĞƐƚŚĞƌĞĐŽǀĞƌLJŽĨŐƌŽƐƐĮdžĞĚĐĂƉŝƚĂůĨŽƌŵĂƟŽŶ ĞĐŽŶſŵŝĐĂ͕ƐŽďƌĞůĂƋƵĞŶŽƐĞĂƉƌĞĐŝĂŶƉĞƌƐƉĞĐƟǀĂƐ ŝŶĐŽŶƐƚƌƵĐƟŽŶŐŽŽĚƐĞǀĞŶŵŽƌĞĚŝĸĐƵůƚ͕ĂƌĞĐŽǀĞƌLJƚŚĂƚŝƐ ĚĞŵĞũŽƌşĂ͕ŶŽĂůŵĞŶŽƐŚĂƐƚĂƋƵĞŶŽƐĞƉƌŽĚƵnjĐĂĞů ĞƐƐĞŶƟĂůƚŽƐƚĞĐŽŶŽŵŝĐĂĐƟǀŝƚLJ͕ǁŚŝĐŚŽƵƚůŽŽŬĚŽĞƐŶŽƚ ƌĞƐƚĂďůĞĐŝŵŝĞŶƚŽĚĞůĐƌĠĚŝƚŽ͕ƐĞĐŽůŽƋƵĞĞůĞdžĐĞĚĞŶƚĞ ůŽŽŬƉƌŽŵŝƐŝŶŐ͘dŚĞĞĐŽŶŽŵŝĐƐŝƚƵĂƟŽŶǁŝůůŶŽƚŐĞƚďĞƩĞƌ ĚĞĐĂƉĂĐŝĚĂĚƉƌŽĚƵĐƟǀĂŽĐŝŽƐĂLJƐĞƌĞĐŽďƌĞĞůƉƵůƐŽ ƵŶƟůĐƌĞĚŝƚƌĞƐƚŽƌĂƟŽŶƚĂŬĞƐƉůĂĐĞ͕ƵŶƟůƚŚĞƌĞƐƚŽƌĂƟŽŶŽĨ ĚĞůĂŽďƌĂƉƷďůŝĐĂ͘ ĐƌĞĚŝƚƐƵƌƉĂƐƐĞƐŽǀĞƌŝĚůĞƉƌŽĚƵĐƟǀĞĐĂƉĂĐŝƚLJĂŶĚƚŚĞƉƵůƐĞ of public works returns. >ĂĚŝİĐŝůĐŽLJƵŶƚƵƌĂ͕ũƵŶƚŽĐŽŶůĂĨĂůƚĂĚĞƉĞƌƐƉĞĐƟǀĂƐ ƉĂƌĂ Ğů ƐĞĐƚŽƌ͕ ĐŽŶƟŶƷĂ ĐŽŶĚƵĐŝĞŶĚŽ Ă ƵŶĂ ŝŶĞǀŝƚĂ- dŚŝƐĚŝĸĐƵůƚƐŝƚƵĂƟŽŶ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂůĂĐŬŽĨƉƌŽƐƉĞĐƚƐĨŽƌ ďůĞ ĚĞŐƌĂĚĂĐŝſŶ ĚĞ ƐƵ ƚĞũŝĚŽ ƉƌŽĚƵĐƟǀŽ͘ ^Ğ ƉŝĞƌĚĞŶ ƚŚŝƐƐĞĐƚŽƌ͕ŬĞĞƉƐůĞĂĚŝŶŐƚŽĂŶƵŶĂǀŽŝĚĂďůĞĚĞŐƌĂĚĂƟŽŶĨŽƌ ϭ͘Ϭϯϵ ĞŵƉƌĞƐĂƐ ĚƵƌĂŶƚĞ Ğů ƷůƟŵŽ ĞũĞƌĐŝĐŝŽ ƉĂƌĂ Ğů ƚŚĞ ƉƌŽĚƵĐƟŽŶ ŶĞƚǁŽƌŬ͘ ϭ͕Ϭϯϵ ĐŽŵƉĂŶŝĞƐ ŚĂǀĞ ďĞĞŶ ůŽƐƚ ƋƵĞƐĞĐƵĞŶƚĂŶĐŽŶĞƐƚĂĚşƐƟĐĂƐ;ϮϬϭϬͿ͕ĐŽŶůŽƋƵĞLJĂ ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ LJĞĂƌ͕ ĨŽƌ ǁŚŝĐŚ ƚŚĞƌĞ ĂƌĞ ƐƚĂƟƐƟĐƐ ;ϮϬϭϬͿ͕

  
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 Tabla 3.23 Table 3.23

137 CONCLUSIONES CONCLUSIONS 2011

ƐŽŶϲ͘ϰϯϵůĂƐƵŶŝĚĂĚĞƐĞŵƉƌĞƐĂƌŝĂůĞƐĚĞƐƚƌƵŝĚĂƐĞŶĞů ƐĞĐƚŽƌĚĞƐĚĞĞůŝŶŝĐŝŽĚĞůĂĐƌŝƐŝƐ͕ƵŶϮϴ͕ϰйĚĞůĂƐƋƵĞ ĞdžŝƐơĂŶŝŶŝĐŝĂůŵĞŶƚĞ͘ ĂĐĐƵŵƵůĂƟŶŐ ϲ͕ϰϯϵ ĐŽŵƉĂŶŝĞƐ ƚŚĂƚ ŚĂǀĞ ĂůƌĞĂĚLJ ďĞĞŶ ůĚĞƚĞƌŝŽƌŽĞŶůĂƐĐŝĨƌĂƐĚĞůŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽƌĞƐƵů- destroyed in this sector since the beginning of the crisis. This ƚĂŝŐƵĂůŵĞŶƚĞƌĞǀĞůĂĚŽƌĚĞůĂůĐĂŶĐĞĚĞůĂĐƌŝƐŝƐƐŽďƌĞ ĂŵŽƵŶƚ ƌĞƉƌĞƐĞŶƚƐ Ϯϴ͘ϰй ŽĨ ƚŚĞ ƚŽƚĂů ŽĨ ĐŽŵƉĂŶŝĞƐ ƚŚĂƚ ĞůƐĞĐƚŽƌ͕LJĂƋƵĞƚƌĂƐƌĞĚƵĐŝƌƐĞĞůĞŵƉůĞŽĞŶϭϴ͘ϵϬϬ ĞdžŝƐƚĞĚŝŶŝƟĂůůLJ͘ ĞĨĞĐƟǀŽƐĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĂŹŽ͕ĞůĚĞƐĐĞŶƐŽĂďƐŽůƵ- dŚĞĚĞƚĞƌŝŽƌĂƟŽŶŝŶƚŚĞůĂďŽƵƌŵĂƌŬĞƚĮŐƵƌĞƐĂůƐŽƌĞǀĞĂůƐ ƚŽĂůŽůĂƌŐŽĚĞůŽƐƚƌĞƐƷůƟŵŽƐĞũĞƌĐŝĐŝŽƐĂůĐĂŶnjĂůŽƐ ƚŚĞĞdžƚĞŶƚŽĨƚŚĞĐƌŝƐŝƐŝŶƚŚĞĐŽŶƐƚƌƵĐƟŽŶƐĞĐƚŽƌ͕ǁŚĞƌĞƚŚĞ ϳϯ͘ϯϬϬĞŵƉůĞŽƐ͕ĞƐƚŽĞƐ͕ƵŶĂƌĞĚƵĐĐŝſŶĚĞůϲϬ͕ϲйĐŽŶ absolute decline over the last three years amounted to a ƌĞƐƉĞĐƚŽĂϮϬϬϳ͘ ůŽƐƐŽĨϳϯ͕ϯϬϬũŽďƐ͕ƚŚĂƚŝƐ͕ĂƌĞĚƵĐƟŽŶŽĨϲϬ͘ϲйĐŽŵƉĂƌĞĚ >ĂƐĞƐƚĂĚşƐƟĐĂƐĚĞĐŽŶƚƌĂƚĂĐŝſŶƌĞŇĞũĂŶ͕ŝŐƵĂůŵĞŶƚĞ͕ ƚŽϮϬϬϳ͕ĂŌĞƌƌĞŐŝƐƚĞƌŝŶŐĂĚƌŽƉŝŶĞŵƉůŽLJŵĞŶƚŽĨϭϴ͕ϵϬϬ ůĂĞƐƉĞĐŝĂůĞdžƉŽƐŝĐŝſŶĚĞĞƐƚĞƐĞĐƚŽƌĂůĂĐƌŝƐŝƐ͕ƉƵĞƐ workers during the past year. ĚƵƌĂŶƚĞ Ğů ƉĂƐĂĚŽ ĞũĞƌĐŝĐŝŽ ůĂ ĐŽŶƐƚƌƵĐĐŝſŶ ǀƵĞůǀĞ Ă ƐĞƌůĂƷŶŝĐĂĂĐƟǀŝĚĂĚƉƌŽĚƵĐƟǀĂĚŽŶĚĞŚĂĚĞƐĐĞŶĚŝĚŽ ZĞĐƌƵŝƚŵĞŶƚƐƚĂƟƐƟĐƐĞƋƵĂůůLJƌĞŇĞĐƚƚŚĞƉĂƌƟĐƵůĂƌĞdžƉŽƐƵƌĞ ĞůŶƷŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐƌĞŐŝƐƚƌĂĚŽƐ͘ ŽĨ ƚŚŝƐ ƐĞĐƚŽƌ ƚŽ ƚŚĞ ĐƌŝƐŝƐ͕ ƐŝŶĐĞ ĐŽŶƐƚƌƵĐƟŽŶ ŝƐ ƚŚĞ ŽŶůLJ ƉƌŽĚƵĐƟǀĞĂĐƟǀŝƚLJǁŚĞƌĞƚŚĞŶƵŵďĞƌŽĨƌĞŐŝƐƚĞƌĞĚĐŽŶƚƌĂĐƚƐ ^ĞŐƷŶůŽƐĚĂƚŽƐĂĐƵŵƵůĂĚŽƐĂĮŶĂůĞƐĚĞϮϬϭϭ͕ĞůŶƷ- has declined in the last year. ŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐĂĚƐĐƌŝƚŽƐĂĞƐƚĂĂĐƟǀŝĚĂĚĚĞƐĐĞŶ- ĚŝſĞŶƵŶϭϲ͕Ϭй͕ƚĂŶƚŽƉŽƌĞůƌĞƚƌŽĐĞƐŽĚĞůĂĐŽŶƚƌĂƚĂ- According to data collected at the end of 2011, the number ĐŝſŶŝŶĚĞĮŶŝĚĂ;Ͳϭϴ͕ϵйͿĐŽŵŽƚĞŵƉŽƌĂů;Ͳϭϱ͕ϴйͿ͘ ŽĨĐŽŶƚƌĂĐƚƐĂƐƐŝŐŶĞĚƚŽƚŚŝƐĂĐƟǀŝƚLJĚƌŽƉƉĞĚďLJϭϲ͘ϬйĚƵĞ ƚŽďŽƚŚƚŚĞƌĞĐĞƐƐŝŽŶŽĨƉĞƌŵĂŶĞŶƚ;ϭϴ͘ϵйͿĂŶĚƚĞŵƉŽƌĂƌLJ ůƐĞĐƚŽƌƐĞĞŶĐƵĞŶƚƌĂŵƵLJŶĞĐĞƐŝƚĂĚŽĚĞƐŽůƵĐŝŽŶĞƐ ĐŽŶƚƌĂĐƚƐ;ϭϱ͘ϴйͿ͘ ŝŶŵĞĚŝĂƚĂƐ͕ ƋƵĞ ƉƌŽŵƵĞǀĂŶ LJ ĞƐƟŵƵůĞŶ ĞŶ Ğů ĐŽƌƚŽ ƚĂŶƚŽůĂĚĞŵĂŶĚĂĐŽŵŽůĂŝŶǀĞƌƐŝſŶ͕ƐŽďƌĞƚŽĚŽƉŽƌ- dŚŝƐƐĞĐƚŽƌƐŚŽǁƐĂŐƌĞĂƚŶĞĞĚŽĨŝŵŵĞĚŝĂƚĞƐŽůƵƟŽŶƐǁŚŝĐŚ ƋƵĞ ƐƵƐ ƉĞƌƐƉĞĐƟǀĂƐ ĚĞ ĨƵƚƵƌŽ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ŵƵLJ ƉƌŽŵŽƚĞĂŶĚƐƟŵƵůĂƚĞďŽƚŚĚĞŵĂŶĚĂŶĚŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ ůĂƐƚƌĂĚĂƐƉŽƌůĂĞůĞǀĂĚĂŝŶĐĞƌƟĚƵŵďƌĞ͖ůĂŵĞŶŽƌŝŶ- short term, specially because high uncertainty weighs down ǀĞƌƐŝſŶ ƉƷďůŝĐĂ͕ ƋƵĞ ĞŵƉƵũĂƌĄ ŵĄƐ ŚĂĐŝĂ ůĂ ďĂũĂ ƐƵ its prospects for the future; low public investment, which



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 Tabla 3.24 Table 3.24

138 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ĂĐƟǀŝĚĂĚ͖ůĂƐŝƚƵĂĐŝſŶĚĞĂůƚŽĞŶĚĞƵĚĂŵŝĞŶƚŽĚĞůĂƐ ĞĐŽŶŽŵşĂƐĚŽŵĠƐƟĐĂƐ͕ƉŽƌůĂƐĚŝĮĐƵůƚĂĚĞƐĚĞĂĐĐĞƐŽ ĂůĐƌĠĚŝƚŽ͖LJĞůĞůĞǀĂĚŽƐƚŽĐŬĚĞǀŝǀŝĞŶĚĂ͘

>ĂŵĂLJŽƌĐŽůĂďŽƌĂĐŝſŶƉƷďůŝĐŽͲƉƌŝǀĂĚĂƉĂƌĂůĂĞũĞĐƵ- ĐŝſŶĚĞƉƌŽLJĞĐƚŽƐ͕ůĂĞũĞĐƵĐŝſŶĚĞĂĐĐŝŽŶĞƐƋƵĞĞƐƟ- ŵƵůĞŶůĂŝŶǀĞƌƐŝſŶƉƌŝǀĂĚĂ͕ĞůĚĞƐďůŽƋƵĞŽĚĞƉƌŽLJĞĐ- ƚŽƐĚĞŝŶƚĞƌĠƐĞĐŽŶſŵŝĐŽƉĞŶĚŝĞŶƚĞƐĚĞĞũĞĐƵĐŝſŶ͕Ž ǁŝůů ƌĞĚƵĐĞ ĂĐƟǀŝƚLJ ĞǀĞŶ ŵŽƌĞ͖ ŚŝŐŚ ůĞǀĞů ŽĨ ŝŶĚĞďƚĞĚŶĞƐƐ ůĂƉƌŽŵŽĐŝſŶĚĞĂĐƟǀŝĚĂĚĞƐĚŝŶĂŵŝnjĂĚŽƌĂƐĐŽŵŽůĂƐ in household incomes because of the problems in accessing ǀŝŶĐƵůĂĚĂƐĂůĂƌĞĨŽƌŵĂĚĞǀŝǀŝĞŶĚĂƐLJĂůĂƌĞŚĂďŝůŝƚĂ- credit; and the high housing stock. ĐŝſŶĚĞĞĚŝĮĐŝŽƐ͕ƐŽŶĂůŐƵŶĂƐĚĞůĂƐŵĞĚŝĚĂƐƋƵĞďŝĞŶ ƉŽĚƌşĂŶ ĐŽŶƚƌŝďƵŝƌ Ă ŵĞũŽƌĂƌ͕ ĚĞ ŵĂŶĞƌĂ ŐƌĂĚƵĂů͕ Ğů 'ƌĞĂƚĞƌ ƉƵďůŝĐͲƉƌŝǀĂƚĞ ĐŽůůĂďŽƌĂƟŽŶ ĨŽƌ ƉƌŽũĞĐƚ ŵĂůĞƐƚĂĚŽĚĞƐĂůƵĚĚĞůƐĞĐƚŽƌ͘ ŝŵƉůĞŵĞŶƚĂƟŽŶƐ͕ĐĂƌƌLJŝŶŐŽƵƚĂĐƟŽŶƐƚŽĞŶĐŽƵƌĂŐĞƉƌŝǀĂƚĞ ƐŝŵŝƐŵŽ͕ ĚĞďĞ ĐŽŶƟŶƵĂƌ ĂǀĂŶnjĄŶĚŽƐĞ ĞŶ ůĂ ĂŐŝůŝ- investment, unfreezing projects of economic interest not put njĂĐŝſŶĚĞůŽƐƉƌŽĐĞƐŽƐĚĞŽƌĚĞŶĂĐŝſŶƚĞƌƌŝƚŽƌŝĂůLJĚĞ ŝŶƚŽƉƌĂĐƟĐĞLJĞƚ͕ŽƌƉƌŽŵŽƟŶŐĐĂƚĂůLJnjŝŶŐĂĐƟǀŝƟĞƐůŝŶŬĞĚƚŽ ƉůĂŶŝĮĐĂĐŝſŶ ƵƌďĂŶşƐƟĐĂ͕ ƋƵĞ ĚŝĮĐƵůƚĂŶ͕ ĐƵĂŶĚŽ ŶŽ ŚŽŵĞƌĞŶŽǀĂƟŽŶĂŶĚďƵŝůĚŝŶŐƌĞŚĂďŝůŝƚĂƟŽŶĂƌĞƐŽŵĞŽĨƚŚĞ ŝŵƉŽƐŝďŝůŝƚĂŶůĂŝŶǀĞƌƐŝſŶĞŶůĂƐ/ƐůĂƐ͕ĐŽŵƉƌŽŵĞƟĞŶ- ŵĞĂƐƵƌĞƐǁŚŝĐŚĐŽƵůĚŝŵƉƌŽǀĞŐƌĂĚƵĂůůLJƚŚĞƉŽŽƌĐŽŶĚŝƟŽŶ ĚŽĞůĚĞƐĂƌƌŽůůŽĞƐƚƌĂƚĠŐŝĐŽĚĞŶƵĞƐƚƌĂZĞŐŝſŶƉĂƌĂůŽƐ of the sector. próximos años. Similarly, there is a need to expedite the land use and urban Ŷ ŵĂƚĞƌŝĂ ŝŶŵŽďŝůŝĂƌŝĂ͕ ĚĞďĞŶ ŝŵƉƵůƐĂƌƐĞ ŵĞĚŝĚĂƐ ƉůĂŶŶŝŶŐƉƌŽĐĞƐƐĞƐ͕ǁŚŝĐŚŵĂŬĞŝƚĚŝĸĐƵůƚ͕ŝĨŶŽƚŝŵƉŽƐƐŝďůĞ͕ ƋƵĞĞƐƟŵƵůĞŶĞůŵĞƌĐĂĚŽLJĨŽŵĞŶƚĞŶůĂƌĞŚĂďŝůŝƚĂĐŝſŶ ƚŽŝŶǀĞƐƚŝŶƚŚĞŝƐůĂŶĚƐ͘dŚŝƐƐŝƚƵĂƟŽŶƚŚƌĞĂƚĞŶƐƚŚĞĞĐŽŶŽŵŝĐ ƌĞƐŝĚĞŶĐŝĂůLJƉƷďůŝĐĂ͕ĐŽŶŵĞĚŝĚĂƐĐŽŵŽůĂĐŽŶǀĞƌƐŝſŶ growth of our region for years to come. ĚĞůĂǀŝǀŝĞŶĚĂůŝďƌĞĞŶƉƌŽƚĞŐŝĚĂ͕ƚĂŶƚŽƉĂƌĂůĂǀĞŶƚĂ /ŶŚŽƵƐŝŶŐ͕ŵĞĂƐƵƌĞƐƚŽƐƟŵƵůĂƚĞƚŚĞŵĂƌŬĞƚĂŶĚĞŶĐŽƵƌĂŐĞ ĐŽŵŽĞůĂůƋƵŝůĞƌLJůŽƐƉƌŽĐĞƐŽƐĞŶŵĂƚĞƌŝĂƌĞŚĂďŝůŝƚĂ- ƌĞƐŝĚĞŶƟĂů ĂŶĚ ƉƵďůŝĐ ƌĞŚĂďŝůŝƚĂƟŽŶ ƐŚŽƵůĚ ďĞ ƉƌŽŵŽƚĞĚ͕ ĚŽƌĂĞŶĞůĄŵďŝƚŽƌĞƐŝĚĞŶĐŝĂů͕LJĞƐƉĞĐŝĂůŵĞŶƚĞĞŶĞů ǁŝƚŚŵĞĂƐƵƌĞƐƐƵĐŚĂƐŐŽŝŶŐĨƌŽŵĨƌĞĞͲŵĂƌŬĞƚŚŽƵƐŝŶŐƚŽ ƐĞĐƚŽƌƚƵƌşƐƟĐŽ͕ŵƵLJŶĞĐĞƐŝƚĂĚŽĚĞĂĐƚƵĂĐŝŽŶĞƐĚĞĐĂ- ƐƵďƐŝĚŝnjĞĚ ŚŽƵƐŝŶŐ ĨŽƌ ďŽƚŚ ƌĞŶƚ ĂŶĚ ƐĂůĞ͕ ĂŶĚ ƌĞŶŽǀĂƟŽŶ ƌĄĐƚĞƌŝŶƚĞŐƌĂů͘ ƉƌŽĐĞƐƐĞƐ ŝŶ ƚŚĞ ƌĞƐŝĚĞŶƟĂů ƐĞĐƚŽƌ͕ ĞƐƉĞĐŝĂůůLJ ŝŶ ƚŽƵƌŝƐŵ͕ ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ĞůĐŽŶĐƵƌƐŽĚĞůZĠŐŝŵĞŶĐŽŶſŵŝĐŽ ǁŚŝĐŚŝƐǀĞƌLJŵƵĐŚŝŶŶĞĞĚŽĨŽǀĞƌĂƌĐŚŝŶŐĂĐƟŽŶƉůĂŶƐ͘ LJ&ŝƐĐĂůƐĞĞƌŝŐĞĐŽŵŽƵŶĞůĞŵĞŶƚŽĐůĂǀĞĞŶĞůƌĞƚŽĚĞ ůĂƌĞŶŽǀĂĐŝſŶĚĞŶƵĞƐƚƌĂƐĄƌĞĂƐƚƵƌşƐƟĐĂƐ͕ƉĞƌŽƚĂŵ- In this context, the use of the Economic and Fiscal Regime is ďŝĠŶƌĞƐƵůƚĂŵƵLJƌĞůĞǀĂŶƚĞĞůĐŽŶĐƵƌƐŽĚĞůĂĂĚŵŝŶŝƐ- ĂŬĞLJĞůĞŵĞŶƚŝŶƚŚĞƚŽƵƌŝƐƟĐĂƌĞĂƐƌĞŶŽǀĂƟŽŶĐŚĂůůĞŶŐĞ͕ŶŽƚ ƚƌĂĐŝſŶƉƷďůŝĐĂ͕ŵĞĚŝĂŶƚĞĂĐƚƵĂĐŝŽŶĞƐƋƵĞƌĞĚƵŶĚĞŶ ƚŽĨŽƌŐĞƚƚŚĞŝŵƉŽƌƚĂŶĐĞŽĨƚŚĞƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶǁŚŝĐŚ ĞŶƵŶĂŵĞũŽƌşĂĚĞůĂƐŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐĐŽŶƋƵĞĐƵĞŶƚĂ ƉƌŽŵŽƚĞƐĂĐƟǀŝƟĞƐƚŚĂƚŝŵƉƌŽǀĞƚŚĞŝŶĨƌĂƐƚƌƵĐƚƵϬƌĞƐŽĨƚŚŝƐ el sector. sector.

>ŽƐ^ĞƌǀŝĐŝŽƐ dŚĞ^ĞƌǀŝĐĞƐƐĞĐƚŽƌ

>ĂĐĂƌĂĐƚĞƌşƐƟĐĂĨƵŶĚĂŵĞŶƚĂůƋƵĞĚĞĮŶĞĂůĂĞƐƚƌƵĐƚƵ- dŚĞŵĂŝŶĨĞĂƚƵƌĞƚŚĂƚĚĞĮŶĞƐƚŚĞƉƌŽĚƵĐƟǀĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞ ƌĂƉƌŽĚƵĐƟǀĂĚĞĂŶĂƌŝĂƐĞƐƐƵĞůĞǀĂĚĂƚĞƌĐŝĂƌŝnjĂĐŝſŶ͘ ĂŶĂƌLJ/ƐůĂŶĚƐŝƐƚŚĞŚŝŐŚĚŽŵŝŶĂƟŽŶŽĨƚŚĞƚĞƌƟĂƌLJƐĞĐƚŽƌ͘ >ŽƐƐĞƌǀŝĐŝŽƐƐƵƉŽŶĞŶĞůϴϭ͕ϲйĚĞůsĂůŽƌŹĂĚŝĚŽĚĞů ^ĞƌǀŝĐĞƐƌĞƉƌĞƐĞŶƚϴϭ͘ϲйŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ'ƌŽƐƐsĂůƵĞ ƌĐŚŝƉŝĠůĂŐŽ;ĨƌĞŶƚĞĂůϲϵ͕ϵйĞŶĞůĐŽŶũƵŶƚŽĚĞůƐƚĂ- ĚĚĞĚ;ĂƐŽƉƉŽƐĞĚƚŽϲϵ͘ϵйŝŶƚŚĞǁŚŽůĞŽĨƚŚĞĐŽƵŶƚƌLJͿ͕ ĚŽͿ͕ŐĞŶĞƌĂŶĞůϴϲ͕ϭйĚĞůŽƐĞŵƉůĞŽƐLJĚĞƐĂƌƌŽůůĂŶƐƵ ĐƌĞĂƚĞƐϴϲ͘ϭйŽĨũŽďƐĂŶĚĚĞǀĞůŽƉƚŚĞŝƌĂĐƟǀŝƟĞƐŝŶϴϯйŽĨ ĂĐƟǀŝĚĂĚĞůϴϯйĚĞůĂƐĞŵƉƌĞƐĂƐ͘ the companies.

139 CONCLUSIONES CONCLUSIONS 2011

ŶƚĞƐĚĞĂĚĞŶƚƌĂƌŶŽƐĞŶůĂĞǀŽůƵĐŝſŶƉƌŽĚƵĐƟǀĂĚĞů ƐĞĐƚŽƌ͕ĚĞďĞƌĞƉĂƌĂƌƐĞĞŶĞůĐĂŵďŝŽŵĞƚŽĚŽůſŐŝĐŽƐƵƌ- ŐŝĚŽĂƉĂƌƟƌĚĞůĂƉƵďůŝĐĂĐŝſŶĚĞƐĚĞϮϬϭϭ͕ĚĞůĂŶƵĞǀĂ ŽŶƚĂďŝůŝĚĂĚZĞŐŝŽŶĂůĚĞƐƉĂŹĂĐŽŶďĂƐĞϮϬϬϴ͕ƋƵĞ ƐƵƐƟƚƵLJĞĂůƐĞĐƚŽƌ͞ƐĞƌǀŝĐŝŽƐ͟ƉŽƌƵŶĂƐĞƌŝĞĚĞƌĂŵĂƐ ĚĞĂĐƟǀŝĚĂĚ͕ĂƐĂďĞƌ͕͞ĐŽŵĞƌĐŝŽĂůƉŽƌŵĂLJŽƌLJĂůƉŽƌ ĞĨŽƌĞ ŐŽŝŶŐ ĚĞĞƉĞƌ ŝŶƚŽ ƚŚĞ ƉƌŽĚƵĐƟǀĞ ƉƌŽŐƌĞƐƐ ŽĨ ƚŚĞ ŵĞŶŽƌ͖ƌĞƉĂƌĂĐŝſŶĚĞǀĞŚşĐƵůŽƐĚĞŵŽƚŽƌLJŵŽƚŽĐŝĐůĞ- sector, we need to take into account the methodological ƚĂƐ͖ƚƌĂŶƐƉŽƌƚĞLJĂůŵĂĐĞŶĂŵŝĞŶƚŽ͖ŚŽƐƚĞůĞƌşĂ͖͟͞/ŶĨŽƌ- ĐŚĂŶŐĞ ŽƌŝŐŝŶĂƚĞĚ ƐŝŶĐĞ ƚŚĞ ƉƵďůŝĐĂƟŽŶ ŽĨ ƚŚĞ ŶĞǁ ϮϬϭϭ ŵĂĐŝſŶLJĐŽŵƵŶŝĐĂĐŝŽŶĞƐ͖͟͞ĐƟǀŝĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐLJ ^ƉĂŶŝƐŚZĞŐŝŽŶĂůĐĐŽƵŶƚƐ;^ZͿďĂƐĞϮϬϬϴ͘dŚŝƐƉƵďůŝĐĂƟŽŶ ĚĞƐĞŐƵƌŽƐ͖͟͞ĐƟǀŝĚĂĚĞƐŝŶŵŽďŝůŝĂƌŝĂƐ͖͟͞ĐƟǀŝĚĂĚĞƐ ƌĞƉůĂĐĞĚ ƚŚĞ ͚ƐĞƌǀŝĐĞƐ͛ ƐĞĐƚŽƌ ǁŝƚŚ Ă ƐĞƌŝĞƐ ŽĨ ĚŝīĞƌĞŶƚ ƉƌŽĨĞƐŝŽŶĂůĞƐ͕ ĐŝĞŶơĮĐĂƐ LJ ƚĠĐŶŝĐĂƐ͖ ĂĐƟǀŝĚĂĚĞƐ ĂĚ- ďƌĂŶĐŚĞƐ ƐƵĐŚ ĂƐ ͞ǁŚŽůĞƐĂůĞ ĂŶĚ ƌĞƚĂŝů ƚƌĂĚĞ͖ ƌĞƉĂŝƌ ŽĨ ŵŝŶŝƐƚƌĂƟǀĂƐ LJ ƐĞƌǀŝĐŝŽƐ ĂƵdžŝůŝĂƌĞƐ͖͟ ͞ĚŵŝŶŝƐƚƌĂĐŝſŶ motor vehicles and motorcycles; transport and storage; hotel ƉƷďůŝĐĂLJĚĞĨĞŶƐĂ͖ƐĞŐƵƌŝĚĂĚƐŽĐŝĂůŽďůŝŐĂƚŽƌŝĂ͖ĞĚƵĐĂ- ŝŶĚƵƐƚƌLJ͖͟͞/ŶĨŽƌŵĂƟŽŶĂŶĚĐŽŵŵƵŶŝĐĂƟŽŶ͖͟͞&ŝŶĂŶĐŝĂůĂŶĚ ĐŝſŶ͖ĂĐƟǀŝĚĂĚĞƐƐĂŶŝƚĂƌŝĂƐLJĚĞƐĞƌǀŝĐŝŽƐƐŽĐŝĂůĞƐ͖͟LJ ŝŶƐƵƌĂŶĐĞ ƐĞƌǀŝĐĞƐ͖͟ ͞ZĞĂů ĞƐƚĂƚĞ ĂĐƟǀŝƟĞƐ͖͟ ͞WƌŽĨĞƐƐŝŽŶĂů͕ ͞ĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ƌĞĐƌĞĂƟǀĂƐLJĚĞĞŶƚƌĞƚĞŶŝŵŝĞŶ- ƐĐŝĞŶƟĮĐ ĂŶĚ ƚĞĐŚŶŝĐĂů ƐĞƌǀŝĐĞƐ͖ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ĂĐƟǀŝƟĞƐ ƚŽ͖ƌĞƉĂƌĂĐŝſŶĚĞĂƌơĐƵůŽƐĚĞƵƐŽĚŽŵĠƐƟĐŽLJŽƚƌŽƐ ĂŶĚĂƵdžŝůŝĂƌLJƐĞƌǀŝĐĞƐ͖͟͞WƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶĂŶĚĚĞĨĞŶĐĞ͕ ƐĞƌǀŝĐŝŽƐ͘͟ ĐŽŵƉƵůƐŽƌLJ ƐŽĐŝĂů ƐĞĐƵƌŝƚLJ͖ ĞĚƵĐĂƟŽŶ͖ ŚĞĂůƚŚ ĂŶĚ ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ͖͟ ĂŶĚ ͞ƌƟƐƟĐ͕ ƌĞĐƌĞĂƟŽŶĂů ĂŶĚ ĞŶƚĞƌƚĂŝŶŝŶŐ - ĞŶƚƌŽĚĞůĂƐŶƵĞǀĂƐƌĂŵĂƐ͕ƌĞƐĂůƚĂƉŽƌƐƵƌĞƉƌĞƐĞŶƚĂ ĂĐƟǀŝƟĞƐ͖ƌĞƉĂŝƌŽĨĚŽŵĞƐƟĐĂƉƉůŝĂŶĐĞƐĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐ͘͟ ƟǀŝĚĂĚ͕͞ĐŽŵĞƌĐŝŽĂůƉŽƌŵĂLJŽƌLJĂůƉŽƌŵĞŶŽƌ͖ƌĞƉĂƌĂ- ĐŝſŶĚĞǀĞŚşĐƵůŽƐĚĞŵŽƚŽƌLJŵŽƚŽĐŝĐůĞƚĂƐ͖ƚƌĂŶƐƉŽƌƚĞ tŝƚŚŝŶ ƚŚĞƐĞ ŶĞǁ ďƌĂŶĐŚĞƐ͕ ͞ǁŚŽůĞƐĂůĞ ĂŶĚ ƌĞƚĂŝů ƚƌĂĚĞ͖ LJĂůŵĂĐĞŶĂŵŝĞŶƚŽ͖ŚŽƐƚĞůĞƌşĂ͕͟ƋƵĞƐƵƉŽŶĞƉƌĄĐƟĐĂ- repair of motor vehicles and motorcycles; transport and ŵĞŶƚĞƵŶϰϬ͕ϬйĚĞůsĚĞůŽƐƐĞƌǀŝĐŝŽƐ͖ƐĞŐƵŝĚŽƉŽƌ ƐƚŽƌĂŐĞ͖ ŚŽƚĞů ŝŶĚƵƐƚƌLJ͟ ƐƚĂŶĚƐ ŽƵƚ ďĞĐĂƵƐĞ ŝƚ ƌĞƉƌĞƐĞŶƚƐ ͞ĚŵŝŶŝƐƚƌĂĐŝſŶ ƉƷďůŝĐĂ LJ ĚĞĨĞŶƐĂ͖ ƐĞŐƵƌŝĚĂĚ ƐŽĐŝĂů ŶĞĂƌůLJ ϰϬ͘Ϭй ŽĨ ƚŚĞ ƐĞƌǀŝĐĞƐ ƐĞĐƚŽƌ 's͖ ƚŚŝƐ ďƌĂŶĐŚ ŝƐ ŽďůŝŐĂƚŽƌŝĂ͖ĞĚƵĐĂĐŝſŶ͖ĂĐƟǀŝĚĂĚĞƐƐĂŶŝƚĂƌŝĂƐLJĚĞƐĞƌ- ĨŽůůŽǁĞĚďLJ͞WƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶĂŶĚĚĞĨĞŶĐĞ͕ĐŽŵƉƵůƐŽƌLJ ǀŝĐŝŽƐƐŽĐŝĂůĞƐ͕͟ĐƵLJĂƉĂƌƟĐŝƉĂĐŝſŶĞŶĞůƐĞĐƚŽƌƌĞƐƵůƚĂ ƐŽĐŝĂůƐĞĐƵƌŝƚLJ͖ĞĚƵĐĂƟŽŶ͖ŚĞĂůƚŚĂŶĚƐŽĐŝĂůƐĞƌǀŝĐĞƐ͕͟ǁŝƚŚ ĚĞůϮϮ͕ϭй͘ŶĐƵĂŶƚŽĂůƌĞƐƚŽĚĞůĂƐƌĂŵĂƐ͕ĚĞƐƚĂĐĂƌůĂ ĂĐŽŶƚƌŝďƵƟŽŶŽĨϮϮ͘ϭйƚŽƚŚĞƐĞĐƚŽƌ͘ZĞŐĂƌĚŝŶŐƚŚĞƌĞƐƚŽĨ ƌĞůĞǀĂŶĐŝĂĚĞůĂƐĂĐƟǀŝĚĂĚĞƐŝŶŵŽďŝůŝĂƌŝĂƐ;ϭϭ͕ϱйͿ͕LJ the branches, we need to highlight the importance of real ĚĞůŐƌƵƉŽŚĞƚĞƌŽŐĠŶĞŽĚĞĂĐƟǀŝĚĂĚĞƐƉƌŽĨĞƐŝŽŶĂůĞƐ͕ ĞƐƚĂƚĞĂĐƟǀŝƟĞƐ;ϭϭ͘ϱйͿĂŶĚŽĨƚŚĞŚĞƚĞƌŽŐĞŶĞŽƵƐŐƌŽƵƉŽĨ ĐŝĞŶơĮĐĂƐ LJ ƚĠĐŶŝĐĂƐ͖ ĂĐƟǀŝĚĂĚĞƐ ĂĚŵŝŶŝƐƚƌĂƟǀĂƐ LJ ƉƌŽĨĞƐƐŝŽŶĂů͕ƐĐŝĞŶƟĮĐĂŶĚƚĞĐŚŶŝĐĂůƐĞƌǀŝĐĞƐ͖ĂĚŵŝŶŝƐƚƌĂƟǀĞ ƐĞƌǀŝĐŝŽƐĂƵdžŝůŝĂƌĞƐ͕ĐŽŶƵŶϳ͕ϵƉŽƌĐŝĞŶƚŽ͘ ĂĐƟǀŝƟĞƐĂŶĚĂƵdžŝůŝĂƌLJƐĞƌǀŝĐĞƐƌĞƉƌĞƐĞŶƚϳ͘ϵƉĞƌĐĞŶƚ͘


 



   
  




  
  
 
 
 

























 

 






.YmÄJV Graph 3.21

140 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

KƚƌŽĚĞůŽƐƌĂƐŐŽƐĐĂƌĂĐƚĞƌşƐƟĐŽƐĚĞůĂƐƌĂŵĂƐĚĞƐĞƌ- ǀŝĐŝŽƐƌĞƐŝĚĞĞŶƐƵƉĂƌƟĐƵůĂƌĚĞŵŽŐƌĂİĂĞŵƉƌĞƐĂƌŝĂů͘ Ŷ ĂŶĂƌŝĂƐ͕ ŵĄƐ ĚĞů ϱϰ͕ϴй ĚĞ ůĂƐ ƵŶŝĚĂĚĞƐ ĞŵƉƌĞ- ƐĂƌŝĂůĞƐƋƵĞƐĞĞŶĐƵĞŶƚƌĂŶĐŽŵƉƌĞŶĚŝĚĂƐĚĞŶƚƌŽĚĞů ƐĞĐƚŽƌƚĞƌĐŝĂƌŝŽŶŽĐƵĞŶƚĂŶĐŽŶĂƐĂůĂƌŝĂĚŽƐĞŶƉůĂŶ- ŶŽƚŚĞƌĐŚĂƌĂĐƚĞƌŝƐƟĐ ĨĞĂƚƵƌĞŽĨ ƚŚĞĚŝīĞƌĞŶƚ ďƌĂŶĐŚĞƐ ŽĨ ƟůůĂ͕ŵŝĞŶƚƌĂƐƋƵĞŵĄƐĚĞůϵϭ͕ϯйƟĞŶĞŶŵĞŶŽƐĚĞϱ the services sector is its business demography. In the Canary ƚƌĂďĂũĂĚŽƌĞƐ͘ /ƐůĂŶĚƐ͕ŵŽƌĞƚŚĂŶϱϰ͘ϴйŽĨďƵƐŝŶĞƐƐƵŶŝƚƐǁŝƚŚŝŶƚŚĞƚĞƌƟĂƌLJ ŶĐƵĂŶƚŽĂůĂĞǀŽůƵĐŝſŶƉƌŽĚƵĐƟǀĂĚĞůĂƐĚŝƐƟŶƚĂƐƌĂ- ƐĞĐƚŽƌŚĂǀĞŶŽƐĂůĂƌŝĞĚĞŵƉůŽLJĞĞƐ͕ǁŚŝůĞŵŽƌĞƚŚĂŶϵϭ͘ϯй ŵĂƐĚĞĂĐƟǀŝĚĂĚĚƵƌĂŶƚĞĞůƉĂƐĂĚŽϮϬϭϭ͕ĐĂďĞĚĞƐƚĂ- ŚĂǀĞůĞƐƐƚŚĂŶϱĞŵƉůŽLJĞĞƐ͘ ĐĂƌĞůƐŝŐŶŝĮĐĂƟǀŽĐƌĞĐŝŵŝĞŶƚŽ͕ĚĞůϲ͕Ϯй͕ĚĞĐŽŵĞƌĐŝŽ͕ ƚƌĂŶƐƉŽƌƚĞLJŚŽƐƚĞůĞƌşĂ͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĨƵĞƌƚĞ ZĞŐĂƌĚŝŶŐ ƉƌŽĚƵĐƟǀĞ ƉƌŽŐƌĞƐƐ ŝŶ ƚŚĞ ĚŝīĞƌĞŶƚ ďƌĂŶĐŚĞƐ ĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĚĞŵĂŶĚĂƚƵƌşƐƟĐĂĂůŽůĂƌŐŽĚĞůƉĂ- ŽĨƚŚĞĂĐƟǀŝƚLJĚƵƌŝŶŐϮϬϭϭ͕ǁĞĐĂŶƉŽŝŶƚŽƵƚĂƐŝŐŶŝĮĐĂŶƚ sado ejercicio. ŐƌŽǁƚŚŽĨϲ͘ϮйŝŶƚƌĂĚĞ͕ƚƌĂŶƐƉŽƌƚĂŶĚŚŽƚĞůŝŶĚƵƐƚƌLJĂƐĂ ĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞƐƚƌŽŶŐŐƌŽǁƚŚŝŶƚŽƵƌŝƐŵĚĞŵĂŶĚĚƵƌŝŶŐ ZĞƐƵůƚĂƚĂŵďŝĠŶƐŝŐŶŝĮĐĂƟǀĂůĂĞǀŽůƵĐŝſŶĚĞůĂƐĂĐƟǀŝ- the last year. ĚĂĚĞƐƉƌŽĨĞƐŝŽŶĂůĞƐ͕ĐŝĞŶơĮĐĂƐLJƚĠĐŶŝĐĂƐ͖ĂĐƟǀŝĚĂĚĞƐ ĂĚŵŝŶŝƐƚƌĂƟǀĂƐ LJ ƐĞƌǀŝĐŝŽƐ ĂƵdžŝůŝĂƌĞƐ͕ ĐŽŶ ƵŶ ĂǀĂŶĐĞ WƌŽŐƌĞƐƐ ŝŶ ƉƌŽĨĞƐƐŝŽŶĂů͕ ƐĐŝĞŶƟĮĐ ĂŶĚ ƚĞĐŚŶŝĐĂů ƐĞƌǀŝĐĞƐ͖ ĚĞůϰ͕ϱƉŽƌĐŝĞŶƚŽ͘ ĂĚŵŝŶŝƐƚƌĂƟǀĞĂĐƟǀŝƟĞƐĂŶĚĂƵdžŝůŝĂƌLJƐĞƌǀŝĐĞƐŚĂƐĂůƐŽďĞĞŶ ƐŝŐŶŝĮĐĂŶƚ͕ǁŝƚŚĂŶŝŶĐƌĞĂƐĞŽĨϰ͘ϱй ǀŽůƵĐŝŽŶĂŶĂƐŝŵŝƐŵŽĂůĂůnjĂ͕ƐŝďŝĞŶĚĞŶƚƌŽĚĞƵŶƉĂ- ƚƌſŶĚĞŵĂLJŽƌŵŽĚĞƌĂĐŝſŶ͕ůĂƌĂŵĂĚĞĂĐƟǀŝĚĂĚĞƐŝŶ- KƚŚĞƌďƌĂŶĐŚĞƐĐŽŶƟŶƵĞƚŽƌŝƐĞ͕ǁŚŝůĞŽŶĂŵŽƌĞŵŽĚĞƌĂƚĞ ŵŽďŝůŝĂƌŝĂƐ;Ϭ͕ϴйͿ͖ĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂ͕^ĂŶŝĚĂĚLJ ƉĂƚŚ͗ ZĞĂů ĞƐƚĂƚĞ ĂĐƟǀŝƟĞƐ ;Ϭ͘ϴйͿ͖ WƵďůŝĐ ĂĚŵŝŶŝƐƚƌĂƟŽŶ͕ ĚƵĐĂĐŝſŶ;Ϭ͕ϯйͿ͖ĂƐşĐŽŵŽ͕ůĂƐĂĐƟǀŝĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐ ŚĞĂůƚŚ ĂŶĚ ĞĚƵĐĂƟŽŶ ;Ϭ͘ϯйͿ͖ ĮŶĂŶĐŝĂů ĂŶĚ ŝŶƐƵƌĂŶĐĞ LJĚĞƐĞŐƵƌŽƐ;Ϭ͕ϭйͿ͘ ƐĞƌǀŝĐĞƐ;Ϭ͘ϭйͿ͘

 
 


 

 
 
 



   

 
  

 
 
  





   


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 Tabla 3.25 Table 3.25

141 CONCLUSIONES CONCLUSIONS 2011

^ŝŶĞŵďĂƌŐŽ͕ŶŽƚŽĚĂƐůĂƐƌĂŵĂƐƚĞƌĐŝĂƌŝĂƐĐƌĞĐĞŶĞŶ ϮϬϭϭ͕ŽďƐĞƌǀĄŶĚŽƐĞĐĂşĚĂƐĞŶůĂƐƌĂŵĂƐƌĞůĂƟǀĂƐĂůĂ ŝŶĨŽƌŵĂĐŝſŶLJůĂƐĐŽŵƵŶŝĐĂĐŝŽŶĞƐ;Ͳϯ͕ϲйͿ͕ĂƐşĐŽŵŽĞů ĞƉşŐƌĂĨĞĚĞ͞ĂĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ƌĞĐƌĞĂƟǀĂƐLJŽƚƌŽƐ ƐĞƌǀŝĐŝŽƐ͟;ͲϬ͕ϯйͿ͘ ,ŽǁĞǀĞƌ͕ ŶŽƚ Ăůů ƚŚĞ ďƌĂŶĐŚĞƐ ŝŶ ƚŚĞ ƚĞƌƟĂƌLJ ƐĞĐƚŽƌ ŚĂǀĞ ŶĐƵĂŶƚŽĂůĂĞǀŽůƵĐŝſŶĚĞƐƵĞŶƚƌĂŵĂĚŽĞŵƉƌĞƐĂƌŝĂů͕ grown in 2011, there have been falls in branches related to ƐĞŐƷŶ ĐŝĨƌĂƐ ĚĞů ŝƌĞĐƚŽƌŝŽ ĞŶƚƌĂů ĚĞ ŵƉƌĞƐĂƐ ĚĞ ŝŶĨŽƌŵĂƟŽŶ ĂŶĚ ĐŽŵŵƵŶŝĐĂƟŽŶƐ ;ϯ͘ϲйͿ ĂŶĚ ͞ĂƌƟƐƟĐ ĂŶĚ ĞŶĞƌŽĚĞϮϬϭϭ͕ůĂƌĂŵĂƐĚĞƐĞƌǀŝĐŝŽƐĐƵĂŶƟĮĐĂŶƵŶĂ ƌĞĐƌĞĂƟŽŶĂůĂĐƟǀŝƟĞƐĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐ͟;ͲϬ͘ϯйͿ͘ ŵŝŶŽƌĂĐŝſŶ ĚĞů ϭ͕ϴй ĚĞ ƐƵƐ ĞŵƉƌĞƐĂƐ͕ ĂĐƵŵƵůĂŶĚŽ As regards the business network progress, according to ĂƐşƵŶĂƉĠƌĚŝĚĂƉĂƌĂƚŽĚŽĞůƉĞƌŝŽĚŽĚĞĐƌŝƐŝƐ;ϮϬϬϳͲ ĮŐƵƌĞƐ ďLJ ƚŚĞ ĞŶƚƌĂů ŽŵƉĂŶLJ ŝƌĞĐƚŽƌLJ ĨƌŽŵ :ĂŶƵĂƌLJ ϮϬϭϭͿĚĞůϯ͕ϭй͖ůŽƐƐĞƌǀŝĐŝŽƐǀƵĞůǀĞŶĂŚĂĐĞƌŐĂůĂĚĞ ϮϬϭϭ͕ ƚŚĞ ƐĞƌǀŝĐĞƐ ƐĞĐƚŽƌ ƋƵĂŶƟĮĞƐ Ă ĨĂůů ŽĨ ϭ͘ϴй ŝŶ ƚŚĞŝƌ ƐƵŵĂLJŽƌƌĞƐŝƐƚĞŶĐŝĂĂůĐŽŶƚĞdžƚŽĂĚǀĞƌƐŽ͕ĚĂĚŽƋƵĞĞů ĐŽŵƉĂŶŝĞƐ͕ĂĐĐƵŵƵůĂƟŶŐĂůŽƐƐŽĨϯ͘ϭйĨŽƌƚŚĞǁŚŽůĞĐƌŝƐŝƐ ƚĞũŝĚŽĞŵƉƌĞƐĂƌŝĂůĚĞĂŶĂƌŝĂƐĐƵĂŶƟĮĐĂƵŶƌĞƚƌŽĐĞƐŽ ƉĞƌŝŽĚ ;ϮϬϬϳͲϮϬϭϭͿ͖ ŽŶĐĞ ĂŐĂŝŶ͕ ƐĞƌǀŝĐĞƐ ƐŚŽǁ Ă ŐƌĞĂƚ ŝŶƚĞƌĂŶƵĂůĚĞůϮ͕ϱй͕LJĚĞůϳ͕ϳйĂůŽůĂƌŐŽĚĞůĂĐƌŝƐŝƐ͘ ƌĞƐŝƐƚĂŶĐĞ ƚŽ ĂĚǀĞƌƐĞ ĐŽŶĚŝƟŽŶƐ͕ ƐŝŶĐĞ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ Mientras, en materia de empleo, las ramas de servi- ďƵƐŝŶĞƐƐŶĞƚǁŽƌŬƋƵĂŶƟĮĞƐĂLJĞĂƌͲŽŶͲLJĞĂƌĚƌŽƉŽĨϮ͘ϱйĂŶĚ ĐŝŽƐŚĂŶƐŝĚŽůĂƐƷŶŝĐĂƐĐĂƉĂĐĞƐĚĞĐƌĞĂƌƉƵĞƐƚŽƐĚĞ ϳ͘ϳйĚƵƌŝŶŐƚŚĞĐƌŝƐŝƐ͘ ƚƌĂďĂũŽ ĚƵƌĂŶƚĞ ϮϬϭϭ͕ Ăů ĐŽŶƚĂďŝůŝnjĂƌ ƵŶ ŝŶĐƌĞŵĞŶƚŽ ĚĞůŶƷŵĞƌŽĚĞŽĐƵƉĂĚŽƐĚĞϮϬ͘ϳϬϬƉĞƌƐŽŶĂƐ͘ DĞĂŶǁŚŝůĞ͕ ƌĞŐĂƌĚŝŶŐ ƚŚĞ ůĂďŽƵƌ ŵĂƌŬĞƚ͕ ƚŚĞ ĚŝīĞƌĞŶƚ branches of the services sector have been the only branches EŽ ŽďƐƚĂŶƚĞ͕ ĞƐƚĂ ŶŽ ŚĂ ƐŝĚŽ ƵŶĂ ĐĂƌĂĐƚĞƌşƐƟĐĂ ƋƵĞ ĂďůĞƚŽĐƌĞĂƚĞũŽďƐĚƵƌŝŶŐϮϬϭϭ͕ǁŝƚŚĂŶŝŶĐƌĞŵĞŶƚŽĨϮϬ͕ϳϬϬ ĚĞĮŶĂĞůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞƚŽĚĂƐLJĐĂĚĂƵŶĂĚĞůĂƐ employed people. ƌĂŵĂƐƋƵĞŝŶƚĞŐƌĂŶĞůƐĞĐƚŽƌƚĞƌĐŝĂƌŝŽ͘ EĞǀĞƌƚŚĞůĞƐƐ͕ ƚŚŝƐ ĐŚĂƌĂĐƚĞƌŝƐƟĐ ĚŽĞƐ ŶŽƚ ĂƉƉůLJ ƚŽ ƚŚĞ ůĐŽŶƚƌĂƌŝŽ͕ĞůĂǀĂŶĐĞĚĞůĂŽĐƵƉĂĐŝſŶƐĞĐŽŶĐĞŶƚƌĂŶ ďĞŚĂǀŝŽƵƌŽĨĞĂĐŚŽŶĞŽĨƚŚĞďƌĂŶĐŚĞƐŝŶƚŚĞƚĞƌƟĂƌLJƐĞĐƚŽƌ͘ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ ĞŶ ƚŽƌŶŽ Ăů ĐŽŵĞƌĐŝŽ͕ ůŽƐ ƚƌĂŶƐ- ƉŽƌƚĞƐ LJ ůĂ ŚŽƐƚĞůĞƌşĂ͕ ƋƵĞ ůŽŐƌĂŶ ĐƌĞĂƌ ĞŶ ĐŽŶũƵŶƚŽ On the contrary, the rise in employment revolves around ϭϵ͘ϵϬϬĞŵƉůĞŽƐ͕ŐƌĂĐŝĂƐĂůĞŵƉƵũĞĚĞůĂŵĂLJŽƌĂĐƟǀŝ- trade, transports and hotel services, which create together ĚĂĚƚƵƌşƐƟĐĂ͘dĂŵďŝĠŶĐƌĞĂƌŽŶĞŵƉůĞŽůĂƐĂĐƟǀŝĚĂĚĞƐ ϭϵ͕ϵϬϬũŽďƐƚŚĂŶŬƐƚŽƚŚĞƚŽƵƌŝƐŵƐƚ͘DŽƌĞũŽďƐǁĞƌĞĂůƐŽ ĚĞĐĂƌĄĐƚĞƌĂĚŵŝŶŝƐƚƌĂƟǀŽLJƐĞƌǀŝĐŝŽƐĂƵdžŝůŝĂƌĞƐ͕LJĞŶ ĐƌĞĂƚĞĚ ďLJ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ĂĐƟǀŝƟĞƐ ĂŶĚ ĂƵdžŝůŝĂƌLJ ƐĞƌǀŝĐĞƐ ŵĞŶŽƌŵĞĚŝĚĂ͕ůĂƐĂĐƟǀŝĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐLJůĂƐǀŝŶĐƵ- ĂŶĚ͕ ƚŽ Ă ůĞƐƐĞƌ ĞdžƚĞŶƚ͕ ĮŶĂŶĐŝĂů ĂĐƟǀŝƟĞƐ ĂŶĚ ĂĐƟǀŝƟĞƐ ůĂĚĂƐĂůĂ͞ŝŶĨŽƌŵĂĐŝſŶLJůĂĐŽŵƵŶŝĐĂĐŝſŶ͘͟ ůŝŶŬĞĚƚŽ͚ŝŶĨŽƌŵĂƟŽŶĂŶĚĐŽŵŵƵŶŝĐĂƟŽŶ͛͘

Tabla 3.26 Table 3.26

142 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

^ŝŶĞŵďĂƌŐŽ͕ůĂƐŶĞĐĞƐŝĚĂĚĞƐĚĞĂũƵƐƚĞĮƐĐĂůĂĨĞĐƚĂƌŽŶ al empleo en las ramas directamente relacionadas con ůĂĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂ͕ĚĞŵĂŶĞƌĂƋƵĞƉŝĞƌĚĞŶĂůŽ ůĂƌŐŽĚĞůĞũĞƌĐŝĐŝŽϯ͘ϴϬϬƉƵĞƐƚŽƐĚĞĞŵƉůĞŽƉƷďůŝĐŽ͘ >ĂƐŽƚƌĂƐƌĂŵĂƐĐŽŶƚƌĂLJĞĐƚŽƌŝĂŶĞŐĂƟǀĂƌĞƐƵůƚĂŶ͞ĂĐ- ƟǀŝĚĂĚĞƐ ŝŶŵŽďŝůŝĂƌŝĂƐ͟ LJ ůĂƐ ĂĐƟǀŝĚĂĚĞƐ ͞ĂƌơƐƟĐĂƐ͕ ,ŽǁĞǀĞƌ͕ƚŚĞŶĞĞĚĨŽƌĮƐĐĂůĂĚũƵƐƚŵĞŶƚĂīĞĐƚĞĚĞŵƉůŽLJŵĞŶƚ ƌĞĐƌĞĂƟǀĂƐ͕ ĚĞ ĞŵƉůĞŽ ĚŽŵĠƐƟĐŽ LJ ŽƚƌŽƐ ƐĞƌǀŝĐŝŽƐ͘͟ ŝŶďƌĂŶĐŚĞƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶ͕ƌĞƐƵůƟŶŐ ŶƚƌĞĂŵďĂƐƌĞĚƵĐĞŶƐƵŽĐƵƉĂĐŝſŶĞŶϯ͘ϱϬϬƉƵĞƐƚŽƐ ŝŶ Ă ůŽƐƐ ŽĨ ϯ͕ϴϬϬ ƉƵďůŝĐ ũŽďƐ͘ KƚŚĞƌ ĚĞĐůŝŶŝŶŐ ďƌĂŶĐŚĞƐ ĚĞƚƌĂďĂũŽ͘ ĂƌĞ ͞ƌĞĂů ĞƐƚĂƚĞ ĂĐƟǀŝƟĞƐ͟ ĂŶĚ ͞ĂƌƟƐƟĐ ĂŶĚ ƌĞĐƌĞĂƟŽŶĂů ĂĐƟǀŝƟĞƐ͕ĚŽŵĞƐƟĐĞŵƉůŽLJŵĞŶƚĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐ͘͟dŚĞƐĞ ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ĞůŶƷŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐƌĞŐŝƐƚƌĂĚŽƐ ƚǁŽďƌĂŶĐŚĞƐŚĂǀĞƌĞĚƵĐĞĚĞŵƉůŽLJŵĞŶƚďLJϯ͕ϱϬϬũŽďƐ͘ ĂĚƐĐƌŝƚŽƐ Ăů ƐĞĐƚŽƌ ĞdžƉĞƌŝŵĞŶƚſ ƵŶ ŝŶĐƌĞŵĞŶƚŽ ĚĞů ϱ͕ϭй͕ĂƵŶƋƵĞ͕ĂůŝŐƵĂůƋƵĞĞŶĞůĐĂƐŽĚĞůĂĂŐƌŝĐƵůƚƵ- In this context, the number of registered contracts assigned ƌĂLJĚĞůĂŝŶĚƵƐƚƌŝĂ͕ĚŝĐŚŽĂǀĂŶĐĞŽďĞĚĞĐĞĞdžĐůƵƐŝǀĂ- ƚŽ ƚŚĞ ƐĞƌǀŝĐĞƐ ƐĞĐƚŽƌ ŝŶĐƌĞĂƐĞĚ ŝŶ ϱ͘ϭй͕ ĂůƚŚŽƵŐŚ͕ ĂƐ ŝƚ ŵĞŶƚĞĂƵŶƌĞƉƵŶƚĞĚĞůĂĐŽŶƚƌĂƚĂĐŝſŶƚĞŵƉŽƌĂůƉĂƌĂ was the case of agriculture and industry, this growth only ĂƚĞŶĚĞƌĂŶĞĐĞƐŝĚĂĚĞƐĐŽLJƵŶƚƵƌĂůĞƐĚĞůĂƉƌŽĚƵĐĐŝſŶ͕ responds to a surge in temporary employment to meet ƋƵĞƐĞŝŶĐƌĞŵĞŶƚĂƵŶϲ͕Ϯй͕ƉƵĞƐůĂŶĂƚƵƌĂůĞnjĂĐŽLJƵŶ- ƉƌŽĚƵĐƟŽŶ ƐŝƚƵĂƟŽŶĂů ƌĞƋƵŝƌĞŵĞŶƚƐ͕ ǁŚŝĐŚ ŚĂƐ ƌŝƐĞŶ ďLJ ƚƵƌĂůĚĞůĂƌĞĐƵƉĞƌĂĐŝſŶƚƵƌşƐƟĐĂ͕ƉƌŝŶĐŝƉĂůǀĂůĞĚŽƌĚĞ ϲ͘Ϯй͘dŚŝƐƐŝƚƵĂƟŽŶŽĐĐƵƌƐďĞĐĂƵƐĞƚŚĞĐŝƌĐƵŵƐƚĂŶƟĂůŶĂƚƵƌĞ ůĂŵĞũŽƌşĂĞŶůĂĂĐƟǀŝĚĂĚLJĞůĞŵƉůĞŽĞŶůŽƐƐĞƌǀŝĐŝŽƐ͕ ŽĨƚŽƵƌŝƐŵƌĞĐŽǀĞƌLJ͕ǁŚŝĐŚŝƐƚŚĞŵĂŝŶƌĞĂƐŽŶĨŽƌĂĐƟǀŝƚLJĂŶĚ ŶŽŵŽĚŝĮĐĂůĂƐĞdžƉĞĐƚĂƟǀĂƐĚĞĨƵƚƵƌŽĚĞůŽƐŽƉĞƌĂĚŽ- employment improvement in the sector, does not modify ƌĞƐ͕ƋƵĞƐŝŐƵĞŶƐŝĞŶĚŽďĂũĂƐ͕ůŽƋƵĞũƵƐƟĮĐĂƋƵĞŽƉƚĞŶ ŽƉĞƌĂƚŽƌƐ͛ĨƵƚƵƌĞĞdžƉĞĐƚĂƟŽŶƐ͕ǁŚŝĐŚĂƌĞƐƟůůůŽǁ͕ĂŶĚƚŚŝƐ ƉŽƌůĂĐŽŶƚƌĂƚĂĐŝſŶƚĞŵƉŽƌĂůĞŶůƵŐĂƌĚĞůĂŝŶĚĞĮŶŝĚĂ͘ is the reason why they choose temporary over permanent employment. ŶĐƵĂŶƚŽĂůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞĨƵƚƵƌŽĚĞůƐĞĐƚŽƌ͕ŵƵ- ĐŚĂƐĚĞůĂƐƌĂŵĂƐĂĨƌŽŶƚĂŶƵŶĨƵƚƵƌŽĚŽŵŝŶĂĚŽƉŽƌůĂ Regarding the services sector future prospects, many of the ŝŶĐĞƌƟĚƵŵďƌĞ͕ĂůĂǀŝƐƚĂĚĞůĐůŝŵĂĞĐŽŶſŵŝĐŽLJĮŶĂŶ- branches have an uncertain future ahead of them, in view of ĐŝĞƌŽŐĞŶĞƌĂů͕ĚĞůĂŽďůŝŐĂƚŽƌŝĂĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂů͕ůĂ ƚŚĞŐĞŶĞƌĂůĞĐŽŶŽŵŝĐĂŶĚĮŶĂŶĐŝĂůƐŝƚƵĂƟŽŶ͕ƚŚĞŵĂŶĚĂƚŽƌLJ ƉƌŽŐƌĞƐŝǀĂƌĞŵŝƐŝſŶĚĞůŽƐĞĨĞĐƚŽƐƋƵĞŚŝĐŝĞƌŽŶĐƌĞĐĞƌ ĮƐĐĂůĐŽŶƐŽůŝĚĂƟŽŶ͕ƚŚĞƉƌŽŐƌĞƐƐŝǀĞƌĞŵŝƐƐŝŽŶŽĨƚŚĞĞīĞĐƚƐ ĐŽŶŝŶƚĞŶƐŝĚĂĚůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂŚĂĐŝĂĂŶĂƌŝĂƐ͕ĂƐş ƚŚĂƚŵĂĚĞƚŽƵƌŝƐƚĂŋƵĞŶĐĞŐƌŽǁŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ĂƐ ĐŽŵŽƉŽƌůĂĞdžŝƐƚĞŶĐŝĂĚĞĚƵĚĂƐƐŽďƌĞĞůĨƵƚƵƌŽĐƌĞĐŝ- well as because of doubts concerning the future growth of ŵŝĞŶƚŽĚĞŶƵĞƐƚƌŽƐƉƌŝŶĐŝƉĂůĞƐĐůŝĞŶƚĞƐƚƵƌşƐƟĐŽƐ͘ our main tourism customers.

 

 

 
 
 

     
 
 

 


 
  














 


 

      
     

 


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 Tabla 3.27 Table 3.27

143 CONCLUSIONES CONCLUSIONS 2011

ĐŽŶƟŶƵĂĐŝſŶ͕ƐĞĂďƵŶĚĂĞŶĞůĂŶĄůŝƐŝƐĚĞĚŽƐĚĞƐƵƐ ƉƌŝŶĐŝƉĂůĞƐĂĐƟǀŝĚĂĚĞƐ͕ĞůƚƵƌŝƐŵŽLJĞůĐŽŵĞƌĐŝŽŵŝ- ŶŽƌŝƐƚĂ͕ƐŽďƌĞůĂƐƋƵĞƐĞĂďŽƌĚĂŶƚĂŶƚŽ͕ĂƐƉĞĐƚŽƐƌĞ- ůĂƟǀŽƐĂƐƵĚĞƐĂƌƌŽůůŽƌĞĐŝĞŶƚĞ͕ĐŽŵŽĂƐƵŚŽƌŝnjŽŶƚĞ ĨƵƚƵƌŽ͘ Next, we will go deeper into the analysis of its two main ŽLJƵŶƚƵƌĂƚƵƌşƐƟĐĂ ĂĐƟǀŝƟĞƐ͕ ƚŽƵƌŝƐŵ ĂŶĚ ƌĞƚĂŝů ƚƌĂĚĞ͕ ĚĞĂůŝŶŐ ǁŝƚŚ ďŽƚŚ ŝƚƐ recent development and its future prospects. ŽŵŽŚĞŵŽƐƚĞŶŝĚŽŽĐĂƐŝſŶĚĞĂŶĂůŝnjĂƌĐŽŶĂŶƚĞƌŝŽ- ƌŝĚĂĚ͕ ůĂ ĞǀŽůƵĐŝſŶ ĚĞů ƐĞĐƚŽƌ ƚƵƌşƐƟĐŽ ĚƵƌĂŶƚĞ ϮϬϭϭ dŽƵƌŝƐŵƉƌŽƐƉĞĐƚƐ ũƵŐſ ƵŶ ƉĂƉĞů ĨƵŶĚĂŵĞŶƚĂů ĞŶ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ ĞĐŽŶŽŵşĂĐĂŶĂƌŝĂĚƵƌĂŶƚĞĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽ͘ As we have already discussed, progress in the tourism sector during 2011 played an important role in the Canary Islands dƌĂƐǀĂƌŝŽƐĞũĞƌĐŝĐŝŽƐĐŽŶŵĂůŽƐƌĞƐƵůƚĂĚŽƐ͕ĞůƚƵƌŝƐŵŽ ĞĐŽŶŽŵŝĐŐƌŽǁƚŚĚƵƌŝŶŐƚŚĞůĂƐƚĮƐĐĂůLJĞĂƌ͘ ŝŶŝĐŝĂĞŶϮϬϭϬƵŶĂƐĞŶĚĂĚĞĐƌĞĐŝŵŝĞŶƚŽƋƵĞƐĞĂĐĞŶ- ƚƷĂĞŶϮϬϭϭ͕ŐƌĂĐŝĂƐĂůĨƵĞƌƚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůƚƵƌŝƐŵŽ ŌĞƌƐĞǀĞƌĂůLJĞĂƌƐŽĨďĂĚĮŶĂŶĐŝĂůƌĞƐƵůƚƐ͕ŝŶϮϬϭϬƚŽƵƌŝƐŵ ĞdžƚƌĂŶũĞƌŽ͕ƉƌŝŵĞƌŽƉŽƌĞůĞĨĞĐƚŽƉŽƐŝƟǀŽĚĞůĂďŽŶŝ- starts growing. This growth becomes more accentuated in ĮĐĂĐŝſŶƐŽďƌĞůĂƐƚĂƐĂƐĂĞƌŽƉŽƌƚƵĂƌŝĂƐ͕LJůƵĞŐŽƉŽƌĞů 2011 owing to the rise in foreign tourism. The reasons for ĚĞƐǀşŽĚĞƚƵƌŝƐƚĂƐƚƌĂƐĞůĐŝĞƌƌĞĚĞĚĞƚĞƌŵŝŶĂĚŽƐŵĞƌ- ƚŚŝƐŝŶĐƌĞĂƐĞŝŶƚŽƵƌŝƐŵĚƵƌŝŶŐϮϬϭϭĂƌĞĮƌƐƚůLJ͕ƚŚĞƉŽƐŝƟǀĞ ĐĂĚŽƐĞŶĞůŶŽƌƚĞĚĞĨƌŝĐĂLJKƌŝĞŶƚĞƉƌſdžŝŵŽ͕ĐŽŵŽ ĞīĞĐƚ ŽĨ ƌĞĚƵĐŝŶŐ ĂŝƌƉŽƌƚ ĐŚĂƌŐĞƐ ĂŶĚ ƐĞĐŽŶĚůLJ͕ ƚŽƵƌŝƐƚƐ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞ ůĂ ͞ƉƌŝŵĂǀĞƌĂ ĄƌĂďĞ͕͟ĐŝƌĐƵŶƐƚĂŶĐŝĂ ĚŝǀĞƌƐŝŽŶĂŌĞƌƚŚĞĐůŽƐƵƌĞŽĨĐĞƌƚĂŝŶŵĂƌŬĞƚƐŝŶEŽƌƚŚĨƌŝĐĂ ƋƵĞ ĐŽŶƚƌŝďƵLJſ ĚĞ ŵĂŶĞƌĂ ƐƵƐƚĂŶƟǀĂ Ăů ĐƌĞĐŝŵŝĞŶƚŽ ĂŶĚƚŚĞDŝĚĚůĞĂƐƚĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞ͚ƌĂďƐƉƌŝŶŐ͕͛ ĚĞůĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂŚĂĐŝĂĂŶĂƌŝĂƐ͘ ǁŚŝĐŚĐŽŶƚƌŝďƵƚĞĚƐŝŐŶŝĮĐĂŶƚůLJƚŽƚŚĞƚŽƵƌŝƐŵŝŶŇŽǁŐƌŽǁƚŚ in the Canary Islands. ŶƵŶƌĞƉĂƐŽĚĞůĂƐƉƌŝŶĐŝƉĂůĞƐĐŝĨƌĂƐĚĞůƐĞĐƚŽƌƐĞĞǀŝ- ĚĞŶĐŝĂĐſŵŽůĂĂŵƉůŝĂŵĂLJŽƌşĂĚĞůŽƐŝŶĚŝĐĂĚŽƌĞƐƚƵ- /ŶĂƌĞǀŝĞǁŽĨƚŚĞŵĂŝŶĮŐƵƌĞƐĨŽƌƚŽƵƌŝƐŵƐĞĐƚŽƌ͕ŝƚŝƐĐůĞĂƌ ƌşƐƟĐŽƐĐŝĞƌƌĂŶĞůĞũĞƌĐŝĐŝŽĞŶƉŽƐŝƟǀŽ͕ŝŶƚĞŶƐŝĮĐĂŶĚŽ ŚŽǁ ŵŽƐƚ ŽĨ ƚŚĞ ŝŶĚŝĐĂƚŽƌƐ ĞŶĚ ƚŚĞ ĮƐĐĂů LJĞĂƌ ƉŽƐŝƟǀĞůLJ͕ ůĂƚƌĂLJĞĐƚŽƌŝĂĐƌĞĐŝĞŶƚĞŝŶŝĐŝĂĚĂĂŵĞĚŝĂĚŽƐĚĞϮϬϭϬ͘ ǁŚŝĐŚŝŶƚĞŶƐŝĮĞƐƚŚĞƌŝƐŝŶŐƚƌĞŶĚŝŶŝƟĂƚĞĚĂƌŽƵŶĚŵŝĚͲϮϬϭϬ͘

 



 


    


  







 

 


          

 

   
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 Tabla 3.28 Table 3.28

144 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

^ĞŐƷŶ Ğů /ŶƐƟƚƵƚŽ EĂĐŝŽŶĂů ĚĞ ƐƚĂĚşƐƟĐĂ ;/EͿ͕ los ĞƐƚĂďůĞĐŝŵŝĞŶƚŽƐ ƚƵƌşƐƟĐŽƐ ĚĞů ƌĐŚŝƉŝĠůĂŐŽ ĂůŽũĂ- ƌŽŶĚƵƌĂŶƚĞϮϬϭϭĂϭϭ͘ϱϳϮ͘ϬϱϱƚƵƌŝƐƚĂƐ͕ůŽƋƵĞĞůĞǀĂ ĞŶƵŶϭϬ͕ϱйůĂƐĐŝĨƌĂƐĚĞǀŝƐŝƚĂŶƚĞƐĂůŽũĂĚŽƐĚƵƌĂŶ- ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ^ƉĂŶŝƐŚ EĂƟŽŶĂů ^ƚĂƟƐƟĐƐ /ŶƐƟƚƵƚĞ͕ ƚĞϮϬϭϬ͘ƐƚĞŝŶĐƌĞŵĞŶƚŽŝŶƚĞŶƐŝĮĐĂĞůƌĞƉƵŶƚĞĚĞƵŶ ϭϭ͕ϱϳϮ͕Ϭϱϱ ƚŽƵƌŝƐƚƐ ƐƚĂLJĞĚ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ƚŽƵƌŝƐƚ ĂŹŽĂŶƚĞƐ;ϲ͕ϬйͿ͕LJƐĞŵĂŶŝĮĞƐƚĂĞŶƐĞŶƟĚŽĐŽŶƚƌĂƌŝŽ ĞƐƚĂďůŝƐŚŵĞŶƚƐ ĚƵƌŝŶŐ ϮϬϭϭ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϭϬ͘ϱй ĂůĂĚŝŶĄŵŝĐĂĐŽŶƚƌĂĐƟǀĂĚĞϮϬϬϴLJϮϬϬϵ͕ĐƵĂŶĚŽůĂƐ ƌĞŐĂƌĚŝŶŐƚŚĞŶƵŵďĞƌŽĨǀŝƐŝƚŽƌƐŚĂǀŝŶŐƵƐĞĚƚŚĞƐĞƌǀŝĐĞƐ ǀŝƐŝƚĂƐƐĞƌĞĚƵũĞƌŽŶĞŶƵŶϬ͕ϰйLJƵŶϭϰ͕Ϯй͕ƌĞƐƉĞĐƟ- ŽĨĂĐĐŽŵŵŽĚĂƟŽŶŝŶϮϬϭϬ͘dŚŝƐŐƌŽǁƚŚŝŶƚĞŶƐŝĮĞƐƚŚĞƐƵƌŐĞ vamente. ŝŶƚŚĞƉĂƐƚLJĞĂƌ;ϲ͘ϬйͿĂŶĚŝƚŝƐŽƉƉŽƐĞĚƚŽƚŚĞĚŽǁŶǁĂƌĚ ƚƌĞŶĚŽĨϮϬϬϴĂŶĚϮϬϬϵ͕ǁŚĞŶǀŝƐŝƚƐǁĞƌĞƌĞĚƵĐĞĚďLJϬ͘ϰй ^ŝŶ ĞŵďĂƌŐŽ͕ ĚĞďĞ ƚĞŶĞƌƐĞ ĞŶ ĐŽŶƐŝĚĞƌĂĐŝſŶ ƋƵĞ ůĂ ĂŶĚϭϰ͘ϮйƌĞƐƉĞĐƟǀĞůLJ͘ ŵĞũŽƌĂ ƚƵƌşƐƟĐĂ ŽďĞĚĞĐĞ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ al aumen- ƚŽĚĞůĂĚĞŵĂŶĚĂĞdžƚƌĂŶũĞƌĂĚĞůϭϲ͕ϳй͕ĚĂĚŽƋƵĞůĂ Nevertheless, we need to take into account that this ĚĞŵĂŶĚĂ ƚƵƌşƐƟĐĂ ĞƐƉĂŹŽůĂ ĐĂĞ͕ ƚĂŶƚŽ ĚĞů ůĂĚŽ ĚĞů improvement of tourism is exclusively caused by the ŐƌŽǁƚŚ ƚƵƌŝƐƚĂƌĞƐŝĚĞŶƚĞĞŶĂŶĂƌŝĂƐ;ϯ͕ϭйͿĐŽŵŽĚĞůƉƌŽĐĞ- ŝŶ ŝŶƚĞƌŶĂƟŽŶĂů ƚŽƵƌŝƐŵ ĚĞŵĂŶĚ ;ϭϲ͘ϳйͿ͕ ƐŝŶĐĞ ^ƉĂŶŝƐŚ ĚĞŶƚĞĚĞůƌĞƐƚŽĚĞƐƉĂŹĂ;ϱ͕ϰйͿ͘ ĚĞŵĂŶĚ ĚƌŽƉƐ͕ ďŽƚŚ ĨŽƌ ƚŽƵƌŝƐƚƐ ƌĞƐŝĚŝŶŐ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ;ϯ͘ϭйͿĂŶĚĨŽƌƚŽƵƌŝƐƚƐĨƌŽŵƚŚĞƌĞƐƚŽĨ^ƉĂŝŶ;ϱ͘ϰйͿ͘ >ĂŵĞŶŽƌƌĞŶƚĂĚŝƐƉŽŶŝďůĞ͕ůŽƐĂůƚŽƐŶŝǀĞůĞƐĚĞĚĞƐĞŵ- ƉůĞŽLJĞůďĂũŽŐƌĂĚŽĚĞĐŽŶĮĂŶnjĂĚĞůĂƐĨĂŵŝůŝĂƐ͕ƉĂƌĞ- The lowest disposable income, the high levels of ĐĞŶŚĂďĞƌĚĞďŝůŝƚĂĚŽĂůĂĚĞŵĂŶĚĂƚƵƌşƐƟĐĂŶĂĐŝŽŶĂů͕ ƵŶĞŵƉůŽLJŵĞŶƚ ĂŶĚ ƚŚĞ ĨĂŵŝůŝĞƐ͛ ůĂĐŬ ŽĨ ĐŽŶĮĚĞŶĐĞ ƐĞĞŵ ĞŶĐŽŶƚƌĂƐƚĞĐŽŶůĂĚŝŶĄŵŝĐĂĚĞĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽƌĞƐ͕ ƚŽ ŚĂǀĞ ǁĞĂŬĞŶĞĚ ŶĂƟŽŶĂů ƚŽƵƌŝƐŵ ĚĞŵĂŶĚ͘ Ɛ ŽƉƉŽƐĞĚ ĐƵĂŶĚŽ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ Ğů ƚƵƌŝƐƚĂ ĐĂŶĂƌŝŽ͕ ĞũĞƌкà ƵŶ ƚŽƚŚŝƐƐŝƚƵĂƟŽŶ͕ŝŶƉƌĞǀŝŽƵƐLJĞĂƌƐƚŽƵƌŝƐƚƐĨƌŽŵƚŚĞĂŶĂƌLJ ƌĞůĂƟǀŽĞĨĞĐƚŽĐŽŵƉĞŶƐĂĚŽƌĚĞůĂŵĞŶŽƌĂŇƵĞŶĐŝĂĂ /ƐůĂŶĚƐŚĂǀĞŚĂĚĂĐŽŵƉĞŶƐĂƚŽƌLJĞīĞĐƚŽŶůŽǁƚŽƵƌŝƐƚŝŶŇƵdž ĂŶĂƌŝĂƐĂĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂĐƌŝƐŝƐ͘ ĂƐĂĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞĐƌŝƐŝƐ͘

    
  
 

 
   

 


  
"
   
  
  
  
 
 



  
  




" # $    "

 
  
-
 
 

2,255,495 2,243,446 2,198,324 2,224,7:8 2,189,883 .4*2 .6*8  

 
-
 
  
 

3,315,291 3,365,565 2,:36,967 2,:47,:64 2,942,551 .6*5 .27*:  

  
-


 
  

9,327,955 9,242,396 7,974,:15 8,52:,878 9,772,954 27*8 6*5  


 
-
  
  

   !  #  #" $#"!$"  " "  "     
-
  


48,114,329 46,218,:2: 3:,232,988 39,674,237 41,919,232 8*: .27*8   
  
-
  

  
 
-
  59,547,152 5:,511,461 56,281,145 5:,::7,732 69,448,498 27*8 31*5  

  #  $ $#  #!$ " $$ "# $" " #$  #  

 

-

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-
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 !$" +
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 $

 #$%$!%,
-

!"
 ;HISH Table 3.29

145 CONCLUSIONES CONCLUSIONS 2011

ŶƵŶĂĐŽŵƉĂƌĂƟǀĂƐĞŐƷŶĞůƟƉŽĚĞĂůŽũĂŵŝĞŶƚŽ͕Ğů ŶƷŵĞƌŽĚĞǀŝĂũĞƌŽƐƚŽƚĂůĞƐĂůŽũĂĚŽƐĞŶůŽƐŚŽƚĞůĞƐƐĞ ŝŶĐƌĞŵĞŶƚĂĞŶƵŶϭϮ͕ϮйŝŶƚĞƌĂŶƵĂů͕ĨƌĞŶƚĞĂůĂǀĂŶĐĞ͕ ŵĞŶŽƐƉƌŽŶƵŶĐŝĂĚŽ͕ĚĞůƐĞŐŵĞŶƚŽĞdžƚƌĂŚŽƚĞůĞƌŽ͕ƋƵĞ ĂƉƌĞĐŝĂƵŶĂƐƵďŝĚĂĚĞůϲ͕ϵƉŽƌĐŝĞŶƚŽ͘ /Ŷ Ă ƌĞǀŝĞǁ ĂĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ƚLJƉĞ ŽĨ ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ƚŚĞ WŽƌ ƐƵ ƉĂƌƚĞ͕ Ğů ŶƷŵĞƌŽ ĚĞ pernoctaciones ĂůĐĂŶnjĂ total number of tourists who stayed in hotels increases by ƵŶĂĐŝĨƌĂĮŶĂůĐĞƌĐĂŶĂĂůŽƐϴϵŵŝůůŽŶĞƐ͕ůŽƋƵĞƐŝŐŶŝĮ- ϭϮ͘ϮйŝŶƚĞƌĂŶŶƵĂůůLJ͕ŝŶĐŽŶƚƌĂƐƚƚŽĂůĞƐƐƉƌŽŶŽƵŶĐĞĚŐƌŽǁƚŚ ĐĂƵŶŝŶĐƌĞŵĞŶƚŽŝŶƚĞƌĂŶƵĂůĚĞůϭϯ͕ϱй͕ por el avance ŝŶŶŽŶͲŚŽƚĞůƚŽƵƌŝƐŵĂĐĐŽŵŵŽĚĂƟŽŶ;ϲ͘ϵйͿ͘ ĚĞůƐĞĐƚŽƌĞdžƚƌĂŚŽƚĞůĞƌŽ;ϳ͕ϵйͿ͕ƉĞƌŽƐŽďƌĞƚŽĚŽƉŽƌĞů As for the number of ŽǀĞƌŶŝŐŚƚ ƐƚĂLJƐ͕ ŝƚ ƌĞĂĐŚĞƐ ƚŚĞ ĮŶĂů ŚŽƚĞůĞƌŽ͕ƋƵĞŝŶĐƌĞŵĞŶƚĂĞůŶƷŵĞƌŽĚĞƉĞƌŶŽĐƚĂĐŝŽ- ĮŐƵƌĞŽĨϴϵŵŝůůŝŽŶ, which registers an ŝŶƚĞƌĂŶŶƵĂůŐƌŽǁƚŚ ŶĞƐĞŶƵŶϮϬ͕ϱƉŽƌĐŝĞŶƚŽ͘ ŽĨϭϯ͘ϱй͕ĚƵĞƚŽďŽƚŚŶŽŶͲŚŽƚĞůĂĐĐŽŵŵŽĚĂƟŽŶƉƌŽŐƌĞƐƐ ů ĞƐƚƵĚŝŽ ĚĞ ůĂ ĚŝƐƚƌŝďƵĐŝſŶ ĚĞ ůĂ ǀŝƐŝƚĂƐ ƐĞŐƷŶ Ğů ;ϳ͘ϵйͿ ĂŶĚ ƐƉĞĐŝĂůůLJ ŚŽƚĞů ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ǁŚĞƌĞ ƚŚĞ ĂůŽũĂŵŝĞŶƚŽ ĚĞů ƚƵƌŝƐƚĂ͕ ƌĞĚƵŶĚĂ ƐŽďƌĞ ůĂ ĚŝŶĄŵŝĐĂ ŶƵŵďĞƌŽĨŽǀĞƌŶŝŐŚƚƐƚĂLJƐŚĂƐŝŶĐƌĞĂƐĞĚŝŶϮϬ͘ϱƉĞƌĐĞŶƚ͘ ĂĚǀĞƌƟĚĂĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐĞũĞƌĐŝĐŝŽƐ͕ĞŶůĂƋƵĞĞů dŚĞ ƐƚƵĚLJ ĂďŽƵƚ ƚŚĞ ĚŝƐƚƌŝďƵƟŽŶ ŽĨ ǀŝƐŝƚƐ ĂĐĐŽƌĚŝŶŐ ƚŽ ƐĞŐŵĞŶƚŽĞdžƚƌĂŚŽƚĞůĞƌŽŚĂŝĚŽƉĞƌĚŝĞŶĚŽĚĞŵĂŶĞƌĂ ƚŚĞ ƚLJƉĞ ŽĨ ƚŽƵƌŝƐƚ ĂĐĐŽŵŵŽĚĂƟŽŶ ƌĞŇĞĐƚĞĚ ƚŚĞ ĚLJŶĂŵŝĐ ƉƌŽŐƌĞƐŝǀĂƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĞŶĞůƐŝƐƚĞŵĂĂůŽũĂƟǀŽĚĞ ŶŽƟĐĞĚ ĚƵƌŝŶŐ ƌĞĐĞŶƚ ĮƐĐĂů LJĞĂƌƐ͕ ŝŶ ǁŚŝĐŚ ŶŽŶͲŚŽƚĞů ůĂ/ƐůĂƐ͕ĞŶĨĂǀŽƌĚĞůƐĞĐƚŽƌŚŽƚĞůĞƌŽ͖ƐŝďŝĞŶĞƐĚĞƐƚĂĐĂƌ ĂĐĐŽŵŵŽĚĂƟŽŶ ŚĂƐ ďĞĞŶ ŐƌĂĚƵĂůůLJ ůŽƐŝŶŐ ƌĞƉƌĞƐĞŶƚĂƟŽŶ ƋƵĞĞůƐĞŐŵĞŶƚŽĞdžƚƌĂŚŽƚĞůĞƌŽŝŶƚĞƌƌƵŵƉĞ͕ĂůŵĞŶŽƐ ŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͛ĂĐĐŽŵŵŽĚĂƟŽŶƐLJƐƚĞŵ͕ŝŶďĞŶĞĮƚŽĨ ĚƵƌĂŶƚĞϮϬϭϭ͕ůĂƐĞŶĚĂĚĞĐƌĞĐŝĞŶƚĞĚĞƐĐƌŝƚĂĚƵƌĂŶƚĞ ŚŽƚĞů ĂĐĐŽŵŵŽĚĂƟŽŶ͖ ŚŽǁĞǀĞƌ͕ ǁĞ ŵƵƐƚ ĞŵƉŚĂƐŝnjĞ ƚŚĂƚ ůĂƷůƟŵĂĚĠĐĂĚĂ͘ ƚŚĞŶŽŶͲŚŽƚĞůƐĞŐŵĞŶƚŚĂƐŝŶƚĞƌƌƵƉƚĞĚ͕ĂƚůĞĂƐƚĚƵƌŝŶŐϮϬϭϭ͕ ĞƐƚĞƌĞƐƉĞĐƚŽ͕ƌĞƐƵůƚĂƚĂŵďŝĠŶŝŶƚĞƌĞƐĂŶƚĞĂŶĂůŝnjĂƌ the downward path followed during the last decade. ůĂĞǀŽůƵĐŝſŶĚĞůĂƐƉůĂnjĂƐƚƵƌşƐƟĐĂƐĞŶĂŶĂƌŝĂƐĚƵƌĂŶ- ƚĞĞůƷůƟŵŽĚĞĐĞŶŝŽ͕ĞŶůĂƋƵĞǀƵĞůǀĞĂƉŽŶĞƌƐĞĚĞƌĞ- /ŶƚŚŝƐƌĞŐĂƌĚ͕ŝƚŝƐĂůƐŽŝŶƚĞƌĞƐƟŶŐƚŽĂŶĂůLJnjĞƚŚĞƉƌŽŐƌĞƐƐ lieve el crecimiento de los alojamientos hoteleros, en ŽĨ ƚŽƵƌŝƐƚ ĂĐĐŽŵŵŽĚĂƟŽŶ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ŽǀĞƌ ĚĞƚƌŝŵĞŶƚŽĚĞůĂƐƉůĂnjĂƐĞdžƚƌĂŚŽƚĞůĞƌĂƐ͕ĂƉƌĞĐŝĄŶĚŽƐĞ the last decade: there has been a remarkable growth ĐŽŵŽĞŶĞůĂŹŽϮϬϬϬĞůƉĞƐŽĚĞůĂƐƉůĂnjĂƐĚĞůŽƐĂƉĂƌ- ŝŶ ŚŽƚĞů ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ƚŽ ƚŚĞ ĚĞƚƌŝŵĞŶƚ ŽĨ ŶŽŶͲŚŽƚĞů ƚĂŵĞŶƚŽƐ ƐƵƉŽŶşĂ Ğů ϲϳ͕ϵй͕ ĨƌĞŶƚĞ Ăů ϱϭ͕ϰй ĂĐƚƵĂů͖ ĂĐĐŽŵŵŽĚĂƟŽŶ͘dŚŝƐŝƐŶŽƟĐĞĂďůĞŝŶƚŚĞĐŽŶƚƌĂƐƚďĞƚǁĞĞŶ ŵŝĞŶƚƌĂƐƋƵĞůŽƐŚŽƚĞůĞƐĂƵŵĞŶƚĂŶƐƵƌĞƉƌĞƐĞŶƚĂĐŝſŶ ĂƉĂƌƚŵĞŶƚĂĐĐŽŵŵŽĚĂƟŽŶŝŶϮϬϬϬ;ϲϳ͘ϵйͿĂŶĚƚŚĞĐƵƌƌĞŶƚ ĞŶϭϭ͕ϳƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐ͘ ŽŶĞ;ϱϭ͘ϰйͿ͖ĂƐĨŽƌŚŽƚĞůƐ͕ƚŚĞŝƌƌĞƉƌĞƐĞŶƚĂƟŽŶŝŶĐƌĞĂƐĞƐŝŶ ϭϭ͘ϳƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚƐ͘ La tónica de declive de la planta extrahotelera, con- ũƵŶƚĂŵĞŶƚĞĐŽŶůĂĂƉůŝĐĂĐŝſŶĚĞůĂŶŽƌŵĂƟǀĂǀŝŐĞŶƚĞ dŚŝƐ ĚĞĐůŝŶĞ ŝŶ ŶŽŶͲŚŽƚĞů ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ƚŽŐĞƚŚĞƌ ĞŶŵĂƚĞƌŝĂƵƌďĂŶşƐƟĐĂLJĚĞƌĞŚĂďŝůŝƚĂĐŝſŶ͕ŝŶĐĞŶƟǀĂĂ ǁŝƚŚ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ĐƵƌƌĞŶƚ ůĞŐŝƐůĂƟŽŶ ŝŶ ƵŶĂƉƌŽŐƌĞƐŝǀĂƌĞĚƵĐĐŝſŶĚĞůĂƐƉůĂnjĂƐĂůŽũĂƟǀĂƐ͘^Ğ ƚŽǁŶͲƉůĂŶŶŝŶŐ ĂŶĚ ƌĞŚĂďŝůŝƚĂƟŽŶ ŵĂƩĞƌƐ͕ ƐƟŵƵůĂƚĞƐ Ă ƚƌĂƚĂĚĞƵŶĨĞŶſŵĞŶŽƋƵĞĂĨĞĐƚĂĐŽŶĞƐƉĞĐŝĂůŝŶƚĞŶƐŝ- ƉƌŽŐƌĞƐƐŝǀĞƌĞĚƵĐƟŽŶŽĨƚŚĞĂĐĐŽŵŵŽĚĂƟŽŶĨĂĐŝůŝƟĞƐ͘dŚŝƐ ĚĂĚĂůĂŝƐůĂĚĞ'ƌĂŶĂŶĂƌŝĂ͕ƋƵĞŚĂǀŝƐƚŽƌĞĚƵĐŝĚŽƐƵ ŝƐĂƉŚĞŶŽŵĞŶŽŶƚŚĂƚƉĂƌƟĐƵůĂƌůLJĂīĞĐƚƐƚŚĞŝƐůĂŶĚŽĨ'ƌĂŶ ŶƷŵĞƌŽƚŽƚĂůĞŶϯ͘ϰϮϳĐĂŵĂƐƚƵƌşƐƟĐĂƐ͘ƐƚĂĐŝƌĐƵŶƐ- Canaria, where the total number of bedplaces has been ƚĂŶĐŝĂƉŽĚƌşĂĂŵĞŶĂnjĂƌĂůĂĐĂƉĂĐŝĚĂĚĂůŽũĂƟǀĂĚĞůĂƐ ƌĞĚƵĐĞĚďLJϯ͕ϰϮϳ͘dŚŝƐĐŽƵůĚƚŚƌĞĂƚĞŶƚŚĞĂĐĐŽŵŵŽĚĂƟŽŶ ŝƐůĂ͕ƐŽďƌĞƚŽĚŽƐŝĐŽŶƐŝĚĞƌĂŵŽƐƋƵĞŵĄƐĚĞůϲϬйĚĞůĂ capacity of the island, especially considering that more than ƉůĂŶƚĂĂůŽũĂƟǀĂĞƐĂƷŶĞdžƚƌĂŚŽƚĞůĞƌĂ͘ ϲϬйŽĨƚŚĞƚŽƚĂůĨĂĐŝůŝƟĞƐĂƌĞƐƟůůŶŽŶͲŚŽƚĞů͘

ŶĐƵĂŶƚŽĂůŽƐĚĞŵĄƐŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐƟǀŝĚĂĚ͕ĞůĐƌĞ- ZĞŐĂƌĚŝŶŐƚŚĞƌĞƐƚŽĨĂĐƟǀŝƚLJŝŶĚŝĐĂƚŽƌƐ͕ŝŶĐƌĞĂƐĞŽǀĞƌƚŚĞ ĐŝŵŝĞŶƚŽƚƵƌşƐƟĐŽĚĞůƷůƟŵŽĂŹŽƚĂŵďŝĠŶŝŵƉƵůƐſĂ last year also boosted the ĂǀĞƌĂŐĞ ƐƚĂLJ͕ ƌĞĂĐŚŝŶŐ ϳ͘ϳϬ la ĞƐƚĂŶĐŝĂŵĞĚŝĂ͕ƋƵĞĂůĐĂŶnjĂĚƵƌĂŶƚĞϮϬϭϭůĂƐϳ͕ϳϬ nights in 2011, 0.20 nights more than in 2010. As for the

146 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ŶŽĐŚĞƐ͕Ϭ͕ϮϬŶŽĐŚĞƐŵĄƐƋƵĞĞŶϮϬϭϬ͕ŵŝĞŶƚƌĂƐƋƵĞĞů ŐƌĂĚŽĚĞŽĐƵƉĂĐŝſŶĚĞůŽƐĐŽŵƉůĞũŽƐƚƵƌşƐƟĐŽƐĂƉƌĞ- ĐŝĂƵŶĂƐĐĞŶƐŽŐĞŶĞƌĂůŝnjĂĚŽ͕ƚŽĚĂǀĞnjƋƵĞůĂƉůĂŶƚĂŚŽ- ƚĞůĞƌĂĂƵŵĞŶƚĂĞŶϲ͕ϱƉ͘Ɖ͕͘ƉĂƌĂƵŶĂŵĞĚŝĂĚĞůϳϬ͕Ϭй͕ ĨƌĞŶƚĞĂůŵĞŶŽƌŝŶĐƌĞŵĞŶƚŽĚĞϱ͕ϳƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂ- ŽĐĐƵƉĂƟŽŶ ůĞǀĞů in tourist resorts, it has experienced a ůĞƐĚĞůĂŽĐƵƉĂĐŝſŶĞdžƚƌĂŚŽƚĞůĞƌĂ͕ƋƵĞƐĞƐŝƚƷĂĞŶĞů ŐĞŶĞƌĂůŐƌŽǁƚŚ͕ŝŶĐƌĞĂƐŝŶŐďLJϲ͘ϱƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚƐŝŶŚŽƚĞů ϰϵ͕ϲƉŽƌĐŝĞŶƚŽ͘ ĂĐĐŽŵŵŽĚĂƟŽŶ͕ ƚŽ ĂŶ ĂǀĞƌĂŐĞ ŽĨ ϳϬ͘Ϭй͕ ǁŚŝůĞ ŶŽŶͲŚŽƚĞů ůŵĂLJŽƌĚŝŶĂŵŝƐŵŽĚĞůƚƵƌŝƐŵŽƐĞƌĞŇĞũĂ͕ĂƐŝŵŝƐŵŽ͕ ĂĐĐŽŵŵŽĚĂƟŽŶƌĞŐŝƐƚĞƌƐĂůŽǁĞƌŝŶĐƌĞĂƐĞŽĨϱ͘ϳƉĞƌĐĞŶƚ͕ en la cifras de ĞŵƉůĞŽ ĚŝƌĞĐƚŽ ĚĞ ůŽƐ ĂůŽũĂŵŝĞŶƚŽƐ ǁŚŝĐŚƐƚĂŶĚƐĂƚϰϵ͘ϲй͘ ƚƵƌşƐƟĐŽƐ͕ Ăů ĞƐƟŵĂƌƐĞ ƵŶ ĂƐĐĞŶƐŽ ĚĞů ϰ͕ϴй͕ ŚĂƐƚĂ ĂůĐĂŶnjĂƌůŽƐϰϳ͘ϳϴϲĂƐĂůĂƌŝĂĚŽƐ͘^ƵďŝĚĂƋƵĞ͕ƐŝŶĞŵ- dŚĞŐƌĞĂƚĞƌĚLJŶĂŵŝƐŵŝŶƚŽƵƌŝƐŵŝƐĂůƐŽƌĞŇĞĐƚĞĚŝŶĚŝƌĞĐƚ ďĂƌŐŽ͕ ŶŽ ƌĞƐƵůƚĂ ĞdžƚƌĂƉŽůĂďůĞ Ă ůŽƐ ĚŽƐ ƐĞŐŵĞŶƚŽƐ ĞŵƉůŽLJŵĞŶƚ ŝŶ ƚŽƵƌŝƐƚ ƌĞƐŽƌƚƐ͕ ǁŝƚŚ Ă ŐƌŽǁƚŚ ŽĨ ϰ͘ϴй͕ ĂůŽũĂƟǀŽƐ͕ƉƵĞƐŵŝĞŶƚƌĂƐĞůƐĞĐƚŽƌŚŽƚĞůĞƌŽĐŽŶƚĂďŝůŝnjĂ ƌĞĂĐŚŝŶŐ ϰϳ͕ϳϴϲ ĞŵƉůŽLJĞĞƐ͘ dŚŝƐ ŝŶĐƌĞĂƐĞ͕ ŚŽǁĞǀĞƌ͕ŝƐ ŶŽƚ ƵŶĂƵŵĞŶƚŽĚĞůϳ͕ϴй͕ĞůĐŽŶũƵŶƚŽĚĞĂƉĂƌƚĂŵĞŶƚŽƐǀĞ ĞƋƵĂůůLJ ƌĞŇĞĐƚĞĚ ŝŶ ďŽƚŚ ĂĐĐŽŵŵŽĚĂƟŽŶ ƐĞŐŵĞŶƚƐ͕ ƐŝŶĐĞ ƌĞĚƵĐŝĚŽƐƵŶƷŵĞƌŽĚĞŽĐƵƉĂĚŽƐĞŶƵŶϰ͕ϳƉŽƌĐŝĞŶƚŽ͘ ŽĐĐƵƉĂƟŽŶŚĂƐƌŝƐĞŶϳ͘ϴйŝŶŚŽƚĞůƐďƵƚŝƚŚĂƐďĞĞŶƌĞĚƵĐĞĚ ƚŽϰ͘ϳйŝŶĂƉĂƌƚŵĞŶƚƐ͘ ŶŵĂƚĞƌŝĂĚĞƉƌĞĐŝŽƐ͕ƐĞŐƷŶĞůÍndice de Precios Ho- ƚĞůĞƌŽƐ;/W,Ϳ del INE, las tarifas hoteleras en el Archi- In terms of price, according to the ,ŽůŝĚĂLJǁĞůůŝŶŐWƌŝĐĞ ƉŝĠůĂŐŽĐŝĨƌĂŶĂůŽůĂƌŐŽĚĞϮϬϭϭƵŶĂƐĐĞŶƐŽŵĞĚŝŽĚĞů /ŶĚĞdž ŽĨ ƚŚĞ ^ƉĂŶŝƐŚ EĂƟŽŶĂů /ŶƐƟƚƵƚĞ ŽĨ ^ƚĂƟƐƟĐƐ͕ ŚŽƚĞů Ϯ͕ϯй͕ ĞŶ ĐŽŶƚƌĂƐƚĞ ĐŽŶ ůĂ ŵĞĚŝĂ ƌĞŐŝƐƚƌĂĚĂ ĚƵƌĂŶƚĞ rates in the Canary Islands during 2011 have registered an ůŽƐĂŹŽƐĂŶƚĞƌŝŽƌĞƐ͕ĚĞůͲϯ͕ϯйĞŶϮϬϬϵLJĚĞůͲϮ͕ϵйĞŶ ŝŶĐƌĞĂƐĞ ŽĨ Ϯ͘ϯй ŝŶ ĐŽŶƚƌĂƐƚ ƚŽ ƚŚĞ ĂǀĞƌĂŐĞ ƌĞŐŝƐƚĞƌĞĚ ŝŶ 2010. ƉƌĞǀŝŽƵƐ LJĞĂƌƐ͕ ǁŚŝĐŚ ƌĞĂĐŚĞĚ ϯ͘ϯй ŝŶ ϮϬϬϵ ĂŶĚ Ϯ͘ϵй ŝŶ 2010. ^ŝŶĞŵďĂƌŐŽ͕ĞƐƚĞŵĞũŽƌĞƐĐĞŶĂƌŝŽ͕ĐĂƌĂĐƚĞƌŝnjĂĚŽƉŽƌ Ğů ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůŽƐ ƚƵƌŝƐƚĂƐ LJ͕ ĐŽŶƐĞĐƵĞŶƚĞŵĞŶƚĞ͕ ,ŽǁĞǀĞƌ͕ ƚŚŝƐ ďĞƩĞƌ ƐĐĞŶĂƌŝŽ͕ ĐŚĂƌĂĐƚĞƌŝnjĞĚ ďLJ ƚŚĞ ĚĞƵŶĂŵĂLJŽƌŽĐƵƉĂĐŝſŶĂůŽũĂƟǀĂ͕ŶŽƉĂƌĞĐĞŚĂďĞƌ- ŝŶĐƌĞĂƐĞ ŽĨ ƚŽƵƌŝƐƚƐ͕ ĂŶĚ͕ ĐŽŶƐĞƋƵĞŶƚůLJ͕ ŚŝŐŚĞƌ ŽĐĐƵƉĂƟŽŶ ƐĞƚƌĂƐůĂĚĂĚŽ͕ĂůŵĞŶŽƐĐŽŶŝŐƵĂůŝŶƚĞŶƐŝĚĂĚ͕ƐŽďƌĞůĂ ŝŶ ĂĐĐŽŵŵŽĚĂƟŽŶ ƐĞƌǀŝĐĞƐ͕ ĚŽĞƐ ŶŽƚ ƐĞĞŵ ƚŽ ŚĂǀĞ ďĞĞŶ ƌĞŶƚĂďŝůŝĚĂĚ ĚĞů ƐĞĐƚŽƌ͕Ɛŝ ĂƚĞŶĚĞŵŽƐ Ă ůĂƐ ĞƐƚĂĚşƐƟ- ĞƋƵĂůůLJŝŶƚĞŶƐĞŽŶƚŚĞƐĞĐƚŽƌ͛ƐƉƌŽĮƚĂďŝůŝƚLJ͘^ƚĂƟƐƟĐƐďLJƚŚĞ

 
  
   


 
   


 
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 Tabla 3.30 Table 3.30

147 CONCLUSIONES CONCLUSIONS 2011

cas de ŐĂƐƚŽ ƚƵƌşƐƟĐŽ ĚŝĂƌŝŽ ĚĞů/^d, donde seña- ůĂŶƋƵĞ͕ĂƉĞƐĂƌĚĞƋƵĞĞůŐĂƐƚŽŵĞĚŝŽĚŝĂƌŝŽĚĞůŽƐ ƚƵƌŝƐƚĂƐƐĞŝŶĐƌĞŵĞŶƚĂĚĞƐĚĞůŽƐϭϭϳ͕ϮĞƵƌŽƐĚĞϮϬϭϬ ŚĂƐƚĂůŽƐϭϭϵ͕ϮĞƵƌŽƐĚĞϮϬϭϭ͕ĞůĂǀĂŶĐĞŽďĞĚĞĐĞĞdž- ĐůƵƐŝǀĂŵĞŶƚĞĂůŵĂLJŽƌĚĞƐĞŵďŽůƐŽĞŶƐƵůƵŐĂƌĚĞŽƌŝ- ŐĞŶ;Ϯ͕ϴΦŵĄƐͿ͕ŵŝĞŶƚƌĂƐƋƵĞĞůŐĂƐƚŽĞŶĚĞƐƟŶŽƐĞ Canary Islands ^ƚĂƟƐƟĐƐ /ŶƐƟƚƵƚĞ ;/^dͿ ŽŶ ĚĂŝůLJ ƚŽƵƌŝƐƚ ƌĞĚƵĐĞ ĞŶ Ϯ͕ϭ ĞƵƌŽƐ͘ EŽ ŽďƐƚĂŶƚĞ͕ ĚĞďĞŵŽƐ ƐĞŹĂůĂƌ ĞdžƉĞŶƐĞƐ show that, even though tourists’ average daily ƋƵĞĞůŐĂƐƚŽĞŶŽƌŝŐĞŶƌĞĐŽŐĞĂůŐƵŶĂƐƉĂƌƟĚĂƐƋƵĞƌĞ- ĞdžƉĞŶƐĞƐŐƌŽǁĨƌŽŵϭϭϳ͘ϮĞƵƌŽƐŝŶϮϬϭϬƚŽϭϭϵ͘ϮŝŶϮϬϭϭ͕ ǀŝĞƌƚĞŶĞŶĂŶĂƌŝĂƐ͕ƐŝďŝĞŶƐƵĂƵŵĞŶƚŽƐĞƉƌŽĚƵĐĞĞŶ this increase is only caused by a higher expenditure at their ƵŶĐŽŶƚĞdžƚŽĚĞĨƵĞƌƚĞĞůĞǀĂĐŝſŶĚĞůĐŽƐƚĞĚĞůƉĞƚƌſůĞŽ͕ ƉůĂĐĞŽĨŽƌŝŐŝŶ;Ϯ͘ϴΦŵŽƌĞͿ͕ǁŚŝůĞƚŚĞĞdžƉĞŶĚŝƚƵƌĞĂƚƚŚĞŝƌ ƋƵĞŝŶŇƵLJĞƐŽďƌĞůĂƐƚĂƌŝĨĂƐĂĠƌĞĂƐ͘ ĚĞƐƟŶĂƟŽŶŝƐƌĞĚƵĐĞĚďLJϮ͘ϭĞƵƌŽƐ͘EŽŶĞƚŚĞůĞƐƐ͕ŝƚŵƵƐƚďĞ stressed that the expenditure made at their place of origin ůĂůƵnjĚĞĞƐƚŽƐĚĂƚŽƐ͕ƉƵĞĚĞĂĮƌŵĂƌƐĞƋƵĞůĂĂĐƟ- may correspond to payments associated to the Canary ǀŝĚĂĚ ƚƵƌşƐƟĐĂ ŚĂ ĂƉƌĞĐŝĂĚŽ ƵŶĂ ƐŝŐŶŝĮĐĂƟǀĂ ŵĞũŽƌĂ Islands, even though this increase takes place in a context of ĚƵƌĂŶƚĞϮϬϭϭ͕ĂƵŶƋƵĞƐĞĚĞďĞƚĞŶĞƌĞŶĐƵĞŶƚĂƋƵĞ ƉĞƚƌŽůƉƌŝĐĞŚŝŬĞ͕ǁŚŝĐŚŚĂƐĂŶŝŶŇƵĞŶĐĞŽŶĂŝƌĨĂƌĞƐ͘ responde, en cierta medida, Ă ĨĂĐƚŽƌĞƐ ĞdžſŐĞŶŽƐ LJ ƚĞŵƉŽƌĂůĞƐ͘>ĂƐŝŐŶŝĮĐĂƟǀĂĂŇƵĞŶĐŝĂƚƵƌşƐƟĐĂĚĞůƉĂ- /ŶǀŝĞǁŽĨƚŚĞƐĞĚĂƚĂ͕ŝƚĐĂŶďĞĐŽŶĮƌŵĞĚƚŚĂƚƚŽƵƌŝƐƚĂĐƟǀŝƚLJ ƐĂĚŽĞũĞƌĐŝĐŝŽ͕ƉƌĞǀŝƐŝďůĞŵĞŶƚĞƐĞǀĞƌĄƌĞĚƵĐŝĚĂƚƌĂƐ has improved considerably during 2011, although we need ůĂƌĞŵŝƐŝſŶĚĞůŽƐĨĞŶſŵĞŶŽƐĐŽLJƵŶƚƵƌĂůĞƐƋƵĞŝŶŇƵ- to take into account that it responds, to a certain extent, ƚŽ LJĞƌŽŶĞŶƐƵĐƌĞĐŝŵŝĞŶƚŽ͕ĞƐƚŽƐƐŽŶ͕ůĂƐďŽŶŝĮĐĂĐŝŽŶĞƐ ĞdžŽŐĞŶŽƵƐĂŶĚƚĞŵƉŽƌĂůĨĂĐƚŽƌƐ͘dŚĞƐŝŐŶŝĮĐĂŶƚŝŶŇƵdžŽĨ ƐŽďƌĞůĂƐƚĂƐĂƐĂĞƌŽƉŽƌƚƵĂƌŝĂƐLJĞůĚĞƐǀşŽĚĞƚƵƌŝƐƚĂƐ ǀŝƐŝƚŽƌƐĚƵƌŝŶŐƚŚĞƉĂƐƚĮƐĐĂůLJĞĂƌǁŝůůďĞƌĞĚƵĐĞĚĂŌĞƌƚŚĞ ƉŽƌĞůĐŝĞƌƌĞĚĞŵĞƌĐĂĚŽƐĐŽŵƉĞƟĚŽƌĞƐ͘ ƌĞŵŝƐƐŝŽŶŽĨƚŚĞƐŝƚƵĂƟŽŶĂůĞǀĞŶƚƐƚŚĂƚĂīĞĐƚĞĚŝƚƐŐƌŽǁƚŚ͕ ǁŚŝĐŚĂƌĞ͕ƚŚĞƌĞĚƵĐƟŽŶŽĨĂŝƌƉŽƌƚĐŚĂƌŐĞƐĂŶĚƚŚĞĚŝǀĞƌƐŝŽŶ - ĞŚĞĐŚŽ͕ůĂƉĠƌĚŝĚĂĚĞĚŝŶĂŵŝƐŵŽĚĞůĂĂĐƟǀŝĚĂĚƚƵ ŽĨƚŽƵƌŝƐƚƐĂŌĞƌƚŚĞĐůŽƐƵƌĞŽĨƌŝǀĂůŵĂƌŬĞƚƐ͘ ƌşƐƟĐĂĐŽŵŝĞŶnjĂĂǀŝƐůƵŵďƌĂƌƐĞĞŶůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐ ĚĞϮϬϭϮ͕ĂĚǀŝĞƌƟĠŶĚŽƐĞƵŶĂĚĞƐĂĐĞůĞƌĂĐŝſŶĞŶĞůĐƌĞ- In fact, the lack of dynamism in tourism starts being ĐŝŵŝĞŶƚŽĚĞůĂƐǀŝƐŝƚĂƐ͕ŵŝĞŶƚƌĂƐƋƵĞůĂƐƌĞƐĞƌǀĂƐƉĂƌĂ ŶŽƟĐĞĂďůĞ ĚƵƌŝŶŐ ƚŚĞ ĮƌƐƚ ŵŽŶƚŚƐ ŽĨ ϮϬϭϮ͕ ǁŝƚŚ Ă ůĂ ĨƵƚƵƌĂ ƚĞŵƉŽƌĂĚĂ ŝŶǀĞƌŶĂů ĂƉƵŶƚĂŶ ŚĂĐŝĂ ůĂ ďĂũĂ͘ ĚĞĐĞůĞƌĂƟŽŶŝŶƚŚĞŶƵŵďĞƌŽĨǀŝƐŝƚƐ͕ǁŚŝůĞƌĞƐĞƌǀĂƟŽŶƐĨŽƌ ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƐƵďŝĚĂĚĞůŽƐŝŵƉƵĞƐƚŽƐƉƌĞǀŝƐƚŽ the next winter season point to the decline. In this context, ƉŽƌ Ğů ŐŽďŝĞƌŶŽ ĂƵƚŽŶſŵŝĐŽ ĚĂŹĂƌĄ Ă ůŽƐ ƌĞƐƵůƚĂĚŽƐ the rise in taxes planned by the autonomous government will ƚƵƌşƐƟĐŽƐ͕ůŝŵŝƚĂŶĚŽůĂƌĞŶƚĂďŝůŝĚĂĚĚĞůƐĞĐƚŽƌ͕ƋƵĞƐĞ ĂīĞĐƚƚŽƵƌŝƐŵ͕ůŝŵŝƟŶŐƚŚĞƉƌŽĮƚĂďŝůŝƚLJŽĨƚŚĞƐĞĐƚŽƌ͕ǁŚŝĐŚ ĚĞƐĞŶǀƵĞůǀĞĞŶƵŶŵĞƌĐĂĚŽĂůƚĂŵĞŶƚĞĐŽŵƉĞƟƟǀŽ͘ ŚĂƐƚŽĐŽƉĞǁŝƚŚĂŚŝŐŚůLJĐŽŵƉĞƟƟǀĞŵĂƌŬĞƚ͘

 
 





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 Tabla 3.31 Table 3.31

148 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ĚĞŵĄƐ ĚĞ ůĂƐ ĐŝƌĐƵŶƐƚĂŶĐŝĂƐ ĂŶƚĞƌŝŽƌĞƐ͕  Ğů ƐĞĐƚŽƌ ƚƵƌşƐƟĐŽĂƷŶĚĞŶŽƚĂĨĂĐƚŽƌĞƐƋƵĞĚŝĮĐƵůƚĂŶĐŽŶƐŽůŝ- ĚĂƌĞƐƚĂŵĞũŽƌĂ͕ĐŽŵŽůĂƌĞƐƚƌŝĐĐŝſŶĂůĐƌĠĚŝƚŽĚĞůĂƐ ƉĂƌƚ ĨƌŽŵ ƚŚĞƐĞ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƚŚĞ ƚŽƵƌŝƐŵ ƐĞĐƚŽƌ ƐƟůů ĞŵƉƌĞƐĂƐ͕ůĂĞůĞǀĂĚĂŝŶĐĞƌƟĚƵŵďƌĞĚĞůŽƐŵĞƌĐĂĚŽƐ ƐŚŽǁƐƐŽŵĞĨĂĐƚŽƌƐƚŚĂƚŵĂŬĞŝƚĚŝĸĐƵůƚƚŽĐŽŶƐŽůŝĚĂƚĞƚŚŝƐ ĮŶĂŶĐŝĞƌŽƐ͕ĞůĞƐƚĂĚŽĚĞĚĞďŝůŝĚĂĚĚĞůĂĚĞŵĂŶĚĂŝŶ- ŝŵƉƌŽǀĞŵĞŶƚ͕ĂƐ͕ĨŽƌĞdžĂŵƉůĞ͕ƌĞƐƚƌŝĐƟŶŐĐŽŵƉĂŶŝĞƐ͛ĂĐĐĞƐƐ ƚĞƌŶĂĐĂŶĂƌŝĂLJĞƐƉĂŹŽůĂ͘ůŽĂŶƚĞƌŝŽƌƐĞĂŹĂĚĞŶůĂƐ ƚŽĐƌĞĚŝƚ͕ƚŚĞŚŝŐŚĮŶĂŶĐŝĂůŵĂƌŬĞƚƵŶĐĞƌƚĂŝŶƚLJ͕ƚŚĞǁĞĂŬŶĞƐƐ ĂďƌƵƉƚĂƐƉĠƌĚŝĚĂƐƐƵĨƌŝĚĂƐƉŽƌĞůƚƵƌŝƐŵŽĚƵƌĂŶƚĞůŽƐ ŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐĂŶĚƚŚĞ^ƉĂŶŝƐŚĚŽŵĞƐƟĐĚĞŵĂŶĚ͘/Ŷ ĞũĞƌĐŝĐŝŽƐĂŶƚĞƌŝŽƌĞƐ͘dŽĚŽƐĞƐƚŽƐĨĂĐƚŽƌĞƐŚĂŶŝŵƉĞ- ĂĚĚŝƟŽŶƚŽƚŚŝƐ͕ƚŽƵƌŝƐŵŚĂƐƐƵīĞƌĞĚƐŚĂƌƉůŽƐƐĞƐŽǀĞƌƚŚĞ ĚŝĚŽƵŶĞĨĞĐƚŽŵĄƐƉŽƐŝƟǀŽĚĞůĂĞǀĞŶƚƵĂůƌĞĐƵƉĞƌĂ- ůĂƐƚĮƐĐĂůLJĞĂƌƐ͘ƐĂƌĞƐƵůƚ͕ĂůůƚŚĞƐĞĨĂĐƚŽƌƐŚĂǀĞŚĂŵƉĞƌĞĚĂ ĐŝſŶ͕ƋƵĞ͕ĞŶƚŽĚŽĐĂƐŽ͕ŚĂĂůĐĂŶnjĂĚŽĐŝĨƌĂƐĂĐĞƉƚĂďůĞƐ ƉŽƐŝƟǀĞƌĞĐŽǀĞƌLJǁŚŝĐŚ͕ŝŶĂŶLJĐĂƐĞ͕ŚĂƐƌĞĂĐŚĞĚĂĐĐĞƉƚĂďůĞ ĞŶƚĠƌŵŝŶŽƐĚĞĂĐƟǀŝĚĂĚLJĞŵƉůĞŽ͘ ĮŐƵƌĞƐŝŶƚĞƌŵƐŽĨĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚ͘

Ŷ ŽƚƌŽ ĄŵďŝƚŽ͕ Ğů ƐĞĐƚŽƌ ƐŝŐƵĞ ŶĞĐĞƐŝƚĂŶĚŽ ĚĞ ƵŶĂ /Ŷ ĂŶŽƚŚĞƌ ĂƌĞĂ͕ ƚŚĞ ƐĞĐƚŽƌ ƐƟůů ŶĞĞĚƐ Ă ƚŚŽƌŽƵŐŚ ƌĞǀŝĞǁ ƉƌŽĨƵŶĚĂƌĞǀŝƐŝſŶ͕ƋƵĞĐŽŶƐŽůŝĚĞƐƵƉŽƐŝĐŝſŶĐŽŵƉĞ- ƚŽ ĐŽŶƐŽůŝĚĂƚĞ ŝƚƐ ĐŽŵƉĞƟƟǀĞ ƉŽƐŝƟŽŶ ŝŶ ŝŶƚĞƌŶĂƟŽŶĂů ƟƟǀĂĞŶůŽƐŵĞƌĐĂĚŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ͘ ŵĂƌŬĞƚƐ͘

ŽŶǀŝĞŶĞ ƌĞĐŽƌĚĂƌ ƋƵĞ Ğů ƐĞĐƚŽƌ acusa desde hace It is convenient to remember that this sĞĐƚŽƌ ŚĂƐ ďĞĞŶ ǀĂƌŝŽƐ ĞũĞƌĐŝĐŝŽƐ ĨƵĞƌƚĞƐ ĚĞĮĐŝĞŶĐŝĂƐ ĞƐƚƌƵĐƚƵƌĂůĞƐ, ƐƵīĞƌŝŶŐ ƐƚƌƵĐƚƵƌĂů ĚĞĮĐŝĞŶĐŝĞƐ ƚŚƌŽƵŐŚŽƵƚ ƐĞǀĞƌĂů ĮƐĐĂů ĚĞƌŝǀĂĚĂƐ͕ĞŶƚƌĞŽƚƌĂƐƌĂnjŽŶĞƐ͕ĚĞƵŶĂŽĨĞƌƚĂĂůŽũĂƟ- LJĞĂƌƐ͕ŽǁŝŶŐ͕ ĂŵŽŶŐ ŽƚŚĞƌƌĞĂƐŽŶƐ͕ƚŽ ĂĐĐŽŵŵŽĚĂƟŽŶ ŝŶ


 

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149 CONCLUSIONES CONCLUSIONS 2011

ǀĂ ĐŽŶ ĞǀŝĚĞŶƚĞƐ ŶĞĐĞƐŝĚĂĚĞƐ ĚĞ ƌĞŶŽǀĂĐŝſŶ͖ ĚĞ ƵŶ ĐĂƉŝƚĂůŚƵŵĂŶŽƋƵĞƌĞƋƵŝĞƌĞŝŶĐƌĞŵĞŶƚĂƌƐƵƐŶŝǀĞůĞƐ ĨŽƌŵĂƟǀŽƐ͖ĚĞƵŶĂƐŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐĚĞĮĐŝĞŶƚĞƐ͖LJĚĞ ƵŶĂŽĨĞƌƚĂĚĞŽĐŝŽĐŽŵƉůĞŵĞŶƚĂƌŝĂƉŽĐŽĚĞƐĂƌƌŽůůĂĚĂ͘

^ĞŚĂĚĞĂƉŽƐƚĂƌƉŽƌĨŽƌƚĂůĞĐĞƌůĂƉŽƐŝĐŝſŶĞƐƚƌĂƚĠŐŝ- ca del sector en los mercados, optando por ofrecer ƵŶ ƉƌŽĚƵĐƚŽ ĚŝĨĞƌĞŶĐŝĂĚŽ͕ ƋƵĞ ĂƉƵĞƐƚĞ ĐůĂƌĂŵĞŶƚĞ ŽďǀŝŽƵƐŶĞĞĚŽĨƌĞŶŽǀĂƟŽŶ͖ƚŽĂŚƵŵĂŶĐĂƉŝƚĂůƚŚĂƚŶĞĞĚƐ ƉŽƌ ƉĂƌĄŵĞƚƌŽƐ ďĂƐĂĚŽƐ ĞŶ ůĂ ĐĂůŝĚĂĚ͕ LJ ĞŶ ĚŽŶĚĞ ƚŽŝŵƉƌŽǀĞǁŽƌŬƚƌĂŝŶŝŶŐ͖ƚŽĚĞĮĐŝĞŶƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐ͖ĂŶĚƚŽ ƉƌŝŵĞĞůĚĞƐĂƌƌŽůůŽĚĞŶƵĞǀŽƐŵŽĚĞůŽƐƋƵĞĂƉŽƌƚĞŶ ĂŶƵŶĚĞƌĚĞǀĞůŽƉĞĚŽīĞƌŽĨůĞŝƐƵƌĞĂĐƟǀŝƟĞƐ͘ ƵŶŵĂLJŽƌǀĂůŽƌĂŹĂĚŝĚŽĂŶƵĞƐƚƌŽŵĞƌĐĂĚŽƚƵƌşƐƟĐŽ͕ /ƚ ŝƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ƐƚƌĞŶŐƚŚĞŶ ƚŚĞ ƐƚƌĂƚĞŐŝĐ ƉŽƐŝƟŽŶ ŽĨ ƚŚŝƐ ƚĂŶƚŽĞŶƚĠƌŵŝŶŽƐĚĞĞŵƉůĞŽĐŽŵŽĚĞǀĂůŽƌ͕LJƋƵĞ sector in the markets, ĐŚŽŽƐŝŶŐ ƚŽ ŽīĞƌ Ă ĚŝīĞƌĞŶƟĂƚĞĚ ƐĂƟƐĨĂŐĂŶĞŶŵĂLJŽƌŵĞĚŝĚĂůĂƐƚĞŶĚĞŶĐŝĂƐĂĐƚƵĂůĞƐ ƉƌŽĚƵĐƚ͕ŐƌŽƵŶĚĞĚŽŶƉĂƌĂŵĞƚĞƌƐďĂƐĞĚŽŶĞƋƵĂůŝƚLJ͘dŚĞ del mercado.^ŝŶĞŵďĂƌŐŽ͕ĞƐƚĂƐŵĞĚŝĚĂƐŶŽĚĞďĞŶ ĚĞǀĞůŽƉŵĞŶƚŽĨŶĞǁŵŽĚĞůƐƚŚĂƚƉƌŽǀŝĚĞĂŚŝŐŚĞƌĂĚĚĞĚ ƐƵƉŽŶĞƌ ƵŶĂ ƌĞŶƵŶĐŝĂ ĚĞ ůŽƐ ƐĞŐŵĞŶƚŽƐ ƋƵĞ ĂĐƚƵĂů- ǀĂůƵĞƚŽŽƵƌƚŽƵƌŝƐŵŵĂƌŬĞƚ͕ďŽƚŚŝŶƚĞƌŵƐŽĨĞŵƉůŽLJŵĞŶƚ ŵĞŶƚĞƐŽŶƌĞŶƚĂďůĞƐ͕LJƐŽďƌĞůŽƐƋƵĞ͕ĞŶƚŽĚŽĐĂƐŽ͕ ĂŶĚ ǀĂůƵĞ͕ ƐŚŽƵůĚ ďĞ Ă ƚŽƉ ƉƌŝŽƌŝƚLJ͕ ĂŶĚ ƚŚĞƐĞ ŵŽĚĞůƐ ĚĞďĞƚƌĂďĂũĂƌƐĞĐŽŶĞůŽďũĞƟǀŽĚĞĂŵƉůŝĂƌLJŵĞũŽƌĂƌ ƐŚŽƵůĚŵĞĞƚĐƵƌƌĞŶƚŵĂƌŬĞƚƚĞŶĚĞŶĐŝĞƐƚŽĂůĂƌŐĞƌĞdžƚĞŶƚ͘ ƐƵƐĂĐƚƵĂůĞƐŵĄƌŐĞŶĞƐ͘ However, these measures must not imply giving up the ŶƵŶĞŶƚŽƌŶŽĐĂĚĂǀĞnjŵĄƐŐůŽďĂůŝnjĂĚŽLJƐƵũĞƚŽĂƵŶĂ ƐĞŐŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĐƵƌƌĞŶƚůLJ ƉƌŽĮƚĂďůĞ͖ ŝĨ ĂŶLJƚŚŝŶŐ͕ ƚŚĞƐĞ ŵĂLJŽƌĐŽŵƉĞƚĞŶĐŝĂ͕ůŽƐŐƵƐƚŽƐĚĞůŽƐƚƵƌŝƐƚĂƐƟĞŶĚĞŶ segments need to be worked on in order to expand and ŚĂĐŝĂƉƌŽĚƵĐƚŽƐƋƵĞƐĂƟƐĨĂŐĂŶƐƵƐŵŽƟǀĂĐŝŽŶĞƐƉĞƌ- improve their current limits. ƐŽŶĂůĞƐ͕ĞŶůĂďƷƐƋƵĞĚĂĚĞĚŝƐĨƌƵƚĂƌĞdžƉĞƌŝĞŶĐŝĂƐƋƵĞ ƉƌŽĐƵƌĞŶƵŶĂŵĂLJŽƌŝŶƚĞƌĂĐƚƵĂĐŝſŶĐŽŶĞůĚĞƐƟŶŽǀŝ- /Ŷ Ă ĐŽŶƚĞdžƚ ŽĨ ƉƌŽŐƌĞƐƐŝǀĞ ŐůŽďĂůŝnjĂƟŽŶ ĂŶĚ ŚŝŐŚĞƌ ƐŝƚĂĚŽ͘WŽƌĞůůŽ͕ĚĞďĞĨŽŵĞŶƚĂƌƐĞůĂŝŵƉůĂŶƚĂĐŝſŶĚĞ ĐŽŵƉĞƚĞŶĐĞ͕ ƚŽƵƌŝƐƚƐ ƚĞŶĚ ƚŽ ŽƉƚ ĨŽƌ ƉƌŽĚƵĐƚƐ ƚŚĂƚ ƐĂƟƐĨLJ ŽĨĞƌƚĂƐĐŽŵƉůĞŵĞŶƚĂƌŝĂƐĚĞŽĐŝŽ͕ĂƐşĐŽŵŽůĂŝŶƚĞŐƌĂ- ƚŚĞŝƌ ƉĞƌƐŽŶĂů ŵŽƟǀĂƟŽŶƐ͕ ƐĞĂƌĐŚŝŶŐ ĨŽƌ ĞdžƉĞƌŝĞŶĐĞƐ ƚŚĂƚ ĐŝſŶĚĞůĂƐĐŝƵĚĂĚĞƐLJůŽƐĞŵƉůĂnjĂŵŝĞŶƚŽƐƚƵƌşƐƟĐŽƐ ĂůůŽǁƚŚĞŵƚŽŝŶƚĞƌĂĐƚǁŝƚŚƚŚĞĚĞƐƟŶĂƟŽŶƉůĂĐĞ͘dŚŝƐŝƐƚŚĞ ĐŽŶĞůŵĞĚŝŽ͕ƋƵĞŵĞũŽƌĞŶůĂƐĞdžƉĞƌŝĞŶĐŝĂƐĚĞůƚƵƌŝƐƚĂ ƌĞĂƐŽŶ ǁŚLJ ƚŚĞ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ĐŽŵƉůĞŵĞŶƚĂƌLJ ůĞŝƐƵƌĞ ĐŽŶĞůĚĞƐƟŶŽ͘ ŽīĞƌƐƐŚŽƵůĚďĞĞŶĐŽƵƌĂŐĞĚ͕ĂƐǁĞůůĂƐƚŚĞŝŶƚĞŐƌĂƟŽŶŽĨ ĐŝƟĞƐ ĂŶĚ ƚŽƵƌŝƐŵ ĞƐƚĂďůŝƐŚŵĞŶƚƐ ǁŝƚŚ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ͕ >ĂĚŝǀĞƌƐŝĮĐĂĐŝſŶĚĞůĂŽĨĞƌƚĂƚƵƌşƐƟĐĂĚĞďĞƐĞƌŽƚƌŽƉŝ- which shall improve the experience of tourists at their ůĂƌĨƵŶĚĂŵĞŶƚĂů͕ĞŶĚŽŶĚĞůŽƐƷůƟŵŽƐĂĐŽŶƚĞĐŝŵŝĞŶ- ĚĞƐƟŶĂƟŽŶ͘ ƚŽƐƐƵƉŽŶĞŶƵŶĂďƵĞŶĂŽƉŽƌƚƵŶŝĚĂĚƉĂƌĂĂŵƉůŝĂƌĞů ƌĂŶŐŽ ĚĞ ƉŽƚĞŶĐŝĂůĞƐ ǀŝƐŝƚĂŶƚĞƐ Ă ŶƵĞƐƚƌŽ ƚĞƌƌŝƚŽƌŝŽ͘ dŽƵƌŝƐŵƉƌŽĚƵĐƚ ĚŝǀĞƌƐŝĮĐĂƟŽŶ ŝƐ ĂŶŽƚŚĞƌ ďĂƐŝĐ ƉŝůůĂƌ͕ ĂŶĚ ŶĞƐƚĞƐĞŶƟĚŽ͕ŚĂĚĞĂƚĞŶĚĞƌƐĞĂŶƵĞǀŽƐŶŝĐŚŽƐĚĞ the recent events are a good opportunity to increase the ŵĞƌĐĂĚŽĞŵĞƌŐĞŶƚĞƐ͕ƚĂůĞƐĐŽŵŽĞůƚƵƌŝƐŵŽĂƉĂƌĞũĂ- ƌĂŶŐĞ ŽĨ ƉŽƚĞŶƟĂů ǀŝƐŝƚŽƌƐ ƚŽ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ͘ /Ŷ ƚŚŝƐ ĚŽĂĂĐƟǀŝĚĂĚĞƐĚĞƉŽƌƟǀĂƐ͕ĞůƚƵƌŝƐŵŽĚĞůĂƐĂůƵĚ͕Ğů ƌĞŐĂƌĚ͕ŝƚŝƐŶĞĐĞƐƐĂƌLJƚŽƉĂLJĂƩĞŶƟŽŶƚŽĚĞǀĞůŽƉŝŶŐŶŝĐŚĞ ƚƵƌŝƐŵŽŶĄƵƟĐŽ͕ŽĞůƚƵƌŝƐŵŽĚĞĐĂƌĄĐƚĞƌƌĞƐŝĚĞŶĐŝĂů͘ markets, such as tourism related to sports, health tourism, ŶĂƵƟĐĂůƚŽƵƌŝƐŵŽƌƌĞƐŝĚĞŶƟĂůƚŽƵƌŝƐŵ͘ ƐƚĞ ƉƌŽĐĞƐŽ ƌĞƋƵŝĞƌĞ ĚĞů ĞƐĨƵĞƌnjŽ ĐŽŶũƵŶƚŽ ĚĞ ůĂƐ ĚŝƐƟŶƚĂƐŝŶƐƟƚƵĐŝŽŶĞƐ͕ƉƷďůŝĐĂƐŽƉƌŝǀĂĚĂƐ͕ĞŶĞůĄŵ- dŚŝƐƉƌŽĐĞƐƐƌĞƋƵŝƌĞƐƚŚĞĐŽŽƉĞƌĂƟŽŶŽĨƚŚĞĚŝīĞƌĞŶƚƉƵďůŝĐ ďŝƚŽĚĞƐƵƐĐŽŵƉĞƚĞŶĐŝĂƐ͕ĚĞĨŽƌŵĂƋƵĞĚĞƐĂƌƌŽůůĞŶ ĂŶĚƉƌŝǀĂƚĞŝŶƐƟƚƵƟŽŶƐ͕ŝŶƚŚĞĐŽŶƚĞdžƚŽĨƚŚĞŝƌĐŽŵƉĞƚĞŶĐĞƐ͕ LJ ĨĂĐŝůŝƚĞŶ ůĂ ĂƉůŝĐĂĐŝſŶ ĚĞ ĐƵĂůƋƵŝĞƌ ƟƉŽ ĚĞ ŵĞĚŝĚĂ ŝŶŽƌĚĞƌƚŽĚĞǀĞůŽƉĂŶĚĨĂĐŝůŝƚĂƚĞƚŚĞĂƉƉůŝĐĂƟŽŶŽĨĂŶLJƚLJƉĞ ĞŶĐĂŵŝŶĂĚĂĂĨŽƌƚĂůĞĐĞƌůĂĐŽŵƉĞƟƟǀŝĚĂĚLJůĂĂĚĞ- ŽĨŵĞĂƐƵƌĞĂŝŵĞĚĂƚƐƚƌĞŶŐƚŚĞŶŝŶŐƚŚĞĐŽŵƉĞƟƟǀĞŶĞƐƐĂŶĚ ĐƵĂĚĂ ƉƌŽŵŽĐŝſŶ ĚĞů ƚƵƌŝƐŵŽ ĐĂŶĂƌŝŽ ĐŽŵŽ ĚĞƐƟŶŽ ƚŚĞĂƉƉƌŽƉƌŝĂƚĞƉƌŽŵŽƟŽŶŽĨƚŽƵƌŝƐŵŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ ĚĞƉƌŝŵĞƌŽƌĚĞŶ͘^ĞƌĞƋƵŝĞƌĞƚĂŵďŝĠŶĚĞƵŶŝŵƉƵůƐŽ ĂƐĂƉƌŝŽƌŝƚLJĚĞƐƟŶĂƟŽŶ͘/ŶǀĞƐƚŵĞŶƚƐƚŝƐĂůƐŽŶĞĐĞƐƐĂƌLJ͕

150 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

ŝŶǀĞƌƐŽƌ͕ƉŽƌůŽƋƵĞƉƌĞŽĐƵƉĂůĂĚĞƐĂƉĂƌŝĐŝſŶĚĞůĂƐ ƉĂƌƟĚĂƐƉƌĞƐƵƉƵĞƐƚĂƌŝĂƐĞƐƚĂƚĂůĞƐĚĞƐƟŶĂĚĂƐĂůĂŵĞ- ũŽƌĂĚĞůĂƐŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐƚƵƌşƐƟĐĂƐ͕ĞůĞŵĞŶƚŽďĄƐŝĐŽ ƉĂƌĂůĂƐƵƉĞƌǀŝǀĞŶĐŝĂĨƵƚƵƌĂĚĞůƐĞĐƚŽƌ͘ Asimismo, el fomento e implantación de las tecnolo- ŐşĂƐĚĞůĂŝŶĨŽƌŵĂĐŝſŶLJůĂƐĐŽŵƵŶŝĐĂĐŝŽŶĞƐ͕ƐĞĐŽŶ- ǀŝĞƌƚĞŶĞŶƵŶĞůĞŵĞŶƚŽĐůĂǀĞĞŶůĂĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶ ƚƵƌşƐƟĐĂ͕ĚĞďŝĞŶĚŽŝŵƉƵůƐĂƌƐĞƚĂŶƚŽĞůĚĞƐĂƌƌŽůůŽĚĞ ƉůĂƚĂĨŽƌŵĂƐĚĞĐĂůŝĚĂĚ͕ĐŽŵŽĚĞĞƐƚƌĂƚĞŐŝĂƐƋƵĞƉƌŽ- and this is the reason why the suspension of state budget ĐƵƌĞŶƵŶŵĞũŽƌƉŽƐŝĐŝŽŶĂŵŝĞŶƚŽĚĞŶƵĞƐƚƌŽƐƉƌŽĚƵĐ- ůŝŶĞƐĚĞƐƟŶĞĚĨŽƌŝŵƉƌŽǀŝŶŐƚŽƵƌŝƐŵŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐ͕ǁŚŝĐŚŝƐ ƚŽƐƚƵƌşƐƟĐŽƐĞŶůĂZĞĚ͕ŽůĂĂĚĂƉƚĂĐŝſŶĚĞĞƐƚĂƐŚĞ- a basic element for the future survival of the sector, is highly ƌƌĂŵŝĞŶƚĂƐĂůĂƐŝŶĐŝƉŝĞŶƚĞƐƚĞĐŶŽůŽŐşĂƐƉŽƌƚĄƟůĞƐĚĞ worrying. ĐŽŵƵŶŝĐĂĐŝſŶ͕ƋƵĞƉůĂŶƚĞĂŶŶƵĞǀŽƐƌĞƚŽƐĞŶŵĂƚĞƌŝĂ >ŝŬĞǁŝƐĞ͕ ƉƌŽŵŽƟŽŶ ĂŶĚ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ŝŶĨŽƌŵĂƟŽŶ ĚĞŵĂƌŬĞƟŶŐLJĐŽŵƵŶŝĐĂĐŝſŶĚĞŶƚƌŽĚĞůƐĞĐƚŽƌ͘ ĂŶĚ ĐŽŵŵƵŶŝĐĂƟŽŶ ƚĞĐŚŶŽůŽŐŝĞƐ ďĞĐŽŵĞ Ă ŬĞLJ ĞůĞŵĞŶƚ ŶŽƚƌŽĄŵďŝƚŽ͕ĞůƵƐŽĚĞ/ŶƚĞƌŶĞƚLJůĂƐƌĞĚĞƐƐŽĐŝĂůĞƐ͕ ŝŶ ƚŽƵƌŝƐŵ ŵĂƌŬĞƟŶŐ͘ ĞǀĞůŽƉŵĞŶƚ ŽĨ ƋƵĂůŝƚLJ ƉůĂƞŽƌŵƐ ĂĚĞŵĄƐĚĞƵŶŝŵƉŽƌƚĂŶƚĞĐĂŶĂůĚĞŝŶĨŽƌŵĂĐŝſŶLJĚĞ should be encouraged, as well as strategies to secure a ǀĞŶƚĂ͕ƉŽƐŝďŝůŝƚĂĂů ǀŝƐŝƚĂŶƚĞƌĞůĂƚĂƌLJĚŝĨƵŶĚŝƌ ůĂƐ Ğdž- ďĞƩĞƌ ƉŽƐŝƟŽŶŝŶŐ ŽĨ ŽƵƌ ƚŽƵƌŝƐŵ ƉƌŽĚƵĐƚƐ ŽŶ ƚŚĞ EĞƚ͕ Žƌ ƉĞƌŝĞŶĐŝĂƐǀŝǀŝĚĂƐĚƵƌĂŶƚĞƐƵĞƐƚĂŶĐŝĂ͕ƌĞƐƵůƚĂŶĚŽƵŶ ƚŚĞ ĂĚĂƉƚĂƟŽŶ ŽĨ ƚŚĞƐĞ ƚŽŽůƐ ƚŽ ƚŚĞ ĞŵĞƌŐŝŶŐ ƉŽƌƚĂďůĞ ŵĞĐĂŶŝƐŵŽĞĮĐĂnjĞŶĞůŵŽŵĞŶƚŽĚĞĞůĞŐŝƌƐƵĚĞƐƟŶŽ ĐŽŵŵƵŶŝĐĂƟŽŶƚĞĐŚŶŽůŽŐŝĞƐ͕ǁŚŝĐŚƉŽƐĞŶĞǁĐŚĂůůĞŶŐĞƐŝŶ ǀĂĐĂĐŝŽŶĂůƉĂƌĂĞůǀŝƐŝƚĂŶƚĞĨƵƚƵƌŽ͘ ƚĞƌŵƐŽĨŵĂƌŬĞƟŶŐĂŶĚĐŽŵŵƵŶŝĐĂƟŽŶǁŝƚŚŝŶƚŚĞƐĞĐƚŽƌ͘

WŽƌ ŽƚƌŽ ůĂĚŽ͕ ĂŶƚĞ Ğů ĞǀŝĚĞŶƚĞ ĞƐƚĂĚŽ ĚĞ ĚĞƚĞƌŝŽƌŽ In another context, the use of the Internet and social networks, LJ ŽďƐŽůĞƐĐĞŶĐŝĂ ĞŶ ƋƵĞ ƐĞ ĞŶĐƵĞŶƚƌĂ ŐƌĂŶ ƉĂƌƚĞ ĚĞ ĂƉĂƌƚĨƌŽŵďĞŝŶŐĂŶŝŵƉŽƌƚĂŶƚĐŚĂŶŶĞůŽĨŝŶĨŽƌŵĂƟŽŶĂŶĚ ůĂ ƉůĂŶƚĂ ĚĞů ƌĐŚŝƉŝĠůĂŐŽ͕ ůŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ĮƐĐĂůĞƐ sales, allows the visitor to relate and spread the experiences ĂŵƉĂƌĂĚŽƐƉŽƌŶƵĞƐƚƌŽZĠŐŝŵĞŶĐŽŶſŵŝĐŽLJ&ŝƐĐĂů͕ lived during their stay, which is a useful mechanism for future ĚĞďĞƌşĂŶƐƵƉŽŶĞƌƵŶŝŵƉƵůƐŽƉĂƌĂůĂŵŽĚĞƌŶŝnjĂĐŝſŶ ǀŝƐŝƚŽƌƐƚŽĐŚŽŽƐĞƚŚĞŝƌŚŽůŝĚĂLJĚĞƐƟŶĂƟŽŶ͘ LJ ƌĞĐŽŶǀĞƌƐŝſŶ ĚĞů ƐĞĐƚŽƌ ƚƵƌşƐƟĐŽ ĚĞ ĂŶĂƌŝĂƐ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ŚĂƚĞŶŝĚŽƋƵĞĞƐƉĞƌĂƌƐĞŚĂƐƚĂůŽƐƉƌŝŵĞƌŽƐ /Ŷ ĂĚĚŝƟŽŶ ƚŽ ƚŚŝƐ͕ ŝŶ ǀŝĞǁ ŽĨ ƚŚĞ ďĂĚ ĐŽŶĚŝƟŽŶ ĂŶĚ ŵĞƐĞƐ ĚĞ ϮϬϭϭ͕ ĐŽŶ ůĂ ŵŽĚŝĮĐĂĐŝſŶ ŶŽƌŵĂƟǀĂ ƋƵĞ obsolescence of a large part of establishments in the ŝŶƚƌŽĚƵũŽůĂ>ĞLJϮͬϮϬϭϭ͕ĚĞϰĚĞŵĂƌnjŽ͕ĚĞĐŽŶŽŵşĂ ƌĐŚŝƉĞůĂŐŽ͕ ƚŚĞ ĮƐĐĂů ŝŶƐƚƌƵŵĞŶƚƐ ƐƵƉƉŽƌƚĞĚ ďLJ ŽƵƌ ^ŽƐƚĞŶŝďůĞ͕ƉĂƌĂƋƵĞƐĞƐƵƐƚĂŶĐŝĂƌĂĞŶůĂŶŽƌŵĂƟǀĂĚĞ ĐŽŶŽŵŝĐĂŶĚ&ŝƐĐĂůZĞŐŝŵĞ͕ƐŚŽƵůĚƉƌŽŵŽƚĞŵŽĚĞƌŶŝnjĂƟŽŶ ůĂZĞƐĞƌǀĂƉĂƌĂ/ŶǀĞƌƐŝŽŶĞƐĞŶĂŶĂƌŝĂƐ͕ƉŽƐŝďŝůŝĚĂĚĞƐ and restructuring of the tourism sector in the Canary Islands. ƌĞĂůĞƐĚĞŵĂƚĞƌŝĂůŝnjĂĐŝſŶĞŶůĂƌĞŚĂďŝůŝƚĂĐŝſŶƚƵƌşƐƟĐĂ ,ŽǁĞǀĞƌ͕ŝƚǁĂƐŶŽƚƵŶƟůƚŚĞĮƌƐƚŵŽŶƚŚƐŽĨϮϬϭϭ͕ǁŝƚŚƚŚĞ LJĐŽŵĞƌĐŝĂůĞŶůĂƐĄƌĞĂƐƚƵƌşƐƟĐĂƐ͘ ĂŵĞŶĚĞĚƌĞŐƵůĂƟŽŶƐŝŶƚƌŽĚƵĐĞĚďLJ>ĂǁϮͬϮϬϭϭŽĨDĂƌĐŚϰ͕ ĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ͕ƚŚĂƚƌĞĂůĐŚĂŶĐĞƐŽĨŵĂƚĞƌŝĂůŝnjĂƟŽŶ - ŶŵĂƚĞƌŝĂĚĞƌĞŚĂďŝůŝƚĂĐŝſŶ͕ĞůĐƵĞƌĚŽƉŽƌůĂŽŵ ŝŶƚŽƵƌŝƐŵĂŶĚĐŽŵŵĞƌĐĞƌĞŚĂďŝůŝƚĂƟŽŶŝŶƚŽƵƌŝƐƚĂƌĞĂƐǁĞƌĞ ƉĞƟƟǀŝĚĂĚLJůĂĂůŝĚĂĚĚĞůƚƵƌŝƐŵŽĞŶĂŶĂƌŝĂƐϮϬϬϴͲ summarized in in the rules of the Canary Islands Investment ϮϬϮϬ͕ĮƌŵĂĚŽƉŽƌůŽƐĂŐĞŶƚĞƐƐŽĐŝĂůĞƐLJĞĐŽŶſŵŝĐŽƐ Reserve. ŵĄƐ ƌĞƉƌĞƐĞŶƚĂƟǀŽƐ͕ LJ ƋƵĞ ŚĂ ƐŝĚŽ ƌĞĐŝĞŶƚĞŵĞŶƚĞ ƌĞŶŽǀĂĚŽĞůƉĂƐĂĚŽϯϭĚĞĞŶĞƌŽĚĞϮϬϭϮ͕ƐƵƉŽŶĞƵŶ /Ŷ ƚĞƌŵƐ ŽĨ ƌĞŚĂďŝůŝƚĂƟŽŶ͕ ƚŚĞ ŐƌĞĞŵĞŶƚ ĨŽƌ ƚŚĞ ďƵĞŶƉƵŶƚŽĚĞƉĂƌƟĚĂ͕ƉƵĞƐƌĞĐŽŐĞŐƌĂŶƉĂƌƚĞĚĞĞƐ- ŽŵƉĞƟƟǀĞŶĞƐƐ ĂŶĚ ƚŚĞ YƵĂůŝƚLJ ŽĨ ƚŚĞ ĂŶĂƌŝĂŶ dŽƵƌŝƐŵ ƚĂƐ ŵĞĚŝĚĂƐ͕ ŶĞĐĞƐĂƌŝĂƐ ƉĂƌĂ ůŽŐƌĂƌ ƵŶ ĂƵŵĞŶƚŽ ĚĞ ϮϬϬϴͲϮϬϮϬ͕ ƐŝŐŶĞĚ ďLJ ƚŚĞ ŵŽƐƚ ƌĞƉƌĞƐĞŶƚĂƟǀĞ ƐŽĐŝĂů ĂŶĚ ůĂƌĞŶƚĂďŝůŝĚĂĚ͘ƐƚĞĂĐƵĞƌĚŽĐŽŶƚĞŵƉůĂƵŶĂƐĞƌŝĞĚĞ ĞĐŽŶŽŵŝĐĂŐĞŶƚƐĂŶĚƌĞŶĞǁĞĚŽŶ:ĂŶƵĂƌLJϯϭ͕ϮϬϭϮ͕ŝƐĂŐŽŽĚ ůşŶĞĂƐ ĚĞ ĂĐƚƵĂĐŝſŶ ƋƵĞ ƉƵĞĚĞŶ ĐŽĂĚLJƵǀĂƌ Ă ůĂ ŵŽ- ƐƚĂƌƟŶŐƉŽŝŶƚ͕ƐŝŶĐĞŝƚŐĂƚŚĞƌƐĂŐƌĞĂƚƉĂƌƚŽĨƚŚĞŶĞĐĞƐƐĂƌLJ

151 CONCLUSIONES CONCLUSIONS 2011

ĚĞƌŶŝnjĂĐŝſŶĚĞůƐĞĐƚŽƌ͕ĐŽŵŽĞůĞŵĞŶƚŽŝŵƉƌĞƐĐŝŶĚŝďůĞ ŵĞĂƐƵƌĞƐƚŽĂĐŚŝĞǀĞĂŶŝŶĐƌĞĂƐĞŝŶƉƌŽĮƚƐ͘dŚŝƐĂŐƌĞĞŵĞŶƚ - ƉĂƌĂŐĂƌĂŶƟnjĂƌůĂǀŝĂďŝůŝĚĂĚĨƵƚƵƌĂĚĞůĂĂĐƟǀŝĚĂĚƚƵ ĐŽŶƐŝĚĞƌƐĂƐĞƌŝĞƐŽĨůŝŶĞƐŽĨĂĐƟŽŶǁŚŝĐŚĐĂŶĐŽŶƚƌŝďƵƚĞƚŽ ƌşƐƟĐĂ͘ ƚŚĞŵŽĚĞƌŶŝnjĂƟŽŶŽĨƚŚĞƐĞĐƚŽƌ͕ĂƐĂĨƵŶĚĂŵĞŶƚĂůĞůĞŵĞŶƚ ůƚƵƌŝƐŵŽĞƐ͕LJĐŽŶƟŶƵĂƌĄƐŝĞŶĚŽ͕ůĂƉƌŝŶĐŝƉĂůĂĐƟǀŝ- ƚŽŐƵĂƌĂŶƚĞĞƚŚĞĨƵƚƵƌĞǀŝĂďŝůŝƚLJŽĨƚŽƵƌŝƐŵĂĐƟǀŝƚLJ͘ ĚĂĚĞĐŽŶſŵŝĐĂĚĞĂŶĂƌŝĂƐ͕ƉŽƌůŽƋƵĞƐƵƌĞŶŽǀĂĐŝſŶ͕ dŽƵƌŝƐŵŝƐ͕ĂŶĚǁŝůůĐŽŶƟŶƵĞƚŽďĞ͕ƚŚĞŵĂŝŶĞĐŽŶŽŵŝĐĂĐƟǀŝƚLJ ŝŵƉƵůƐŽLJĚĞƐĂƌƌŽůůŽĚĞďĞŽĐƵƉĂƌĞůĐĞŶƚƌŽĚĞůĚĞďĂƚĞ ŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ĂŶĚƚŚŝƐŝƐǁŚLJŝƚƐƌĞŶĞǁĂů͕ƉƌŽŵŽƟŽŶ ƉŽůşƟĐŽ͕ƐŽĐŝĂůLJĞĐŽŶſŵŝĐŽĚĞůƌĐŚŝƉŝĠůĂŐŽ͕ĞŶĐŽŚĞ- ĂŶĚĚĞǀĞůŽƉŵĞŶƚŶĞĞĚƚŽďĞĂƚƚŚĞĐĞŶƚƌĞŽĨƉŽůŝƟĐ͕ƐŽĐŝĂů͕ ƌĞŶĐŝĂĐŽŶůĂƌĞůĞǀĂŶĐŝĂƋƵĞŽƐƚĞŶƚĂĞƐƚĞƐĞĐƚŽƌĞŶůĂƐ and economic debate in the Archipelago, according to the Islas. relevance of this sector in the Islands. El comercio minorista en Canarias ZĞƚĂŝůƚƌĂĚĞŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ ůĞŵƉĞŽƌĂŵŝĞŶƚŽĚĞůŵĞƌĐĂĚŽůĂďŽƌĂůLJůĂƐƉĞƌƐŝƐƚĞŶ- ƚĞƐĚŝĮĐƵůƚĂĚĞƐĞŶĞůĂĐĐĞƐŽĂůĐƌĠĚŝƚŽ͕ƚĂŶƚŽĚĞĨĂŵŝ- tŽƌƐĞŶŝŶŐ ŽĨ ƚŚĞ ůĂďŽƵƌ ŵĂƌŬĞƚ ĂŶĚ ƉĞƌƐŝƐƚĞŶƚ ĚŝĸĐƵůƟĞƐ ůŝĂƐĐŽŵŽĚĞĞŵƉƌĞƐĂƐ͕ŚĂŶĚĞďŝůŝƚĂĚŽĞůĐŽŶƐƵŵŽŝŶ- in accessing credit, both for families and companies, have ƚĞƌŶŽĞŶůĂƐ/ƐůĂƐ͕ƌĞƉĞƌĐƵƟĞŶĚŽĂƐşƐŽďƌĞůĂĂĐƟǀŝĚĂĚ ǁĞĂŬĞŶĞĚƚŚĞ/ƐůĂŶĚƐ͛ĚŽŵĞƐƟĐĐŽŶƐƵŵƉƟŽŶ͘dŚŝƐŚĂƐŚĂĚ ĐŽŵĞƌĐŝĂů͕ ƋƵĞ ŚĂ ĐŽŶƟŶƵĂĚŽ ƌĞŐŝƐƚƌĂŶĚŽ ĐĂşĚĂƐ ĞŶ ĂŶŝŶŇƵĞŶĐĞŽŶĐŽŵŵĞƌĐŝĂůĂĐƟǀŝƚLJ͕ǁŚŝĐŚŚĂƐĐŽŶƟŶƵĞĚƚŽ ůĂƐǀĞŶƚĂƐĂůŽůĂƌŐŽĚĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽϮϬϭϭ͘ ƌĞŐŝƐƚĞƌĚƌŽƉƐŝŶƐĂůĞƐŽǀĞƌƚŚĞĮƐĐĂůLJĞĂƌϮϬϭϭ͘

ƵƌĂŶƚĞĞƐƚĞƷůƟŵŽĂŹŽ͕ŝŶĚŝĐĂĚŽƌĞƐĐŽŵŽĞů1ŶĚŝĐĞ During the last year, indicators such as the Retail Trade Index ĚĞŽŵĞƌĐŝŽĂůƉŽƌŵĞŶŽƌĞŶĂŶĂƌŝĂƐŚĂŶĐŽŶƟŶƵĂ- ŽĨ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ŚĂǀĞ ƌĞŵĂŝŶĞĚ ŶĞŐĂƟǀĞ͕ ƌĞŇĞĐƟŶŐ ĚŽĞŶnjŽŶĂĚĞŶĞŐĂƟǀŽƐ͕ĂƉƌĞĐŝĄŶĚŽƐĞ͕ŝŶĐůƵƐŽ͕ƵŶĂ even a sharper fall in sales during the second semester of ŵĂLJŽƌĂŐƵĚŝnjĂĐŝſŶĞŶůĂĐĂşĚĂĚĞůĂƐǀĞŶƚĂƐĚƵƌĂŶƚĞĞů the year. ƐĞŐƵŶĚŽƐĞŵĞƐƚƌĞĚĞůĂŹŽ͘ KŶĂǀĞƌĂŐĞ͕ŽǀĞƌƚŚĞĮƌƐƚŚĂůĨŽĨϮϬϭϭ͕ƚŚĞƐĂůĞƐŝŶĚĞdžĨĞůů Ŷ ƚĠƌŵŝŶŽƐ ŵĞĚŝŽƐ͕ ĚƵƌĂŶƚĞ ůĂ ƉƌŝŵĞƌĂ ŵŝƚĂĚ ĚĞ ďLJϮ͘ϬϭйĂůƚŚŽƵŐŚ͕ĂƐƚŚĞLJĞĂƌƉƌŽŐƌĞƐƐĞĚ͕ƚŚŝƐĚŽǁŶǁĂƌĚ ϮϬϭϭ͕ĞůşŶĚŝĐĞĚĞǀĞŶƚĂƐĞdžƉĞƌŝŵĞŶƚſƵŶĂĐĂşĚĂĚĞů ƉĂĐĞƐŚĂƌƉĞŶĞĚƌĞĂĐŚŝŶŐĂŶĂǀĞƌĂŐĞƌĞĐĞƐƐŝŽŶŽĨϰ͘ϯϲƉĞƌ Ϯ͕Ϭϭй͕ĂƵŶƋƵĞĂŵĞĚŝĚĂƋƵĞƚƌĂŶƐĐƵƌƌşĂĞůĞũĞƌĐŝĐŝŽ͕ cent during the second semester. ĞƐƚĞƌŝƚŵŽĚĞĚĞƐĐĞŶƐŽƐƐĞĂĐĞŶƚƵĂďĂŚĂƐƚĂĐŽŶƚĂďŝ- ůŝnjĂƌƵŶƌĞƚƌŽĐĞƐŽŵĞĚŝŽ͕ĞŶĞůƐĞŐƵŶĚŽƐĞŵĞƐƚƌĞ͕ĚĞů &ĂƌĨƌŽŵĐŽƌƌĞĐƟŶŐƚŚĞĚĞĐƌĞĂƐŝŶŐƚĞŶĚĞŶĐLJƌĞŇĞĐƚĞĚĚƵƌŝŶŐ ϰ͕ϯϲƉŽƌĐŝĞŶƚŽ͘ ƚŚĞůĂƐƚƉĂƌƚŽĨϮϬϭϭ͕ƚŚĞĚŝĸĐƵůƚƐŝƚƵĂƟŽŶŽĨƚŚĞĐŽŵŵĞƌĐŝĂů ƐĞĐƚŽƌŚĂƐƌĞŵĂŝŶĞĚƚŚĞƐĂŵĞŽǀĞƌƚŚĞĮƌƐƚŵŽŶƚŚƐŽĨϮϬϭϮ͕ >ĞũŽƐ ĚĞ ĐŽƌƌĞŐŝƌ ůĂ ƚĞŶĚĞŶĐŝĂ ĚĞĐƌĞĐŝĞŶƚĞ ĚĞƐĐƌŝƚĂ ƌĞĂĐŚŝŶŐĂŶŝŶƚĞƌĂŶŶƵĂůƌĞůĂƟǀĞĚĞĐƌĞĂƐĞŽĨϰ͘ϯƉĞƌĐĞŶƚŝŶ ĚƵƌĂŶƚĞĞůƷůƟŵŽƚƌĂŵŽĚĞůƉĂƐĂĚŽĂŹŽ͕ůĂĚŝİĐŝůƐŝ- the month of April. ƚƵĂĐŝſŶĚĞůƐĞĐƚŽƌĐŽŵĞƌĐŝĂůƐĞŚĂŵĂŶƚĞŶŝĚŽĚƵƌĂŶƚĞ ůŽƐ ƉƌŝŵĞƌŽƐ ŵĞƐĞƐ ĚĞ ϮϬϭϮ͕ ĂůĐĂŶnjĂŶĚŽ͕ ĞŶ Ğů ŵĞƐ dŚĞ ƐƚĂŐŶĂƟŶŐ ĐŽŶƐƵŵƉƟŽŶ ŚĂƐ ĂīĞĐƚĞĚ ĐŽŵŵĞƌĐŝĂů ĚĞĂďƌŝů͕ƵŶĚĞƐĐĞŶƐŽƌĞůĂƟǀŽŝŶƚĞƌĂŶƵĂůĚĞůϰ͕ϯƉŽƌ ĂĐƟǀŝƚLJ͕ƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŵĂŬĞƐďƵƐŝŶĞƐƐƐƵƌǀŝǀĂůĚŝĸĐƵůƚ͕ ciento. ĂƐ ƌĞŇĞĐƚĞĚ ŝŶ ƚŚĞ ŽĸĐŝĂů ĚĂƚĂ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ ĞŶƚƌĂů ŽŵƉĂŶLJ ŝƌĞĐƚŽƌLJ͕ ĐŽŵƉŝůĞĚ ďLJ ƚŚĞ EĂƟŽŶĂů ^ƚĂƟƐƟĐƐ - ůĞƐƚĂŶĐĂŵŝĞŶƚŽĚĞůĐŽŶƐƵŵŽŚĂƌĞƐĞŶƟĚŽůĂĂĐƟǀŝ /ŶƐƟƚƵƚĞ͘ ĚĂĚĐŽŵĞƌĐŝĂů͕ŚĂƐƚĂƚĂůƉƵŶƚŽƋƵĞĞƐƚĄĚŝĮĐƵůƚĂŶĚŽůĂ ƐƵƉĞƌǀŝǀĞŶĐŝĂĚĞŵƵĐŚĂƐĚĞůĂƐĞŵƉƌĞƐĂƐĚĞůƐĞĐƚŽƌ͕ According to these data, the commercial sector in the Canary ƚĂůLJĐŽŵŽůŽĚĞŵƵĞƐƚƌĂŶůŽƐĚĂƚŽƐŽĮĐŝĂůĞƐƋƵĞƉƵďůŝ- Islands has lost more than 1,100 companies during the last ĐĂĞůŝƌĞĐƚŽƌŝŽĞŶƚƌĂůĚĞŵƉƌĞƐĂƐ͕ĞůĂďŽƌĂĚŽƉŽƌĞů LJĞĂƌ͕ĂŶĚĂůŵŽƐƚϯ͕ϬϬϬƉƌŽĚƵĐƟǀĞƵŶŝƚƐƐŝŶĐĞƚŚĞďĞŐŝŶŶŝŶŐ /ŶƐƟƚƵƚŽEĂĐŝŽŶĂůĚĞƐƚĂĚşƐƟĐĂ͘ of the crisis.

152 LA ECONOMÍA CANARIA. Análisis sectorial. THE CANARY ISLANDS ECONOMY. Sectorial analysis.3.3

^ĞŐƷŶĞƐƚŽƐĚĂƚŽƐ͕ĞůƐĞĐƚŽƌĐŽŵĞƌĐŝĂůĞŶĂŶĂƌŝĂƐŚĂ- ďƌşĂƉĞƌĚŝĚŽŵĄƐĚĞϭ͘ϭϬϬĞŵƉƌĞƐĂƐĚƵƌĂŶƚĞĞůƷůƟŵŽ ĂŹŽ͕LJĐĂƐŝϯ͘ϬϬϬƵŶŝĚĂĚĞƐƉƌŽĚƵĐƟǀĂƐĚĞƐĚĞƋƵĞĐŽ- ŵĞŶnjĂƌĂůĂĐƌŝƐŝƐ͘

>ĂĚŝİĐŝůƐŝƚƵĂĐŝſŶĞĐŽŶſŵŝĐĂŚĂƌĞƉĞƌĐƵƟĚŽĚĞŵŽĚŽ ĞƐƉĞĐŝĂůŵĞŶƚĞŝŶƚĞŶƐŽƐŽďƌĞůĂƐĞŵƉƌĞƐĂƐĚĞůƐĞĐƚŽƌ ĚĞŵĞŶŽƌƚĂŵĂŹŽ͕ƉƵĞƐƉƌĄĐƟĐĂŵĞŶƚĞϵĚĞĐĂĚĂϭϬ dŚĞ ĚŝĸĐƵůƚ ĞĐŽŶŽŵŝĐ ƐŝƚƵĂƟŽŶ ŚĂƐ ŚĂĚ ĂŶ ŝŶƚĞŶƐĞ ĞīĞĐƚ ĞŵƉƌĞƐĂƐĐŽŵĞƌĐŝĂůĞƐƋƵĞĐĞƐĂƌŽŶƐƵĂĐƟǀŝĚĂĚĚƵƌĂŶ- ŽŶ ƐŵĂůů ĐŽŵƉĂŶŝĞƐ ŝŶ ƚŚĞ ƐĞĐƚŽƌ͕ ƐŝŶĐĞ ϵ ŽƵƚ ŽĨ ĞǀĞƌLJ ϭϬ te el pasado año, o eran empresas sin asalariados o ĐŽŵƉĂŶŝĞƐƚŚĂƚĐĞĂƐĞĚƚŚĞŝƌĂĐƟǀŝƟĞƐĚƵƌŝŶŐƚŚĞůĂƐƚLJĞĂƌ ĐŽŶƚĂďĂŶĐŽŶŵĞŶŽƐĚĞϮĂƐĂůĂƌŝĂĚŽƐĞŶƉůĂŶƟůůĂ͘ were either companies with no employees or companies with less than 2 employees on the payroll. ŶĞůĐŽƌƚŽLJŵĞĚŝŽƉůĂnjŽ͕ĞůƐĞĐƚŽƌĐŽŵĞƌĐŝĂůĚĞďĞƌĄ ƐĞŐƵŝƌŚĂĐŝĞŶĚŽĨƌĞŶƚĞĂůĂĐĂşĚĂĚĞůĐŽŶƐƵŵŽ͕ŚĂďŝĚĂ In the short and medium term, the commercial sector will ĐƵĞŶƚĂ ĚĞů ĐŽŶƟŶƵŽ ĚĞƚĞƌŝŽƌŽ ƋƵĞ ƐĞŐƵŝƌĄ ŵŽƐƚƌĂŶ- ŚĂǀĞ ƚŽ ŬĞĞƉ ĨĂĐŝŶŐ ďŽƚŚ ƚŚĞ ĚƌŽƉ ŝŶ ĐŽŶƐƵŵƉƟŽŶ͕ ĂƐ Ă ĚŽĞůŵĞƌĐĂĚŽůĂďŽƌĂů͕LJĂůŽƐ ĨƵƚƵƌŽƐĞĨĞĐƚŽƐƐŽďƌĞ ĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞĐŽŶƟŶƵŽƵƐĚĞƚĞƌŝŽƌĂƟŽŶŽĨƚŚĞůĂďŽƵƌ ůĂƌĞŶƚĂĚĞůŽƐĐŽŶƐƵŵŝĚŽƌĞƐĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞů ŵĂƌŬĞƚ ĂŶĚ ƚŚĞ ĨƵƚƵƌĞ ĐŽŶƐƵŵĞƌƐ͛ ŝŶĐŽŵĞ ĞīĞĐƚƐ ĂƐ Ă ĂƵŵĞŶƚŽĚĞůĂƉƌĞƐŝſŶĮƐĐĂůƉƌĞǀŝƐƚĂƉĂƌĂĞůƐĞŐƵŶĚŽ ĐŽŶƐĞƋƵĞŶĐĞŽĨƚŚĞŝŶĐƌĞĂƐĞŽĨĮƐĐĂůƉƌĞƐƐƵƌĞƉůĂŶŶĞĚĨŽƌ semestre del año. the second semester of the year.

ů ĂŐƌĂǀĂŵŝĞŶƚŽ ĚĞů ĚĞƐĞŵƉůĞŽ LJ ůĂƐ ŶƵĞǀĂƐ ƌĞƐƚƌŝĐ- dŚĞ ĂŐŐƌĂǀĂƟŽŶ ŽĨ ƵŶĞŵƉůŽLJŵĞŶƚ ĂŶĚ ŶĞǁ ƌĞƐƚƌŝĐƟŽŶƐ ĐŝŽŶĞƐŝŵƉƵĞƐƚĂƐĂůƐŝƐƚĞŵĂĮŶĂŶĐŝĞƌŽ͕ĂŐƌĂǀĂƌĄŶĂƷŶ ŝŵƉŽƐĞĚƚŽƚŚĞĮŶĂŶĐŝĂůƐLJƐƚĞŵǁŝůůǁŽƌƐĞŶĞǀĞŶŵŽƌĞƚŚĞ ŵĄƐůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĞŶĂŶĂƌŝĂƐŵĂŶƚĞŶŝĞŶĚŽĂů ĚŽŵĞƐƟĐĚĞŵĂŶĚŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ĂŶĚƚŚĞƐĞĐƚŽƌǁŝůů ƐĞĐƚŽƌĞŶƵŶĂĨĂƐĞĚĞĚĞĐůŝǀĞĚŝİĐŝůĚĞƌĞŵŽŶƚĂƌ͕ŵĄdžŝ- ĐŽŶƟŶƵĞƚŽďĞŝŶĂƉŚĂƐĞŽĨĚĞĐůŝŶĞĚŝĸĐƵůƚƚŽŽǀĞƌĐŽŵĞ͘ ŵĞĐƵĂŶĚŽ͕ĞŶ ĞƐƚĞƉĞƌŝŽĚŽ ĚĞ ĐƌŝƐŝƐ͕ ĂĚĞŵĄƐ ĚĞ ůĂ dŚŝƐƐŝƚƵĂƟŽŶŝƐƉĂƌƟĐƵůĂƌůLJĚŝĸĐƵůƚĚƵĞƚŽƚŚĞĨĂĐƚƚŚĂƚ͕ŝŶ ĐĂşĚĂĚĞůĂƐǀĞŶƚĂƐ͕ůĂƐĞŵƉƌĞƐĂƐĐŽŵĞƌĐŝĂůĞƐƚĂŵďŝĠŶ this period of crisis, apart from the drop in sales, commercial ŚĂŶĂĐƵƐĂĚŽůŽƐĞĨĞĐƚŽƐŶĞŐĂƟǀŽƐĚĞůŽƐŶƵŵĞƌŽƐŽƐ ĐŽŵƉĂŶŝĞƐŚĂǀĞĂůƐŽĞdžƉĞƌŝĞŶĐĞĚƚŚĞŶĞŐĂƟǀĞĞīĞĐƚƐŽĨƚŚĞ ƐŽďƌĞĐŽƐƚĞƐƋƵĞŝŵƉŽŶĞůĂĐŽŶĚŝĐŝſŶĚĞƵůƚƌĂƉĞƌŝĨĞƌŝĂ ŵĂŶLJĂĚĚŝƟŽŶĂůĐŽƐƚƐŝŵƉŽƐĞĚďLJƚŚĞŽƵƚĞƌŵŽƐƚƐŝƚƵĂƟŽŶŽĨ ĂĞƐƚĂĂĐƟǀŝĚĂĚĞŶƐƵĞƐƚƌƵĐƚƵƌĂĚĞĐŽƐƚĞƐ͘ ƚŚĞ/ƐůĂŶĚƐƚŽƚŚŝƐĂĐƟǀŝƚLJŝŶƚĞƌŵƐŽĨĐŽƐƚƐƐƚƌƵĐƚƵƌĞ͘

 

 
 

 


 

 




  
  

 
  
 
  






































.YmÄJV Graph 3.22

153 CONCLUSIONES CONCLUSIONS 2011

>ĂůĞũĂŶşĂLJůĂĨƌĂŐŵĞŶƚĂĐŝſŶĚĞůƚĞƌƌŝƚŽƌŝŽŝŶĐŝĚĞ͕ƉƌŝŶ- ĐŝƉĂůŵĞŶƚĞĞŶŵĂLJŽƌĞƐĐŽƐƚĞƐĚĞƚƌĂŶƐƉŽƌƚĞƉĂƌĂĞů ƐĞĐƚŽƌ͕ ŶĞĐĞƐĂƌŝŽƐ ƉĂƌĂ Ğů ĂďĂƐƚĞĐŝŵŝĞŶƚŽ͕ LJ ĞƐƚŽ ƐĞ ŚĂŶǀŝƐƚŽƐŽŵĞƟĚŽƐĂĨƵĞƌƚĞƐƉƌĞƐŝŽŶĞƐĂůĂůnjĂĚƵƌĂŶ- ƚĞ ƚŽĚŽ Ğů ƉĞƌŝŽĚŽ ĚĞ ĐƌŝƐŝƐ͕ ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ZĞŵŽƚĞŶĞƐƐ ĂŶĚ ĨƌĂŐŵĞŶƚĂƟŽŶ ŽĨ ƚŚĞ ƚĞƌƌŝƚŽƌLJ ŵĂŝŶůLJ ĐŽŶƟŶƵŽ ĞŶĐĂƌĞĐŝŵŝĞŶƚŽ ĚĞů ƉĞƚƌſůĞŽ͕ LJ ĚĞ ůĂƐ ƉĞƌ- implies higher transport costs for this sector, which are ƐŝƐƚĞŶƚĞƐůŝŵŝƚĂĐŝŽŶĞƐƋƵĞŚĂŶǀĞŶŝĚŽŝŵƉŽŶŝĠŶĚŽƐĞ ŶĞĐĞƐƐĂƌLJ ĨŽƌ ŐĞƫŶŐ ƐƵƉƉůŝĞƐ ĂŶĚ ƚŚĞƐĞ ĐŽƐƚƐ ŚĂǀĞ ďĞĞŶ ĂůŽƐĞůĞŵĞŶƚŽƐĐŽŵƉĞŶƐĂĚŽƌĞƐƋƵĞĚĞďşĂŶƉĂůŝĂƌĞů under strong upward pressure over the whole crisis period, impacto de este encarecimiento, como es el caso de ĂƐ Ă ĐŽŶƐĞƋƵĞŶĐĞ ŽĨ ƚŚĞ ĐŽŶƟŶƵŽƵƐ Žŝů ƉƌŝĐĞ ƌŝƐĞ ĂŶĚ ůĂƐ ƐƵďǀĞŶĐŝŽŶĞƐ Ăů ƚƌĂŶƐƉŽƌƚĞ ĚĞ ŵĞƌĐĂŶĐşĂƐ Ž ůĂƐ ƚŚĞ ƉĞƌƐŝƐƚĞŶƚ ůŝŵŝƚĂƟŽŶƐ ƚŚĂƚ ŚĂǀĞ ďĞĞŶ ŝŵƉŽƐĞĚ ƚŽ ƚŚĞ ĚŽƚĂĐŝŽŶĞƐƋƵĞƌĞĐŝďĞĞůƐĞĐƚŽƌĂĐƵĞŶƚĂĚĞůZĠŐŝŵĞŶ ĐŽŵƉĞŶƐĂƟŶŐĞůĞŵĞŶƚƐƚŚĂƚŚĂĚƚŽŵŝƟŐĂƚĞƚŚĞŝŵƉĂĐƚŽĨ ƐƉĞĐşĮĐŽĚĞďĂƐƚĞĐŝŵŝĞŶƚŽ͘ ƚŚŝƐƉƌŝĐĞƌŝƐĞ͘^ŽŵĞŽĨƚŚĞƐĞĐŽŵƉĞŶƐĂƟŶŐĞůĞŵĞŶƚƐĂƌĞ͕ĨŽƌ example, subsidies for the transport of goods or the funding >ĞũŽƐ ĚĞ ŵĞũŽƌĂƌƐĞ͕ ůĂƐ ĞdžƉĞĐƚĂƟǀĂƐ ƉĂƌĂ Ğů ĐŽƌƚŽ LJ ƚŚĞƐĞĐƚŽƌƌĞĐĞŝǀĞƐĨƌŽŵƚŚĞ^ƉĞĐŝĮĐ^ƵƉƉůLJZĞŐŝŵĞ͘ ŵĞĚŝŽƉůĂnjŽĂƉƵŶƚĂŶĂƵŶƉŽƐŝďůĞĂŐƌĂǀĂŵŝĞŶƚŽĚĞĞƐ- - ƚŽƐĨĂĐƚŽƌĞƐĐŽŶĚŝĐŝŽŶĂŶƚĞƐ͕ŚĂďŝĚĂĐƵĞŶƚĂĚĞůĂƐƚĞŶ &ĂƌĨƌŽŵŐĞƫŶŐďĞƩĞƌ͕ĞdžƉĞĐƚĂƟŽŶƐĨŽƌƚŚĞƐŚŽƌƚͲƚĞƌŵĂŶĚ siones previstas en los mercados internacionales del ŵŝĚͲƚĞƌŵŝŶĚŝĐĂƚĞĂƉŽƐƐŝďůĞǁŽƌƐĞŶŝŶŐŽĨƚŚĞƐĞĐŽŶĚŝƟŽŶŝŶŐ ĐƌƵĚŽLJĚĞůŽƐĞĨĞĐƚŽƐĚĞůĂĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂůƐŽďƌĞ ĨĂĐƚŽƌƐ͕ ŐŝǀĞŶ ƚŚĞ ĨŽƌĞƐĞĞŶ ƚĞŶƐŝŽŶƐ ŝŶ ƚŚĞ ŝŶƚĞƌŶĂƟŽŶĂů ůĂƐƉĂƌƟĚĂƐƉƌĞƐƵƉƵĞƐƚĂƌŝĂƐĚĞƐƟŶĂĚĂƐĂĐŽŵƉĞŶƐĂƌ ĐƌƵĚĞŽŝůŵĂƌŬĞƚƐĂŶĚƚŚĞĞīĞĐƚƐŽĨƚŚĞĮƐĐĂůĐŽŶƐŽůŝĚĂƟŽŶ ůŽƐƐŽďƌĞĐŽƐƚĞƐ͕ƚĂŶƚŽĞŶĞůĄŵďŝƚŽĚĞůƐƚĂĚŽĐŽŵŽ ŽŶďƵĚŐĞƚůŝŶĞƐĚĞƐƟŶĞĚƚŽĐŽŵƉĞŶƐĂƚĞƚŚĞĂĚĚŝƟŽŶĂůĐŽƐƚƐ͕ ĚĞůŽƐĨŽŶĚŽƐƉƌŽǀĞŶŝĞŶƚĞƐĚĞƵƌŽƉĂ͘ both at a state and European level.

ůŐƵŶĂƐĐůĂǀĞƐĂĐĞƌĐĂĚĞůĚĞƐĂƌƌŽůůŽƐŽĐŝŽĞĐŽŶſŵŝĐŽ ^ŽŵĞŬĞLJĨĂĐƚŽƌƐŝŶƚŚĞƐŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ĚĞůĂƐƉƌŽǀŝŶĐŝĂƐ͘ 4 ŽĨƚŚĞƉƌŽǀŝŶĐĞƐŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͘ 3. - ^ĞŐƵŝĚĂŵĞŶƚĞ͕ƐĞĂďŽƌĚĂĞůĂŶĄůŝƐŝƐůĂĞƐƚƌƵĐƚƵƌĂĞĐŽ This is an approach to the economic development in the ŶſŵŝĐĂĚĞůĂƐĚŽƐƉƌŽǀŝŶĐŝĂƐĐĂŶĂƌŝĂƐĂƉĂƌƟƌĚĞůĂƐ Canary Islands, using the latest data about provincial ĞƐƚĂĚşƐƟĐĂƐĞůĂďŽƌĂĚĂƐƉŽƌĞů/EĞŶƐƵŽŶƚĂďŝůŝĚĂĚ ŐƌŽǁƚŚ͕ǁŚŝĐŚŚĂƐďĞĞŶĞůĂďŽƌĂƚĞĚďLJƚŚĞ^ƉĂŶŝƐŚEĂƟŽŶĂů ZĞŐŝŽŶĂůĚĞƐƉĂŹĂ͕ĐƵLJŽƐĚĂƚŽƐŵĄƐƌĞĐŝĞŶƚĞƐŚĂĐĞŶ ^ƚĂƟƐƟĐƐ /ŶƐƟƚƵƚĞ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ^ƉĂŶŝƐŚ ZĞŐŝŽŶĂů ƌĞĨĞƌĞŶĐŝĂĂůĞũĞƌĐŝĐŝŽϮϬϬϵ͘ ĐĐŽƵŶƟŶŐ^ĞƌǀŝĐĞĨŽƌƚŚĞϮϬϬϵĮƐĐĂůLJĞĂƌ͘ WŽƐƚĞƌŝŽƌŵĞŶƚĞ͕ ĂƉƌŽdžŝŵĂƌĞŵŽƐ Ğů ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ĚĞϮϬϭϭLJĚĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϮŵĞĚŝĂŶƚĞĞů ŽƚŚƚŚĞϮϬϭϭƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚŚĞϮϬϭϮĮƌƐƚƐĞŵĞƐƚĞƌǁŝůů ĂŶĄůŝƐŝƐĚĞůŽƐŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐƟǀŝĚĂĚLJĞŵƉůĞŽĚĞůĂƐ ďĞĂƉƉƌŽĂĐŚĞĚƚŚƌŽƵŐŚƚŚĞĞŶƌŝĐŚŝŶŐĂŶĂůLJƐŝƐŽĨƚŚĞĂĐƟǀŝƚLJ ĚŽƐƉƌŽǀŝŶĐŝĂƐĞdžŝƐƚĞŶƚĞƐƉĂƌĂĞƐƚĞŶŝǀĞůĚĞĚĞƐŐůŽƐĞ͘ and employment indicators in both provinces.

ŶƚĠƌŵŝŶŽƐĚĞW/͕ůĂǀĂůŽƌĂĐŝſŶĚĞůƉƌŽĚƵĐƚŽĚĞůĂ 'W ŝŶ ƚŚĞ ƉƌŽǀŝŶĐĞ ŽĨ >ĂƐ WĂůŵĂƐ ƐƚĞĚ ƚŽ Φϭϵ͕ϲϮϰ͘ϵ ƉƌŽǀŝŶĐŝĂĚĞ>ĂƐWĂůŵĂƐĂƐĐĞŶĚŝſ͕ĂĮŶĂůĞƐĚĞϮϬϬϵ͕Ă ŵŝůůŝŽŶƐ ŝŶ ůĂƚĞ ϮϬϬϵ ŵĞĂŶŝŶŐ ϱϮ͘ϰй ŽĨ ƚŚĞ ƌĞŐŝŽŶĂů 'W͖ ůŽƐϭϵ͘ϲϮϰ͕ϵŵŝůůŽŶĞƐĚĞĞƵƌŽƐĐŽƌƌŝĞŶƚĞƐ͕ĞƋƵŝǀĂůĞŶƚĞ whereas the province of Santa Cruz de Tenerife’s GDP ĂƵŶϱϮ͕ϰйĚĞůW/ƌĞŐŝŽŶĂů͖ŵŝĞŶƚƌĂƐƋƵĞ^ĂŶƚĂƌƵnj ƌĞĂĐŚĞĚΦϭϳ͕ϳϵϮ͘ϱŵŝůůŝŽŶƐ͕ϰϳ͘ϲйŽĨƚŚĞƌĞŐŝŽŶĂů'W͘ ĚĞ dĞŶĞƌŝĨĞ͕ ĂůĐĂŶnjĂ ůŽƐ ϭϳ͘ϳϵϮ͕ϱ ŵŝůůŽŶĞƐ ĚĞ ĞƵƌŽƐ͕ Both provinces share a similar preference towards the ƉĂƌĂƵŶĂƉĂƌƟĐŝƉĂĐŝſŶĚĞůϰϳ͕ϲƉŽƌĐŝĞŶƚŽ͘ ƐĞƌǀŝĐĞƐƐĞĐƚŽƌ͖ŚŽǁĞǀĞƌ͕ŝƚƐŝŶŶĞƌŽƌŐĂŶŝnjĂƟŽŶƐŚŽǁƐƐŽŵĞ ŵďĂƐ ƉƌŽǀŝŶĐŝĂƐ ĐŽŵƉĂƌƚĞŶ ĐŽŵŽ ĨĂĐƚŽƌ ĐŽŵƷŶ ƐƵ ĚŝīĞƌĞŶĐĞƐ͘ /Ŷ ƚŚĞ WƌŽǀŝŶĐĞ ŽĨ >ĂƐ WĂůŵĂƐ ƚŚĞ ͞ǁŚŽůĞƐĂůĞ marcada orientación hacia las ramas de servicios, si and retail trade, repair of motor vehicles and motorcycles, ďŝĞŶůĂĐŽŵƉŽƐŝĐŝſŶŝŶƚĞƌŶĂĚĞĞƐƚĞŐƌƵƉŽƌĞŇĞũĂĂůŐƵ- ƚƌĂŶƐƉŽƌƚ ĂŶĚ ƐƚŽƌĂŐĞ͖ ŚŽƚĞů ŝŶĚƵƐƚƌLJ͖ ĐŽŵŵƵŶŝĐĂƟŽŶ͟

154 LA ECONOMÍA CANARIA. Algunas claves acerca del desarrollo socioeconómico de las provincias. THE CANARY ISLANDS ECONOMY. Keys for the socioeconomic development by province.3.4

ŶĂƐĚŝĨĞƌĞŶĐŝĂƐ͘ŶůĂƉƌŽǀŝŶĐŝĂĚĞ>ĂƐWĂůŵĂƐƌĞƐƵůƚĂ ŵĄƐƌĞƉƌĞƐĞŶƚĂƟǀĂůĂƌĂŵĂ͞ŽŵĞƌĐŝŽĂůƉŽƌŵĂLJŽƌLJ ĂůƉŽƌŵĞŶŽƌ͕ƌĞƉĂƌĂĐŝſŶĚĞǀĞŚşĐƵůŽƐĚĞŵŽƚŽƌLJŵŽ- ƚŽĐŝĐůĞƚĂƐ͖ ƚƌĂŶƐƉŽƌƚĞ LJ ĂůŵĂĐĞŶĂŵŝĞŶƚŽ͖ ŚŽƐƚĞůĞƌşĂ͖ ŝŶĨŽƌŵĂĐŝſŶLJĐŽŵƵŶŝĐĂĐŝŽŶĞƐ͕͟ĐŽŶƵŶϯϲ͕Ϭй͕ĨƌĞŶƚĞ ĂůϮϵ͕ϵйĚĞ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ͖ŵŝĞŶƚƌĂƐƋƵĞĞŶ ďƌĂŶĐŚ ƌĞƉƌĞƐĞŶƚƐ ϯϲ͘Ϭй ǁŝƚŚ ƌĞŐĂƌĚ ƚŽ ƚŚĞ Ϯϵ͘ϵй ŝŶ ĞƐƚĂƷůƟŵĂƉƌŽǀŝŶĐŝĂƌĞƐƵůƚĂŵĄƐƐŝŐŶŝĮĐĂƟǀĂůĂƉƌĞ- ƚŚĞ WƌŽǀŝŶĐĞ ŽĨ ^ĂŶƚĂ ƌƵnj ĚĞ dĞŶĞƌŝĨĞ ǁŚĞƌĞ ƚŚĞ ͞ƉƵďůŝĐ ƐĞŶĐŝĂĚĞůĂƌĂŵĂ͞ĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂLJĚĞĨĞŶƐĂ͖ ĂĚŵŝŶŝƐƚƌĂƟŽŶ ĂŶĚ ĚĞĨĞŶĐĞ͖ ĐŽŵƉƵůƐŽƌLJ ƐŽĐŝĂů ƐĞĐƵƌŝƚLJ͖ ƐĞŐƵƌŝĚĂĚ ƐŽĐŝĂů ŽďůŝŐĂƚŽƌŝĂ͖ ĞĚƵĐĂĐŝſŶ͖ ĂĐƟǀŝĚĂĚĞƐ ĞĚƵĐĂƟŽŶĂů ƐLJƐƚĞŵ͖ ƐĂŶŝƚĂƟŽŶ ĂŶĚ ƐŽĐŝĂů ƐĞƌǀŝĐĞƐ͖ Ăƌƚ͕ ƐĂŶŝƚĂƌŝĂƐLJĚĞƐĞƌǀŝĐŝŽƐƐŽĐŝĂůĞƐ͖ĂĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ ƌĞĐƌĞĂƟŽŶĂů ĂŶĚ ĞŶƚĞƌƚĂŝŶŵĞŶƚ ĂĐƟǀŝƟĞƐ͖ ĂŶĚ ŽƚŚĞƌ ƌĞĐƌĞĂƟǀĂƐ LJ ĚĞ ĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽ͖ LJ ŽƚƌŽƐ ƐĞƌǀŝĐŝŽƐ͟ ƐĞƌǀŝĐĞƐ͟ďƌĂŶĐŚŵĞĂŶƐϮϰ͘ϱйŝŶĐŽŵƉĂƌŝƐŽŶƚŽϮϬ͘ϵйŝŶ>ĂƐ ĐŽŶƵŶϮϰ͕ϱй͕ƉŽƌƵŶϮϬ͕ϵйĚĞ>ĂƐWĂůŵĂƐ͘ Palmas.

 
  


 

 
  
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 Tabla 3.33 Table 3.33

155 CONCLUSIONES CONCLUSIONS 2011

ŶĐƵĂŶƚŽĂůƌĞƐƚŽĚĞůĂƐƌĂŵĂƐƉƌŽĚƵĐƟǀĂƐ͕ůĂĂŐƌŝĐƵů- ƚƵƌĂƌĞƐƵůƚĂŵĄƐƐŝŐŶŝĮĐĂƟǀĂĞŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝ- ĨĞ͕ĐŽŶƵŶϭ͕ϰй͕ƉŽƌƵŶϬ͕ϵйĚĞ>ĂƐWĂůŵĂƐ͖ůĂƐƌĂŵĂƐ ĚĞ ŝŶĚƵƐƚƌŝĂ LJ ĞŶĞƌպà ĐƵĞŶƚĂŶ ĐŽŶ ŵĂLJŽƌ ƉƌĞƐĞŶĐŝĂ

ĞŶ>ĂƐWĂůŵĂƐ;ϳ͕ϴйͿĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶůĂƉƌŽǀŝŶĐŝĂ ƐĨŽƌƚŚĞƌĞƐƚŽĨƉƌŽĮƚĂďůĞƐĞĐƚŽƌƐ͕ĂŐƌŝĐƵůƚƵƌĞŚĂƐĂƐƚƌŽŶŐĞƌ - ŽĐĐŝĚĞŶƚĂů;ϲ͕ϵйͿ͖LJůĂĐŽŶƐƚƌƵĐĐŝſŶŽƐƚĞŶƚĂŵĂLJŽƌƌĞ ƉƌĞƐĞŶĐĞŝŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ;ϭ͘ϰйͿƚŚĂŶŝŶ>ĂƐWĂůŵĂƐ ƉƌĞƐĞŶƚĂƟǀŝĚĂĚĞŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ;ϭϭ͕ϭйͿƋƵĞ ;Ϭ͘ϵйͿ͖ŚŽǁĞǀĞƌ͕ƚŚĞŝŶĚƵƐƚƌLJĂŶĚĞŶĞƌŐLJƐĞĐƚŽƌŝƐŚŝŐŚĞƌŝŶ ĞŶ>ĂƐWĂůŵĂƐ;ϵ͕ϰйͿ͘ >ĂƐ WĂůŵĂƐ ;ϳ͘ϴйͿ ŝŶ ĐŽŵƉĂƌŝƐŽŶ ƚŽ ƚŚĞ ǁĞƐƚĞƌŶ ƉƌŽǀŝŶĐĞ ŽŶǀŝĞŶĞĂĐŽŶƟŶƵĂĐŝſŶĂĨƌŽŶƚĂƌƵŶĂĐĞƌĐĂŵŝĞŶƚŽĂ ;ϲ͘ϵйͿ͖ƚŚĞĐŽŶƐƚƌƵĐƟŽŶŚĂƐĂŵŽƌĞŐĞŶĞƌŽƵƐƌĞƉƌĞƐĞŶƚĂƟŽŶ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ůĂ ĂĐƟǀŝĚĂĚ ĚĞ ƵŶĂ LJ ŽƚƌĂ ƉƌŽǀŝŶĐŝĂ ŝŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ;ϭϭ͘ϭйͿƚŚĂŶŝŶ>ĂƐWĂůŵĂƐ;ϵ͘ϰйͿ͕ ĚƵƌĂŶƚĞĞůƷůƟŵŽĞũĞƌĐŝĐŝŽ͕ĂƉĂƌƟƌĚĞůĞƐƚƵĚŝŽĚĞůŽƐ though. ŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐƟǀŝĚĂĚLJĞŵƉůĞŽĚŝƐƉŽŶŝďůĞƐ͘ dŚŝƐŝƐĂĚĞƐĐƌŝƉƟŽŶƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨďŽƚŚƉƌŽǀŝŶĐĞƐ ^ƵĞǀŽůƵĐŝſŶŵĄƐƌĞĐŝĞŶƚĞŚĂƋƵĞĚĂĚŽĚĞĮŶŝĚĂƉŽƌůĂ ĂĐƟǀŝƚLJ ĚƵƌŝŶŐ ƚŚĞ ůĂƐƚ ĮŶĂŶĐŝĂů LJĞĂƌ͕ ĨƌŽŵ ƚŚĞ ƐƚƵĚLJ ŽĨ ĨƌĄŐŝůƐŝƚƵĂĐŝſŶĞŶůĂƋƵĞƐĞŵĂŶƟĞŶĞůĂĚĞŵĂŶĚĂŝŶ- ĂǀĂŝůĂďůĞĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚŝŶĚŝĐĂƚŽƌƐ͘/ŶĂĚĚŝƟŽŶƚŽ ƚĞƌŶĂ͕ƚƌĂƐĞůĨƵĞƌƚĞƉƌŽĐĞƐŽĚĞĚĞŐƌĂĚĂĐŝſŶƉĂĚĞĐŝĚŽ ƚŚŝƐ͕ƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͛ĨƌĂŐŝůĞĚŽŵĞƐƟĐĚĞŵĂŶĚƐŝƚƵĂƟŽŶ ĚƵƌĂŶƚĞůŽƐĐƵĂƚƌŽƷůƟŵŽƐĞũĞƌĐŝĐŝŽƐƉŽƌůĂĂĐƟǀŝĚĂĚ ŚĂƐ ůĞĚ ƚŽ Ă ďĞƐƚͲĐĂƐĞ ƐĐĞŶĂƌŝŽ ƚŚĂƚ ŵƵƐƚ ĚĞĂů ǁŝƚŚ ƚŚĞ LJĞůĞŵƉůĞŽ͕ƋƵĞŚĂĐŽŶĚƵĐŝĚŽĂƵŶĞƐĐĞŶĂƌŝŽĚĞŵş- considerable cuts in public spending both in investments and ŶŝŵŽƐƚĂŶƚŽĞŶůĂŝŶǀĞƌƐŝſŶĐŽŵŽĞŶĞůĐŽŶƐƵŵŽ͘dĂŶ ĐŽŶƐƵŵƉƟŽŶŽǀĞƌƚŚĞůĂƐƚĨŽƵƌĮŶĂŶĐŝĂůLJĞĂƌƐ͘KŶůLJĞdžƚĞƌŶĂů ƐſůŽůĂĚĞŵĂŶĚĂĞdžƚĞƌŝŽƌ͕ŐƌĂĐŝĂƐĂůŽƐďƵĞŶŽƐĚĂƚŽƐ ĚĞŵĂŶĚŚĂƐĐŽŶƐƟƚƵƚĞĚĂƚĞŵƉŽƌĂƌLJƌĞůŝĞĨ͕ŽǀĞƌĂůůŝŶƚŚĞ ƚƵƌşƐƟĐŽƐ͕ ŚĂ ĐŽŶĐĞĚŝĚŽ ƵŶ ĐŝĞƌƚŽ ƌĞƐƉŝƌŽ͕  ĞŶ ƚŽĚŽ Province of Las Palmas where a stronger presence in this ĐĂƐŽ ƚƌĂŶƐŝƚŽƌŝŽ͕ Ă ůĂƐ ĞĐŽŶŽŵşĂƐ ƉƌŽǀŝŶĐŝĂůĞƐ͕ ĞƐƉĞ- ďƌĂŶĐŚŚĂƐďĞĞŶĞdžƉĞƌŝĞŶĐĞĚ͕ƚŚĂŶŬƐƚŽƚŚĞƉŽƐŝƟǀĞƌĞƐƵůƚƐ ĐŝĂůŵĞŶƚĞĂůĂĚĞ>ĂƐWĂůŵĂƐ͕ĐŽŶŵĂLJŽƌŽƌŝĞŶƚĂĐŝſŶ of the tourism sector. ĚĞƐƵƐƚĠƌŵŝŶŽƐŝŶƐƵůĂƌĞƐŚĂĐŝĂĞƐƚĂĂĐƟǀŝĚĂĚ͘ The tourist sector has experienced a temporary recovery ƉĞƐĂƌĚĞůĂŵĞũŽƌşĂƚƵƌşƐƟĐĂ͕ƐƵƚĞŵƉŽƌĂůŝĚĂĚŶŽŚĂ ĂůƚŚŽƵŐŚŝƚŚĂƐŶŽƚĞƐĐĂƉĞĚƚŚĞĞīĞĐƚƐŽĨƚŚĞĐƌŝƐŝƐŽŶƚŚĞ ƉĞƌŵŝƟĚŽ ĞǀŝƚĂƌ ƋƵĞ ĐŽŶƟŶƵĂƌĂŶ ŚĂĐŝĠŶĚŽƐĞ ŵĂŶŝ- ƌĞŐŝŽŶ͛ƐƉƌŽĚƵĐƟǀĞƟƐƐƵĞ͘͘ƐĂƌĞƐƵůƚ͕dŚĞWƌŽǀŝŶĐĞŽĨ>ĂƐ ĮĞƐƚŽƐůŽƐĞĨĞĐƚŽƐĚĞůĂĐƌŝƐŝƐƐŽďƌĞĞůƚĞũŝĚŽƉƌŽĚƵĐƟ- WĂůŵĂƐůŽƐĞƐϮ͕ϭϬϭĐŽŵƉĂŶŝĞƐ;Ͳϯ͘ϬйͿŝŶĐŽŵƉĂƌŝƐŽŶƚŽƚŚĞ ǀŽĚĞƵŶĂLJŽƚƌĂƉƌŽǀŝŶĐŝĂ͘^ĞŐƷŶĞůŝƌĞĐƚŽƌŝŽĞŶƚƌĂů ϭ͕ϯϲϱŽŶĞƐŝŶƚŚĞǁĞƐƚĞƌŶƉƌŽǀŝŶĐĞ;ͲϮ͘ϭйͿ͕




    
  

 
  

  
 


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 Tabla 3.34 Table 3.34

156 LA ECONOMÍA CANARIA. Algunas claves acerca del desarrollo socioeconómico de las provincias. THE CANARY ISLANDS ECONOMY. Keys for the socioeconomic development by province.3.4

ĚĞŵƉƌĞƐĂƐ͕>ĂƐWĂůŵĂƐƉŝĞƌĚĞƵŶŽƐϮ͘ϭϬϭĞŵƉƌĞƐĂƐ ;Ͳϯ͕ϬйͿ͖ƉŽƌϭ͘ϯϲϱƉĞƌĚŝĚĂƐĞŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ ;ͲϮ͕ϭйͿ͘

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ŝŶƚĞƌƌƵŵƉĞŶƐƵĂƐĐĞŶƐŽůŽƐƉƌŽĐĞĚŝ- ƚŚĞ ĞŶƚƌĂů ŽŵƉĂŶŝĞƐ ŝƌĞĐƚŽƌLJ ;Ϳ ƐĂŝĚ͘ /Ŷ ƚŚŝƐ ĮĞůĚ͕ ŵŝĞŶƚŽƐĐŽŶĐƵƌƐĂůĞƐĞŶ>ĂƐWĂůŵĂƐ;Ͳϱ͕ϳйͿ͕ŵŝĞŶƚƌĂƐ insolvency proceedings go down in the eastern province ƋƵĞǀƵĞůǀĞŶĂŝŶĐƌĞŵĞŶƚĂƌƐĞĐŽŶĨƵĞƌnjĂĞŶ^ĂŶƚĂƌƵnj ;Ͳϱ͘ϳйͿ͕ǁŚĞƌĞĂƐƚŚĞLJĞdžƉĞƌŝĞŶĐĞĂƐƚŝŶƚŚĞǁĞƐƚĞƌŶŽŶĞ ĚĞdĞŶĞƌŝĨĞ͕ĚŽŶĚĞĐƌĞĐĞŶƵŶϭϳ͕ϵй͘ ;нϭϳ͘ϵйͿ͘

Desde el lado de la oferta͕ůŽƐŝŶĚŝĐĂĚŽƌĞƐƌĞůĂƟǀŽƐĂ In terms of supply, the ĐŽŶƐƚƌƵĐƟŽŶ sector shows the almost la construcciónǀƵĞůǀĞŶĂĐĞƌƟĮĐĂƌůĂƉƌĄĐƟĐĂƉĂƌĂůŝ- ƉĂƌĂůLJƐŝƐŽĨƚŚŝƐƐĞĐƚŽƌ͘/ŶƚĞƌŵƐŽĨƌĞƐŝĚĞŶƟĂůďƵŝůĚŝŶŐƐ͕>ĂƐ njĂĐŝſŶĚĞůƐĞĐƚŽƌ͘ĞůůĂĚŽĚĞůĂĞĚŝĮĐĂĐŝſŶƌĞƐŝĚĞŶĐŝĂů͕ WĂůŵĂƐ ŬĞĞƉƐ ƐŚŽǁŝŶŐ Ă ĮǀĞͲLJĞĂƌ ůŽŶŐ ĚŽǁŶƚƵƌŶ ŚĞĂĚŝŶŐ >ĂƐ WĂůŵĂƐ ŵĂƌĐĂ Ğů ƋƵŝŶƚŽ ĞũĞƌĐŝĐŝŽ ĐŽŶƐĞĐƵƟǀŽ ĚĞ ƚŽŝƚƐĐŽŵƉůĞƚĞƐƚĂŐŶĂƟŽŶ͕ŐŽŝŶŐĨƌŽŵϵ͕ϮϳϵŝŶϮϬϬϳƚŽϰϳϴ ĨƵĞƌƚĞĐŽŶƚƌĂĐĐŝſŶĞŶĞůŝŶŝĐŝŽĚĞǀŝǀŝĞŶĚĂƐ͕ŚĂƐƚĂƚĞŶ- ŝŶϮϬϭϭ͘/ŶƚŚŝƐĐŽŶƚĞdžƚ͕^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞĂůƐŽƐƵīĞƌƐ ĚĞƌĂƐƵƉƌĄĐƟĐĂƉĂƌĂůŝnjĂĐŝſŶ͕ĂůƉĂƐĂƌĚĞůĂƐϭϮ͘ϯϳϱ from the crisis with a similar intensity, since housing starts ǀŝǀŝĞŶĚĂƐĚĞϮϬϬϳ͕ŚĂƐƚĂůĂƐϯϰϯ͕ĂůĐŝĞƌƌĞĚĞϮϬϭϭ͘ ĚĞĐƌĞĂƐŝŶŐĨƌŽŵϵ͕ϮϳϵŝŶϮϬϬϳƚŽϰϳϴŝŶϮϬϭϬ͘

 
  

  

  
 

 


  



     

  

   
 
    
     
 

  







       

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 Tabla 3.35 Table 3.35

157 CONCLUSIONES CONCLUSIONS 2011

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞƉĂĚĞĐĞĐŽŶ ƐŝŵŝůĂƌŝŶƚĞŶƐŝĚĂĚůŽƐƌŝŐŽƌĞƐĚĞůĂĐƌŝƐŝƐ͕ĐƵĂŶƟĮĐĂŶĚŽ ƚĂŵďŝĠŶƐƵĐƵĂƌƚŽĞũĞƌĐŝĐŝŽĚĞƌĞĐŽƌƚĞƐĞŶĞůǀŽůƵŵĞŶ de viviendas iniciadas. En total, las viviendas iniciadas ĚĞůĂƉƌŽǀŝŶĐŝĂƉĂƐĂŶĚĞůĂƐϵ͘ϮϳϵĚĞϮϬϬϳ͕ĂůĂƐϰϳϴ de 2011.

ŶŵĂƚĞƌŝĂĚĞůŝĐŝƚĂĐŝſŶ͕ĂŵďŽƐƚĠƌŵŝŶŽƐƉƌŽǀŝŶĐŝĂůĞƐ ĐĂĞŶĂďƌƵƉƚĂŵĞŶƚĞLJĚĞĨŽƌŵĂƐŝŵŝůĂƌ͕ƵŶĂǀĞnjĮŶĂ- ůŝnjĂĚŽƐ ůŽƐ ƉůĂŶĞƐ ĞƐƚĂƚĂůĞƐ ƋƵĞ ĚŝŶĂŵŝnjĂƌŽŶ ůĂ ŽďƌĂ ƉƷďůŝĐĂ ĚƵƌĂŶƚĞ ůŽƐ ƉƌŝŵĞƌŽƐ ĂŹŽƐ ĚĞ ůĂ ĐƌŝƐŝƐ͕ LJ ĞŶ ĐŽŚĞƌĞŶĐŝĂĐŽŶůĂƐĞŶĚĂĚĞĂũƵƐƚĞĮƐĐĂůŝŶŝĐŝĂĚŽƉŽƌ Ğů ĐŽŶũƵŶƚŽ ĚĞ ůĂƐ ĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ ƉƷďůŝĐĂƐ͘ YƵŝnjĄƐ Public tendering was also abruptly reduced in both provinces, ƌĞƐƵůƚĂĚĞƐƚĂĐĂďůĞůĂŵĂLJŽƌŝŶƚĞŶƐŝĚĂĚĐŽŶƋƵĞĂĨĞĐƚĂ ĂŌĞƌƚŚĞŶĂƟŽŶĂůĮŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƉůĂŶƐĨŽƌƉƵďůŝĐǁŽƌŬƐ Ă>ĂƐWĂůŵĂƐ;Ͳϲϵ͕ϯйͿ͕ĂƵŶƋƵĞĞƐƚĞĞƐĐĞŶĂƌŝŽĚĞĚĞ- ǁĞƌĞĮŶŝƐŚĞĚ ĂŌĞƌƚŚĞĮƌƐƚĐƌŝƐŝƐ LJĞĂƌƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚ ƚŚĞ ŐƌĂĚĂĐŝſŶƌĞƐƵůƚĂĞdžƚƌĂƉŽůĂďůĞĂ^ĂŶƚĂƌƵnjĚĞdĞŶĞ- ĮƐĐĂůĂĚũƵƐƚŵĞŶƚŝŶŝƟĂƚĞĚďLJƚŚĞƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐ͘/ƚŝƐ ƌŝĨĞ;ͲϲϮ͕ϴйͿ͘ important to stress the intensity of the impact in the province Mientras, los ƐĞƌǀŝĐŝŽƐ ƐĞ ĂĐŽŐĞŶ Ă ƵŶĂ ƐĞŶĚĂ ĚĞ ůĂ ŽĨ >ĂƐ WĂůŵĂƐ ;Ͳϲϵ͘ϯйͿ͕ ǁŚĞƌĞĂƐ ^ĂŶƚĂ ƌƵnj ĚĞ dĞŶĞƌŝĨĞ ƌĞĐƵƉĞƌĂĐŝſŶĞŶůĂƐĚŽƐƉƌŽǀŝŶĐŝĂƐ͕ĂůŵĞŶŽƐůŽƐǀŝŶ- ĞdžƉĞƌŝĞŶĐĞĚ Ă ůŽǁĞƌ ďƵƚ ƐƟůů ƐŝŵŝůĂƌ ƐŝƚƵĂƟŽŶ ;ͲϲϮ͘ϴйͿ͘ ĐƵůĂĚŽƐ Ă ůĂƐ ĂĐƟǀŝĚĂĚĞƐ ƚƵƌşƐƟĐĂƐ͕ Ăů ĂďƌŝŐŽ ĚĞ ůŽƐ However, the services sector is recovering in both provinces ďƵĞŶŽƐ ƌĞƐƵůƚĂĚŽƐ ŽďƚĞŶŝĚŽƐ ƉŽƌ Ğů ƚƵƌŝƐŵŽ Ă ƉĂƌƟƌ ƚŚĂŶŬƐƚŽƚŚĞŐŽŽĚƌĞƐƵůƚƐŝŶƚŚĞƚŽƵƌŝƐƚĂĐƟǀŝƚLJŝŶƚŚĞƐĞĐŽŶĚ ĚĞůƐĞŐƵŶĚŽƐĞŵĞƐƚƌĞĚĞϮϬϭϬ͕ƉĞƌŽƐŽďƌĞƚŽĚŽƚƌĂƐĞů half of 2010.This recovery is the result of the tourist diversion ĚĞƐǀşŽƚƵƌşƐƟĐŽĚĞĚĞƐƟŶŽƐĐŽŵƉĞƟĚŽƌĞƐĚĞĂŶĂƌŝĂƐ strategy for the main rivals in the sector since early 2011. ĚĞƐĚĞĞůŝŶŝĐŝŽĚĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭ͘ƐƚĞƌĞ- &ƵƌƚŚĞƌŵŽƌĞ͕ƚŚŝƐƐŝƚƵĂƟŽŶĚŽĞƐŶŽƚŵĞĂŶƚŚĞƌĞĐŽǀĞƌLJĨŽƌ ƐƵůƚĂĚŽŶŽŝŵƉůŝĐĂ͕ƐŝŶĞŵďĂƌŐŽ͕ƵŶĂƌĞĐƵƉĞƌĂĐŝſŶŐĞ- ƚŚĞǁŚŽůĞƐĞĐƚŽƌ͕ǁŚŝĐŚŝƐƐƟůůůŽǁĚƵĞƚŽƚŚĞǁĞĂŬŶĞƐƐŽĨƚŚĞ ŶĞƌĂůŝnjĂĚĂĚĞůƐĞĐƚŽƌ͕LJĂĐƟǀŝĚĂĚĞƐĐŽŵŽĞůĐŽŵĞƌĐŝŽ ŝŶƚĞƌŶĂůĐŽŶƐƵŵƉƟŽŶ͕ǁŚĞƌĞĂĐƟǀŝƟĞƐƐƵĐŚĂƐƚƌĂĚĞƌĞŵĂŝŶ ĐŽŶƟŶƷĂŶĂƷŶĚĞƉƌŝŵŝĚĂƐ͕ƉŽƌůĂŵĂŶŝĮĞƐƚĂĚĞďŝůŝĚĂĚ depressed. ĞŶĞůƋƵĞƐŝŐƵĞƐƵŵŝĚŽĞůĐŽŶƐƵŵŽŝŶƚĞƌŶŽ͘ ĂƌůLJ ϮϬϭϭ ƚŽƵƌŝƐƚ ŝŶĚŝĐĂƚŽƌƐ ƐƚĂƌƚĞĚ ƚŽ ĐŽŶĮƌŵ ƚŚĂƚ ƚŚĞ >ŽƐĚĂƚŽƐƚƵƌşƐƟĐŽƐŚĂƐƚĂŵĂƌnjŽĐŽŵŝĞŶnjĂŶĂĞǀŝĚĞŶ- recovery was speeding up, especially in the province of Las ĐŝĂƌĞůĐĂƌĄĐƚĞƌĞǀĞŶƚƵĂůĚĞůĂƌĞĐƵƉĞƌĂĐŝſŶ͕ĞƐƉĞĐŝĂů- Palmas. However, this was due to a temporary increase in ŵĞŶƚĞĞŶƉƌŽǀŝŶĐŝĂĚĞ>ĂƐWĂůŵĂƐ͕ĚŽŶĚĞƐĞŽďƐĞƌǀĂ ƚŽƵƌŝƐŵŝŶƚŚĞĞĂƐƚĞƌŶŝƐůĂŶĚƐ͕ǁŚŝĐŚŚĂƐƐŝŶĐĞĨĂůůĞŶŽīĂƐ ĞůŝŶŝĐŝŽĚĞƵŶĂƚĞŶĚĞŶĐŝĂĚĞƐĂĐĞůĞƌĂĚĂƋƵĞƚŽƌŶĂĞŶ ǁĞĐĂŶƐĞĞŝŶĮŐƵƌĞƐƵƉƚŽDĂƌĐŚ͕ǁŚŝĐŚƌĞŇĞĐƚĂĨĂůůĨŽƌďŽƚŚ ŶĞŐĂƟǀĂĞŶůĂƐŝƐůĂƐĚĞ>ĂŶnjĂƌŽƚĞ;Ͳϲ͕ϭйͿLJ&ƵĞƌƚĞǀĞŶ- >ĂŶnjĂƌŽƚĞ ;Ͳϲ͘ϭйͿ ĂŶĚ &ƵĞƌƚĞǀĞŶƚƵƌĂ ;Ͳϯ͘ϬйͿ͕͘ dŚĞ ĞŶĚ ŽĨ ƚƵƌĂ;Ͳϯ͕ϬйͿ͘ŶĐƵĂŶƚŽĂůĂƐƉƌĞǀŝƐŝŽŶĞƐĚĞĐĂƌĂĂůĮŶĂů ϮϬϭϭƉƌŽƐƉĞĐƚƐĂƌĞůĞƐƐŽƉƟŵŝƐƟĐŝŶƚŚĞůŝŐŚƚŽĨƚŚĞŬŝŶŐ ĚĞůĂŹŽ͕ĞƐƚĂƐŶŽƌĞƐƵůƚĂŶĞƐƉĞĐŝĂůŵĞŶƚĞŽƉƟŵŝƐƚĂƐ͕ ĞǀŽůƵƟŽŶ ĨŽƌ ƚŚĞ ƐĂŝĚ ƉĞƌŝŽĚ ŽĨ ƚŚĞ LJĞĂƌ͘ dŚŝƐ ƐŝƚƵĂƟŽŶ ŝƐ Ă ůĂ ǀŝƐƚĂ ĚĞ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ůĂƐ ƌĞƐĞƌǀĂƐ ƉĂƌĂ ĚŝĐŚŽ due to the gradual process of the opening up of Northern ƉĞƌŝŽĚŽĚĞůĂŹŽ͕ƐŽďƌĞƚŽĚŽƚƌĂƐůĂƉƌŽŐƌĞƐŝǀĂĂƉĞƌƚƵƌĂ ĨƌŝĐĂ ƚƌĂĚĞ ĂŶĚ ƚŽ ƚŚĞ ĞdžƟŶĐƟŽŶ ŽĨ ƚŚĞ ŇŝŐŚƚ ƚĂdž ďŽŶƵƐ͕ ĚĞůŽƐŵĞƌĐĂĚŽƐĚĞůŶŽƌƚĞĚĞĨƌŝĐĂLJůĂĚĞƐĂƉĂƌŝĐŝſŶ ǁŚŝĐŚ ŵĞĂŶƚ Ă ŚŝŐŚĞƌ ĐŽŵƉĞƟƟǀĞ ŝŶ ĐĂŶĂƌŝĂŶ ƚŽƵƌŝƐŵ͘ /Ŷ ĚĞůĂƐďŽŶŝĮĐĂĐŝŽŶĞƐĚĞůĂƐƚĂƐĂƐĂĞƌŽƉŽƌƚƵĂƌŝĂƐ͕ƋƵĞ this context, the rise predicted in the autonomous tax system ŚĂďşĂŶŝŶƚƌŽĚƵĐŝĚŽŵĂLJŽƌĐŽŵƉĞƟƟǀŝĚĂĚĂůŽƐƉĂƋƵĞ- ǁŝůůĚŝƌĞĐƚůLJĂīĞĐƚƉƌŝĐĞƐĂƐǁĞůůĂƐƚŚĞƐĞĐƚŽƌƉƌŽĚƵĐƟŽŶĂŶĚ ƚĞƐƚƵƌşƐƟĐŽƐĐĂŶĂƌŝŽƐ͘ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ĞůŝŶĐƌĞŵĞŶƚŽ ƉƌŽĮƚĂďŝůŝƚLJ͕ ŵĂŬŝŶŐ ŝƚƐ ĨƵƚƵƌĞ ŵŽƌĞ ĚŝĸĐƵůƚ͘ tŚĞƌĞĂƐ ƚŚĞ ƉƌĞǀŝƐƚŽĞŶůĂĮƐĐĂůŝĚĂĚĂƵƚŽŶſŵŝĐĂĂĨĞĐƚĂƌĄĚŝƌĞĐƚĂ- tourism indicators in the province of Santa Cruz de Tenerife ŵĞŶƚĞƐŽďƌĞĞůŶŝǀĞůĚĞůŽƐƉƌĞĐŝŽƐLJůĂƌĞŶƚĂďŝůŝĚĂĚ ƐŚŽǁƐƚŚĞůŽǁĞƌĞīĞĐƚŽĨƚŚĞĐƌŝƐŝƐŝŶƚŚŝƐƉƌŽǀŝŶĐĞƚŽƵƌŝƐŵ͕

158 LA ECONOMÍA CANARIA. Algunas claves acerca del desarrollo socioeconómico de las provincias. THE CANARY ISLANDS ECONOMY. Keys for the socioeconomic development by province.3.4

ĚĞůƐĞĐƚŽƌ͕ĐŽŵƉůŝĐĂŶĚŽĂƷŶŵĄƐƐƵƐƉĞƌƐƉĞĐƟǀĂƐĚĞ ĨƵƚƵƌŽ͘

DŝĞŶƚƌĂƐ͕ůŽƐƌĞƐƵůƚĂĚŽƐĚĞůŵĞƌĐĂĚŽƚƵƌşƐƟĐŽĚĞ^ĂŶƚĂ ƌƵnjĚĞdĞŶĞƌŝĨĞ͕ĐŽŶĐĞŶƚƌĂĚŽďĄƐŝĐĂŵĞŶƚĞĞŶƚŽƌŶŽĂ ƐƵŝƐůĂĐĂƉŝƚĂůŝŶĂ͕ĂĐƵƐĂĞŶŵĞŶŽƌŵĞĚŝĚĂůŽƐĞĨĞĐƚŽƐ ĚĞĞƐƚĂĚĞƐĂĐĞůĞƌĂĐŝſŶLJĐŽŶƚĂďŝůŝnjĂĂƷŶŚĂƐƚĂŵĂƌnjŽ ƵŶĂǀĂŶĐĞĚĞůϱ͕ϴй͕ĨƌĞŶƚĞĂůƌĞƚƌŽĐĞƐŽĚĞůϭ͕ϰϱйĚĞ >ĂƐWĂůŵĂƐƐŝďŝĞŶŶŽƋƵĞĚĂƌĄĞdžĞŶƚŽĚĞůŽƐĨĂĐƚŽƌĞƐ͕ ĂŶƚĞƐ ĞŶƵŶĐŝĂĚŽƐ͕ ƋƵĞ ĐŽŶĚŝĐŝŽŶĂƌĄŶ Ğů ĐƌĞĐŝŵŝĞŶƚŽ which is concentrated overall in its main island, experiencing ƚƵƌşƐƟĐŽĞŶĞůĨƵƚƵƌŽŵĄƐƉƌſdžŝŵŽ͘ ĂƌŝƐĞŽĨϱ͘ϴйŽƉƉŽƐŝƚĞƚŽĂĚĞĐƌĞĂƐĞŽĨϭ͘ϰϱйŝŶ>ĂƐWĂůŵĂƐ ;ĮŐƵƌĞƐƚŽDĂƌĐŚͿ͘,ŽǁĞǀĞƌ͕ƚŚĞƐĞƌĞƐƵůƚƐǁŝůůƐƟůůďĞĂīĞĐƚĞĚ ŶĐƵĂŶƚŽĂůƐĞĐƚŽƌĂŐƌşĐŽůĂ͕ůŽƐĚŽƐƉƌŝŶĐŝƉĂůĞƐĐƵů- by the previously explained factors. ƟǀŽƐ ĚĞ ĞdžƉŽƌƚĂĐŝſŶ ŵƵĞƐƚƌĂŶ ƵŶ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ

ĐŽŵƷŶĞŶĞůƉůĄƚĂŶŽ͕ƉĞƌŽĚŝĨĞƌĞŶĐŝĂĚŽĞŶĞůƚŽŵĂƚĞ͘ The ĂŐƌŝĐƵůƚƵƌĞ ƐĞĐƚŽƌ shows similar results in both >ĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐƉůĂƚĂŶĞƌĂƐĐĂĞŶĞŶĂŵďŽƐƚĠƌŵŝŶŽƐ ƉƌŽǀŝŶĐĞƐ ŝŶ ƚŚĞ ďĂŶĂŶĂ ƉƌŽĚƵĐƟŽŶ ĂŶĚ ƉƌŽĮƚĂďŝůŝƚLJ ďƵƚ ƉƌŽǀŝŶĐŝĂůĞƐ͕ĂƵŶƋƵĞĐŽŶŵĂLJŽƌŝŶƚĞŶƐŝĚĂĚĞŶ^ĂŶƚĂ ĚŝīĞƌĞŶƚŽŶĞƐŝŶƚŚĞƚŽŵĂƚŽ͘dŚĞǀŽůƵŵĞŽĨďĂŶĂŶĂĞdžƉŽƌƚƐ ƌƵnjĚĞdĞŶĞƌŝĨĞ;Ͳϭϯ͕ϱйͿƋƵĞĞŶ>ĂƐWĂůŵĂƐ;Ͳϵ͕ϮйͿ͘ fell in both provinces even if the percentage is higher in the DŝĞŶƚƌĂƐ͕ Ğů ƚŽŵĂƚĞ ŽďƐĞƌǀĂ ƵŶ ĐƌĞĐŝŵŝĞŶƚŽ ĞŶ >ĂƐ ǁĞƐƚĞƌŶƉƌŽǀŝŶĐĞ;Ͳϭϯ͘ϱйͿŝŶĐŽŵƉĂƌŝƐŽŶƚŽƚŚĞĞĂƐƚĞƌŶŽŶĞ WĂůŵĂƐ;ϭϬ͕ϮйͿLJƵŶƌĞƚƌŽĐĞƐŽĞŶ^ĂŶƚĂƌƵnjĚĞdĞ- ;Ͳϵ͘ϮйͿ͘ /Ŷ ƚŚĞ ŵĞĂŶǁŚŝůĞ͕ ƚŽŵĂƚŽ ĞdžƉŽƌƚƐ ŝŵƉƌŽǀĞĚ ďLJ ŶĞƌŝĨĞ;Ͳϭϱ͕ϮйͿ͕ƐŝďŝĞŶůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞĨƵƚƵƌŽĞŶ ϭϬ͘ϮйŝŶ>ĂƐWĂůŵĂƐĂŶĚŐŽƚǁŽƌƐĞďLJͲϭϱ͘ϮйŝŶ^ĂŶƚĂƌƵnj ĂŵďŽƐĐĂƐŽƐƟĞŶĚĞŶĂůĚĞƐĐĞŶƐŽ͕ƐŽďƌĞƚŽĚŽƚƌĂƐůĂ ĚĞdĞŶĞƌŝĨĞ͕ŚŽǁĞǀĞƌ͕ƚŚĞĨƵƚƵƌĞƉĞƌƐƉĞĐƟǀĞƐŝŶďŽƚŚĐĂƐĞƐ ƉƌĄĐƟĐĂůŝďĞƌĂůŝnjĂĐŝſŶĚĞůŽƐŵĞƌĐĂĚŽƐŚŽƌƚŽĨƌƵơĐŽůĂƐ ĨŽƌĞƐĞĞĂĚĞĐƌĞĂƐĞŝŶďŽƚŚƉƌŽǀŝŶĐĞƐĂŌĞƌƚŚĞƵƌŽƉĞĂŶĨƌƵŝƚ ĞƵƌŽƉĞŽƐƉĂƌĂĐŽŵƉĞƟĚŽƌĞƐĐŽŵŽDĂƌƌƵĞĐŽƐ͘ ŚŽƌƟĐƵůƚƵƌĞ ŵĂƌŬĞƚ ůŝďĞƌĂůŝƐĂƟŽŶ ĨŽƌ ĐŽŵƉĞƟƚŽƌƐ ƐƵĐŚ ĂƐ Morocco. &ŝŶĂůŵĞŶƚĞ͕ ĐĂďĞ ĐŽŵĞŶƚĂƌ ƋƵĞ ŶŽ ƐĞ ĐƵĞŶƚĂŶ ĐŽŶ ŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐƟǀŝĚĂĚĚĞĄŵďŝƚŽƉƌŽǀŝŶĐŝĂůƉĂƌĂůĂ Finally, there are no industry indicators available by Province, ŝŶĚƵƐƚƌŝĂĐĂŶĂƌŝĂ͕ůŽƋƵĞŶŽƐŝŵƉŝĚĞĞdžƚƌĂĞƌƵŶĂŶĄůŝƐŝƐ ƐŽ Ă ĐŽŵƉĂƌĂƟǀĞ ƐƚƵĚLJ ŽĨ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ŝŶĚƵƐƚƌLJ ďLJ ĐŽŵƉĂƌĂƟǀŽƐŽďƌĞůĂĞǀŽůƵĐŝſŶĚĞĞƐƚĞƐĞĐƚŽƌ͘ Province is not possible.

ƚĞŶĚŝĞŶĚŽ͕ĂĐŽŶƟŶƵĂĐŝſŶ͕ĂůŽƐŝŶĚŝĐĂĚŽƌĞƐĚĞde- In terms of ĚĞŵĂŶĚ ŝŶĚŝĐĂƚŽƌƐ͕ ĐŽŶƐƵŵƉƟŽŶ ƌĞŇĞĐƚƐ Ă ŵĂŶĚĂ͕ĞůĐŽŶƐƵŵŽƉĞƌŵĂŶĞĐĞŝŶƐƚĂůĂĚŽĞŶƵŶĞƐĐĞ- context of weakness, although it is more intense in the ŶĂƌŝŽĚĞĚĞďŝůŝĚĂĚ͕ƐŝďŝĞŶĂƉĂƌĞŶƚĞŵĞŶƚĞŵĄƐŝŶƚĞŶƐŽ province of Santa Cruz de Tenerife. Both provinces experience



 
  
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 Tabla 3.36 Table 3.36

159 CONCLUSIONES CONCLUSIONS 2011

ĞŶůĂƉƌŽǀŝŶĐŝĂĚĞ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ͘ŵďĂƐƉƌŽ- ǀŝŶĐŝĂƐ ĞdžƉĞƌŝŵĞŶƚĂŶ ƵŶ ƌĞƚƌŽĐĞƐŽ ƐŝŵŝůĂƌ ĞŶ ůĂ ŵĂ- ƚƌŝĐƵůĂĐŝſŶĚĞǀĞŚşĐƵůŽƐĚĞƵƐŽƉƌŝǀĂĚŽ͕ĂƵŶƋƵĞŽƚƌŽƐ ŝŶĚŝĐĂĚŽƌĞƐĐŽŵŽĞůĐŽŶƐƵŵŽĚĞĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ͕Ž ůĂƐĚĞƐĐĂƌŐĂƐĚĞŵĞƌĐĂŶĐşĂƐĚĞůŽƐƉƵĞƌƚŽƐĞƐƚĂƚĂůĞƐ ĚĞĐĂĚĂƉƌŽǀŝŶĐŝĂĐŽŶĚĞƐƟŶŽĂůŵĞƌĐĂĚŽŝŶƚĞƌŝŽƌ͕ƐĞ- ŹĂůŝnjĂƌşĂŶƵŶŵĞũŽƌĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞ>ĂƐWĂůŵĂƐ͘

ŶƌĞůĂĐŝſŶĐŽŶůŽĂŶƚĞƌŝŽƌ͕ĐĂďĞŝŶĚŝĐĂƌƋƵĞůĂŵĂLJŽƌ ŝŶĐůŝŶĂĐŝſŶĚĞůĂĞĐŽŶŽŵşĂĚĞ>ĂƐWĂůŵĂƐŚĂĐŝĂůŽƐƐĞƌ- ǀŝĐŝŽƐƚƵƌşƐƟĐŽƐƉƵĞĚĞŚĂďĞƌŝŶŇƵŝĚŽĞŶůĂĞǀŽůƵĐŝſŶ ĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĚĞůĂƉƌŽǀŝŶĐŝĂ͕ĚĂĚŽƋƵĞŶŽƐĞ ŽďƐĞƌǀĂŶĚŝĨĞƌĞŶĐŝĂƐƐƵƐƚĂŶƟǀĂƐĞŶŽƚƌŽƐŝŶĚŝĐĂĚŽƌĞƐ ĚĞĂĐƟǀŝĚĂĚŽĞŵƉůĞŽ͕ƋƵĞŝŶĮĞƌĂŶƵŶŵĞũŽƌĐŽŵƉŽƌ- ƚĂŵŝĞŶƚŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĚĞ>ĂƐWĂůŵĂƐ͘

ŶƚĠƌŵŝŶŽƐĚĞŝŶǀĞƌƐŝſŶ͕ƚĂŶƐſůŽƌĞƐƵůƚĂŶĚĞƐƚĂĐĂ- ďůĞƐůŽƐŝŶĐƌĞŵĞŶƚŽƐǀŝŶĐƵůĂĚŽƐĂůĂŵĞũŽƌşĂƚƵƌşƐƟĐĂ͕ ƚĂůĞƐĐŽŵŽůĂŵĂƚƌŝĐƵůĂĐŝſŶĚĞǀĞŚşĐƵůŽƐĚĞƵƐŽƉƌŽĨĞ- ƐŝŽŶĂůƋƵĞĂƵŵĞŶƚĂŶĚĞŵĂŶĞƌĂƐŝŵŝůĂƌĞŶĂŵďĂƐƉƌŽ- ĂƐŝŵŝůĂƌƌĞĐĞƐƐŝŽŶŝŶĂĐƟǀŝƟĞƐƐƵĐŚĂƐ͕ǀĞŚŝĐůĞƌĞŐŝƐƚƌĂƟŽŶ͕ ǀŝŶĐŝĂƐƉŽƌĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůŽƐǀĞŚşĐƵůŽƐĚĞĂůƋƵŝůĞƌ͘ ŚŽǁĞǀĞƌ͕ ďĞƩĞƌ ƌĞƐƵůƚƐ ĂƌĞ ĞdžƉĞƌŝĞŶĐĞĚ ŝŶ ĮĞůĚƐ ƐƵĐŚ ĂƐ͕ >ŽƐ ĂŶƚĞƌŝŽƌĞƐ ƌĞƐƵůƚĂĚŽƐ ŶŽ ƉƵĞĚĞŶ ĞdžƚƌĂƉŽůĂƌƐĞ Ăů ĞŶĞƌŐLJĚĞŵĂŶĚ͕ĐŽƐƚƵŵĞƌ͛ƐĞŶĞƌŐLJĐŽŶƐƵŵƉƟŽŶĂŶĚƵŶůŽĂĚ ƌĞƐƚŽĚĞůĂŝŶǀĞƌƐŝſŶƉƌŽĚƵĐƟǀĂƉƌŽǀŝŶĐŝĂů͕ƋƵĞĐŽŶƟ- ŽĨŽƵƚďŽƵŶĚŐŽŽĚƐĨŽƌƚŚĞĚŽŵĞƐƟĐŵĂƌŬĞƚŝŶƚŚĞWƌŽǀŝŶĐĞ ŶƷĂĚĞƉƌŝŵŝĚĂ͕ƚĂŶƚŽĞŶůĂĐŽŵƉŽŶĞŶƚĞĚĞďŝĞŶĞƐĚĞ of Las Palmas. Moreover, the fact that Las Palmas economy ĞƋƵŝƉŽĐŽŵŽĞŶůŽƐĚĞĐŽŶƐƚƌƵĐĐŝſŶ͘ ƚĞŶĚƐƚŽďĞďĂƐĞĚŽŶƚŚĞƚŽƵƌŝƐƚƐĞĐƚŽƌŚĂƐŝŶŇƵĞŶĐĞĚƚŚĞ ŝŶƚĞƌŶĂů ĐŽŶƐƵŵƉƟŽŶ ĚĞŵĂŶĚ͕ ƐŝŶĐĞ ƚŚĞƌĞ ŝƐ ŶŽƚ ŵƵĐŚ ŶĐƵĂŶƚŽĂůĂƐĐŝĨƌĂƐĚĞĐĂƌĄĐƚĞƌĮƐĐĂůLJƚƌŝďƵƚĂƌŝŽ͕ ĚŝīĞƌĞŶĐĞŝŶŽƚŚĞƌĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚŝŶĚŝĐĂƚŽƌƐƚŚĂƚ ůĂƐŵĄƐƌĞĐŝĞŶƚĞƐƐĞƌĞĮĞƌĞŶĂƌĞŶƚĂƐŐĞŶĞƌĂĚĂƐƉŽƌĞů ŵŽƟǀĂƚĞĚ Ă ŚŝŐŚĞƌ ĚŽŵĞƐƟĐ ĚĞŵĂŶĚ ŝŶ ƚŚĞ WƌŽǀŝŶĐĞ >ĂƐ ƚƌĂďĂũŽLJůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂůĚƵƌĂŶƚĞĞůĞũĞƌĐŝĐŝŽ Palmas. ĮƐĐĂůϮϬϭϬ͕ƷůƟŵŽĞũĞƌĐŝĐŝŽƚƌŝďƵƚĂƌŝŽƉĂƌĂĞůƋƵĞƐĞ ŚĂĐŽŵƉůĞƚĂĚŽĞůƉƌŽĐĞƐŽĚĞĚĞĐůĂƌĂĐŝſŶĮƐĐĂů͘ In terms of ŝŶǀĞƐƚŵĞŶƚ, there has been a remarkable increase ŝŶďŽƚŚƉƌŽǀŝŶĐĞƐŝŶƚŚĞƚŽƵƌŝƐƚƐĞĐƚŽƌƐƵĐŚĂƐƚŚĞƌĞŐŝƐƚƌĂƟŽŶ >ĂĨŽƚŽĮũĂƐŽďƌĞůĂƌĞĐĂƵĚĂĐŝſŶƚƌŝďƵƚĂƌŝĂĚĞůƐƚĂĚŽ͕ of vehicles for professional use, due to the growth in rental ĞŶƵŶĂLJŽƚƌĂƉƌŽǀŝŶĐŝĂ͕ƌĞǀĞůĂƋƵĞƵŶϲϲ͕ϬйĚĞůĂƚƌŝ- vehicles. Unfortunately, these results cannot be applied to ďƵƚĂĐŝſŶĚŝƌĞĐƚĂĚĞĄŵďŝƚŽĞƐƚĂƚĂůƐĞĐŽƌƌĞƐƉŽŶĚĞĐŽŶ ƚŚĞƌĞƐƚŽĨƚŚĞƉƌŽĚƵĐƟǀĞŝŶǀĞƐƚŵĞŶƚ͕ĂƐŝƚƌĞŵĂŝŶƐĚĞƉƌĞƐƐĞĚ ĂƉŽƌƚĂĐŝŽŶĞƐŚĞĐŚĂƐĚĞƐĚĞ>ĂƐWĂůŵĂƐ͕ƉŽƌƵŶϯϰ͕Ϭй ĞƐƉĞĐŝĂůůLJǁŚĞŶŝƚĐŽŵĞƐƚŽĐĂƉŝƚĂůŐŽŽĚƐĂŶĚĐŽŶƐƚƌƵĐƟŽŶ͘ ĚĞ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ͘ Spanish ƚĂdžƌĞǀĞŶƵĞĐŽůůĞĐƟŽŶƌĞǀĞĂůƐƚŚĂƚϲϲ͘ϬйŽĨĂŶĂƌLJ Ŷ ĐƵĂŶƚŽ Ă ůĂ ĞǀŽůƵĐŝſŶ ƚĞŵƉŽƌĂů ŵĄƐ ƌĞĐŝĞŶƚĞ͕ ƐĞ /ƐůĂŶĚƐƚĂdžĂƟŽŶĐŽƌƌĞƐƉŽŶĚƚŽƚŚĞƉƌŽǀŝŶĐĞŽĨ>ĂƐWĂůŵĂƐ͕ ƉŽŶĞĚĞŵĂŶŝĮĞƐƚŽƵŶĂƵŵĞŶƚŽĞŶůĂŝŵƉŽƐŝĐŝſŶƐŽ- ǁŚŝůĞ ϯϰ͘Ϭй ĐŽƌƌĞƐƉŽŶĚ ƚŽ ƚŚĞ ƉƌŽǀŝŶĐĞ ŽĨ ^ĂŶƚĂ ƌƵnj ĚĞ ďƌĞĞůďĞŶĞĮĐŝŽĞŵƉƌĞƐĂƌŝĂůĚĞůĂƉƌŽǀŝŶĐŝĂĚĞ>ĂƐWĂů- dĞŶĞƌŝĨĞ͕ĂĐĐŽƌĚŝŶŐƚŽƚŚĞϮϬϭϬĮƐĐĂůLJĞĂƌĚĂƚĂ͕ƚŚĞůĂƚĞƐƚ ŵĂƐ͕ƋƵĞƐƵďĞƵŶϭϳ͕ϲй͕ĨƌĞŶƚĞĂůĚĞƐĐĞŶƐŽĚĞůĂƌĞ- ĂǀĂŝůĂďůĞ͘ /Ŷ ƌĞĐĞŶƚ ŵŽŶƚŚƐ͕ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ϭϳ͘ϲй ŝŶ ƚĂdž ĐĂƵĚĂĐŝſŶĚĞĞƐƚĞŝŵƉƵĞƐƚŽĚĞ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ͕ revenue has been registered in the province of Las Palmas, ĚŽŶĚĞƐĞŵŝŶŽƌĂĞŶƵŶͲϭϯ͕ϭƉŽƌĐŝĞŶƚŽ͘ ǁŚŝůĞĂĚĞĐƌĞĂƐĞŽĨϭϯ͘ϭйŚĂƐďĞĞŶƌĞŐŝƐƚĞƌĞĚŝŶƚŚĞƉƌŽǀŝŶĐĞ DŝĞŶƚƌĂƐ͕ůĂƌĞĐĂƵĚĂĐŝſŶĞŶĐŽŶĐĞƉƚŽĚĞ/ZW&ĐƌĞĐĞĞŶ ŽĨ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ͘/ŶĂĚĚŝƟŽŶ͕/ZW&;ƉĞƌƐŽŶĂůŝŶĐŽŵĞͿ ĂŵďĂƐƉƌŽǀŝŶĐŝĂƐ͕ĨƌƵƚŽĚĞůŝŶĐƌĞŵĞŶƚŽĚĞůĂƐƚƌĂŶƐ- tax revenues increased in both provinces as the result of

160 LA ECONOMÍA CANARIA. Algunas claves acerca del desarrollo socioeconómico de las provincias. THE CANARY ISLANDS ECONOMY. Keys for the socioeconomic development by province.3.4

ĨĞƌĞŶĐŝĂƐĚĞĞƐƚĞŝŵƉƵĞƐƚŽĂůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſ- ŶŽŵĂƐ͕ƚƌĂƐůĂĂƉƌŽďĂĐŝſŶĞŶϮϬϬϰĚĞůĂŶƵĞǀĂ>ĞLJĚĞ ĮŶĂŶĐŝĂĐŝſŶĚĞůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ͘

ŶĐƵĂŶƚŽĂůĂĚĞŵĂŶĚĂĞdžƚĞƌŝŽƌ͕ŐƌĂŶƉĂƌƚĞĚĞůĂƐŝŵ- ƉŽƌƚĂĐŝŽŶĞƐLJĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞďŝĞŶĞƐĚĞƵŶĂLJŽƚƌĂ ƉƌŽǀŝŶĐŝĂƐĞƌĞĂůŝnjĂŶĂƚƌĂǀĠƐĚĞůŽƐƉƵĞƌƚŽƐƌĞŐŝŽŶĂůĞƐ ĚĞ ƟƚƵůĂƌŝĚĂĚ ĞƐƚĂƚĂů͕ ƋƵĞ ƐĞ ĐŽŶĐĞŶƚƌĂŶ ĞŶ ƚŽƌŶŽ Ă ůĂ ƵƚŽƌŝĚĂĚ WŽƌƚƵĂƌŝĂ ĚĞ >ĂƐ WĂůŵĂƐ LJ ůĂ ƵƚŽƌŝĚĂĚ WŽƌƚƵĂƌŝĂĚĞ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ͘

 ƉĂƌƟƌ ĚĞ ůĂƐ ĚĞƐĐĂƌŐĂƐ ƉŽƌƚƵĂƌŝĂƐ ĐŽŶ ĚĞƐƟŶŽ Ăů ŝŵƉƌŽǀĞŵĞŶƚƐŝŶƚĂdžĂĚŵŝŶŝƐƚƌĂƟŽŶĂŶĚƐƚƌŝĐƚĞƌŝŶƐƉĞĐƟŽŶƐ͕ ŵĞƌĐĂĚŽ ŝŶƚĞƌŝŽƌ͕  ŶŽƐ ĂƉƌŽdžŝŵĂƌĞŵŽƐ Ăů ƌĞƐƵůƚĂĚŽ ĂŌĞƌĐŽŵŝŶŐŝŶƚŽĞīĞĐƚŽĨŶĞǁĮŶĂŶĐŝĂůůĂǁĨŽƌĂƵƚŽŶŽŵŽƵƐ - ĚĞůĂƐ ŝŵƉŽƌƚĂĐŝŽŶĞƐ͕ĞŶĞůƋƵĞƐĞĐŽŵƉƵƚĂƵŶ ŵĞ ĐŽŵŵƵŶŝƟĞƐ͘ ũŽƌĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞ>ĂƐWĂůŵĂƐ͕ƋƵĞĞŶĐƵĂůƋƵŝĞƌ ĐĂƐŽ͕ƉƵĞĚĞŽďĞĚĞĐĞƌĂůŽƐŵĂLJŽƌĞƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐ In ĞdžƚĞƌŶĂů ĚĞŵĂŶĚ͕ a great amount of the imports and ƚƵƌşƐƟĐŽƐĚĞĞƐƚĂƉƌŽǀŝŶĐŝĂ͕ĐŽŶƵŶĂŝŶĐůŝŶĂĐŝſŶƐƵƉĞ- exports are sustained by the exchange of goods between the ƌŝŽƌĚĞƐƵĞƐƚƌƵĐƚƵƌĂƉƌŽĚƵĐƟǀĂŚĂĐŝĂĞƐƚĂƌĂŵĂ͘ ports concentrated in Las Palmas Port Authority and Santa Cruz de Tenerife Port Authority. ŶĐƵĂŶƚŽĂůĂƐŵĞƌĐĂŶĐşĂƐĐĂƌŐĂĚĂƐĐŽŶŽƌŝŐĞŶĞŶĞů mercado interior, aproximación de las exportaciones, dŚĞĚĂƚĂĨŽƌƚŚĞƵŶůŽĂĚŝŶŐŽĨĐĂƌŐŽĚĞƐƟŶĞĚĨŽƌƚŚĞŝŶƚĞƌŶĂů ĞƐƚĂƐ ƌĞŇĞũĂŶ ƵŶĂ ƚƌĂLJĞĐƚŽƌŝĂ ĐŽŶƚƌĂƉƵĞƐƚĂ LJ ƐĞ ĞůĞ- ŵĂƌŬĞƚ Ăƚ ƚŚĞ ƉŽƌƚƐ ǁŝůů ůĞĂĚ ƵƐ ƚŽ ŝŵƉŽƌƚ ĮŐƵƌĞƐ͕ ǁŚĞƌĞ ǀĂŶĞŶ>ĂƐWĂůŵĂƐ;ϭϭ͕ϱйͿ͕ŵŝĞŶƚƌĂƐƋƵĞƌĞƚƌŽĐĞĚĞŶ we can see that Las Palmas has obtained the best result, ƵŶͲϰ͕ϯйĞŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞ͘ŶĞůůĂĚŽĚĞůĂ possibly as a result of the higher tourist demand in this ƉƌŽǀŝŶĐŝĂŽĐĐŝĚĞŶƚĂů͕ĚŝĐŚŽƌĞƐƵůƚĂĚŽƉƵĞĚĞĂƚƌŝďƵŝƌƐĞ ƉƌŽǀŝŶĐĞ͕ǁŚĞƌĞŝƚƐƉƌŽĚƵĐƟǀĞƐƚƌƵĐƚƵƌĞŝƐďĂƐĞĚƚŽĂŚŝŐŚĞƌ ĂůĂĐĂşĚĂĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐƉůĂƚĂŶĞƌĂƐ͕ĐƵůƟǀŽƉƌĞ- extent on this branch. ĚŽŵŝŶĂŶƚĞĞŶĚŝĐŚĂƐŝƐůĂƐ͕ŵŝĞŶƚƌĂƐƋƵĞĞůĂǀĂŶĐĞĚĞ ůĂƐWĂůŵĂƐƐĞƉƌŽĚƵĐĞĞŶƵŶĐŽŶƚĞdžƚŽĚĞĐƌĞĐŝŵŝĞŶƚŽ /ŶŝŶďŽƵŶĚŐŽŽĚƐĨƌŽŵƚŚĞĚŽŵĞƐƟĐŵĂƌŬĞƚ͕ƚŚĞƐŝƚƵĂƟŽŶ ĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĐĂŶĂƌŝĂƐ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĞŶ ƉƌĞƐĞŶƚƐĂĚŝīĞƌĞŶƚƐĐĞŶĂƌŝŽŝŶďŽƚŚƉƌŽǀŝŶĐĞƐ͕ƚŚĞLJƌŝƐĞŝŶ ƚŽƌŶŽĂ͞ŐƌƵƉĂũĞƐ͕͟ĂƵŶƋƵĞƚĂůĂǀĂŶĐĞƌĞƐƵůƚĂĂƷŶŝŶ- >ĂƐ WĂůŵĂƐ ;ϭϭ͘ϱйͿ ĂŶĚ ƚŚĞLJ ƐůŽǁ ĚŽǁŶ ŝŶ ^ĂŶƚĂ ƌƵnj ĚĞ ĐŝƉŝĞŶƚĞLJƉŽĐŽƐŝŐŶŝĮĐĂƟǀŽĞŶĞůĐŽŶƚĞdžƚŽƉƌŽĚƵĐƟǀŽ dĞŶĞƌŝĨĞ ;Ͳϰ͘ϯйͿ͘ ĞƐƉŝƚĞ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ďĂŶĂŶĂ ĐƵůƟǀĂƟŽŶ ƌĞŐŝŽŶĂů͘ is predominant in both provinces, the current results in the western province are due to the decrease in the WŽƌůŽƋƵĞƐĞƌĞĮĞƌĞĂůŵĞƌĐĂĚŽůĂďŽƌĂů͕ĂƵŶƋƵĞůŽƐ ƐĂŝĚ ĐƵůƟǀĂƟŽŶ ĞdžƉŽƌƚƐ͕ ǁŚĞƌĞĂƐ ƚŚĞ ĞĂƐƚĞƌŶ ƉƌŽǀŝŶĐĞ ŝƐ - ĚĂƚŽƐŽĮĐŝĂůĞƐĚĞůĂWƉŽŶĞŶĚĞƌĞůŝĞǀĞƵŶĂĚĞƐƚƌƵĐ ĞdžƉĞƌŝĞŶĐŝŶŐĂƐůŝŐŚƚůLJƌĞĐŽǀĞƌLJŵŽƟǀĂƚĞĚďLJ͞ůŽƚƐ͘͟ ĐŝſŶĚĞĞŵƉůĞŽŵĄƐŝŶƚĞŶƐĂĞŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞ- ƌŝĨĞ͘ƐƚĞƌĞƐƵůƚĂĚŽŽďĞĚĞĐĞĂůĂĚĞƐƚƌƵĐĐŝſŶĚĞĞŵ- In the labour market, the data provided by the Economically ƉůĞŽĞƐƉĞĐŝĂůŵĞŶƚĞƐŝŐŶŝĮĐĂƟǀĂĞŶůĂĂŐƌŝĐƵůƚƵƌĂ͕ĞŶ ĐƟǀĞ WŽƉƵůĂƟŽŶ ^ƵƌǀĞLJ ;WͿ ƐŚŽǁƐ Ă ŵŽƌĞ ŝŶƚĞŶƐĞ ƵŶĐŽŶƚĞdžƚŽĚĞŵĂůŽƐƌĞƐƵůƚĂĚŽƐĚĞůƐĞĐƚŽƌƉůĂƚĂŶĞƌŽ͕ unemployment in the province of Santa Cruz de Tenerife. ĂĚĞŵĄƐĚĞůĞĨĞĐƚŽƋƵĞƉƵĞĚĂŚĂďĞƌĐĂƵƐĂĚŽůĂŵĂ- dŚŝƐƌĞƐƵůƚŝƐĚƵĞƚŽƚŚĞĚĞƐƚƌƵĐƟŽŶŽĨũŽďƐŝŶƚŚĞĂŐƌŝĐƵůƚƵƌĞ LJŽƌƌĞƉƌĞƐĞŶƚĂĐŝſŶĞŶƐƵsĚĞůĂƌĂŵĂĚĞƐĞƌǀŝĐŝŽƐ ƐĞĐƚŽƌŵŽƟǀĂƚĞĚďLJƚŚĞďĂĚƐŝƚƵĂƟŽŶŽĨƚŚĞďĂŶĂŶĂƐĞĐƚŽƌ͘ ƉƷďůŝĐŽƐ͕ƋƵĞƌĞĐŽƌĚĞŵŽƐ͕ƐƵĨƌĞƵŶƐŝŐŶŝĮĐĂƟǀŽƌĞƚƌŽ- &ƵƌƚŚĞƌŵŽƌĞ͕ƚŚŝƐƐŝƚƵĂƟŽŶŚĂƐůĞĚƚŽƚŚŝƐĐƌŝƟĐĂůƉŽŝŶƚĂƐĂ ĐĞƐŽĚĞůĞŵƉůĞŽĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂũƵƐƚĞĮƐĐĂů͘ ƌĞƐƵůƚŽĨƚŚĞŚŝŐŚĞƌƌĞƉƌĞƐĞŶƚĂƟŽŶŽĨƚŚĞƉƵďůŝĐƐĞĐƚŽƌŝŶŝƚƐ ^ĞŐƷŶůŽƐĚĂƚŽƐĚĞů/E͕ůĂŽĐƵƉĂĐŝſŶĞŶ^ĂŶƚĂƌƵnjĚĞ 'sĚĞƚĞƌŝŽƌĂƚĞĚďLJƚŚĞƐĞǀĞƌĞĮƐĐĂůĂĚũƵƐƚŵĞŶƚ͘ĐĐŽƌĚŝŶŐ dĞŶĞƌŝĨĞĚĞƐĐŝĞŶĚĞƵŶϲ͕ϲй;ϴ͘ϱϬϬĞŵƉůĞŽƐŵĞŶŽƐͿ͘ to the EPA, the level of employment in Santa Cruz de Tenerife DŝĞŶƚƌĂƐ >ĂƐ WĂůŵĂƐ ƌĞŐŝƐƚƌĂ ƵŶ ơŵŝĚŽ ĂǀĂŶĐĞ ĚĞů ĞdžƉĞƌŝĞŶĐĞƐ Ă ĚĞĐƌĞĂƐĞ ŽĨ ϲ͘ϲй ;ϴ͕ϱϬϬ ũŽďƐ ůĞƐƐͿ͕ ǁŚĞƌĞĂƐ

161 CONCLUSIONES CONCLUSIONS 2011

Ϭ͕Ϯй;ϴϬϬŽĐƵƉĂĚŽƐŵĄƐͿ͕ĂƉŽLJĄŶĚŽƐĞĞŶůĂĨĂǀŽƌĂďůĞ ĞǀŽůƵĐŝſŶĚĞůŽƐƐĞƌǀŝĐŝŽƐ͕ƋƵĞũƵŶƚŽĐŽŶůĂĂŐƌŝĐƵůƚƵƌĂ͕ ƐŽŶůĂƐƷŶŝĐĂƐƌĂŵĂƐĚĞĂĐƟǀŝĚĂĚƋƵĞĐƌĞĂŶĞŵƉůĞŽĞŶ dicha provincia.

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ĐƌĞĐĞŶůŽƐĂĐƟǀŽƐĞŶĂŵďĂƐƉƌŽǀŝŶ- ĐŝĂƐ͕ƐŝďŝĞŶĚĞŵĂŶĞƌĂŵĄƐƐŝŐŶŝĮĐĂƟǀĂĞŶ^ĂŶƚĂƌƵnj ĚĞdĞŶĞƌŝĨĞ͕ŵĞƌĐĂĚŽĂůƋƵĞƐĞŝŶĐŽƌƉŽƌĂŶϭϯ͘ϭϬϬŶƵĞ- ǀŽƐĂĐƟǀŽƐ͘ƐƚĂĞŶƚƌĂĚĂĚĞĂĐƟǀŽƐƌĞĐƌƵĚĞĐĞĂƷŶŵĄƐ ůĂƐŝƚƵĂĐŝſŶĚĞůĚĞƐĞŵƉůĞŽĚĞůĂƉƌŽǀŝŶĐŝĂ͕ƋƵĞƐĞĞůĞ- ǀĂĞŶϮϭ͘ϲϬϬĚĞŵĂŶĚĂŶƚĞƐ͘DŝĞŶƚƌĂƐ͕ůŽƐĂĐƟǀŽƐĞŶ >ĂƐWĂůŵĂƐƚĂŵďŝĠŶĂƵŵĞŶƚĂŶ͕ĂƵŶƋƵĞĚĞĨŽƌŵĂŵĄƐ ŵŽĚĞƌĂĚĂ͕ĞŶϲ͘ϴϬϬƉĞƌƐŽŶĂƐ͕ĂƵŵĞŶƚĂŶĚŽĞůƉĂƌŽĞŶ ĐŽŶƐĞĐƵĞŶĐŝĂĞŶϲ͘ϬϬϬƉĞƌƐŽŶĂƐ͘

ŶŵĂƚĞƌŝĂĚĞĐŽŶƚƌĂƚĂĐŝſŶ͕ůŽƐĚĂƚŽƐŽĮĐŝĂůĞƐĂƉŽƌƚĂ- ĚŽƐƉŽƌĞů^ĞƌǀŝĐŝŽWƷďůŝĐŽĚĞŵƉůĞŽƐƚĂƚĂů͕ĞŶ>ĂƐ ƚŚĞĞŵƉůŽLJŵĞŶƚŝŶ>ĂƐWĂůŵĂƐŵŽǀĞƐƐůŝŐŚƚůLJĨŽƌǁĂƌĚƐϬ͘Ϯй WĂůŵĂƐƐĞĨŽƌŵĂůŝnjĂƌŽŶϯϬϵ͘ϳϮϰĐŽŶƚƌĂƚŽƐĚƵƌĂŶƚĞĞů ;ϴϬϬũŽďƐŵŽƌĞͿ͕ǁŚŝĐŚŵĞĂŶƐƚŚĞƉŽƐŝƟǀĞĂŶƐǁĞƌƐŽĨƚŚĞ ƉĂƐĂĚŽĂŹŽϮϬϭϭ͕ůŽƋƵĞƐƵƉŽŶĞƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞů only sectors that currently create jobs in the last province: ϱ͕ϭйĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůĚĂƚŽĚĞůĂŹŽĂŶƚĞƌŝŽƌ͘ the service sector and the agriculture one. WŽƌƐƵƉĂƌƚĞ͕ĞŶ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞƐĞƌĞŐŝƐƚƌĂƌŽŶ dŚĞĂĐƟǀĞƉŽƉƵůĂƟŽŶŐƌŽǁƐŝŶƚŚĞƚǁŽƉƌŽǀŝŶĐĞƐ͕ĂůƚŚŽƵŐŚ Ϯϱϳ͘ϲϱϳ Ğů ŵŝƐŵŽ ĞũĞƌĐŝĐŝŽ͕ ĂĚǀŝƌƟĠŶĚŽƐĞ͕ ĞŶ ĞƐƚĞ ŝƐ ŝŶŇĂƚĞĚ ŝŶ ƚŚĞ tĞƐƚĞƌŶ ŽŶĞ ĞdžƉĞƌŝĞŶĐŝŶŐ ĂŶ ŝŶĐƌĞĂƐĞ ŽĨ ĐĂƐŽ͕ ƵŶ ĂƐĐĞŶƐŽ ŝŶƚĞƌĂŶƵĂů ŵĄƐ ŵŽĚĞƌĂĚŽ͕ ĚĞů ϭ͕Ϯ por ciento. ϭϯ͕ϬϬϬƉĞŽƉůĞ͘dŚŝƐŐƌŽǁƚŚŵĞĂŶƐĂƚŽƵŐŚĞƌƵŶĞŵƉůŽLJŵĞŶƚ ƐŝƚƵĂƟŽŶ;Ϯϭ͕ϲϬϬĞŵƉůŽLJŵĞŶƚƐĞĞŬĞƌƐͿŝŶƚŚĞƐĂŝĚƉƌŽǀŝŶĐĞ͘ La diferente intensidad en el crecimiento de la contra- tŚĞƌĞĂƐ͕ ƚŚĞ ĂĐƟǀĞ ƉŽƉƵůĂƟŽŶ ŝŶ ƚŚĞ ĂƐƚĞƌŶ ƉƌŽǀŝŶĐĞ ƚĂĐŝſŶŚĂĂĐĞŶƚƵĂĚŽůĂďƌĞĐŚĂĞŶƚƌĞĞůŶƷŵĞƌŽƚŽƚĂů ĞdžƉĞƌŝĞŶĐĞƐ Ă ŵŽĚĞƌĂƚĞ ƌŝƐĞ ŽĨ ϲ͕ϴϬϬ͕ŵĞĂŶŝŶŐ Ă Ɛƚ ŝŶ ĚĞĐŽŶƚƌĂƚŽƐƐƵƐĐƌŝƚŽƐĞŶĐĂĚĂƵŶĂĚĞůĂƐƉƌŽǀŝŶĐŝĂƐ͘ ƚŚĞƵŶĞŵƉůŽLJŵĞŶƚŽĨϲ͕ϬϬϬƉĞŽƉůĞ͘ ůĐŝĞƌƌĞĚĞϮϬϭϭ͕ĞƐƚĂƐƵƉĞƌĂůŽƐϱϮ͘ϬϬϬĐŽŶƚƌĂƚŽƐĂ favor de la provincia oriental. KĸĐŝĂů ĚĂƚĂ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ^ƉĂŶŝƐŚ ŵƉůŽLJŵĞŶƚ ^ĞƌǀŝĐĞ reveals a slight recovery in new recruitment in the province Ŷ ĐƵĂŶƚŽ Ă ůĂ ŵŽĚĂůŝĚĂĚ ĚĞů ĐŽŶƚƌĂƚŽ͕ ĚĞďĞ ŚĂĐĞƌ ŽĨ >ĂƐ WĂůŵĂƐ͕ ǁŝƚŚ ϯϬϵ͕ϳϮϰ ĐŽŶƚƌĂĐƚƐ ƐŝŐŶĞĚ ŝŶ ϮϬϭϭ͕ ĂŶ ŶŽƚĂƌƐĞĞůŵĂLJŽƌĂǀĂŶĐĞƋƵĞŵŽƐƚƌſůĂĐŽŶƚƌĂƚĂĐŝſŶ ŝŶĐƌĞĂƐĞŽĨϱ͘ϭйĐŽŵƉĂƌĞĚƚŽůĂƐƚLJĞĂƌ͘/ŶƚŚĞƉƌŽǀŝŶĐĞŽĨ ƚĞŵƉŽƌĂůĞŶůĂƐŝƐůĂƐĚĞ>ĂƐWĂůŵĂƐ͕ƵŶĂƐŝƚƵĂĐŝſŶƋƵĞ Santa Cruz de Tenerife, new recruitment experienced a slight ŶŽ ƌĞƐƵůƚĂ ĞdžƚƌĂŹŽ͕ ŵĄdžŝŵĞ ĐƵĂŶĚŽ ŚĂ ƐŝĚŽ ĞŶ ĞƐƚĂ ƌŝƐĞŽĨϭ͘Ϯй;Ϯϱϳ͘ϲϱϳĞŵƉůŽLJĞĞƐͿ͘ ƉƌŽǀŝŶĐŝĂĚŽŶĚĞĞůƌĞƉƵŶƚĞĚĞůĂĂĐƟǀŝĚĂĚƚƵƌşƐƟĐĂƐĞ ŚĂĚĞũĂĚŽŶŽƚĂƌĐŽŶŵĂLJŽƌŝŶƚĞŶƐŝĚĂĚ͘ The recovery in the number of permanent contracts has widened the gap between both provinces in favour of the - >ŽĞdžƉƵĞƐƚŽŚĂƐƚĂĞůŵŽŵĞŶƚŽƌĞǀĞůĂƋƵĞĞůĞƐĐĞŶĂ WƌŽǀŝŶĐĞŽĨ>ĂƐWĂůŵĂƐ͕ǁŝƚŚϱϮ͕ϬϬϬĐŽŶƚƌĂĐƚƐƐŝŐŶĞĚďLJƚŚĞ ƌŝŽĚĞƌĞĐĞƐŝſŶŐĞŶĞƌĂůŝnjĂĚŽŚĂĂĨĞĐƚĂĚŽĐŽŶƐŝŵŝůĂƌ end of 2011 thanks to the recovery of the tourism sector in ŝŶƚĞŶƐŝĚĂĚĞŶĂŵďĂƐƉƌŽǀŝŶĐŝĂƐ͕ĞŶůĂƐƋƵĞƐƵƌŐĞŶƚĂŶ the said province. ƐŽůŽ ĂůŐƵŶŽƐ ŵĂƟĐĞƐ ĚŝĨĞƌĞŶĐŝĂĚŽƌĞƐ͕ ĚĞů ůĂĚŽ ĚĞ ůĂ ŵĂLJŽƌƉĂƌƟĐŝƉĂĐŝſŶƐŽďƌĞĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůƚƵƌŝƐŵŽ ĐĐŽƌĚŝŶŐƚŽĂůůƚŚĞƐĞƐƚĂƟƐƟĐƐ͕ŝƚŝƐĞǀŝĚĞŶƚƚŚĂƚƚŚĞƌĞĐĞƐƐŝŽŶ ĞŶ>ĂƐWĂůŵĂƐ͕ĐŽŶĞĨĞĐƚŽƐƉŽƐŝƟǀŽƐ͕ĂƵŶƋƵĞůŝŵŝƚĂĚŽƐ ĂīĞĐƚƐĞƋƵĂůůLJďŽƚŚƉƌŽǀŝŶĐĞƐ͕ŚŽǁĞǀĞƌ͕ƐŽŵĞĨƵŶĚĂŵĞŶƚĂů ƐŽďƌĞĞůĞŵƉůĞŽĚĞĚŝĐŚĂƉƌŽǀŝŶĐŝĂ͘ ĚŝīĞƌĞŶĐĞƐ ĂƌĞ ƉĞƌĐĞŝǀĞĚ ŝŶ ƚŚĞ ƚŽƵƌŝƐŵ ƐĞĐƚŽƌ͕ ǁŚŝĐŚ ŚĂƐ

162 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

Ŷ ĐƵĂůƋƵŝĞƌ ĐĂƐŽ͕ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ĂŵďĂƐ ƉƌŽǀŝŶĐŝĂƐ meant a growth in the Province of Las Palmas limited by the ƋƵĞĚĂƌĄ ƐƵƉĞĚŝƚĂĚĂ Ăů ĂĐƚƵĂů ĞƐĐĞŶĂƌŝŽ ĞĐŽŶſŵŝĐŽ͕ current employment rate. ĂůƚĂŵĞŶƚĞ ĐŽŶĚŝĐŝŽŶĂĚŽ ƉŽƌ ůĂ ĐƌŝƐŝƐ ĮŶĂŶĐŝĞƌĂ LJ ĚĞ In any case, the actual development of both provinces is ĚĞƵĚĂĚĞůĂĞƵƌŽnjŽŶĂ͕ĐŽŶĞƐƉĞĐŝĂůĂĨĞĐĐŝſŶƐŽďƌĞůĂ ƐƵďũĞĐƚƚŽƚŚĞĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐƐŝƚƵĂƟŽŶƐƚƌŽŶŐůLJŝŶŇƵĞŶĐĞĚ ĞĐŽŶŽŵşĂĚĞŶƵĞƐƚƌŽƉĂşƐ͘ƐƚĞĚŝİĐŝůĞƐĐĞŶĂƌŝŽƉŽĚƌşĂ ďLJ ƚŚĞ ĞĐŽŶŽŵŝĐ ĐƌŝƐŝƐ ĂŶĚ ƚŚĞ ƵƌŽ njŽŶĞ Ğďƚ͕ ĂīĞĐƟŶŐ ŝŶƚƌŽĚƵĐŝƌŶƵĞǀĂƐƉƌĞƐŝŽŶĞƐĂůĂďĂũĂƐŽďƌĞůĂŵĂůƚƌĞ- ĚŝƌĞĐƚůLJƚŚĞŶĂƟŽŶĂůĞĐŽŶŽŵLJ͘dŚŝƐĐŽƵůĚŵĞĂŶĂǁŽƌƐĞŶŝŶŐ ĐŚĂĚĞŵĂŶĚĂŝŶƚĞƌŝŽƌĚĞůĂƐƉƌŽǀŝŶĐŝĂƐ͕ĞŶƵŶĐŽŶƚĞdžƚŽ ŝŶƚŚĞĚŽŵĞƐƟĐĚĞŵĂŶĚŽĨďŽƚŚƉƌŽǀŝŶĐĞƐ͕ƐŝŶĐĞƚŚĞĐƵƌƌĞŶƚ ĞŶĞůƋƵĞŶŽƐĞĞƐƉĞƌĂƋƵĞĞůƚƵƌŝƐŵŽĐŽŶƟŶƷĞƟƌĂŶĚŽ ƉĞĂŬŽĨƚŚĞƚŽƵƌŝƐŵĂĐƟǀŝƚLJŝƐƐĂŝĚƚŽĞdžƉĞƌŝĞŶĐĞĂĚŽǁŶƚƵƌŶ͘ ĐŽŶůĂŵŝƐŵĂĨƵĞƌnjĂ͕ƚƌĂƐůĂƉƌŽŐƌĞƐŝǀĂĚĞƐĂƉĂƌŝĐŝſŶĚĞ ůŽƐĂĐŽŶƚĞĐŝŵŝĞŶƚŽƐƋƵĞĐĂƵƐĂƌŽŶƐƵƐƵďŝĚĂ͘

DĂŝŶĨĞĂƚƵƌĞƐŽĨĞĐŽŶŽŵŝĐŐƌŽǁƚŚŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͘

dŽĞŶĚƵƉǁŝƚŚŽƵƌƐƚƵĚLJ͕ƚŚĞŵĂŝŶĐŚĂƌĂĐƚĞƌŝƐƟĐƐĚĞĮŶŝŶŐ WƌŝŶĐŝƉĂůĞƐƌĂƐŐŽƐĚĞůĐƌĞĐŝŵŝĞŶƚŽŝŶƐƵůĂƌ͘ ĞĂĐŚŝƐůĂŶĚ͛ƐŐƌŽǁƚŚ;'sͿǁŝůůďĞĂŶĂůLJƐĞĚŝŶŐƌĞĂƚĞƌĚĞƚĂŝů͘

WĂƌĂĞůĐŝĞƌƌĞĚĞŶƵĞƐƚƌŽĞƐƚƵĚŝŽ͕ĂŚŽŶĚĂƌĞŵŽƐĞŶůĂƐ /ƚ ŝƐ ǁŽƌƚŚ ŵĞŶƟŽŶŝŶŐ ƚŚĂƚ ƚŚĞ ůĂƚĞƐƚ ĚĂƚĂ ĂǀĂŝůĂďůĞ ĨŽƌ 3.5 ƉƌŝŶĐŝƉĂůĞƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĞůsĐĂŶĂƌŝŽĚĞƐĚĞƵŶĂ ƐƵƉƉůLJ ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ^ƚĂƟƐƟĐƐ /ŶƐƟƚƵƚĞ ƉĞƌƐƉĞĐƟǀĂŝŶƐƵůĂƌ͘ ;ϮϬϬϵͿĂƌĞďĂƐĞĚŽŶŶŽŵŝŶĂůƐƚĂƟƐƟĐƐĂŶĚƚŚĞLJƐĞƌǀĞĂƐĂ ƐŝŵƉůĞŐƵŝĚĞůŝŶĞĨŽƌƚŚĞĚĞƐĐƌŝƉƟŽŶŽĨĞĂĐŚŝƐůĂŶĚ͛ƐĞĐŽŶŽŵLJ͘ ĂďĞŝŶĚŝĐĂƌƋƵĞ͕ĂůŝŐƵĂůƋƵĞĞŶĞůĐĂƐŽƉƌŽǀŝŶĐŝĂů͕ůĂƐ ŌĞƌƚŚĞƐĂŝĚĚĞƐĐƌŝƉƟŽŶ͕ǁĞǁŝůůĨŽĐƵƐŽŶƚŚĞϮϬϭϭƌĞƐƵůƚƐ ƷůƟŵĂƐĞƐƟŵĂĐŝŽŶĞƐƐĞĐŽƌƌĞƐƉŽŶĚĞŶĐŽŶĞůĞũĞƌĐŝĐŝŽ ƵƐŝŶŐ ĂĐƟǀŝƚLJ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ ŝŶĚŝĐĂƚŽƌƐ ĨŽƌ ĞĂĐŚ ŝƐůĂŶĚ ϮϬϬϵ͕ĞƐƚĄŶǀĂůŽƌĂĚĂƐĞŶƚĠƌŵŝŶŽƐŶŽŵŝŶĂůĞƐLJĂŶĂůŝ- ĂƐƌĞĨĞƌĞŶĐĞ͘/ŶŽƵƚůŝŶĞ͕ǁĞǁŝůůůŽŽŬĂƚƚŚĞƉĂƌƟĐŝƉĂƟŽŶŽĨ njĂŶĞdžĐůƵƐŝǀĂŵĞŶƚĞůĂŽĨĞƌƚĂ͕ĐŽŶůŽƋƵĞŶŽƉŽĚƌĞŵŽƐ ƚŚĞ ĞĐŽŶŽŵLJ ŽĨ ĞĂĐŚ ŝƐůĂŶĚ ;ŝŶ 'ƌŽƐƐ sĂůƵĞ ĚĚĞĚ ƚŽ ƚŚĞ ŝƌŵĄƐĂůůĄĚĞƵŶĂǀĂůŽƌĂĐŝſŶĚĞƐĐƌŝƉƟǀĂƉĂƌĂĞƐĞĂŹŽ region’s economy as a whole. Economic development in ĚĞů ĐƌĞĐŝŵŝĞŶƚŽ ĞĐŽŶſŵŝĐŽ ĚĞ ĐĂĚĂ ƵŶĂ ĚĞ ůĂƐ ŝƐůĂƐ 'ƌĂŶĂŶĂƌŝĂĂŶĚdĞŶĞƌŝĨĞ͗ϴϮ͘ϰйŽĨƚŚĞƌĞŐŝŽŶĂůŐƌŽǁƚŚ ĚĞůƌĐŚŝƉŝĠůĂŐŽ͘dƌĂƐĚŝĐŚŽĂŶĄůŝƐŝƐ͕ŶŽƐĂĐĞƌĐĂƌĞŵŽƐ ŝŶϮϬϬϵ͕ŽĨǁŚŝĐŚϰϮ͘ϰйŝƐĐŽŶƚƌŝďƵƚĞĚďLJdĞŶĞƌŝĨĞ͕ϯϵ͘ϵйďLJ Ă ůŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ϮϬϭϭ͕ Ă ƉĂƌƟƌ ĚĞ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ 'ƌĂŶ ĂŶĂƌŝĂ͕ ϳ͘Ϯй ďLJ >ĂŶnjĂƌŽƚĞ͕ ϱ͘ϯй ďLJ &ƵĞƌƚĞǀĞŶƚƵƌĂ͕ ĞŵƉůĞŽLJĂĐƟǀŝĚĂĚĚŝƐƉŽŶŝďůĞĂƵŶŶŝǀĞůĚĞĚĞƐĂŐƌĞ- ϯ͘ϱйďLJ>ĂWĂůŵĂ͕ϭ͘ϭйďLJ>Ă'ŽŵĞƌĂĂŶĚϬ͘ϱйďLJů,ŝĞƌƌŽ͘ ŐĂĐŝſŶŝŶƐƵůĂƌ͘

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.YmÄJV Graph 3.23

163 CONCLUSIONES CONCLUSIONS 2011

hŶŽĚĞůŽƐƉƌŝŶĐŝƉĂůĞƐƌĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐŚĂƐŝĚŽ la ĞůĞǀĂĚĂƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĚĞůĂƐĚŽƐŝƐůĂƐĐĂƉŝƚĂůŝŶĂƐ ĞŶůĂĂĐƟǀŝĚĂĚƉƌŽĚƵĐƟǀĂĚĞůĐŽŶũƵŶƚŽĚĞůƌĐŚŝƉŝĠ- ůĂŐŽ͕ ĐƵLJĂƐƵŵĂĐŽŶĐĞŶƚƌĂƵŶϴϮ͕ϰйĚĞůƌĞŐŝŽŶĂůĞŶ ϮϬϬϵ͕ĐŝĨƌĄŶĚŽƐĞůĂƉĂƌƟĐŝƉĂĐŝſŶĚĞůĂŝƐůĂĚĞdĞŶĞƌŝĨĞ ĞŶƵŶϰϮ͕ϰй͕ŵŝĞŶƚƌĂƐƋƵĞĞůsĚĞ'ƌĂŶĂŶĂƌŝĂƌĞ- ƉƌĞƐĞŶƚĂĞůϯϵ͕ϵƉŽƌĐŝĞŶƚŽ͘

>Ă ĂƉŽƌƚĂĐŝſŶ ƌĞůĂƟǀĂ ĚĞů ƌĞƐƚŽ ĚĞ ůĂƐ ŝƐůĂƐ ƐŽďƌĞ Ğů s ƌĞŐŝŽŶĂů ƌĞƐƵůƚĂ ŶŽƚĂďůĞŵĞŶƚĞ ŝŶĨĞƌŝŽƌ͕ ĐŽŶ ƵŶ ϳ͕ϮйĚĞ>ĂŶnjĂƌŽƚĞ͕ƵŶϱ͕ϯйĚĞ&ƵĞƌƚĞǀĞŶƚƵƌĂ͕ƵŶϯ͕ϱй ĚĞ>ĂWĂůŵĂ͕Ğůϭ͕ϭйƋƵĞĂƉŽƌƚĂ>Ă'ŽŵĞƌĂ͕LJĞůϬ͕ϱй de El Hierro.

ƐĚĞƌĞƐĂůƚĂƌůĂǀĂƌŝĂĐŝſŶƉƌŽĚƵĐŝĚĂĞŶůĂƉĂƌƟĐŝƉĂ- ĐŝſŶĚĞůĂƐŝƐůĂƐƐŽďƌĞĞůsƌĞŐŝŽŶĂůĚƵƌĂŶƚĞĞůƷůƟŵŽ ĂŹŽĚĞĞƐƚƵĚŝŽ;ϮϬϬϵͿ͕ĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂůŽƐĞĨĞĐƚŽƐ ĚĞůĂĐƌŝƐŝƐĚƵƌĂŶƚĞĞƐĞĂŹŽ͘>ŽƐĐĂŵďŝŽƐŵĄƐƐŝŐŶŝĮ- /ƚŝƐŝŶƚĞƌĞƐƟŶŐƚŽŚŝŐŚůŝŐŚƚƚŚĞǀĂƌŝĂƟŽŶŝŶƚŚĞƉĂƌƟĐŝƉĂƟŽŶ ĐĂƟǀŽƐƐĞƉƌŽĚƵũĞƌŽŶĞŶ>ĂŶnjĂƌŽƚĞ͕&ƵĞƌƚĞǀĞŶƚƵƌĂLJ of all the islands in the regional GVA during the last year of dĞŶĞƌŝĨĞ͕ƋƵĞƉĞƌĚŝĞƌŽŶƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĚƵƌĂŶƚĞĞů ƐƚƵĚLJ͕ϮϬϬϵ͘dŚĞŵŽƐƚŵĞĂŶŝŶŐĨƵůŶĞŐĂƟǀĞƐĐŚĂŶŐĞƐǁĞƌĞ ĂŹŽĚĞƌĞĨĞƌĞŶĐŝĂ͕ƉŽƌůŽƐŵĂLJŽƌĞƐĞĨĞĐƚŽƐĚĞůĂĐƌŝ- experienced in Lanzarote, Fuerteventura and Tenerife due to ƐŝƐĞŶĞƐƚŽƐƚĠƌŵŝŶŽƐŝŶƐƵůĂƌĞƐ͕ŝŶĐƌĞŵĞŶƚĄŶĚŽƐĞ͕ĞŶ ƚŚĞĞīĞĐƚƐŽĨƚŚĞĐƌŝƐŝƐ͖ĂƐĂƌĞƐƵůƚ͕'ƌĂŶĂŶĂƌŝĂĂŶĚƚŚĞƌĞƐƚ ĐŽŶƐĞĐƵĞŶĐŝĂ͕ůĂƉĂƌƟĐŝƉĂĐŝſŶƚĂŶƚŽĚĞ'ƌĂŶĂŶĂƌŝĂ como de las islas no capitalinas de la provincia Santa ŽĨƚŚĞŝƐůĂŶĚƐŽĨƚŚĞtĞƐƚĞƌŶƉƌŽǀŝŶĐĞĞdžƉĞƌŝĞŶĐĞĚĂƉŽƐŝƟǀĞ change. ƌƵnjĚĞdĞŶĞƌŝĨĞ͘ Gran Canaria 'ƌĂŶĂŶĂƌŝĂ

ŶƵŶĂĨŽƚŽĮũĂĚĞůŽƐƷůƟŵŽƐƌĞƐƵůƚĂĚŽƐŽĮĐŝĂůĞƐĚĞ According to the results, Gran Canaria is the island which ĐƌĞĐŝŵŝĞŶƚŽ͕ƋƵĞĂƟĞŶĚĞŶĂůĞũĞƌĐŝĐŝŽϮϬϬϵ͕'ƌĂŶĂ- ĚĞĐƌĞĂƐĞĚƚŚĞůĞĂƐƚĚƵƌŝŶŐƚŚĞLJĞĂƌϮϬϬϵŽƵƚŽĨƚŚĞĨŽƵƌŵŽƐƚ ŶĂƌŝĂƌĞŐŝƐƚƌſĞůŵĞŶŽƌĚĞƐĐĞŶƐŽŝŶƚĞƌĂŶƵĂůĚĞůĂƐĐƵĂ- meaningful economies: Tenerife, Gran Canaria, Lanzarote

  
 


   


  



  
  




 



 



 


 


  


   

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.YmÄJV Graph 3.24

164 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

ƚƌŽ ĞĐŽŶŽŵşĂƐ ŝŶƐƵůĂƌĞƐ ŵĄƐ ƐŝŐŶŝĮĐĂƟǀĂƐ ;ƉŽƌ ĞƐƚĞ ŽƌĚĞŶ͕dĞŶĞƌŝĨĞ͕'ƌĂŶĂŶĂƌŝĂ͕>ĂŶnjĂƌŽƚĞLJ&ƵĞƌƚĞǀĞŶ- ƚƵƌĂͿ͕ĂůĐĂĞƌĂƵŶĂƚĂƐĂĚĞůϭ͕ϭйŝŶƚĞƌĂŶƵĂůĚƵƌĂŶƚĞ ϮϬϬϵ͕ůŽƋƵĞůĞƐƵƉŽŶĞŝŶĐƌĞŵĞŶƚĂƌƐƵƉĂƌƟĐŝƉĂĐŝſŶ ƌĞůĂƟǀĂƐŽďƌĞĞůsƌĞŐŝŽŶĂůĞŶϴĚĠĐŝŵĂƐĐŽŶƌĞƐ- ƉĞĐƚŽĂůĞũĞƌĐŝĐŝŽĂŶƚĞƌŝŽƌ͕ŚĂƐƚĂĂůĐĂŶnjĂƌƵŶĂƌĞƉƌĞ- ƐĞŶƚĂĐŝſŶĚĞůϯϵ͕ϵƉŽƌĐŝĞŶƚŽ͘

ŶĐƵĂŶƚŽĂƐƵĞƐƚƌƵĐƚƵƌĂƉƌŽĚƵĐƟǀĂ͕ĞƐƚĂƋƵĞĚſĐĂ- ƌĂĐƚĞƌŝnjĂĚĂ ƉŽƌ ƐƵ ĞůĞǀĂĚĂ ŽƌŝĞŶƚĂĐŝſŶ ŚĂĐŝĂ ůĂƐ ƌĂ- ŵĂƐ ĚĞ ƐĞƌǀŝĐŝŽƐ͕ ƉƵĞƐ ƐƵ ƉĂƌƟĐŝƉĂĐŝſŶ ĐŽŶũƵŶƚĂ ŚĂ ĂůĐĂŶnjĂĚŽ Ğů ϴϬ͕ϭй ĚĞů ĐŽŶũƵŶƚŽ ĞĐŽŶſŵŝĐŽ ŝƐůĞŹŽ͘ ŶƚƌĞĞƐƚĂƐƌĂŵĂƐ͕ĚĞƐƚĂĐĂŶ͕ƉŽƌƐƵƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚ͕ ͨŽŵĞƌĐŝŽ͕ƚƌĂŶƐƉŽƌƚĞ͕ŚŽƐƚĞůĞƌşĂĞŝŶĨŽƌŵĂĐŝſŶLJĐŽ- ĂŶĚ&ƵĞƌƚĞǀĞŶƚƵƌĂ͕ĞdžƉĞƌŝĞŶĐŝŶŐĂĚŽǁŶƚƵƌŶŽĨϭ͘ϭй͕ǁŚŝĐŚ ŵƵŶŝĐĂĐŝŽŶĞƐͩ ;ϯϲ͕ϯйͿ͖ ůĂƐ ĂĐƟǀŝĚĂĚĞƐ ƌĞůĂĐŝŽŶĂĚĂƐ ƐŚŽǁƐĂŐƌŽǁƚŚŝŶƉĂƌƟĐŝƉĂƟŽŶŽĨϬ͘ϴйŝŶƚŚĞƌĞŐŝŽŶ͛Ɛ's ĐŽŶĞůŐƌƵƉŽͨĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐ͕ĞĚƵĐĂĐŝſŶ͕ ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌ͕ŵĞĂŶŝŶŐϯϵ͘ϵй͘ ƐĂŶŝĚĂĚ͕ĂĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ƌĞĐƌĞĂƟǀĂƐLJĚĞĞŶƚƌĞ- 'ƌĂŶ ĂŶĂƌŝĂ͛Ɛ ƉƌŽĚƵĐƟǀĞ ƐƚƌƵĐƚƵƌĞ ŝƐ ŵŽƐƚůLJ ďĂƐĞĚ ŽŶ ƚĞŶŝŵŝĞŶƚŽͩ;Ϯϰ͕ϰйͿ͖ĂƐşĐŽŵŽĂůĂƐĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐ ĂĐƟǀŝƟĞƐ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ƐĞƌǀŝĐĞƐ ƐĞĐƚŽƌ͘ dŚŝƐ ƌĞƉƌĞƐĞŶƚƐ ĐŽŶůĂƐͨĐƟǀŝĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐ͕ŝŶŵŽďŝůŝĂƌŝĂƐ͕ƉƌŽĨĞ- ϴϬ͘ϭй ŽĨ ƚŚĞ 's͕ ϯϲ͘ϯй ŽĨ ǁŚŝĐŚ ŝƐ ĐŽŶƐƟƚƵƚĞĚ ďLJ ƐŝŽŶĂůĞƐLJĂĚŵŝŶŝƐƚƌĂƟǀĂƐͩ;ϭϵ͕ϰйͿ͘ ͚dƌĂĚĞ͖ ƚƌĂŶƐƉŽƌƚ͖ ŚŽƐƚĞů ƚƌĂĚĞ͖ ĐŽŵŵƵŶŝĐĂƟŽŶ͕͛ Ϯϰ͘ϰй ŝĐŚŽ ůŽ ĂŶƚĞƌŝŽƌ͕ ĐŽŶǀŝĞŶĞ ĚĞƚĞŶĞƌŶŽƐ Ă ĐŽŶƟŶƵĂ- ďLJ ͚WƵďůŝĐ ĚŵŝŶŝƐƚƌĂƟŽŶ͖ ĞĚƵĐĂƟŽŶ͕ ,ĞĂůƚŚ ĂƌĞ ^LJƐƚĞŵ͖ ĐŝſŶ ĞŶ ůĂ ŝŶĨŽƌŵĂĐŝſŶ ŵĄƐ ƌĞĐŝĞŶƚĞ͕ ƌĞůĂƟǀĂ Ăů ƉĂ- ƌƚƐ͕ ZĞĐƌĞĂƟŽŶ ĂŶĚ ŶƚĞƌƚĂŝŶŵĞŶƚ ĂĐƟǀŝƟĞƐ͛ ĂŶĚ ϭϵ͘ϰй ƐĂĚŽϮϬϭϭ͕ƉĂƌĂůŽƋƵĞƐĞƉƌŽĨƵŶĚŝnjĂĞŶůŽƐĚŝƐƟŶƚŽƐ ďLJ ͚&ŝŶĂŶĐŝĂů͕ ƉƌŽƉĞƌƚLJ͕ ƉƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐƟǀŝĚĂĚLJĞŵƉůĞŽĚŝƐƉŽŶŝďůĞƐĂĞƐĐĂůĂ ĂĐƟǀŝƟĞƐ͛͘ ŝŶƐƵůĂƌ͘ ƚƚŚŝƐƉŽŝŶƚ͕ŝƚŝƐǁŽƌƚŚƐƚŽƉƉŝŶŐƚŽůŽŽŬĂƚƚŚĞůĂƚĞƐƚĮŐƵƌĞƐ Ŷ ŵĂƚĞƌŝĂ ĚĞ ĂĐƟǀŝĚĂĚ͕ ĚŝĐŚŽƐ ŝŶĚŝĐĂĚŽƌĞƐ ƌĞŇĞũĂŶ for 2011, to which end we will examine in more depth the ĐĂşĚĂƐĚĞŵĂŶĞƌĂŐĞŶĞƌĂůŝnjĂĚĂ͕ĐŽŶůĂƷŶŝĐĂĞdžĐĞƉĐŝſŶ ǀĂƌŝŽƵƐĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚŝŶĚŝĐĂƚŽƌƐĨŽƌĞĂĐŚŝƐůĂŶĚ͘





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165 CONCLUSIONES CONCLUSIONS 2011

ĚĞůŽƐĚĂƚŽƐƌĞůĂƟǀŽƐĂĂĐƟǀŝĚĂĚĞƐǀŝŶĐƵůĂĚĂƐĐŽŶĞů 'ƌĂŶ ĂŶĂƌŝĂ͛Ɛ ĂĐƟǀŝƚLJ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ ŝŶĚŝĐĂƚŽƌƐ ƌĞŇĞĐƚ ƐĞĐƚŽƌĞdžƚĞƌŝŽƌĚĞůĂŝƐůĂ͕ĞƐƚŽƐƐŽŶ͕ĞůƚƵƌŝƐŵŽLJůĂĂĐ- ǁŝĚĞƐƉƌĞĂĚ ĚŽǁŶŐƌĂĚĞƐ͕ ǁŝƚŚ ƚŚĞ ŽŶůLJ ĞdžĐĞƉƟŽŶ ŽĨ ƚŚĞ ƟǀŝĚĂĚƉŽƌƚƵĂƌŝĂ͘ ĞdžƚĞƌŶĂůͲƌĞůĂƚĞĚĂĐƟǀŝƚLJƐĞĐƚŽƌƐ͗ƚŽƵƌŝƐŵĂŶĚƉŽƌƚĂĐƟǀŝƟĞƐ͘ Ɛş͕ůĂĂŇƵĞŶĐŝĂĚĞƚƵƌŝƐƚĂƐĞdžƚƌĂŶũĞƌŽƐƐĞŝŶĐƌĞŵĞŶ- EŽƚŽŶůLJƚŚĞŶƵŵďĞƌŽĨŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐƚŐŽĞƐƵƉϭϳ͘ϰй ƚĂŶĚƵƌĂŶƚĞϮϬϭϭĞŶƵŶϭϳ͕ϰй͕ŵŝĞŶƚƌĂƐƋƵĞĞůƚƌĄĮĐŽ ĚƵƌŝŶŐϮϬϭϭ͕ďƵƚĂůƐŽƐŚŝƉƉŝŶŐĚŽĞƐŝŶŐĞŶĞƌĂůƚĞƌŵƐϭϮ͘ϱй ƉŽƌƚƵĂƌŝŽĂǀĂŶnjĂĞŶƚĠƌŵŝŶŽƐŐůŽďĂůĞƐĞŶƵŶϭϮ͕ϱй͕ ƚŚĂŶŬƐƚŽƚŚĞŐŽŽĚƐŝŶĐƌĞĂƐĞ;ϴϬйŽĨƚŚĞŶĂƟŽŶĂůƐŚŝƉƉŝŶŐ





 


 


 

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166 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

ƉŽƌĞůĨƵĞƌƚĞŝŶĐƌĞŵĞŶƚŽĚĞůĂƐŵĞƌĐĂŶĐşĂƐĞŶƚƌĄŶƐŝƚŽ ;ũƵƐƟĮĐĂŶƵŶϴϬйĚĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůŽƐƚƌĄĮĐŽƐƉŽƌ- ƚƵĂƌŝŽƐĚĞůŽƐƉƵĞƌƚŽƐĞƐƚĂƚĂůĞƐĚĞůĂŝƐůĂĞŶϮϬϭϭͿ͕LJ ƉŽƌůĂŵĂLJŽƌĚĞŵĂŶĚĂƚƵƌşƐƟĐĂ͘

ŶĐŽŶƚƌĂƉĂƌƟĚĂ͕ƌĞƐƚĂŶƉŽƚĞŶĐŝĂůĂůĐƌĞĐŝŵŝĞŶƚŽůŽƐ ƌĞƋƵĞƌŝŵŝĞŶƚŽƐ ĚĞƐƟŶĂĚŽƐ Ă ĐƵďƌŝƌ ůĂƐ ŶĞĐĞƐŝĚĂĚĞƐ de la demanda interna, como es el caso de la matri- ĐƵůĂĐŝſŶĚĞǀĞŚşĐƵůŽƐ;Ͳϲ͕ϭйͿ͕ĞůĐŽŶƐƵŵŽĚĞĞŶĞƌպà ĞůĠĐƚƌŝĐĂ;Ͳϯ͕ϲйͿ͕LJ͕ƐŽďƌĞƚŽĚŽ͕ĚĞůĂĚĞƐĐĂƌŐĂĚĞŵĂ- ŽĨ ƚŚĞ ŝƐůĂŶĚ ŝŶ ϮϬϭϭͿ͕ ĂŶĚ ƚŽ Ă ŚŝŐŚĞƌ ƚŽƵƌŝƐƟĐ ĚĞŵĂŶĚ͘ ƚĞƌŝĂůĞƐĚĞĐŽŶƐƚƌƵĐĐŝſŶ;Ͳϯϱ͕ϭйͿ͘ ,ŽǁĞǀĞƌ͕ƚŚĞĂĐƟǀŝƟĞƐĂŝŵĞĚƚŽŵĞĞƚƚŚĞĚŽŵĞƐƟĐĚĞŵĂŶĚ ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂƐĐŝĨƌĂƐƌĞůĂƟǀĂƐĂůŵĞƌĐĂĚŽůĂďŽ- ŵŝŶŝŵŝnjĞ ƚŚĞ ŐƌŽǁƚŚ͗ ǀĞŚŝĐůĞ ƌĞŐŝƐƚƌĂƟŽŶ ;Ͳϲ͘ϭйͿ͕ ĞŶĞƌŐLJ ƌĂůĂƉƵŶƚĂŶĂƵŶŶƵĞǀŽĚĞƚĞƌŝŽƌŽĚĞůĞŵƉůĞŽĞŶ'ƌĂŶ ĐŽŶƐƵŵƉƟŽŶ;Ͳϯ͘ϲͿĂŶĚŽǀĞƌĂůů͕ƚŚĞƵŶůŽĂĚŝŶŐŽĨĐŽŶƐƚƌƵĐƟŽŶ ĂŶĂƌŝĂ͕ĂĚǀŝƌƟĠŶĚŽƐĞƵŶŶƵĞǀŽŝŶĐƌĞŵĞŶƚŽĚĞůĂƚĂƐĂ ŵĂƚĞƌŝĂůƐ;Ͳϯϱ͘ϭйͿ͘ ĚĞƉĂƌŽ͕ŚĂƐƚĂĞůϯϮй͕ĞŶƵŶŵĂƌĐŽĞŶĞůƋƵĞůŽƐĚĞƐ- ĞŵƉůĞĂĚŽƐĂƵŵĞŶƚĂƌŽŶƵŶϮ͕ϱйLJůŽƐĂĐƟǀŽƐƵŶϬ͕ϴ Regarding the labour market, a worsening is forecast by the por ciento. new results, which would mean a higher unemployment rate, ƵƉƚŽϯϮй͕ǁŝƚŚŝŶƚŚĞĨƌĂŵĞŽĨĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞŶƵŵďĞƌŽĨ ŶŵĂƚĞƌŝĂĚĞĐŽŶƚƌĂƚĂĐŝſŶ͕ƐĞŝŶĐƌĞŵĞŶƚĂƐƵǀŽůƵŵĞŶ ƵŶĞŵƉůŽLJĞĚ;Ϯ͘ϱйͿĂŶĚƚŚĞĂĐƟǀĞƉŽƉƵůĂƟŽŶϬ͘ϴй͘ ĚƵƌĂŶƚĞϮϬϭϭĞŶƵŶϮ͕ϵйŝŶƚĞƌĂŶƵĂů͕ĞŶƵŶĐŽŶƚĞdžƚŽ ĚĞŵĂLJŽƌŶƷŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐĚĞĐĂƌĄĐƚĞƌƚĞŵƉŽƌĂů /Ŷ ƚĞƌŵƐ ŽĨ ƌĞĐƌƵŝƚŵĞŶƚ͕ Ă ŐƌŽǁƚŚ ŽĨ Ϯ͘ϵй ŝƐ ĞdžƉĞƌŝĞŶĐĞĚ ƉĂƌĂĐƵďƌŝƌůĂƐŶĞĐĞƐŝĚĂĚĞƐĞǀĞŶƚƵĂůĞƐĚĞůĂĂĐƟǀŝĚĂĚ ĚƵƌŝŶŐ ϮϬϭϭ ďLJ ĂŶ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ƚĞŵƉŽƌĂƌLJ ƉĂƌƚͲƟŵĞ ƚƵƌşƐƟĐĂ͘ ƌĞĐƌƵŝƚŵĞŶƚƚŽĮůůĂůůƚŚĞƉŽƐƐŝďůĞŶĞĞĚƐŝŶƚŚĞƚŽƵƌŝƐƚƐĞĐƚŽƌ͘

 
 

 
  



  

   
 


 
   
  

 
 
   



       
 
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167 CONCLUSIONES CONCLUSIONS 2011





 


 


 

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168 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

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169 CONCLUSIONES CONCLUSIONS 2011

ƉĂƌƟĐŝƉĂĐŝſŶĚĞůĂͨŽŶƐƚƌƵĐĐŝſŶ͕ͩĐƵLJĂƉĂƌƟĐŝƉĂĐŝſŶ ƌĞƐƵůƚĂƵŶϭϭ͕ϰй͕ƐƵƉĞƌŝŽƌĂůĂĚĞ'ƌĂŶĂŶĂƌŝĂ͕ĚŽŶĚĞ ĞƐƚĞƐĞĐƚŽƌũƵƐƟĮĐĂďĂĞůϵ͕ϵйĚĞůsĚĞϮϬϬϵ͘

ŶůŽƋƵĞƐĞƌĞĮĞƌĞĂƐƵĞǀŽůƵĐŝſŶŵĄƐƌĞĐŝĞŶƚĞ͕ůŽƐ ŝŶĚŝĐĂĚŽƌĞƐĚĞĞŵƉůĞŽLJĂĐƟǀŝĚĂĚĚƵƌĂŶƚĞĞůƉĂƐĂĚŽ ϮϬϭϭĐŽŵƉĂƌƚĞŶ͕ĞŶůŽĞƐĞŶĐŝĂů͕ĞůĞƐƋƵĞŵĂƌĞŐƌĞƐŝ- ǀŽŽďƐĞƌǀĂĚŽƉŽƌ'ƌĂŶĂŶĂƌŝĂĞŶƐƵƐĂĐƟǀŝĚĂĚĞƐĚĞ ĚĞŵĂŶĚĂŝŶƚĞƌŶĂ͕ĞŶƵŶĐŽŶƚĞdžƚŽĞŶĞůƋƵĞůĂƐĂƉŽƌƚĂ- ĐŝŽŶĞƐĂůĐƌĞĐŝŵŝĞŶƚŽŝŶƐƵůĂƌǀŝĞŶĞŶĚĞůůĂĚŽĞdžƚĞƌŝŽƌ͕ ƉŽƌĞůĐŽŶĐƵƌƐŽĚĞůĂĂĐƟǀŝĚĂĚƚƵƌşƐƟĐĂ͕ĂƐşĐŽŵŽƉŽƌ ůĂŵĂLJŽƌǀĂůŽƌĂĐŝſŶĚĞƐƵƐĂĐƟǀŝĚĂĚĞƐĚĞƌĞĮŶŽ͕ĞƐƚĂƐ ƷůƟŵĂƐ͕ƐŝŶĞŵďĂƌŐŽ͕ĐŽŶƵŶŵĞŶŽƌŝŵƉĂĐƚŽƐŽďƌĞĞů ƚĞũŝĚŽƉƌŽĚƵĐƟǀŽŝŶƐƵůĂƌĂůƚƌĂƚĂƌƐĞĚĞƵŶĂĂĐƟǀŝĚĂĚ ĐŽŶĐĞŶƚƌĂĚĂĞŶƚŽƌŶŽĂƵŶĂƷŶŝĐĂĞŵƉƌĞƐĂ͘ dĂŶƚŽůŽƐŝŶĚŝĐĂĚŽƌĞƐĚĞĐŽŶƐƵŵŽĐŽŵŽůŽƐĚĞŝŶǀĞƌ- ͚ŽŶƐƚƌƵĐƟŽŶ͕͛ϭϭ͘ϰйŚŝŐŚĞƌƚŚĂŶŝŶ'ƌĂŶĂŶĂƌŝĂǁŚĞƌĞƚŚŝƐ ƐŝſŶ ĂƉƌĞĐŝĂŶ ƌĞƚƌŽĐĞƐŽƐ͘ ĂĞŶ ůĂ ŵĂƚƌŝĐƵůĂĐŝſŶ ĚĞ ƌĞƉƌĞƐĞŶƚƐϵ͘ϵйŽĨƚŚĞϮϬϬϵ's͘ ǀĞŚşĐƵůŽƐ ;Ͳϳ͕ϰйͿ͕ Ğů ĐŽŶƐƵŵŽ ĚĞ ĞŶĞƌպà ĞůĠĐƚƌŝĐĂ /ŶƌĞĐĞŶƚLJĞĂƌƐ͕dĞŶĞƌŝĨĞ͛ƐĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚŝŶĚŝĐĂƚŽƌƐ ;Ͳϰ͕ϰйͿ͕LJĞůƚƌĄĮĐŽƚŽƚĂůĚĞŵĞƌĐĂŶĐşĂƐ;Ͳϳ͕ϳйͿ͕ŵŝĞŶ- ;ϮϬϭϭͿƌĞŇĞĐƚĂƐŝŵŝůĂƌƌĞŐƌĞƐƐŝǀĞƐŝƚƵĂƟŽŶƚŽƚŚĞŽŶĞŝŶ'ƌĂŶ ƚƌĂƐƋƵĞůĂĚĞƐĐĂƌŐĂĚĞŐƌĂŶĞůĞƐƐſůŝĚŽƐĞŶĞůWƵĞƌƚŽ ĂŶĂƌŝĂ ŝŶ ĚŽŵĞƐƟĐ ĚĞŵĂŶĚͲƌĞůĂƚĞĚ ĂĐƟǀŝƟĞƐ͕ ǁŚĞƌĞ ƚŚĞ ĚĞ^ĂŶƚĂƌƵnjĚĞdĞŶĞƌŝĨĞƐĞƌĞĚƵĐĞŶĞŶƵŶͲϴ͕ϯƉŽƌ ciento. ĐŽŶƚƌŝďƵƟŽŶƐƚŽŐƌŽǁƚŚĂƌĞŵŽƟǀĂƚĞĚďLJƚŽƵƌŝƐŵĂƐǁĞůůĂƐ ďLJƌĞĮŶĞƌLJĂĐƟǀŝƟĞƐ͘,ŽǁĞǀĞƌ͕ƚŚŝƐůĂƐƚŽŶĞŚĂƐůĞƐƐŝŵƉĂĐƚ ŶĞůƐĞŶƟĚŽĐŽŶƚƌĂƌŝŽ͕ůŽƐŝŶĚŝĐĂĚŽƌĞƐĚĞĚĞŵĂŶĚĂ ŽŶƉƌŽĚƵĐƟŽŶ͕ƐŝŶĐĞũƵƐƚŽŶĞĮƌŵŚŽůĚƐĂůůƚŚĞĂĐƟǀŝƚLJ͘ ĞdžƚĞƌŶĂƐĞŹĂůĂŶĂůƐĞĐƚŽƌĞdžƚĞƌŝŽƌĐŽŵŽƷŶŝĐŽƐŽƉŽƌ- ƚĞĚĞůĐƌĞĐŝŵŝĞŶƚŽ͘ĞĞƐƚĞŵŽĚŽ͕ƐĞĞůĞǀĂĞůŶƷŵĞƌŽ ŽƚŚ ĐŽŶƐƵŵƉƟŽŶ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ŝŶĚŝĐĂƚŽƌƐ ĂƌĞ ĨĂůůŝŶŐ͕ ĚĞƚƵƌŝƐƚĂƐĂƌƌŝďĂĚŽƐĂdĞŶĞƌŝĨĞĞŶƵŶϮϭ͕ϯй͕ŵŝĞŶƚƌĂƐ ƐƵĐŚĂƐƚŚĞǀĞŚŝĐůĞƌĞŐŝƐƚƌĂƟŽŶ;Ͳϳ͘ϰйͿ͕ĞŶĞƌŐLJĐŽŶƐƵŵƉƟŽŶ ƋƵĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞƌĞĮŶŽĂƵŵĞŶƚĂƌŽŶĚĞǀĂůŽ- ;Ͳϰ͘ϰйͿĂŶĚƚŚĞƚŽƚĂůŐŽŽĚƐ;Ͳϳ͘ϳйͿĚƌŽƉ͕ƚŽŐĞƚŚĞƌǁŝƚŚƐŽůŝĚ ƌĂĐŝſŶ ƉŽƌ Ğů ĞŶĐĂƌĞĐŝŵŝĞŶƚŽ ĚĞů ďĂƌƌŝů ĚĞ ƉĞƚƌſůĞŽ͕ ďƵůŬ ƵŶůŽĂĚŝŶŐ͕ ǁŚŝĐŚ ŚĂƐ ƌĞĚƵĐĞĚ ďLJ ϴ͘ϯй͘ KŶ ƚŚĞ ŽƚŚĞƌ ĐŽŵƉĞŶƐĂŶĚŽĂƐşůĂĐĂşĚĂĚĞĞƐƚĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĞŶ hand, foreign demand indicators indicate that the external ƚĠƌŵŝŶŽƐĚĞǀĂůŽƌ͘ sector is the only source of development, so Tenerife has ĞdžƉĞƌŝĞŶĐĞĚ Ă ŐƌŽǁƚŚ ŽĨ Ϯϭ͘ϯй ŝŶ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƚŽƵƌŝƐƚƐ ŶŵĂƚĞƌŝĂĚĞĞŵƉůĞŽ͕ĚĞƐƚĂĐĂĞůĨƵĞƌƚĞŝŶĐƌĞŵĞŶƚŽ ĂƌƌŝǀĞĚƚŽdĞŶĞƌŝĨĞ͕ĂŶĚƚŚĞǀĂůƵĞŽĨƌĞĮŶĞƌLJĞdžƉŽƌƚƐǁĞŶƚ ĚĞůŶƷŵĞƌŽĚĞƉĂƌĂĚŽƐĞŶϮϬϭϭ͕ĐŝĨƌĂĚŽĞŶĞůϭϲ͕Ϭй ƵƉŵŽƟǀĂƚĞĚďLJƚŚĞƌŝƐĞŽĨƚŚĞŽŝůďĂƌƌĞůƚŽŽīƐĞƚƚŚĞƌĞƐƚŽĨ ŝŶƚĞƌĂŶƵĂů͕ĂůƟĞŵƉŽƋƵĞůŽƐĂĐƟǀŽƐĂŶŽƚĂŶƵŶŶƵĞǀŽ the exports. ĂƐĐĞŶƐŽĚĞůϮ͕ϲйƌĞƐƉĞĐƚŽĂϮϬϭϬ͕ƉŽƌůŽƋƵĞůĂƚĂƐĂ ĚĞƉĂƌŽƐĞĞůĞǀſĚƵƌĂŶƚĞĞůƷůƟŵŽĂŹŽŚĂƐƚĂĞůϮϵ͕ϱ In terms of employment, the number of unemployed por ciento. ŝŶĐƌĞĂƐĞĚ ϭϲ͘Ϭй ŝŶ ϮϬϭϭ͕ ǁŚŝůĞ ƚŚĞ ĂĐƟǀĞ ƉŽƉƵůĂƟŽŶ ĞdžƉĞƌŝĞŶĐĞĚĂƌŝƐĞŽĨϮ͘ϲйŝŶĐŽŵƉĂƌŝƐŽŶǁŝƚŚϮϬϭϬ͕ǁŚŝĐŚ - DŝĞŶƚĂƐ͕ĞŶŵĂƚĞƌŝĂĚĞĐŽŶƚƌĂƚĂĐŝſŶ͕ůĂŵĂLJŽƌĂŇƵĞŶ ŵĞĂŶƚĂƚŽƚĂůƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞŽĨϮϵ͘ϱй͘ ĐŝĂƚƵƌşƐƟĐĂƐĞĞƐĐŽŶĚĞĚĞƚƌĄƐĚĞůĂǀĂŶĐĞĚĞĞƐƚĞŝŶĚŝ- ĐĂĚŽƌ͕ĚĞŵĂŶĞƌĂƋƵĞƐĞĂĚǀŝĞƌƚĞƵŶůĞǀĞŝŶĐƌĞŵĞŶƚŽ /ŶƚĞƌŵƐŽĨƌĞĐƌƵŝƚŵĞŶƚ͕ĂŚŝŐŚĞƌƚŽƵƌŝƐŵƌĂƚĞŵŽƟǀĂƚĞĚĂ ŝŶƚĞƌĂŶƵĂůĚĞůŶƷŵĞƌŽĚĞĐŽŶƚƌĂƚŽƐĚƵƌĂŶƚĞĞůƷůƟŵŽ ƐůŝŐŚƚŐƌŽǁƚŚŝŶƚŚŝƐŝŶĚŝĐĂƚŽƌ͕ǁŚŝĐŚŵĞĂŶƐĂLJĞĂƌͲƚŽͲLJĞĂƌ ĂŹŽ͕ĚĞůϭ͕ϬйŝŶƚĞƌĂŶƵĂů͖ƋƵĞ͕ĞŶĐƵĂůƋƵŝĞƌĐĂƐŽ͕ƐŝŐƵĞ ŐƌŽǁƚŚŝŶƚŚĞŶƵŵďĞƌŽĨĐŽŶƚƌĂĐƚƐĚƵƌŝŶŐƚŚĞůĂƐƚLJĞĂƌ͕ϭ͘Ϭй͘ ŵƵLJĚĞƉƌŝŵŝĚĂ͕ĂůŵŽƐƚƌĂƌƵŶĂĐĂşĚĂĚĞůϯϬ͕ϯйƉĂƌĂ ,ŽǁĞǀĞƌ͕ƚŚŝƐŝƐƐƟůůĂďĂĚƌĞƐƵůƚƐŝŶĐĞŝƚƐŚŽǁƐĂĚŽǁŶƚƵƌŶ ĞůŝŶƚĞƌǀĂůŽϮϬϬϳͲϮϬϭϭ͘>ŽƐĚĞŵĄƐŝŶĚŝĐĂĚŽƌĞƐĚĞĞŵ- ŽĨ ϯϬ͘ϯй ĨŽƌ ƚŚĞ ϮϬϬϳͲϮϬϭϭ ƉĞƌŝŽĚ͘ dŚĞ ƌĞƐƚ ŽĨ ŝŶĚŝĐĂƚŽƌƐ

170 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

ƉůĞŽƐĞĂůŝŶĞĂŶĂĞƐƚĂƚƌĂLJĞĐƚŽƌŝĂƌĞĐĞƐŝǀĂĂůŽůĂƌŐŽĚĞ ĞƐƚĞŵŝƐŵŽƉĞƌŝŽĚŽ͕ĐŽŵŽƌĞǀĞůĂůĂĐĂşĚĂĚĞůͲϭϬ͕ϱй ĚĞůĞŵƉůĞŽLJĞůĐŽŶƐĞĐƵĞŶƚĞĐƌĞĐŝŵŝĞŶƚŽͲĚĞůϮϲϭ͕ϮйͲ have followed the same path, as it is revealed by the drop ĚĞůĚĞƐĞŵƉůĞŽŝŶƐƵůĂƌ͘ ŝŶ ĞŵƉůŽLJŵĞŶƚ ;ͲϭϬ͘ϱйͿ ĂŶĚ ƚŚĞƌĞĨŽƌĞ͕ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƵŶĞŵƉůŽLJŵĞŶƚŝŶƚŚĞŝƐůĂŶĚŽĨϮϲϭ͘Ϯй͘ &ƵĞƌƚĞǀĞŶƚƵƌĂ &ƵĞƌƚĞǀĞŶƚƵƌĂ dƌĂƐŵĂƌĐĂƌƵŶĂĚĠĐĂĚĂĚĞĨƵĞƌƚĞĐƌĞĐŝŵŝĞŶƚŽ͕ůĂĐƌŝƐŝƐ ĂĨĞĐƚſĂůĂŝƐůĂĚĞ&ƵĞƌƚĞǀĞŶƚƵƌĂĐŽŶĞƐƉĞĐŝĂůŝŶƚĞŶƐŝ- ŌĞƌ ĞdžƉĞƌŝĞŶĐŝŶŐ Ă ŚŝŐŚ ŐƌŽǁƚŚ ƚŚĂƚ ůĂƐƚĞĚ Ă ĚĞĐĂĚĞ͕ ĚĂĚ͘ƐşůŽĂƚĞƐƟŐƵĂŶůĂƐƷůƟŵĂƐĐŝĨƌĂƐŽĮĐŝĂůĞƐƐŽďƌĞ &ƵĞƌƚĞǀĞŶƚƵƌĂ ƐƵīĞƌĞĚ ƐƚƌŽŶŐůLJ ƚŚĞ ƌĞĐĞƐƐŝŽŶ ƉƌŽǀŽŬŝŶŐ ĐƌĞĐŝŵŝĞŶƚŽŝŶƐƵůĂƌ͕ĚĞϮϬϬϵ͕ƋƵĞĐŝĨƌĂŶƵŶƌĞƚƌŽĐĞƐŽ ĂĚĞĐƌĞĂƐĞŽĨϳ͘ϮйŝŶƚŚĞϮϬϬϵLJĞĂƌͲƚŽLJĞĂƌǀĂƌŝĂƟŽŶƌĂƚĞ ĚĞůϳ͕ϮйŝŶƚĞƌĂŶƵĂů͕ĞůŵĄƐŝŶƚĞŶƐŽĚĞƚŽĚĂƐůĂƐŝƐůĂƐ͘ ŝŶ ĐƵƌƌĞŶƚ ƚĞƌŵƐ ;ĂŶĚ ƐŽ ƚŚĞ ƌĞĂů ĨĂůů ǁŝůů ŚĂǀĞ ďĞĞŶ ĞǀĞŶ ,ĂLJƋƵĞƌĞĐŽƌĚĂƌ͕ĂĚĞŵĄƐ͕ƋƵĞƐĞƚƌĂƚĂĚĞƵŶĂǀĂůŽ- ŚĂƌĚĞƌͿ͕ƚŚĞŵŽƐƚŝŶƚĞŶƐĞŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͘dŚŝƐůŽƐƐŽĨ ƌĂĐŝſŶĞŶƚĠƌŵŝŶŽƐĐŽƌƌŝĞŶƚĞƐ͕ƉŽƌůŽƋƵĞůĂĐĂşĚĂƌĞĂů 'sůĞĚƚŽƚŚĞƐŵĂůůĐŽŶƚƌŝďƵƟŽŶŽĨƚŚĞŝƐůĂŶĚƚŽƚŚĞƌĞŐŝŽŶĂů ƚƵǀŽƋƵĞƌĞƐƵůƚĂƌŵĄƐĂĐƵƐĂĚĂ͘ ƐĐĞŶĞ͕Ϭ͘ϮйůĞƐƐƚŚĂŶŝŶϮϬϬϴ͘

 
 

 
  



  
   
 


 
    
  
   



   

     
 
 
  

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 Tabla 3.42 Table 3.42

171 CONCLUSIONES CONCLUSIONS 2011

ƐƚĂƉĠƌĚŝĚĂĞŶƚĠƌŵŝŶŽƐĚĞsĐŽŶůůĞǀſƵŶĂŵŝŶŽ- ƌĂĐŝſŶĚĞůĂƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĚĞůĂŝƐůĂĞŶĞůĐŽŶƚĞdžƚŽ ƌĞŐŝŽŶĂů͕ƋƵĞƐĞƌĞĐŽƌƚĂĞŶϮĚĠĐŝŵĂƐĐŽŶƌĞƐƉĞĐƚŽĂů ĂŹŽϮϬϬϴ͘

Ŷ ĐƵĂŶƚŽ Ă ƐƵ ĞƐƚƌƵĐƚƵƌĂ ĞĐŽŶſŵŝĐĂ͕ ĞƐƚĂ ĐŽŶƟŶƵſ ƌĞŇĞũĂŶĚŽĞůŵĂƌĐĂĚŽĐĂƌĄĐƚĞƌƚĞƌĐŝĂƌŝŽĚĞƐƵƉƌŽĐĞƐŽ ƉƌŽĚƵĐƟǀŽ͕ƉƵĞƐůĂƐĂĐƟǀŝĚĂĚĞƐĚĞͨŽŵĞƌĐŝŽ͕ƚƌĂŶƐ- ƉŽƌƚĞ͕ ŚŽƐƚĞůĞƌşĂ Ğ ŝŶĨŽƌŵĂĐŝſŶ LJ ĐŽŵƵŶŝĐĂĐŝŽŶĞƐͩ ƐŝŐŶŝĮĐĂƌŽŶƵŶϰϳ͕ϵй͕ĂƐşĐŽŵŽůĂƐͨĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ ƉƷďůŝĐĂƐ͕ ĞĚƵĐĂĐŝſŶ͕ ƐĂŶŝĚĂĚ͕ ĂĐƟǀŝĚĂĚĞƐ ĂƌơƐƟĐĂƐ͕ ƌĞĐƌĞĂƟǀĂƐLJĚĞĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽͩƵŶϭϲ͕ϴйLJůĂƐͨĐ- ƟǀŝĚĂĚĞƐ ĮŶĂŶĐŝĞƌĂƐ͕ ŝŶŵŽďŝůŝĂƌŝĂƐ͕ ƉƌŽĨĞƐŝŽŶĂůĞƐ LJ ĂĚŵŝŶŝƐƚƌĂƟǀĂƐͩ ƵŶ ϭϱ͕ϰ ƉŽƌ ĐŝĞŶƚŽ͖ ĞŶ ƵŶ ĐŽŶƚĞdžƚŽ ĞŶĞůƋƵĞĞůƐĞĐƚŽƌĚĞůĂĐŽŶƐƚƌƵĐĐŝſŶ͕ƋƵĞĂŶƚĞƐĚĞ ůĂĐƌŝƐŝƐƌĞƐƵůƚĂďĂƵŶŽĚĞůŽƐƐŽƉŽƌƚĞƐĚĞůĐƌĞĐŝŵŝĞŶ- ƚŽŝŶƐƵůĂƌĐŽŶǀĂůŽƌĞƐƉŽƌĞŶĐŝŵĂĚĞůϭϱйĚĞůsĚĞ &ƵĞƌƚĞǀĞŶƚƵƌĂ͕ƉŝĞƌĚĞƐŝŐŶŝĮĐĂƟǀŝĚĂĚ͕ŚĂƐƚĂƌĞƉƌĞƐĞŶ- Fuerteventura’s economy is based on service oriented ƚĂƌĞŶϮϬϬϵĞůϭϮ͕ϭƉŽƌĐŝĞŶƚŽ͘ ĂĐƟǀŝƟĞƐ͗͞dƌĂĚĞ͖ƚƌĂŶƐƉŽƌƚ͖ŚŽƐƚĞůƚƌĂĚĞ͖ĐŽŵŵƵŶŝĐĂƟŽŶ͟ ĞŶƚƌĂŶĚŽĞůĂŶĄůŝƐŝƐĞŶůĂĞǀŽůƵĐŝſŶŵĄƐƌĞĐŝĞŶƚĞ͕ůŽƐ ĂĐĐŽƵŶƚĨŽƌϰϳ͘ϵй͕͚WƵďůŝĐĚŵŝŶŝƐƚƌĂƟŽŶ͖ĞĚƵĐĂƟŽŶ͕,ĞĂůƚŚ ĚƵƌŽƐĞĨĞĐƚŽƐĚĞůĂĐƌŝƐŝƐ͕ƋƵĞĐŽŶůůĞǀĂƌŽŶĂůĚĞƐƉůŽŵĞ ĂƌĞ ^LJƐƚĞŵ͖ ƌƚƐ͕ ZĞĐƌĞĂƟŽŶ ĂŶĚ ŶƚĞƌƚĂŝŶŵĞŶƚ͛ ϭϲ͘ϴй ĚĞƐƵĂĐƟǀŝĚĂĚĚƵƌĂŶƚĞůŽƐĞũĞƌĐŝĐŝŽƐϮϬϬϴLJϮϬϬϵ͕ƐĞ ĂŶĚ ͚&ŝŶĂŶĐŝĂů͕ ƉƌŽƉĞƌƚLJ͕ ƉƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ŚĂŶǀŝƐƚŽĂŵŽƌƟŐƵĂĚŽƐĚƵƌĂŶƚĞƉĂƌƚĞĚĞϮϬϭϬ͕LJĞƐ- ĂĐƟǀŝƟĞƐ͛ϭϱ͘ϰйĚƵƌŝŶŐϮϬϬϵ͘DŽƌĞŽǀĞƌ͕ŝƚŝƐŝŶƚĞƌĞƐƟŶŐƚŽ ƉĞĐŝĂůŵĞŶƚĞ͕ƐŽďƌĞϮϬϭϭ͕ŐƌĂĐŝĂƐĂůĞŵƉƵũĞĚĞůƐĞĐƚŽƌ ƵŶĚĞƌůŝŶĞƚŚĞĨĂůůŝŶƚŚĞ͚ŽŶƐƚƌƵĐƟŽŶ͛ĂŌĞƌƚŚĞĐƌŝƐŝƐŝŶƚŚĞ ƚƵƌşƐƟĐŽ͘ ŝƐůĂŶĚŐƌŽǁƚŚ͕ǁŚŝĐŚůĞĚƚŽŝƚƐĐŽŶƚƌŝďƵƟŽŶƚŽƚŚĞƌĞŐŝŽŶ͛Ɛ 'sĨƌŽŵϭϱйƚŽϭϮ͘ϭ͘ EŽŽďƐƚĂŶƚĞ͕ƐĞŚĂƚƌĂƚĂĚŽĚĞƵŶĂŵĞũŽƌşĂƚƌĂŶƐŝƚŽ- ƌŝĂ͕ ƋƵĞ ŶŽ ŚĂ ŝŶƚƌŽĚƵĐŝĚŽ ĐĂŵďŝŽƐ ƐŝŐŶŝĮĐĂƟǀŽƐ ĚĞ &ƵĞƌƚĞǀĞŶƚƵƌĂ͛ƐƌĞĐĞŶƚĞǀŽůƵƟŽŶƌĞǀĞĂůƐƚŚĞƐƚƌŽŶŐƌĞĐĞƐƐŝǀĞ ƚĞŶĚĞŶĐŝĂĞŶůĂĞƐƚƌƵĐƚƵƌĂƉƌŽĚƵĐƟǀĂĚĞĞƐƚĂŝƐůĂ͘Ğ ĞīĞĐƚƐŽĨƚŚĞĐƌŝƐŝƐƚŚĂƚůĞĚƚŽƚŚĞĚƌŽƉŝŶŝƚƐĂĐƟǀŝƚLJĚƵƌŝŶŐ ŚĞĐŚŽ͕ůĂĂĐƟǀŝĚĂĚƚƵƌşƐƟĐĂĨƌĞŶĂƐƵĚŝŶĂŵŝƐŵŽĂĐŽ- ƚŚĞLJĞĂƌƐϮϬϬϴĂŶĚϮϬϬϵ͘,ŽǁĞǀĞƌ͕ƚŽƵƌŝƐŵŚĂĚŚĞůƉĞĚƚŚŝƐ ŵŝĞŶnjŽƐĚĞϮϬϭϮ͕ƚĂůLJĐŽŵŽƐĞŹĂůĂŶůĂƐĐŝĨƌĂƐƌĞůĂƟǀĂƐ ƐŝƚƵĂƟŽŶƚŽƌĞĐŽǀĞƌĚƵƌŝŶŐϮϬϭϬĂŶĚϮϬϭϭ͘ ĂůĂĞŶƚƌĂĚĂĚĞƚƵƌŝƐƚĂƐĞdžƚƌĂŶũĞƌŽƐ͕ƋƵĞĂƉƵŶƚĂŶŚĂĐŝĂ ƵŶĂĐĂşĚĂŝŶŝŶƚĞƌƌƵŵƉŝĚĂĞŶůĂĂŇƵĞŶĐŝĂĚĞǀŝƐŝƚĂŶƚĞƐ ,ŽǁĞǀĞƌ͕ &ƵĞƌƚĞǀĞŶƚƵƌĂ͛Ɛ ƉƌŽĚƵĐƟǀĞ ƐƚƌƵĐƚƵƌĞ ŚĂƐ ĚĞƐĚĞĞůŵĞƐĚĞĨĞďƌĞƌŽ͕ƉĞƌĚŝĞŶĚŽƵŶͲϯ͕ϬйĚĞůĂƐ experienced a slight temporary recovery. In fact, tourism ǀŝƐŝƚĂƐĞdžƚƌĂŶũĞƌĂƐŚĂƐƚĂŵĂƌnjŽ͘ ƐƵīĞƌĞĚ Ă ƐůŽǁĚŽǁŶ ŝŶ ĞĂƌůLJ ϮϬϭϮ͕ ĂƐ ŝŶĚŝĐĂƚĞĚ ďLJ ƚŚĞ ŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐƚĂĐƟǀŝƚLJ͕ǁŚŝĐŚƐŚŽǁƐĂĐŽŶƟŶƵŽƵƐĨĂůů - EŽŽďƐƚĂŶƚĞ͕ĞůĂǀĂŶĐĞĚĞůŶƷŵĞƌŽĚĞƚƵƌŝƐƚĂƐĞdžƚƌĂŶ ŝŶ ǀŝƐŝƚŽƌƐ ĨƌŽŵ &ĞďƌƵĂƌLJ ;Ͳϯ͘Ϭй ŝŶƚĞƌŶĂƟŽŶĂů ƚŽƵƌŝƐƚƐͿ ƚŽ ũĞƌŽƐ;Ϯϲ͕ϮйŝŶƚĞƌĂŶƵĂůͿ͕ĂƌƌĂƐƚƌĂĂůĂŵĂƚƌŝĐƵůĂĐŝſŶĚĞ March. ǀĞŚşĐƵůŽƐ;ϭϵ͕ϰйͿ͕ĂůƚƌĄĮĐŽĚĞŵĞƌĐĂŶĐşĂƐƉŽƌƚƵĂƌŝĂƐ ;ϭϲ͕ϲйͿ͕ĂůĂĚĞƐĐĂƌŐĂĚĞŵĂƚĞƌŝĂůĞƐĚĞĐŽŶƐƚƌƵĐĐŝſŶ dŚĞŐƌŽǁƚŚŝŶŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐŵ;Ϯϲ͘ϮйLJĞĂƌͲƚŽͲLJĞĂƌƌĂƚĞͿ ;ϰ͕ϵйͿLJĂůĐŽŶƐƵŵŽĚĞĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ;Ϯ͕ϵйͿ͘ ŚĂƐ ƐƟŵƵůĂƚĞĚ ǀĞŚŝĐůĞ ƌĞŐŝƐƚƌĂƟŽŶ ;ϭϵ͘ϰйͿ͕ ƚŚĞ ƐŚŝƉƉŝŶŐ ŽĨ ŐŽŽĚƐ ;ϭϲ͘ϲйͿ͕ ƚŚĞ ƵŶůŽĂĚŝŶŐ ŽĨ ĐŽŶƐƚƌƵĐƟŽŶ ŵĂƚĞƌŝĂůƐ Ŷ ůĂŵŝƐŵĂ ůşŶĞĂ͕ Ğů ŶƷŵĞƌŽ ĚĞĐŽŶƚƌĂƚŽƐ ƐĞŝŶĐƌĞ- ;ϰ͘ϵйͿ ĂŶĚ ĞŶĞƌŐLJ ĐŽŶƐƵŵƉƟŽŶ ;Ϯ͘ϵйͿ͘ dŚĞ ŶƵŵďĞƌ ŽĨ ŵĞŶƚſĚƵƌĂŶƚĞĞůƷůƟŵŽĂŹŽĞŶƵŶϭϭ͕ϱйŝŶƚĞƌĂŶƵĂů͕ ĐŽŶƚƌĂĐƚƐŝŶĐƌĞĂƐĞĚĚƵƌŝŶŐƚŚĞůĂƐƚLJĞĂƌϭϭ͘ϱйLJĞĂƌͲƚŽͲLJĞĂƌ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞ ƉŽƌ Ğů ĂǀĂŶĐĞ ĚĞ ůĂ ĐŽŶƚƌĂƚĂĐŝſŶ rate, mainly because of the temporary contracts, to meet ƚĞŵƉŽƌĂů͕ƉĂƌĂĐƵďƌŝƌůĂƐŶĞĐĞƐŝĚĂĚĞƐĞǀĞŶƚƵĂůĞƐĚĞů ƚŚĞƉŽƐƐŝďůĞŶĞĞĚƐŝŶƚŚĞƚŽƵƌŝƐƟĐƐĞĐƚŽƌ͘ƌŽĂĚůLJƐƉĞĂŬŝŶŐ͕

172 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

ƐĞĐƚŽƌ ƚƵƌşƐƟĐŽ͘ Ŷ ĞƐƚĞ ĐŽŶƚĞdžƚŽ͕ Ğů ĞŵƉůĞŽ ŝŶƐƵůĂƌ ŵĂŶƟĞŶĞƐƵƚƌĂLJĞĐƚŽƌŝĂĚĞĚĞƐĐĞŶƐŽƐ͕ĐŽŶƚĂďŝůŝnjĂŶĚŽ ƵŶĂĐĂşĚĂĚĞůĂŽĐƵƉĂĐŝſŶĚĞůϬ͕ϱйƌĞƐƉĞĐƚŽĂϮϬϭϬ͘

DŝĞŶƚƌĂƐ͕ ůĂ ƚĂƐĂ ĚĞ ƉĂƌŽ ĚĞƐĐŝĞŶĚĞ ĞŶ ĐƵĂƚƌŽ ĚĠ- ĐŝŵĂƐ͕ ŚĂƐƚĂ ƐŝƚƵĂƌƐĞ Ăů ĐŝĞƌƌĞ ĚĞ ϮϬϭϭ ĞŶ Ğů ϯϯ͕ϭй͕

ĐŽŵŽ ƌĞƐƵůƚĂĚŽ ĚĞ ƵŶĂ ĐĂşĚĂ ĚĞ ůŽƐ ĂĐƟǀŽƐ ;Ͳϭ͕ϮйͿ &ƵĞƌƚĞǀĞŶƚƵƌĂ͛ƐĞŵƉůŽLJŵĞŶƚƌĂƚĞŬĞĞƉƐƐůŽǁŝŶŐĚŽǁŶϬ͘ϱй ŵĂLJŽƌƋƵĞĚĞůĞŵƉůĞŽ͕ŝŶŇƵLJĞŶĚŽĞŶĐŽŶƐĞĐƵĞŶĐŝĂĂ in regard to the previous year. Meanwhile, the island’s - ůĂďĂũĂƐŽďƌĞĞůƌĞƐƵůƚĂĚŽĚĞůƉĂƌŽŝŶƐƵůĂƌ͕ƋƵĞƚĂŵ ƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞĚĞĐƌĞĂƐĞĚϬ͘ϰй͕ƌĞĂĐŚŝŶŐϯϯ͘ϭйďLJƚŚĞ ďŝĠŶƐĞƌĞĚƵĐĞĞŶƵŶϮ͕ϱƉŽƌĐŝĞŶƚŽ͘ ĞŶĚŽĨϮϬϭϭĂƐƌĞƐƵůƚŽĨĂĚƌŽƉŽĨϭ͘ϮйŝŶƚŚĞĞĐŽŶŽŵŝĐĂůůLJ Lanzarote ĂĐƟǀĞƉŽƉƵůĂƟŽŶ͕ŚŝŐŚĞƌƚŚĂŶĞŵƉůŽLJŵĞŶƚ͕ǁŚŝĐŚŚĞůƉĞĚƚŽ ƌĞĚƵĐĞƚŚĞŝƐůĂŶĚƐ͛ƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞϮ͘ϱй͘ ŽŶƵŶĂƐƉĂƌƟĐƵůĂƌŝĚĂĚĞƐŵƵLJƐŝŵŝůĂƌĞƐĂůĂƐĚĞ&ƵĞƌ- ƚĞǀĞŶƚƵƌĂ͕>ĂŶnjĂƌŽƚĞƉƌĞƐĞŶƚĂƵŶĂĞůĞǀĂĚĂƌĞƉƌĞƐĞŶ- >ĂŶnjĂƌŽƚĞ ƚĂĐŝſŶĚĞůƐĞĐƚŽƌƐĞƌǀŝĐŝŽƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞĚĞůĂĂĐƟǀŝ- >ĂŶnjĂƌŽƚĞ͛Ɛ ƉƌŽĚƵĐƟǀĞ ƐƚƌƵĐƚƵƌĞ ŝƐ ǀĞƌLJ ƐŝŵŝůĂƌ ƚŽ ĚĂĚƚƵƌşƐƟĐĂ͘ Fuerteventura’s since the economy of both islands is largely ƐşůŽǀĞƌŝĮĐĂůĂĂƉŽƌƚĂĐŝſŶĚĞůĂƐƌĂŵĂƐͨŽŵĞƌĐŝŽ͕ ƐƵƐƚĂŝŶĞĚďLJƚŚĞƐĞƌǀŝĐĞƐĞĐƚŽƌĞƐƉĞĐŝĂůůLJƚŚĞƚŽƵƌŝƐƚĂĐƟǀŝƚLJ͘ ƚƌĂŶƐƉŽƌƚĞ͕ ŚŽƐƚĞůĞƌşĂ Ğ ŝŶĨŽƌŵĂĐŝſŶ LJ ĐŽŵƵŶŝĐĂĐŝŽ- ͞dƌĂĚĞ͖ƚƌĂŶƐƉŽƌƚ͖ŚŽƐƚĞůƚƌĂĚĞ͖ĐŽŵŵƵŶŝĐĂƟŽŶ͟ƌĞƉƌĞƐĞŶƚ ŶĞƐͩ ;ϰϱ͕ϱйͿ ĚƵƌĂŶƚĞ ϮϬϬϵ͕ ƷůƟŵŽ ĞũĞƌĐŝĐŝŽ ĐŽŶ ĚĂ- ϰϱ͘ϱй͕͟&ŝŶĂŶĐŝĂů͕ƉƌŽƉĞƌƚLJ͕ƉƌŽĨĞƐƐŝŽŶĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƟǀĞ ƚŽƐŽĮĐŝĂůĞƐĚĞĐƌĞĐŝŵŝĞŶƚŽ͘ĚĞŵĄƐĚĞůĂƐĂŶƚĞƌŝŽƌĞƐ ĂĐƟǀŝƟĞƐ͟ϮϬ͘ϳйĂŶĚƚŚĞ͞WƵďůŝĐĚŵŝŶŝƐƚƌĂƟŽŶ͖ĞĚƵĐĂƟŽŶ͕

  
 

 
  



  
  

 
 


 
    
  
  


 
  
       


 
   


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173 CONCLUSIONES CONCLUSIONS 2011

ƌĂŵĂƐ͕ĚĞƐƚĂĐĂŶůĂƐͨĐƟǀŝĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐ͕ŝŶŵŽďŝ- ůŝĂƌŝĂƐ͕ ƉƌŽĨĞƐŝŽŶĂůĞƐ LJ ĂĚŵŝŶŝƐƚƌĂƟǀĂƐͩ ;ϮϬ͕ϳйͿ͕ ĂƐş ĐŽŵŽĞůŐƌƵƉŽͨĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐ͕ĞĚƵĐĂĐŝſŶ͕ ƐĂŶŝĚĂĚ͕ĂĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ƌĞĐƌĞĂƟǀĂƐLJĚĞĞŶƚƌĞ- ƚĞŶŝŵŝĞŶƚŽͩ;ϭϲ͕ϱйͿ͘

ů ŝŐƵĂů ƋƵĞ ĞŶ Ğů ĐĂƐŽ ĚĞ &ƵĞƌƚĞǀĞŶƚƵƌĂ͕ >ĂŶnjĂƌŽƚĞ ĂƉƌĞĐŝĂŵĞũŽƌşĂƐĞŶĂůŐƵŶŽƐĚĞƐƵƐŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐ- ƟǀŝĚĂĚ LJ ĞŵƉůĞŽ ĚƵƌĂŶƚĞ ϮϬϭϭ͕ ĐŽŵŽ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞůĞĨĞĐƚŽƉŽƐŝƟǀŽ͕ĞǀĞŶƚƵĂů͕ĚĞůƚƵƌŝƐŵŽ͕ƋƵĞŚĂĐŽ- ŵĞŶnjĂĚŽĂƉĞƌĚĞƌĞĨĞĐƚŽĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐ ĚĞϮϬϭϮ͕ĐŽŵŽƌĞǀĞůĂůĂĐĂşĚĂĚĞůϲ͕ϭйŚĂƐƚĂŵĂƌnjŽ͘

ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂƉĞƌŵĂŶĞĐĞĚĠ- ďŝů͕ĚĂĚĂůĂƚƌĂŶƐŝƚŽƌŝĞĚĂĚĚĞůĂƌĞĐƵƉĞƌĂĐŝſŶƚƵƌşƐƟĐĂ͕ LJƐĞŽďƐĞƌǀĂ͕ƐŽůĂŵĞŶƚĞ͕ůĂĐŽŶƚƌŝďƵĐŝſŶƉŽƐŝƟǀĂĚĞů ĐŽŶƐƵŵŽŶŽƌĞƐŝĚĞŶƚĞ͘ ,ĞĂůƚŚ ĂƌĞ ^LJƐƚĞŵ͖ ƌƚƐ͕ ZĞĐƌĞĂƟŽŶ ĂŶĚ ŶƚĞƌƚĂŝŶŵĞŶƚ͟ ůĐŝĞƌƌĞĚĞϮϬϭϭ͕ĞůŶƷŵĞƌŽĚĞƚƵƌŝƐƚĂƐĂƌƌŝďĂĚŽƐĂů ϭϲ͘ϱйŽĨƚŚĞŝƐůĂŶĚ͛ƐƉƌŽĚƵĐƟŽŶĨŽƌƚŚĞLJĞĂƌϮϬϬϵ͘ ƌĐŚŝƉŝĠůĂŐŽĂŶŽƚĂƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůϭϳ͕ϯй͕LJĐŽŶĠů͕ >ĂŶnjĂƌŽƚĞƐŚŽǁƐƐŝŵŝůĂƌĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚŝŶĚŝĐĂƚŽƌƐ ůĂ ĞŶĞƌպà ĞůĠĐƚƌŝĐĂ ĐŽŶƐƵŵŝĚĂ ;Ϭ͕ϲйͿ͕ ŐĞŶĞƌĄŶĚŽƐĞ to Fuerteventura’s during 2011, as tourism went up ƚĂŵďŝĠŶ ƵŶ ĞĨĞĐƚŽ ĚĞ ĂƌƌĂƐƚƌĞ ƐŽďƌĞ ŽƚƌŽƐ ŝŶĚŝĐĂĚŽ- ƚĞŵƉŽƌĂƌŝůLJďĞĨŽƌĞƐƚĂƌƟŶŐĂƐůŽǁĚŽǁŶƉĞƌŝŽĚĚƵƌŝŶŐĞĂƌůLJ ƌĞƐĚĞĂĐƟǀŝĚĂĚ͕ĐŽŵŽůĂŵĂƚƌŝĐƵůĂĐŝſŶĚĞǀĞŚşĐƵůŽƐ ϮϬϭϮ;ϭϲ͘ϱйͿƚŚĂƚǁŽƵůĚůĂƐƚƟůůDĂƌĐŚ͘ ;ϴ͕ϳйͿŽĞůƚƌĄĮĐŽƚŽƚĂůĚĞŵĞƌĐĂŶĐşĂƐĚĞůWƵĞƌƚŽĚĞ ƌƌĞĐŝĨĞ;ϲ͕ϳйͿ͘ ŽŵĞƐƟĐĚĞŵĂŶĚŝƐĞdžƉĞƌŝĞŶĐŝŶŐǁĞĂŬŶĞƐƐĚƵĞƚŽƚŚĞƐůŽǁ ƚĞŵƉŽƌĂƌLJƚŽƵƌŝƐƚŐƌŽǁƚŚǁŚĞƌĞƚŚĞĂĚǀĂŶĐĞŝƐŵŽƟǀĂƚĞĚďLJ DŝĞŶƚƌĂƐ ůĂ ĚĞƐĐĂƌŐĂ ĚĞ ŵĂƚĞƌŝĂůĞƐ ĚĞ ĐŽŶƐƚƌƵĐĐŝſŶ͕ ƚŚĞŶŽŶͲƌĞƐŝĚĞŶƚĐŽŶƐƵŵƉƟŽŶ͘ ŝŶĚŝĐĂĚŽƌĚĞƌĞĨĞƌĞŶĐŝĂƐŽďƌĞůĂĞǀŽůƵĐŝſŶĚĞůĂŝŶǀĞƌ- ƐŝſŶ͕ǀƵĞůǀĞĂŵŽƐƚƌĂƌƵŶĂŶƵĞǀĂĐŽŶƚƌĂĐĐŝſŶ͕ĚĞůϭϭ͕Ϯ At the end of 2011, the number of incoming tourist in all por ciento. ƚŚĞŝƐůĂŶĚƐĞdžƉĞƌŝĞŶĐĞĚĂŐƌŽǁƚŚŽĨϭϳ͘ϯй͕ǁŚŝĐŚůĞĚƚŽĂ Ŷ ĐƵĂŶƚŽ Ă ƐƵ ŵĞƌĐĂĚŽ ůĂďŽƌĂů͕ ĞƐƚĞ ĐŽŶƟŶƷĂ ƐƵ- ŚŝŐŚĞƌĞŶĞƌŐLJĐŽŶƐƵŵƉƟŽŶ;Ϭ͘ϲйͿ͕ŵŽƟǀĂƟŶŐŽƚŚĞƌĂĐƟǀŝƚLJ ŵĂŶĚŽŶƵĞǀŽƐĚĞƐĞŵƉůĞĂĚŽƐ͕ƵŶϭϯ͕ϱйŵĄƐĚƵƌĂŶƚĞ ŝŶĚŝĐĂƚŽƌƐ ƐƵĐŚ ĂƐ͕ sĞŚŝĐůĞ ƌĞŐŝƐƚƌĂƟŽŶ ;ϴ͘ϳйͿ Žƌ ƚŚĞ ƚŽƚĂů ϮϬϭϭ͕ĂƉĞƐĂƌĚĞŚĂďĞƌŵĞũŽƌĂĚŽĞůĞŵƉůĞŽƵŶϮ͕ϮйĂ ŐŽŽĚƐŝŶWƵĞƌƚŽĚĞƌƌĞĐŝĨĞ;ϲ͘ϳйͿ͘tŚĞƌĞĂƐƚŚĞƵŶůŽĂĚŝŶŐ ůŽůĂƌŐŽĚĞůĞũĞƌĐŝĐŝŽ͘ůŵŽƟǀŽƉŽƌĞůƋƵĞĐƌĞĐĞĞůƉĂƌŽ ŽĨĐŽŶƐƚƌƵĐƟŽŶŵĂƚĞƌŝĂů;ŝŶǀĞƐƚŵĞŶƚĚĞǀĞůŽƉŵĞŶƚŝŶĚŝĐĂƚŽƌͿ ƉĞƐĞĂůĂĐƌĞĂĐŝſŶĚĞĞŵƉůĞŽŶŽĞƐŽƚƌŽƋƵĞĞůĨƵĞƌƚĞ ƐŚŽǁƐĂŐĂŝŶĂϭϭ͘ϮйĚŽǁŶƚƵƌŶ͘ ĂǀĂŶĐĞĞdžƉĞƌŝŵĞŶƚĂĚŽƉŽƌůŽƐĂĐƟǀŽƐ͕ƋƵĞĂƵŵĞŶƚĂŶ >ĂŶnjĂƌŽƚĞ͛ƐůĂďŽƵƌŵĂƌŬĞƚŝƐƐƟůůŝŵŵĞƌƐĞĚŝŶƚŚĞƌĞĐĞƐƐŝŽŶ ƵŶϱ͕ϴй͕ĞŶƵŶĐŽŶƚĞdžƚŽĚĞŵĂLJŽƌŝŶŵŝŐƌĂĐŝſŶůĂďŽƌĂů ĂŌĞƌ Ă ůŽƐƐ ŽĨ ũŽďƐ ŽĨ ϭϯ͘ϱй ŝŶ ϮϬϭϭ͕ ŝŶ ƐƉŝƚĞ ŽĨ ƚŚĞ ŚĂĐŝĂĞůƌĐŚŝƉŝĠůĂŐŽ͕ĂƚƌĂşĚĂƉŽƌůĂĞǀĞŶƚƵĂůŵĞũŽƌşĂ ŝŶĐƌĞĂƐĞ ŝŶ ĞŵƉůŽLJŵĞŶƚ ŽĨ Ϯ͘Ϯй͘ dŚĞ ƐƚƌŽŶŐ ĞĐŽŶŽŵŝĐĂůůLJ ƚƵƌşƐƟĐĂ͘ ĂĐƟǀĞ ƉŽƉƵůĂƟŽŶ ŐƌŽǁƚŚ ;ϱ͘ϴйͿ ŵŽƟǀĂƚĞĚ ďLJ Ă ƉĞƌŝŽĚ ŶĐŽŶƐĞĐƵĞŶĐŝĂ͕ůĂƚĂƐĂĚĞƉĂƌŽĂĐƵƐĂĨƵĞƌƚĞŵĞŶƚĞ ŽĨ ŝŵŵŝŐƌĂƟŽŶ ƚŽǁĂƌĚƐ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ƐƚŽƉƉĞĚ ƚŚĞ ĞƐƚĞĐƌĞĐŝŵŝĞŶƚŽ͕ŚĂƐƚĂƚĂůƉƵŶƚŽĚĞĐŝĨƌĂƌůĂŵĂLJŽƌĚĞ unemployment rate from decreasing. Therefore, the ƚŽĚĂĂŶĂƌŝĂƐ͕Ğůϯϰ͕ϬƉŽƌĐŝĞŶƚŽ͘ highest unemployment rate in the Canary Islands is held in &ƵĞƌƚĞǀĞŶƚƵƌĂ;ϯϰйͿ͘ ŶŵĂƚĞƌŝĂĚĞĐŽŶƚƌĂƚĂĐŝſŶůĂďŽƌĂů͕ƐĞŽďƐĞƌǀĂƵŶĐƌĞ- ĐŝŵŝĞŶƚŽĚĞůŽƐĐŽŶƚƌĂƚŽƐĚĞůϭϭ͕ϬйƉĂƌĂϮϬϭϭ͕ƐŝďŝĞŶ In terms of recruitment, Fuerteventura experienced a growth ĞƐƚĞĂǀĂŶĐĞƌĞƐƉŽŶĚĞĂůĂƐƵƐĐƌŝƉĐŝſŶĚĞďĄƐŝĐĂŵĞŶƚĞ ŝŶƚŚĞŶƵŵďĞƌŽĨĐŽŶƚƌĂĐƚƐŽĨϭϭ͘ϬйŝŶϮϬϭϭ͕ĂƐƌĞƐƵůƚŽĨƚŚĞ

174 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

ƚĞŵƉŽƌĂůĞƐ͕ ĞŶ ĂƚĞŶĐŝſŶ Ă ŵĂLJŽƌĞƐ ŶĞĐĞƐŝĚĂĚĞƐ ĚĞů ƐĞĐƚŽƌƚƵƌşƐƟĐŽĚƵƌĂŶƚĞĞƐƚĞƷůƟŵŽĂŹŽ͘ La Palma

^ĞŐƷŶůŽƐƷůƟŵŽƐĚĂƚŽƐŽĮĐŝĂůĞƐ͕ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƐĂ ϮϬϬϵ͕ůĂŝƐůĂĚĞůĂWĂůŵĂĐŽŶƚĂďŝůŝnjſƵŶĐƌĞĐŝŵŝĞŶƚŽŶŽ- ŵŝŶĂůĚĞůϮ͕ϮйĚƵƌĂŶƚĞĚŝĐŚŽĞũĞƌĐŝĐŝŽ͕ůŽƋƵĞĐŽŶůůĞǀſ ƵŶĂǀĂŶĐĞĚĞƐƵƌĞƉƌĞƐĞŶƚĂƟǀŝĚĂĚĞŶĞůĐŽŶƚĞdžƚŽƌĞ- ƚĞŵƉŽƌĂƌLJ ĐŽŶƚƌĂĐƚƐ ŵŽƟǀĂƚĞĚ ďLJ ŚŝŐŚĞƌ ĚĞŵĂŶĚƐ ŝŶ ƚŚĞ ŐŝŽŶĂů͕ŚĂƐƚĂĂůĐĂŶnjĂƌĞůϯ͕ϱйĚĞůsĚĞůƌĐŚŝƉŝĠůĂŐŽ͘ tourist sector during the last year. - ŶĐƵĂŶƚŽĂƐƵĞƐƚƌƵĐƚƵƌĂƉƌŽĚƵĐƟǀĂ͕ĞƐƚĂƐĞĨƵŶĚĂ >ĂWĂůŵĂ ŵĞŶƚĂĞŶůĂƐĂĐƟǀŝĚĂĚĞƐͨĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐ͕ ĞĚƵĐĂĐŝſŶ͕ƐĂŶŝĚĂĚ͕ĂĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ƌĞĐƌĞĂƟǀĂƐ ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ ϮϬϬϵ ĮƐĐĂů LJĞĂƌ ƐƚĂƟƐƟĐƐ͕ ƚŚĞ ůĂƚĞƐƚ LJ ĚĞ ĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽͩ ;ϯϭ͕ϴйͿ LJ ĞŶ Ğů ͨŽŵĞƌĐŝŽ͕ ĂǀĂŝůĂďůĞ͕>ĂWĂůŵĂĞdžƉĞƌŝĞŶĐĞĚĂŶŽŵŝŶĂůƉƌŽŐƌĞƐƐ;Ϯ͘ϮйͿ͕ ƚƌĂŶƐƉŽƌƚĞ͕ ŚŽƐƚĞůĞƌşĂ Ğ ŝŶĨŽƌŵĂĐŝſŶ LJ ĐŽŵƵŶŝĐĂĐŝŽ- ǁŚŝĐŚůĞĚŝƚƐĐŽŶƚƌŝďƵƟŽŶƚŽƌĞŐŝŽŶĂů'sƚŽŐƌŽǁďLJϯ͘ϱй͘ ŶĞƐͩ;Ϯϳ͕ϱйͿ͘ >Ă WĂůŵĂ͛Ɛ ĞĐŽŶŽŵLJ ŝƐ ďĂƐĞĚ ŽŶ ͞WƵďůŝĐ ĚŵŝŶŝƐƚƌĂƟŽŶ͖ ĞĚƵĐĂƟŽŶ͕ ,ĞĂůƚŚ ĂƌĞ ^LJƐƚĞŵ͖ ƌƚƐ͕ ZĞĐƌĞĂƟŽŶ ĂŶĚ ƚĞŶĚŝĞŶĚŽĂůŽƐƉƌŝŶĐŝƉĂůĞƐŝŶĚŝĐĂĚŽƌĞƐĚĞĂĐƟǀŝĚĂĚ ŶƚĞƌƚĂŝŶŵĞŶƚ͟ ;ϯϭ͘ϴйͿ ĂŶĚ ŽŶ ͞dƌĂĚĞ͖ ƚƌĂŶƐƉŽƌƚ͖ ŚŽƐƚĞů LJĞŵƉůĞŽƉĂƌĂϮϬϭϭ͕ƚĂŶƐŽůŽƐĞŽďƐĞƌǀĂƵŶĂǀĂŶĐĞĚĞů ƚƌĂĚĞ͖ĐŽŵŵƵŶŝĐĂƟŽŶ͟;Ϯϳ͘ϱйͿ͘ ůĂĚŽĚĞůĂĂĐƟǀŝĚĂĚƚƵƌşƐƟĐĂ͕ĚĞůϰ͕ϬйŝŶƚĞƌĂŶƵĂůĞŶ ĞůĐĂƐŽĚĞůŽƐƚƵƌŝƐƚĂƐĞdžƚƌĂŶũĞƌŽƐ͕ƵŶĂĂĐƟǀŝĚĂĚƋƵĞ >Ă WĂůŵĂ͛Ɛ ĂĐƟǀŝƚLJ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ ŝŶĚŝĐĂƚŽƌƐ ĨŽƌ ϮϬϭϭ ƟĞŶĞƵŶŵĞŶŽƌŝŵƉĂĐƚŽĞŶĞůĐƌĞĐŝŵŝĞŶƚŽƉƌŽĚƵĐƟǀŽ ƌĞŇĞĐƚĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƚŽƵƌŝƐƚƐĞĐƚŽƌ;ϰ͘ϬйŝŶƚŚĞLJĞĂƌͲƚŽͲ

 
 

 
  



  

  
 


 
    
  

 


  

      

 
  
  

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175 CONCLUSIONES CONCLUSIONS 2011

ŝŶƐƵůĂƌƋƵĞŽƚƌĂƐŝƐůĂƐĚĞůƌĐŚŝƉŝĠůĂŐŽĐŽŶĚĞƐĂƌƌŽůůŽ ƚƵƌşƐƟĐŽƐŝŐŶŝĮĐĂƟǀŽ͘

ŶĐƵĂŶƚŽĂůŽƐĚĞŵĄƐŝŶĚŝĐĂĚŽƌĞƐĚĞĚĞŵĂŶĚĂ͕ĐĂĞ ĞůĐŽŶƐƵŵŽĚĞĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ;Ͳϭ͕ϵйͿ͖ƐĞƌĞĚƵĐĞĞů ƚƌĄĮĐŽƉŽƌƚƵĂƌŝŽĚĞŵĞƌĐĂŶĐşĂƐ;Ͳϱ͕ϲйͿ͕ĨƵŶĚĂŵĞŶƚĂů- ŵĞŶƚĞƉŽƌĞůƌĞƚƌŽĐĞƐŽĚĞůĂƐĞdžƉŽƌƚĂĐŝŽŶĞƐĚĞƉůĄ- ƚĂŶŽ͕ƋƵĞƐĞƌĞƐŝŶƟĞƌŽŶĞŶĞƐƚĂŝƐůĂƵŶϵ͕ϳйĚƵƌĂŶƚĞ ĞůƉĂƐĂĚŽĞũĞƌĐŝĐŝŽ͖ŵŝĞŶƚƌĂƐƋƵĞůĂŵĂƚƌŝĐƵůĂĐŝſŶƉĞƌ- ŵĂŶĞĐĞďĂũŽŵşŶŝŵŽƐ͕ƚƌĂƐƵŶĂŶƵĞǀĂĐĂşĚĂŝŶƚĞƌĂŶƵĂů del 4,4 por ciento.

Ŷ ĐƵĂŶƚŽ Ăů ĞŵƉůĞŽ͕ ůĂ ŽĐƵƉĂĐŝſŶ ĚŝƐŵŝŶƵLJĞ ĞŶ >Ă WĂůŵĂƵŶϮ͕ϱйŝŶƚĞƌĂŶƵĂů͕ĞŶƵŶĞƐĐĞŶĂƌŝŽĞŶĞůƋƵĞ LJĞĂƌƌĂƚĞͿŵŽƟǀĂƚĞĚďLJƚŚĞŝŶĐŽŵŝŶŐŝŶƚĞƌŶĂƟŽŶĂůƚŽƵƌŝƐƚƐ͘ ůŽƐĂĐƟǀŽƐĐƌĞĐĞŶƵŶϭ͕ϭй͕ĞůĞǀĂŶĚŽĂƷŶŵĄƐĞůĚĞƐ- dŚŝƐ ĂĐƟǀŝƚLJ ŚĂƐ Ă ƐŵĂůůĞƌ ŝŵƉĂĐƚ ŽŶ ƌĞŐŝŽŶĂů ƉƌŽĚƵĐƟǀĞ ĞŵƉůĞŽ͕ƋƵĞĂƵŵĞŶƚĂƵŶϭϬ͕ϳй͕ŚĂƐƚĂƐŝƚƵĂƌůĂƚĂƐĂ growth than other islands. ĚĞƉĂƌŽĞŶĞůϮϵ͕ϵƉŽƌĐŝĞŶƚŽ͘ The rest of the demand indicators experience a decrease: ůŝŐƵĂůƋƵĞĞŶĞůƌĞƐƚŽĚĞůĂƐŝƐůĂƐ͕ĞůĚĞƐĞŵƉůĞŽĞŶ ĞŶĞƌŐLJ ĐŽŶƐƵŵƉƟŽŶ ;Ͳϭ͘ϵйͿ͖ ĐĂƌŐŽ ƚƌĂĸĐ ;Ͳϱ͘ϲйͿ ŵŽƐƚůLJ >ĂWĂůŵĂƐĞĞŶĐƵĞŶƚƌĂĞŶŶŝǀĞůĞƐŵƵLJĞůĞǀĂĚŽƐƚƌĂƐ due to the drop in banana exports during the last year; ĐƵĂƚƌŽĂŹŽƐĚĞĐƌŝƐŝƐ͕ĂůĐĂŶnjĂŶĚŽĚĞƐĚĞĞůŝŶŝĐŝŽĚĞůĂ ǁŚĞƌĞĂƐ ǀĞŚŝĐůĞ ƌĞŐŝƐƚƌĂƟŽŶ ŝƐ ƐƟůů Ăƚ Ă ŵŝŶŝŵƵŵ͕ ĂŌĞƌ Ă ĐƌŝƐŝƐ;ϮϬϬϳͿ͕ĚĞůϭϴϴ͕ϱƉŽƌĐŝĞŶƚŽ͘ ŶĞǁĚĞĐƌĞĂƐĞŝŶƚŚĞLJĞĂƌͲƚŽLJĞĂƌƌĂƚĞŽĨϰ͘ϰй͘ La Gomera >ĂWĂůŵĂ͛ƐĞŵƉůŽLJŵĞŶƚĚĞĐƌĞĂƐĞƐϮ͘ϱйLJĞĂƌͲƚŽͲLJĞĂƌ͕ǁŚĞƌĞ ^ĞƚƌĂƚĂĚĞƵŶĂĞĐŽŶŽŵşĂĚĞƉĞƋƵĞŹĂĚŝŵĞŶƐŝſŶ͕LJĂ ƚŚĞ ŶƵŵďĞƌ ŽĨ ĂĐƟǀĞ ƉŽƉƵůĂƟŽŶ ŬĞĞƉƐ ŐƌŽǁŝŶŐ ϭ͘ϭй͕ ƋƵĞůĂŝƐůĂĚĞůĂ'ŽŵĞƌĂĂƉĞŶĂƐĐŽŶƚĂďŝůŝnjĂϰϬϴ͕ϴŵŝ- ǁŚŝĐŚĞǀŽŬĞƐĂŚŝŐŚĞƌƵŶĞŵƉůŽLJŵĞŶƚ;ϭϬ͘ϳйͿ͕ƉůĂĐŝŶŐƚŚĞ ůůŽŶĞƐ ĚĞ ĞƵƌŽƐ ĚƵƌĂŶƚĞ ϮϬϬϵ͕ Ğů ϭ͕ϭй ĚĞ ůĂ ƌŝƋƵĞnjĂ ƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞŝŶϮϵ͘ϵй͘ƐƚŚĞƌĞƐƚŽĨƚŚĞŝƐůĂŶĚƐ͕>Ă ƌĞŐŝŽŶĂů͘ ŶƚƌĞƐ ƐƵƐ ĂĐƟǀŝĚĂĚĞƐ ƉƌŽĚƵĐƟǀĂƐ͕ ĚĞƐƚĂ- WĂůŵĂ͛ƐƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞŝƐŝŶĂƌĞĂůůLJĚƌĂŵĂƟĐƐŝƚƵĂƟŽŶ ĐĂŶ ͨŽŵĞƌĐŝŽ͕ ƚƌĂŶƐƉŽƌƚĞ͕ ŚŽƐƚĞůĞƌşĂ Ğ ŝŶĨŽƌŵĂĐŝſŶ ĨŽƵƌ LJĞĂƌƐ ĂŌĞƌ ƚŚĞ ĐƌŝƐŝƐ͕ ƉůĂĐŝŶŐ ŝƚ ŝŶ ϭϴϴ͘ϱй ƌĞŐĂƌĚŝŶŐ LJĐŽŵƵŶŝĐĂĐŝŽŶĞƐͩ;ϯϬ͕ϵйͿ͕LJůĂƌĂŵĂĚĞĂĐƟǀŝĚĂĚĞƐ ϮϬϬϳ͘ ƉƷďůŝĐĂƐ͕ƋƵĞĂƉŽƌƚĂŶĞůϮϳ͕ϭйĚĞůĂƉƌŽĚƵĐĐŝſŶƚŽƚĂů͘ >Ă'ŽŵĞƌĂ KƚƌĂƐ ĂĐƟǀŝĚĂĚĞƐ ƋƵĞ ĨŽƌŵĂŶ ƉĂƌƚĞ ƐŝŐŶŝĮĐĂƟǀĂ ĚĞ ĞƐƚĂĞĐŽŶŽŵşĂŝŶƐƵůĂƌĨƵĞƌŽŶůĂͨŽŶƐƚƌƵĐĐŝſŶ͕ͩĐŽŶ La Gomera’s economy was only worth 408.8 million euro ƵŶĂƌĞůĞǀĂŶĐŝĂĚĞůϭϵ͕ϵй͕LJůĂƐͨĐƟǀŝĚĂĚĞƐĮŶĂŶĐŝĞ- ŝŶ ϮϬϬϵ ĂŶĚ ĐŽŶƚƌŝďƵƚĞĚ ϭ͘ϭй ƚŽ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ͛ 'W͘ ƌĂƐ͕ ŝŶŵŽďŝůŝĂƌŝĂƐ͕ ƉƌŽĨĞƐŝŽŶĂůĞƐ LJ ĂĚŵŝŶŝƐƚƌĂƟǀĂƐ͕ͩ /ƚƐ ƉƌŽĚƵĐƟŽŶ ŝƐ ďĂƐĞĚ ŽŶ dƌĂĚĞ͖ ƚƌĂŶƐƉŽƌƚ͖ ŚŽƐƚĞů ƚƌĂĚĞ͖ ƋƵĞƌĞƉƌĞƐĞŶƚĂƌŽŶƵŶϭϲ͕ϳƉŽƌĐŝĞŶƚŽ͘ ĐŽŵŵƵŶŝĐĂƟŽŶ͟ ;ϯϬ͘ϵйͿ ĂŶĚ ŽŶ ƉƵďůŝĐ ĂĐƟǀŝƟĞƐ ;Ϯϳ͘ϭйͿ͘ ͟ŽŶƐƚƌƵĐƟŽŶ͟ ƌĞƉƌĞƐĞŶƚƐ ϭϲ͘ϲй ŽĨ >Ă 'ŽŵĞƌĂ͛Ɛ ĞĐŽŶŽŵLJ >ŽƐƉŽĐŽƐŝŶĚŝĐĂĚŽƌĞƐĚŝƐƉŽŶŝďůĞƐĚĞĂĐƟǀŝĚĂĚLJĞŵ- ĂŶĚ ͞&ŝŶĂŶĐŝĂů͕ ƉƌŽƉĞƌƚLJ͕ ƉƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ƉůĞŽƌĞůĂƟǀŽƐĂϮϬϭϭĂƉƵŶƚĂŶĂƵŶĂƵŵĞŶƚŽĚĞůϰ͕ϲй ĂĐƟǀŝƟĞƐ͕͟ϭϲ͘ϳй͘ ĚĞůĐŽŶƐƵŵŽĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂ͕ĂĚǀŝƌƟĠŶĚŽƐĞƚĂŵďŝĠŶ ƵŶŶŽƚĂďůĞŝŶĐƌĞŵĞŶƚŽĚĞůϮϱ͕ϴйĞŶůĂŵĂƚƌŝĐƵůĂĐŝſŶ >Ă 'ŽŵĞƌĂ͛Ɛ ĂĐƟǀŝƚLJ ĂŶĚ ĞŵƉůŽLJŵĞŶƚ ŝŶĚŝĐĂƚŽƌƐ ĨŽƌ ϮϬϭϭ ĚĞ ǀĞŚşĐƵůŽƐ͘ ,ĂLJ ƋƵĞ ƌĞĐŽƌĚĂƌ ƋƵĞ ƚĂůĞƐ ƌĞƐƵůƚĂĚŽƐ ƌĞŇĞĐƚ ĂŶ ŝŶĐƌĞĂƐĞ ŝŶ  ĞŶĞƌŐLJ ĐŽŶƐƵŵƉƟŽŶ ;ϰ͘ϲйͿ ĂŶĚ ĂŶ - ĐŽŝŶĐŝĚĞŶĐŽŶƵŶĂĨƵĞƌƚĞĂŇƵĞŶĐŝĂĚĞůĂĂĐƟǀŝĚĂĚƚƵ ŝŵƉƌĞƐƐŝǀĞƌŝƐĞŝŶǀĞŚŝĐůĞƌĞŐŝƐƚƌĂƟŽŶ;Ϯϱ͘ϴйͿ͘dŚĞƐĞƌĞƐƵůƚƐ ƌşƐƟĐĂ͕ƋƵĞƌĞƉĞƌĐƵƚĞĚĞŵĂŶĞƌĂƐƵƐƚĂŶƟǀĂƐŽďƌĞůĂ ĂƌĞŵŽƟǀĂƚĞĚďLJŚŝŐŚĞƌĚĞŵĂŶĚƐŝŶƚŚĞƚŽƵƌŝƐƚƐĞĐƚŽƌ͕ǁŚŝĐŚ ĚĞŵĂŶĚĂŝŶƚĞƌŝŽƌĚĞƵŶĂŝƐůĂƉŽĐŽƉŽďůĂĚĂĐŽŵŽ>Ă ŚĂǀĞĂŶĞīĞĐƚŽŶƚŚĞĚŽŵĞƐƟĐĚĞŵĂŶĚŽĨĂŶŝƐůĂŶĚǁŝƚŚĂ 'ŽŵĞƌĂ͘ ůŽǁƉŽƉƵůĂƟŽŶĚĞŶƐŝƚLJ͘

176 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

WŽƌƐƵƉĂƌƚĞ͕ĞůŵĞƌĐĂĚŽůĂďŽƌĂůĐŽŶƟŶƷĂƐƵĨĂƐĞƌĞĐĞ- ƐŝǀĂĚƵƌĂŶƚĞϮϬϭϭ͕ĞŶĞůƋƵĞĞůĂƵŵĞŶƚŽĚĞůŽƐƉĂƌĂ- ĚŽƐ;Ϯϭ͕ϵйͿŚĂǀĞŶŝĚŽĂĐŽŵƉĂŹĂĚŽƉŽƌƵŶŝŶĐƌĞŵĞŶ- ƚŽĚĞůŽƐĂĐƟǀŽƐĚĞůϰ͕ϵй͕ĚĞŵĂŶĞƌĂƋƵĞůĂƚĂƐĂĚĞ ƉĂƌŽĂƐĐŝĞŶĚĞŚĂƐƚĂĞůϮϵ͕ϵйĂůĐŝĞƌƌĞĚĞϮϬϭϭ͘

El Hierro /ƚƐ ůĂďŽƵƌ ŵĂƌŬĞƚ ĐŽŶƟŶƵĞĚ ƚŽ ĞdžƉĞƌŝĞŶĐĞ ƚŚĞ ƌĞĐĞƐƐŝŽŶ ĚƵƌŝŶŐϮϬϭϭ͕ǁŚĞƌĞƵŶĞŵƉůŽLJŵĞŶƚƌŽƐĞƚŽϮϭ͘ϵйĂŶĚƚŚĞ &ŝŶĂůŵĞŶƚĞ͕ůĂĞĐŽŶŽŵşĂŵĄƐƉĞƋƵĞŹĂĚĞůĂZĞŐŝſŶ͕ ĂĐƟǀĞƉŽƉƵůĂƟŽŶŝŶĐƌĞĂƐĞĚϰ͘ϵй͕ŵĞĂŶŝŶŐĂŐƌŽǁƚŚŝŶƚŚĞ ů,ŝĞƌƌŽ͕ĐŽŶƚĂďŝůŝnjĂƵŶĂƉƌŽĚƵĐĐŝſŶǀĂůŽƌĂĚĂĞŶƚĠƌ- ƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞϮϵ͘ϵйĂƚƚŚĞĞŶĚŽĨϮϬϭϭ͘ ŵŝŶŽƐŵŽŶĞƚĂƌŝŽƐĞŶϭϳϴ͕ϲŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕ůŽƋƵĞ ƐƵƉŽŶĞĂƉĞŶĂƐĞůϬ͕ϱйĚĞůĐŽŶũƵŶƚŽĐĂŶĂƌŝŽĚƵƌĂŶƚĞ El Hierro ϮϬϬϵ͘ Last but not least, El Hierro’s economy is the smallest in ^ƵĞƐƚƌƵĐƚƵƌĂĞĐŽŶſŵŝĐĂƐĞĐŽŶĐĞŶƚƌĂƉƌŝŶĐŝƉĂůŵĞŶ- ƚŚĞ ĂƌĐŚŝƉĞůĂŐŽ ĂŶĚ ŝƚ ŝƐ ǁŽƌƚŚ ϭϳϴ͘ϲ ŵŝůůŝŽŶ ĞƵƌŽ͕ ;Ϭ͘ϱй ƚĞĞŶƚŽƌŶŽĂůŽƐŐƌƵƉŽƐͨĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐ͕ ŽĨ ĂŶĂƌLJ /ƐůĂŶĚƐ͛ 'W ŝŶ ϮϬϬϵͿ͘ /ƚƐ ƉƌŽĚƵĐƟŽŶ ŝƐ ďĂƐĞĚ ĞĚƵĐĂĐŝſŶ͕ƐĂŶŝĚĂĚ͕ĂĐƟǀŝĚĂĚĞƐĂƌơƐƟĐĂƐ͕ƌĞĐƌĞĂƟǀĂƐ ŽŶ ͞WƵďůŝĐ ĚŵŝŶŝƐƚƌĂƟŽŶ͖ ĞĚƵĐĂƟŽŶ͕ ,ĞĂůƚŚ ĂƌĞ ^LJƐƚĞŵ͖ LJ ĚĞ ĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽͩ ;ϯϰ͕ϴйͿ͕ ͨŽŵĞƌĐŝŽ͕ ƚƌĂŶƐ- ƌƚƐ͕ZĞĐƌĞĂƟŽŶĂŶĚŶƚĞƌƚĂŝŶŵĞŶƚ͟;ϯϰ͘ϴйͿĂŶĚŽŶ͞dƌĂĚĞ͖ ƉŽƌƚĞ͕ ŚŽƐƚĞůĞƌşĂ Ğ ŝŶĨŽƌŵĂĐŝſŶ LJ ĐŽŵƵŶŝĐĂĐŝŽŶĞƐͩ ƚƌĂŶƐƉŽƌƚ͖ ŚŽƐƚĞů ƚƌĂĚĞ͖ ĐŽŵŵƵŶŝĐĂƟŽŶ͟ ;Ϯϱ͘ϬйͿ ĂŶĚ ;Ϯϱ͕ϬйͿLJͨŽŶƐƚƌƵĐĐŝſŶͩ;ϭϵ͕ϱйͿ͘ ͞ŽŶƐƚƌƵĐƟŽŶ͟;ϭϵ͘ϱйͿ͘

 
 

 
  



  

   
 


 
   
  

 


  

     


  
  

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177 CONCLUSIONES CONCLUSIONS 2011

Ŷ ĐƵĂŶƚŽ Ă ůĂ ĞǀŽůƵĐŝſŶ ŵĄƐ ƌĞĐŝĞŶƚĞ͕ ůĂ ĞƐĐĂƐĂ ŝŶ- ĨŽƌŵĂĐŝſŶĚĞůĂƋƵĞĚŝƐƉŽŶĞŵŽƐŵƵĞƐƚƌĂƵŶĐŽŶƚĞdžƚŽ ƌĞĐĞƐŝǀŽĞŶĞƐƚĞĄŵďŝƚŽŝŶƐƵůĂƌ͕ĂĚǀŝƌƟĠŶĚŽƐĞƋƵĞůĂ - ŵĂƚƌŝĐƵůĂĐŝſŶĚĞǀĞŚşĐƵůŽƐƌĞƚƌŽĐĞĚĞƵŶŝŶƚĞŶƐĂŵĞŶ ů ,ŝĞƌƌŽ͛Ɛ ƌĞĐĞŶƚ ĞǀŽůƵƟŽŶ ƌĞǀĞĂůƐ Ă ŐĞŶĞƌĂů ĚĞĐƌĞĂƐĞ ŝŶ - ƚĞƵŶϱϯ͕ϯйŝŶƚĞƌĂŶƵĂůĚƵƌĂŶƚĞϮϬϭϭ͕ĂƵŶƋƵĞĞůĐŽŶ ĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚŝŶĚŝĐĂƚŽƌƐ͕ĞdžƉĞƌŝĞŶĐŝŶŐĂĚĞĐƌĞĂƐĞ ƐƵŵŽĚĞĞŶĞƌŐşĂĞůĠĐƚƌŝĐĂĂƵŵĞŶƚĂŚĂƐƚĂĞůϮ͕ϯй͕LJůĂƐ ŝŶǀĞŚŝĐůĞƌĞŐŝƐƚƌĂƟŽŶϱϯ͘ϯйLJĞĂƌͲƚŽLJĞĂƌƌĂƚĞĚƵƌŝŶŐϮϬϭϭ͕ ĞƐƚĂĚşƐƟĐĂƐĚĞWƵĞƌƚŽĚĞůĂƐƚĂĐĂƌĞǀĞůĂŶƵŶĂƐĐĞŶƐŽ ŽŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ĞŶĞƌŐLJĐŽŶƐƵŵƉƟŽŶŐƌĞǁďLJϮ͘ϯйĂŶĚ - ĚĞůϭϭ͕ϬƉŽƌĐŝĞŶƚŽ͘ƐƚĂĞůĞǀĂĐŝſŶŚĂĚĞƐĞƌƌĞůĂƟǀŝnjĂ ƚŚĞ WƵĞƌƚŽ ĚĞ ƐƚĂĐĂ ƐƚĂƟƐƟĐƐ ƐŚŽǁ ĂŶ ϭϭ͘Ϭй ŝŶĐƌĞĂƐĞ͘ ĚĂ͕ĚĂĚĂƐƵĞƐĐĂƐĂĚĞŵĂŶĚĂŝŶƚĞƌŝŽƌ͕LJƉŽƌƋƵĞƉƵĚŽ ,ŽǁĞǀĞƌ͕ƚŚŝƐĚĞǀĞůŽƉŵĞŶƚŝƐƐƵďũĞĐƚƚŽƚŚĞůŝŵŝƚĞĚĚŽŵĞƐƟĐ - ĞůĞǀĂƌĂůĂůnjĂĚŝĐŚĂƐĞƐƚĂĚşƐƟĐĂƐ͕ƚĂŶƚŽůŽƐŵĂLJŽƌĞƐƌĞ demands and said results could have been exaggerated, and ƋƵĞƌŝŵŝĞŶƚŽƐƐƵƌŐŝĚŽƐĂƉĂƌƟƌĚĞƉƌŽLJĞĐƚŽƐƐŝŶŐƵůĂƌĞƐ ĂůƐŽƚŽƚŚĞŚŝŐŚĞƌƌĞƋƵŝƌĞŵĞŶƚƐƉƌŽĚƵĐĞĚďLJƉƌŽũĞĐƚƐƐƵĐŚ ĐŽŵŽůĂĞŶƚƌĂůŚŝĚƌŽĞůĠĐƚƌŝĐĂĚĞ'ŽƌŽŶĂĚĞůsŝĞŶƚŽ͕ ĂƐ ƚŚĞ 'ŽƌŽŶĂ ĚĞů sŝĞŶƚŽ ŚLJĚƌŽĞůĞĐƚƌŝĐ ƉŽǁĞƌ ƐƚĂƟŽŶ Žƌ ŽƉŽƌĞůŝŶŝĐŝŽ͕ĞŶŽĐƚƵďƌĞ͕ĚĞƵŶƉƌŽĐĞƐŽĞƌƵƉƟǀŽĞŶ ĂīĞĐƚĞĚďLJƚŚĞĞƌƵƉƟǀĞĐƌŝƐŝƐƚŚĂƚƚŽŽŬƉůĂĐĞŝŶKĐƚŽďĞƌŝŶ ĂŐƵĂƐĚĞ>ĂZĞƐƟŶŐĂ͘ >ĂZĞƐƟŶŐĂ͘ ŶŵĂƚĞƌŝĂĚĞĞŵƉůĞŽ͕ůŽƐƌĞƐƵůƚĂĚŽƐŶŽŵƵĞƐƚƌĂŶƵŶ /ƚƐ ůĂďŽƵƌ ŵĂƌŬĞƚ ĚŽĞƐ ŶŽƚ ƐŚŽǁ Ă ƉŽƐŝƟǀĞ ƐŝƚƵĂƟŽŶ ĨŽƌ ŵĂƟnjƉŽƐŝƟǀŽƉĂƌĂϮϬϭϭ͕ƚŽĚĂǀĞnjƋƵĞůĂŽĐƵƉĂĐŝſŶ ϮϬϭϭ͕ ƐŝŶĐĞ ĞŵƉůŽLJŵĞŶƚ ǁĞŶƚ ĚŽǁŶ Ϯ͘ϯй ĂŶĚ ĐŽŶƚƌĂĐƚƐ ĐĂĞƵŶϮ͕ϯй͕LJůĂĐŽŶƚƌĂƚĂĐŝſŶĞŶƵŶϭ͕ϲй͘^ŝŶĞŵďĂƌ- ϭ͘ϲй͘ EĞǀĞƌƚŚĞůĞƐƐ͕ Ă ĚĞĐƌĞĂƐĞ ŝŶ ƵŶĞŵƉůŽLJŵĞŶƚ ;ϱ͘ϯйͿ ŐŽ͕ƐĞĂƉƌĞĐŝĂƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞůƉĂƌŽĚĞůϱ͕ϯйƉŽƌůĂ ĐĂŶďĞŽďƐĞƌǀĞĚŵŽƟǀĂƚĞĚďLJƚŚĞƌĞƟƌĞŵĞŶƚŽĨƚŚĞĂĐƟǀĞ ƌĞƟƌĂĚĂĚĞĂĐƟǀŽƐ;Ͳϯ͕ϭйͿ͘>ĂƚĂƐĂĚĞƉĂƌŽƐĞŵŝŶŽƌĂ ƉŽƉƵůĂƟŽŶ;Ͳϯ͘ϭйͿ͘dŚĞƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞĚĞĐƌĞĂƐĞĚϬ͘ϱй ĞŶĐŽŶƐĞĐƵĞŶĐŝĂĞŶĐŝŶĐŽĚĠĐŝŵĂƐ͕LJĐŝĞƌƌĂĞůĞũĞƌĐŝĐŝŽ ǁŝƚŚƚŚĞLJĞĂƌĐůŽƐŝŶŐĂƚϮϳ͘Ϯй͘ ĞŶĞůϮϳ͕ϮƉŽƌĐŝĞŶƚŽ͘

 
 

 
  



  

   
 


 
   
  

 



   

      
  
   

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178 LA ECONOMÍA CANARIA. Principales rasgos del crecimiento insular. THE CANARY ISLANDS ECONOMY. Main features of economic growth in the Canary Islands.3.5

>ĂƐƉĞƌƐƉĞĐƟǀĂƐƉĂƌĂϮϬϭϮŶŽƌĞƐƵůƚĂŶĞƐƉĞĐŝĂůŵĞŶ- ƚĞŚĂůĂŐƺĞŹĂƐ͕ƉŽƌůŽƐĞĨĞĐƚŽƐĚĞůƉƌŽĐĞƐŽǀŽůĐĄŶŝĐŽ ƐŽďƌĞĞůƚƵƌŝƐŵŽŝŶƐƵůĂƌ͕ĂůŝŵƉĞĚŝƌůĂƐƉƌĄĐƟĐĂƐĂĐƵĄ- ů,ŝĞƌƌŽĚŽĞƐŶŽƚƉƌĞƐĞŶƚĂŶĞŶĐŽƵƌĂŐŝŶŐƐŝƚƵĂƟŽŶƐŝŶĐĞƚŚĞ ƟĐĂƐLJƐƵďŵĂƌŝŶĂƐĞŶĞůĄƌĞĂƚƵƌşƐƟĐĂĚĞ>ĂZĞƐƟŶŐĂ͘ ǀŽůĐĂŶŝĐĂĐƟǀŝƚLJŚĂƐƐůŽǁĞĚĚŽǁŶƚŚĞǁĂƚĞƌĂŶĚƵŶĚĞƌǁĂƚĞƌ YƵĞĚĂůĂƐƚƌĂĚŽĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂŚĞƌƌĞ- ĂĐƟǀŝƟĞƐ ŝŶ ƚŚĞ ƚŽƵƌŝƐƚ ĂƌĞĂ ŽĨ >Ă ZĞƐƟŶŐĂ͘ dŚĞ ĐƵƌƌĞŶƚ ŹĂ͕ƉŽƌůŽƋƵĞƐĞũƵƐƟĮĐĂŶůĂƐĂLJƵĚĂƐƉƷďůŝĐĂƐĞƐƚĂƚĂ- ƐŝƚƵĂƟŽŶ ƌĞŵĂŝŶƐ ƐƚĂŐŶĂŶƚ͕ ǁŚŝĐŚ ŝƐ Ă ůĞŐĂů ƌĞĂƐŽŶ ƚŚĂƚ les previstas para la Isla. ũƵƐƟĮĞƐƌĞĐĞŝǀŝŶŐƚŚĞŶĞĐĞƐƐĂƌLJƉƵďůŝĐƐƵďƐŝĚŝĞƐ͘

179 CONCLUSIONES CONCLUSIONS 2011

 

 
  
  
   



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181

CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

ϭϱ͘ϰ͘ŽŶƐŝĚĞƌĂĐŝŽŶĞƐŐĞŶĞƌĂůĞƐƐŽďƌĞĞůĐƌĞĐŝŵŝĞŶƚŽ ĚĞůĂĞĐŽŶŽŵşĂĚĞƐƉĂŹĂLJĚĞĂŶĂƌŝĂƐĚƵƌĂŶƚĞůŽƐ próximos años.

ƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮ͕ůĂƐŝƚƵĂĐŝſŶĞĐŽ- ŶſŵŝĐĂ ĚĞ ƐƉĂŹĂ͕ LJ ƉŽƌ ĞdžƚĞŶƐŝſŶ͕ ĚĞ ĂŶĂƌŝĂƐ͕ ƐĞ ŚĂŝĚŽĐŽŵƉůŝĐĂŶĚŽĂŵĞĚŝĚĂƋƵĞƐĞĂŐƵĚŝnjĂďĂŶůŽƐ ƉƌŽďůĞŵĂƐƋƵĞůĂƐƚƌĂŶĂŶƵĞƐƚƌĂĞƐƚƌƵĐƚƵƌĂƉƌŽĚƵĐƟǀĂ ĚĞƐĚĞŚĂĐĞLJĂǀĂƌŝŽƐĂŹŽƐ͘

>ŽƐĚĞƐĞƋƵŝůŝďƌŝŽƐĂĐƵŵƵůĂĚŽƐƉŽƌůĂĞĐŽŶŽŵşĂĞƐƉĂ- ŹŽůĂƐŽŶ͕ĐĂĚĂǀĞnjŵĄƐ͕ǀŝƐƚŽƐĚĞƐĚĞĞůĞdžƚĞƌŝŽƌĐŽŵŽ ƵŶƐŝŐŶŽĚĞĐƌĞĐŝĞŶƚĞĨƌĂŐŝůŝĚĂĚ͕ƋƵĞƉŽŶĞĞŶƉĞůŝŐƌŽ ŶŽƐŽůŽĂŶƵĞƐƚƌŽƉĂşƐ͕ƐŝŶŽĂůƉƌŽLJĞĐƚŽĐŽŵƵŶŝƚĂƌŝŽ ĚĞůĞƵƌŽ͘

>ĂĂŐƵĚŝnjĂĐŝſŶĚĞůĂĐƌŝƐŝƐ͕ũƵŶƚŽĐŽŶĞůĞŵƉĞŽƌĂŵŝĞŶ- to de las previsiones de crecimiento, han propiciado ƋƵĞ͕ƌĞĐŝĞŶƚĞŵĞŶƚĞ͕ůĂƐĂŐĞŶĐŝĂƐĚĞĐĂůŝĮĐĂĐŝſŶƌĞďĂ- ũĂƌĂŶŶƵĞǀĂŵĞŶƚĞůĂĐĂůŝĮĐĂĐŝſŶĚĞŶƵĞƐƚƌĂĚĞƵĚĂ͕LJ ƋƵĞůĂƉƌŝŵĂĚĞƌŝĞƐŐŽƐĞƐŝƚƷĞĞŶnjŽŶĂĚĞŵĄdžŝŵŽƐ históricos. ϰ͘'ĞŶĞƌĂůĐŽŶƐŝĚĞƌĂƟŽŶƐŽŶĞĐŽŶŽŵŝĐŐƌŽǁƚŚŝŶ^ƉĂŝŶĂŶĚ the Canary Islands during the upcoming years ůĐƌĞĐŝĞŶƚĞŶŝǀĞůĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽ͕LJĞůĂůƚŽĐŽƐƚĞ ƋƵĞĞdžŝŐĞŶůŽƐŵĞƌĐĂĚŽƐ͕ŝŵƉŝĚĞĂůƐƚĂĚŽĮŶĂŶĐŝĂƌƐ- ƵƌŝŶŐƚŚĞĮƌƐƚŵŽŶƚŚƐŽĨϮϬϭϮ͕ƚŚĞĞĐŽŶŽŵŝĐƐŝƚƵĂƟŽŶŽĨ

ÍNDICE DE COMPETITIVIDAD REGIONAL DE LA UNIÓN EUROPEA. POSICIÓN RELATIVA DE CANARIAS/ EU REGIONAL COMPETITIVENESS INDEX. RELATIVE POSITION OF THE CANARY ISLANDS. ESPAÑA/SPAIN UE-27/ EU 27

Valoración global/ Overall Assessment 16 220

Infraestructuras/Infrastructure 17 248

Sanidad/Health 11 111

Educación superior/Higher Education 12 224

Mercado laboral/Labour Market Efficiency 15 244

Preparación tecnológica/Technological Readiness 10 173 Preparación tecnológica-Hogares/ Technological 9 174 Readiness-Households Sofisticación empresarial/Business Sophistication 15 234

Tamaño del mercado/Market Size 13 186

Innovación/Innovation 16 228

Datos referidos al período 2007-09, y se ordenan de mayor a menor competitividad/Data referring to the period 2007-2009, arranged in increasing order of competitiveness. // La muestra contiene un total de 268 regiones europeas. En España se excluye a Ceuta y Melilla./The figures contain a total of 268 European regions. In Spain, Ceuta and Melilla are excluded. // Fuente: EU Regional Competitiveness Index. Comisión Europea JRC./Source: EU Regional Competitiveness Index. European Comm JRC. // Elaboración: Confederación Canaria de Empresarios / Compiled by CCE Tabla 4.1 Table 4.1

183

CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

ƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞϮϬϭϮ͕ůĂƐŝƚƵĂĐŝſŶĞĐŽ- ŶſŵŝĐĂ ĚĞ ƐƉĂŹĂ͕ LJ ƉŽƌ ĞdžƚĞŶƐŝſŶ͕ ĚĞ ĂŶĂƌŝĂƐ͕ ƐĞ ŚĂŝĚŽĐŽŵƉůŝĐĂŶĚŽĂŵĞĚŝĚĂƋƵĞƐĞĂŐƵĚŝnjĂďĂŶůŽƐ ƉƌŽďůĞŵĂƐƋƵĞůĂƐƚƌĂŶĂŶƵĞƐƚƌĂĞƐƚƌƵĐƚƵƌĂƉƌŽĚƵĐƟǀĂ ĚĞƐĚĞŚĂĐĞLJĂǀĂƌŝŽƐĂŹŽƐ͘

>ŽƐĚĞƐĞƋƵŝůŝďƌŝŽƐĂĐƵŵƵůĂĚŽƐƉŽƌůĂĞĐŽŶŽŵşĂĞƐƉĂ- ŹŽůĂƐŽŶ͕ĐĂĚĂǀĞnjŵĄƐ͕ǀŝƐƚŽƐĚĞƐĚĞĞůĞdžƚĞƌŝŽƌĐŽŵŽ ƵŶƐŝŐŶŽĚĞĐƌĞĐŝĞŶƚĞĨƌĂŐŝůŝĚĂĚ͕ƋƵĞƉŽŶĞĞŶƉĞůŝŐƌŽ Spain and, by extension, of the Canary Islands, has been ŶŽƐŽůŽĂŶƵĞƐƚƌŽƉĂşƐ͕ƐŝŶŽĂůproyecto comunitario ŐĞƫŶŐ ŵŽƌĞ ĐŽŵƉůŝĐĂƚĞĚ ĂƐ ƚŚĞ ƉƌŽďůĞŵƐ ĚĂŵĂŐŝŶŐ ŽƵƌ del euro. ƉƌŽĚƵĐƟǀĞ ƐƚƌƵĐƚƵƌĞ ŽǀĞƌ ƚŚĞ ůĂƐƚ ĨĞǁ LJĞĂƌƐ ŚĂǀĞ ďĞĞŶ increasing. >ĂĂŐƵĚŝnjĂĐŝſŶĚĞůĂĐƌŝƐŝƐ͕ũƵŶƚŽĐŽŶĞůĞŵƉĞŽƌĂŵŝĞŶ- to de las previsiones de crecimiento, han propiciado The instability accumulated by the Spanish economy is ƋƵĞ͕ƌĞĐŝĞŶƚĞŵĞŶƚĞ͕ůĂƐĂŐĞŶĐŝĂƐĚĞĐĂůŝĮĐĂĐŝſŶƌĞďĂ- increasingly seen from the outside as a sign of growing ũĂƌĂŶŶƵĞǀĂŵĞŶƚĞůĂĐĂůŝĮĐĂĐŝſŶĚĞŶƵĞƐƚƌĂĚĞƵĚĂ͕LJ fragility which jeopardizes not only our country, but also the ƋƵĞůĂƉƌŝŵĂĚĞƌŝĞƐŐŽƐĞƐŝƚƷĞĞŶnjŽŶĂĚĞŵĄdžŝŵŽƐ ĐŽŵŵƵŶŝƚLJƉƌŽũĞĐƚŽĨƚŚĞƵƌŽ͘ históricos. dŚĞĂŐŐƌĂǀĂƟŽŶŽĨƚŚĞĐƌŝƐŝƐ͕ĂůŽŶŐǁŝƚŚƚŚĞǁŽƌƐĞŶŝŶŐŽĨ ůĐƌĞĐŝĞŶƚĞŶŝǀĞůĚĞĞŶĚĞƵĚĂŵŝĞŶƚŽ͕LJĞůĂůƚŽĐŽƐƚĞ ƚŚĞ ŐƌŽǁƚŚ ƉƌĞĚŝĐƟŽŶƐ͕ ůĞĚ ƚŽ ƚŚĞ ƌĞĐĞŶƚ ƌĞĚƵĐƟŽŶ ŝŶ ŽƵƌ ƋƵĞĞdžŝŐĞŶůŽƐŵĞƌĐĂĚŽƐ͕ŝŵƉŝĚĞĂůƐƚĂĚŽĮŶĂŶĐŝĂƌƐĞ ĚĞďƚĐůĂƐƐŝĮĐĂƟŽŶďLJƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐĂŐĞŶĐŝĞƐ͕ĂůŽŶŐǁŝƚŚ ĂĚĞĐƵĂĚĂŵĞŶƚĞ͕LJĞůůŽƌĞǀŝĞƌƚĞĚĞĨŽƌŵĂŶĞŐĂƟǀĂƐŽ- ƚŚĞƌŝƐŬƉƌĞŵŝƵŵŚŝƫŶŐĂůůͲƟŵĞŚŝŐŚůĞǀĞůƐ͘ ďƌĞůĂƐĞdžƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂůŽƐƉƌſdžŝŵŽƐ ĂŹŽƐ͕ŵĄdžŝŵĞĐƵĂŶĚŽůĂƉŽůşƟĐĂĞĐŽŶſŵŝĐĂƉŽƌůĂƋƵĞ The growing level of indebtedness and the high cost ĞƐƚĄŶŽƉƚĂŶĚŽůĂƐĚŝĨĞƌĞŶƚĞƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝ- ĚĞŵĂŶĚĞĚďLJƚŚĞŵĂƌŬĞƚƐƉƌĞǀĞŶƚƐƚŚĞ^ƚĂƚĞĨƌŽŵĮŶĂŶĐŝŶŐ ĐĂƐƉĂƌĂĐŽŵďĂƟƌůĂĐƌŝƐŝƐ͕ůĞũŽƐĚĞĞƐƟŵƵůĂƌĞůĐƌĞĐŝ- ŝƚƐĞůĨ ƉƌŽƉĞƌůLJ͕ ǁŚŝĐŚ ĂīĞĐƚƐ ƚŚĞ ŐƌŽǁŝŶŐ ĞdžƉĞĐƚĂƟŽŶƐ ĨŽƌ ŵŝĞŶƚŽŽĨĂĐŝůŝƚĂƌůĂŐĞŶĞƌĂĐŝſŶĚĞĂĐƟǀŝĚĂĚƉƌŽĚƵĐ- ƚŚĞ ĨŽůůŽǁŝŶŐ LJĞĂƌƐ ŶĞŐĂƟǀĞůLJ͘ dŚŝƐ ŝƐ ĞƐƉĞĐŝĂůůLJ ƐŽ ǁŚĞŶ ƟǀĂ͕ ǀŝĞŶĞ ĚĞĮŶŝĚĂ ƉŽƌ Ğů ŽďũĞƟǀŽ ĚĞ ĐŽŶƐŽůŝĚĂĐŝſŶ ĚŝīĞƌĞŶƚƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐŽƉƚĨŽƌĂŶĞĐŽŶŽŵŝĐƉŽůŝĐLJ ĮƐĐĂů͕ƋƵĞŶŽŚĂĐĞƐŝŶŽĂŹĂĚŝƌŶƵĞǀĂƐůŝŵŝƚĂĐŝŽŶĞƐĂ ŝŶŽƌĚĞƌƚŽĮŐŚƚƚŚĞĐƌŝƐŝƐƚŚĂƚ͕ŝŶƐƚĞĂĚŽĨƐƟŵƵůĂƟŶŐŐƌŽǁƚŚ ůĂƌĞĐƵƉĞƌĂĐŝſŶ͘ Žƌ ŵĂŬŝŶŐ ƚŚĞ ĐƌĞĂƟŽŶ ŽĨ ƉƌŽĚƵĐƟǀĞ ĂĐƟǀŝƚLJ ĞĂƐŝĞƌ͕ ŚĂƐ ĮƐĐĂůĐŽŶƐŽůŝĚĂƟŽŶĂƐŝƚƐŵĂŝŶƚĂƌŐĞƚ͕ƚŚĞƌĞďLJĂĚĚŝŶŐŶĞǁ ƐƚĂƐŝƚƵĂĐŝſŶ͕ĐŽŵƷŶĂůĂĚĞŽƚƌŽƐĞƐƚĂĚŽƐŵŝĞŵďƌŽƐ͕ ůŝŵŝƚĂƟŽŶƐƚŽƚŚĞƌĞĐƵƉĞƌĂƟŽŶ͘ ŚĂĂůĐĂŶnjĂĚŽƚĂůĚŝŵĞŶƐŝſŶƋƵĞĞƐƚĄŽďůŝŐĂŶĚŽĂƌĞ- ƉůĂŶƚĞĂƌůĂĨŽƌŵĂĞŶƋƵĞĞůƵƌŽŐƌƵƉŽŚĂǀĞŶŝĚŽĂďŽƌ- dŚŝƐ ƐŝƚƵĂƟŽŶ͕ ĐŽŵŵŽŶ ƚŽ ŽƚŚĞƌ DĞŵďĞƌ ^ƚĂƚĞƐ͕ ŚĂƐ ĚĂŶĚŽůĂĐƌŝƐŝƐĚƵƌĂŶƚĞƚŽĚŽƐĞƐƚŽƐĂŹŽƐ͘ reached such a dimension that the way the Eurogroup has ďĞĞŶĮŐŚƟŶŐƚŚĞĐƌŝƐŝƐĂůůƚŚĞƐĞLJĞĂƌƐŝƐďĞŝŶŐƌĞĐŽŶƐŝĚĞƌĞĚ͘ ĞƐĚĞƋƵĞƐĞĚĞƐƉĞƌƚĂƌĂŶůĂƐƉƌŝŵĞƌĂƐĂůĂƌŵĂƐ͕ƚƌĂƐ ĞůƌĞƐĐĂƚĞĚĞůĂĞĐŽŶŽŵşĂŐƌŝĞŐĂĞŶŵĂLJŽĚĞϮϬϭϬ͕LJ &ƌŽŵƚŚĞŵŽŵĞŶƚƚŚĞĮƌƐƚĂůĂƌŵƐƐĞƚŽī͕ĂŌĞƌƚŚĞƌĞƐĐƵĞŽĨ ĞŶůŽƐƐƵĐĞƐŝǀŽƐĚĞ/ƌůĂŶĚĂLJWŽƌƚƵŐĂů͕ƐŝĞŵƉƌĞƐĞŚĂ ƚŚĞ'ƌĞĞŬĞĐŽŶŽŵLJŝŶDĂLJϮϬϭϬĂŶĚƐƵďƐĞƋƵĞŶƚůLJƚŚŽƐĞŽĨ ƚƌĂƚĂĚŽĚĞĂƉůŝĐĂƌƐŽůƵĐŝŽŶĞƐƉĂƌƟĐƵůĂƌĞƐĂůĂƐĞŵĞƌ- /ƌĞůĂŶĚĂŶĚWŽƌƚƵŐĂů͕ƉĂƌƟĐƵůĂƌƐŽůƵƟŽŶƐƚŽƚŚĞĞŵĞƌŐĞŶĐŝĞƐ ŐĞŶĐŝĂƐĚĞůŽƐƐŽĐŝŽƐĞƵƌŽƉĞŽƐ͘ of the European members have been applied. - >ĂĐƌŝƐŝƐ͕ƋƵĞĞŶƐƵƐĐŽŵŝĞŶnjŽƐƉĂƌĞĐşĂĂĨĞĐƚĂƌƷŶŝĐĂ dŚĞ ĐƌŝƐŝƐ͕ ǁŚŝĐŚ ŝŶ ƚŚĞ ďĞŐŝŶŶŝŶŐ ƐĞĞŵĞĚ ƚŽ ĂīĞĐƚ ƚŚĞ ŵĞŶƚĞ Ăů ĄŵďŝƚŽ ĮŶĂŶĐŝĞƌŽ͕ ƚĞƌŵŝŶſ ƚƌĂƐůĂĚĄŶĚŽƐĞ ĮŶĂŶĐŝĂůĮĞůĚŽŶůLJ͕ĞŶĚĞĚƵƉŐĞƫŶŐƚŽƚŚĞƌĞĂůĞĐŽŶŽŵLJ͘ ĂůĂĞĐŽŶŽŵşĂƌĞĂů͘ŵƉƌĞƐĂƐLJĨĂŵŝůŝĂƐĐŽŵĞŶnjĂƌŽŶ ŶƚĞƌƉƌŝƐĞƐĂŶĚĨĂŵŝůŝĞƐƐƚĂƌƚĞĚƚŽďĞĂīĞĐƚĞĚďLJƚŚĞůĂĐŬŽĨ ĂƌĞƐĞŶƟƌůĂĨĂůƚĂĚĞĐƌĠĚŝƚŽ͕LJůƵĞŐŽĚĞĂĐƟǀŝĚĂĚ͕ůŽ ĐƌĞĚŝƚ͕ĂŶĚƚŚĞŶŽĨĂĐƟǀŝƚLJ͕ǁŚŝĐŚǁĞŝŐŚĞĚĚŽǁŶƚŚĞŝŶĐŽŵĞ ƋƵĞĨƵĞůĂƐƚƌĂŶĚŽĞůŝŶŐƌĞƐŽĚĞůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐ͕ ŽĨƚŚĞĂĚŵŝŶŝƐƚƌĂƟŽŶƐ͕ǁŚŝĐŚ͕ĂŌĞƌƚŚĞŝŶĐƌĞĂƐĞŽĨƚŚĞƉƵďůŝĐ

185 CONCLUSIONES CONCLUSIONS 2011

ƋƵĞƚƌĂƐĞůĂƵŵĞŶƚŽĚĞůŐĂƐƚŽƉƷďůŝĐŽƉĂƌĂĞƐƟŵƵůĂƌ ĞůĐƌĞĐŝŵŝĞŶƚŽĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐĂŹŽƐĚĞĐƌŝƐŝƐ͕ǀŝĞ- ƌŽŶĂǀĂŶnjĂƌĐŽŶƌĂƉŝĚĞnjůŽƐŶŝǀĞůĞƐĚĞĚĠĮĐŝƚ͘

^ŝďŝĞŶŚĂƐŝĚŽŶĞĐĞƐĂƌŝŽŝŵƉŽŶĞƌŵĞĚŝĚĂƐĐŽƌƌĞĐƚŽƌĂƐ ƋƵĞƌĞĞƋƵŝůŝďƌĞŶůĂƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐĞŶƚŽĚŽƐůŽƐƉĂş- ƐĞƐ͕ůĂĞǀŝĚĞŶĐŝĂŚĂƉƵĞƐƚŽĚĞŵĂŶŝĮĞƐƚŽƋƵĞĞůĨƵĞƌƚĞ ƉƌŽĐĞƐŽĚĞĂũƵƐƚĞĮƐĐĂůĞŶůŽƐƉĂşƐĞƐƌĞƐĐĂƚĂĚŽƐ͕LJĞŶ ŽƚƌŽƐƋƵĞƐĞŚĂŶǀŝƐƚŽĞƐƉĞĐŝĂůŵĞŶƚĞĞdžƉƵĞƐƚŽƐĂƐƵƐ ƐƉĞŶĚŝŶŐŝŶŽƌĚĞƌƚŽƐƟŵƵůĂƚĞŐƌŽǁƚŚĚƵƌŝŶŐƚŚĞĮƌƐƚLJĞĂƌƐ ĞĨĞĐƚŽƐ͕ŶŽŚĂůŽŐƌĂĚŽƌĞĐŽŶĚƵĐŝƌĞůƉƌŽďůĞŵĂĚĞůĂ ŽĨƚŚĞĐƌŝƐŝƐ͕ƐĂǁƚŚĞĚĞĮĐŝƚůĞǀĞůƐĂĚǀĂŶĐĞƋƵŝĐŬůLJ͘ ĚĞƵĚĂ͕ŶŝƚĂŵƉŽĐŽůĂƐŝƚƵĂĐŝſŶĮŶĂŶĐŝĞƌĂĚĞƐƵƐĐƵĞŶ- ƚĂƐƉƷďůŝĐĂƐ͘ ǀĞŶ ƚŚŽƵŐŚ ĐŽƌƌĞĐƟǀĞ ŵĞĂƐƵƌĞƐ ƚŽ ƌĞďĂůĂŶĐĞ ƉƵďůŝĐ ƐƚŽ ŚĂ ůůĞǀĂĚŽ Ă ŝŶŝĐŝĂƌ ƵŶ ĚĞďĂƚĞ ĞŶ Ğů ƐĞŶŽ ĚĞ ůĂ accounts in all countries have been necessary, the evidence hŶŝſŶƵƌŽƉĞĂĞŶĞůƋƵĞƚĂŵďŝĠŶƐĞŚĂŶŝŶǀŽůƵĐƌĂĚŽ ŚĂƐƐŚŽǁŶƚŚĂƚƚŚĞƐƚƌŽŶŐƉƌŽĐĞƐƐŽĨĮƐĐĂůĂĚũƵƐƚŵĞŶƚŝŶƚŚĞ ŽƚƌĂƐƉŽƚĞŶĐŝĂƐŵƵŶĚŝĂůĞƐĐŽŵŽƐŽŶ͘hhLJ:ĂƉſŶ͕ rescued countries and some others that have been exposed ƐŽďƌĞĞůĐĂƌĄĐƚĞƌƋƵĞĚĞďĞŝŵƉƌĞŐŶĂƌƐĞĂůĂƉŽůşƟĐĂ ƚŽƚŚĞŝƌĞīĞĐƚƐŚĂƐŶŽƚďĞĞŶĂďůĞƚŽĐŽƉĞǁŝƚŚƚŚĞĚĞďƚĂŶĚ ĞĐŽŶſŵŝĐĂĞŶƵŶĂĐƌŝƐŝƐĐŽŵŽůĂĂĐƚƵĂů͕ƋƵĞƚƌĂƐĐŝĞŶ- ƚŚĞĮŶĂŶĐŝĂůƐŝƚƵĂƟŽŶŽĨƚŚĞŝƌƉƵďůŝĐĂĐĐŽƵŶƚƐ͘ ĚĞůĂƐďĂƌƌĞƌĂƐĚĞůĞƵƌŽ͘ This has led to a debate in the heart of the European Union, ůĨƵƚƵƌŽĚĞůĞƵƌŽĚĞƉĞŶĚĞƌĄĚĞůĂĐĂƉĂĐŝĚĂĚƋƵĞŵĂ- ŝŶǁŚŝĐŚƐŽŵĞŽƚŚĞƌǁŽƌůĚƉŽǁĞƌƐƐƵĐŚĂƐƚŚĞh^ĂŶĚ:ĂƉĂŶ ŶŝĮĞƐƚĞŶƐƵƐƐŽĐŝŽƐƉĂƌĂĂůĐĂŶnjĂƌůŽƐĂĐƵĞƌĚŽƐŶĞĐĞƐĂ- have also been involved. They debated over the character ƌŝŽƐ͕ƐŽďƌĞƚŽĚŽĞŶŵĂƚĞƌŝĂĮƐĐĂůLJďĂŶĐĂƌŝĂ͘^ſůŽĐŽŶ that should lead the economical policy in the current crisis, ůĂĐĞƐŝſŶĚĞƐŽďĞƌĂŶşĂƉŽƌƉĂƌƚĞĚĞůŽƐĞƐƚĂĚŽƐƉŽĚƌĄ ǁŚŝĐŚƚƌĂŶƐĐĞŶĚƐƚŚĞĨƌŽŶƟĞƌƐŽĨƚŚĞƵƌŽ͘ ƚĞƌŵŝŶĂƌƐĞĐŽŶůĂĚĞƐĐŽŶĮĂŶnjĂĚĞůŽƐŵĞƌĐĂĚŽƐLJĚĞ- The future of the Euro will depend on its members’ ability ǀŽůǀĞƌ͕ĂƐş͕ůĂĞƐƚĂďŝůŝĚĂĚĂůĂĞƵƌŽnjŽŶĂ͘ ƚŽ ƌĞĂĐŚ ƚŚĞ ŶĞĞĚĞĚ ĂŐƌĞĞŵĞŶƚƐ͕ ĞƐƉĞĐŝĂůůLJ ŝŶ ĮƐĐĂů ĂŶĚ ŽŶ Ğů ƷŶŝĐŽ ĂƌŐƵŵĞŶƚŽ ĚĞ ƵŶĂ ƉŽůşƟĐĂ ŵŽŶĞƚĂƌŝĂ ďĂŶŬŝŶŐ ŵĂƩĞƌƐ͘ KŶůLJ ŝĨ ƚŚĞ ^ƚĂƚĞƐ ŚĂŶĚ ŽǀĞƌ ƐŽǀĞƌĞŝŐŶƚLJ ŽƌŝĞŶƚĂĚĂŚĂĐŝĂůĂĞƐƚĂďŝůŝĚĂĚĚĞůŽƐƉƌĞĐŝŽƐŶŽƐĞŚĂ ǁŝůůŵĂƌŬĞƚĚŝƐƚƌƵƐƚĚŝƐƐŝƉĂƚĞ͕ƚŚĞƌĞďLJƌĞͲĞƐƚĂďůŝƐŚƐƚĂďŝůŝƚLJ ĐŽŶƐĞŐƵŝĚŽĐŽŵďĂƟƌůĂĐƌŝƐŝƐĚĞĚĞƵĚĂĚĞůŽƐƉĂşƐĞƐ in the Eurozone. ĞŶƌŝĞƐŐŽ͕ŶŝƚĂŵƉŽĐŽĂŝƐůĂƌĚĞƐƵƐĞĨĞĐƚŽƐĂůƌĞƐƚŽĚĞů ŐƌƵƉŽ͕ĞŶĞůƋƵĞůŽƐƌŝĞƐŐŽƐŚĂŶŝĚŽŝŶĐƌĞŵĞŶƚĄŶĚŽƐĞ :ƵƐƚ ďLJ ŽƌŝĞŶƟŶŐ ŵŽŶĞƚĂƌLJ ƉŽůŝĐLJ ƚŽ ƉƌŝĐĞ ƐƚĂďŝůŝƚLJ͕ ŝƚ ŚĂƐ ŚĂƐƚĂĂĨĞĐƚĂƌĂŽƚƌĂƐĞĐŽŶŽŵşĂƐĚĞƉĞƐŽĞŶĞůĄƌĞĂ͕ ŶŽƚďĞĞŶƉŽƐƐŝďůĞƚŽĮŐŚƚƚŚĞĚĞďƚĐƌŝƐŝƐŽĨƚŚĞĞŶĚĂŶŐĞƌĞĚ como Italia. ĐŽƵŶƚƌŝĞƐ͕ŽƌƚŽŝƐŽůĂƚĞĨƌŽŵŝƚƐĞīĞĐƚƐƚŚĞƌĞƐƚŽĨƚŚĞŐƌŽƵƉ͘ Risks in the group have been increasing and have come to ,ĂĐĞĨĂůƚĂƉƌŽĨƵŶĚŝnjĂƌĚĞƵŶĂŵĂŶĞƌĂĐůĂƌĂĞŶůĂŐŽ- ĂīĞĐƚŽƚŚĞƌŝŵƉŽƌƚĂŶƚĞĐŽŶŽŵŝĞƐŝŶƚŚĞnjŽŶĞ͕ƐƵĐŚĂƐ/ƚĂůLJ͘ ďĞƌŶĂŶnjĂĞƵƌŽƉĞĂƋƵĞƉĞƌŵŝƚĂƵŶĂǀĞƌĚĂĚĞƌĂƵŶŝſŶ ĮƐĐĂůLJĮŶĂŶĐŝĞƌĂĚĞƵƌŽƉĂ͕ƋƵĞŵĞũŽƌĞĞůĨƵŶĐŝŽŶĂ- It is necessary to go clearly in depth in an European ŵŝĞŶƚŽĚĞůĂhŶŝſŶĐŽŶſŵŝĐĂLJDŽŶĞƚĂƌŝĂĞŶĞůĄƌĞĂ ŐŽǀĞƌŶĂŶĐĞǁŚŝĐŚĂůůŽǁƐƚƌƵĞĮƐĐĂůĂŶĚĮŶĂŶĐŝĂůƵŶŝŽŶĞŶ ĞƵƌŽ͕LJƋƵĞĂŐŝůŝĐĞůĂƚŽŵĂĚĞĚĞĐŝƐŝŽŶĞƐLJƉŽƐŝďŝůŝƚĞ ƵƌŽƉĞ͕ ǁŚŝĐŚ ŝŵƉƌŽǀĞƐ ƚŚĞ ĨƵŶĐƟŽŶŝŶŐ ŽĨ ƚŚĞ ĐŽŶŽŵŝĐ ƵŶĂƐĮŶĂŶnjĂƐƐĂŶĞĂĚĂƐLJƐŽƐƚĞŶŝďůĞƐ͕ƉĂƌĂŐĂƌĂŶƟnjĂƌ and Monetary Union of the Eurozone, and which speeds ĂƐşĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂhŶŝſŶ͘ ƵƉ ĚĞĐŝƐŝŽŶͲŵĂŬŝŶŐ ĂƐ ǁĞůů ĂƐ ŵĂŬŝŶŐ ƉŽƐƐŝďůĞ ĐůĞĂŶ ĂŶĚ ƐƵƐƚĂŝŶĂďůĞĮŶĂŶĐĞƐ͕ƚŚƵƐĞŶƐƵƌŝŶŐƚŚĞŐƌŽǁƚŚŽĨƚŚĞhŶŝŽŶ͘ ŶůĂƐƷůƟŵĂƐƐĞŵĂŶĂƐ͕ůŽƐŵĞƌĐĂĚŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐ͕ LJůĂĞƵƌŽnjŽŶĂ͕ŚĂŶƉƵĞƐƚŽƐƵƐŽũŽƐƐŽďƌĞƐƉĂŹĂ͕ĚŽŶ- /Ŷ ƌĞĐĞŶƚ ǁĞĞŬƐ͕ ŝŶƚĞƌŶĂƟŽŶĂů ŵĂƌŬĞƚƐ ĂŶĚ ƚŚĞ ƵƌŽnjŽŶĞ ĚĞ ůĂ ĐƌŝƐŝƐ ĚĞ ĚĞƵĚĂ ŚĂ ĚĞƐĞŵďŽĐĂĚŽ ĞŶ ƵŶĂ ĐƌŝƐŝƐ have laid their eyes on Spain, where the debt crisis has ďĂŶĐĂƌŝĂ͘ ignited a banking crisis.

186 CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

>ĂƐƚĞŶƐŝŽŶĞƐ ƐŽďƌĞůŽƐ ŵĞƌĐĂĚŽƐ ĚĞĚĞƵĚĂĞƐƉĂŹŽů ŚĂŶŝĚŽĂĐƌĞĐĞŶƚĄŶĚŽƐĞĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐ ĚĞϮϬϭϮ͕LJĞůĚŝĨĞƌĞŶĐŝĂůĐŽŶůĞŵĂŶŝĂůůĞŐſĂƐƵƉĞƌĂƌ͕ ŝŶĐůƵƐŽ͕ůŽƐϱϱϬƉƵŶƚŽƐďĄƐŝĐŽƐĚƵƌĂŶƚĞĞůƉĂƐĂĚŽϭϰ ĚĞũƵŶŝŽ͕ĞŶƵŶĐŽŶƚĞdžƚŽĞŶĞůƋƵĞůŽƐŝŶƚĞƌĞƐĞƐĚĞůĂ ĚĞƵĚĂĂůĞŵĂŶĂƐĞƐŝƚƵĂƌŽŶĞŶŶŝǀĞůĞƐŚŝƐƚſƌŝĐĂŵĞŶƚĞ ďĂũŽƐ͕ĞŶƚŽƌŶŽĂůϭ͕ϮƉŽƌĐŝĞŶƚŽ͘ Tension on the Spanish debt markets have been growing in ƚŚĞĮƌƐƚŵŽŶƚŚƐŽĨϮϬϭϮ͕ĂŶĚƚŚĞƐƉƌĞĂĚŽǀĞƌ'ĞƌŵĂŶďƵŶĚ >ĂƐƷůƟŵĂƐŵĞĚŝĚĂƐĞŶĞƐƚĞƐĞŶƟĚŽ͕ƵŶĂĂLJƵĚĂĮŶĂŶ- ĞǀĞŶ ƐƵƌƉĂƐƐĞĚ ƚŚĞ ϱϱϬ ďĂƐŝĐ ƉŽŝŶƚƐ ůĂƐƚ :ƵŶĞ ϭϰƚŚ͕ ǁŚĞŶ ĐŝĞƌĂĚĞƐƟŶĂĚĂĂůĂƌĞĐĂƉŝƚĂůŝnjĂĐŝſŶďĂŶĐĂƌŝĂĞŶƐƉĂ- German debt interests dropped to historically low levels, ŹĂƋƵĞĂůĐĂŶnjĂƌĄůŽƐϭϬϬ͘ϬϬϬŵŝůůŽŶĞƐĚĞĞƵƌŽƐ͕ŶŽŚĂ ĂƌŽƵŶĚϭ͘Ϯй ĐŽŶƐĞŐƵŝĚŽĚŝƐŝƉĂƌůĂƐĚƵĚĂƐĞdžƚĞƌŝŽƌĞƐƐŽďƌĞŶƵĞƐƚƌĂ - ĞĐŽŶŽŵşĂ͘YƵŝnjĄƐ͕ƉŽƌƋƵĞ͕ĂůŝŐƵĂůƋƵĞĞŶůŽƐŽƚƌŽƐĐĂ dŚĞůĂƚĞƐƚŵĞĂƐƵƌĞƐŝŶƚŚŝƐƐĞŶƐĞ͕ĮŶĂŶĐŝĂůĂŝĚŽĨĂďŽƵƚϭϬϬ - ƐŽƐ͕ůŽƐĚĞƐĞƋƵŝůŝďƌŝŽƐŝŶƚĞƌŶŽƐĚĞŶƵĞƐƚƌŽƉĂşƐƐŝĞŵ ďŝůůŝŽŶƵƌŽƐĂŝŵĞĚĂƚƚŚĞďĂŶŬƌĞĐĂƉŝƚĂůŝnjĂƟŽŶŽĨ^ƉĂŝŶ͕ŚĂǀĞ ďƌĂŶĨƵĞƌƚĞƐĚƵĚĂƐĞŶĞůĞdžƚĞƌŝŽƌ͕ƋƵĞŚĂŶĐŽŶĚƵĐŝĚŽ not cleared external doubts about our economy. This may be - ĂŶƵĞǀĂƐƌĞĚƵĐĐŝŽŶĞƐĚĞůĂĐĂůŝĮĐĂĐŝſŶĚĞůĂĚĞƵĚĂĞƐ because, as well as in the other cases, internal imbalances in ƉĂŹŽůĂ͕ŚĂƐƚĂŶŝǀĞůĞƐŝŶƵƐŝƚĂĚĂŵĞŶƚĞďĂũŽƐ͘ our country raise heavy doubts abroad, which has led to new ƐƚĞĞƐĞůĞƐĐĞŶĂƌŝŽĞŶĞůƋƵĞŚĂƚĞŶŝĚŽƋƵĞĚĞƐĞŶǀŽů- ƌĞĚƵĐƟŽŶƐŝŶƚŚĞƌĂƟŶŐŽĨ^ƉĂŶŝƐŚĚĞďƚ͕ƌĞĂĐŚŝŶŐƵŶƵƐƵĂůůLJ ǀĞƌƐĞ ůĂ ĞĐŽŶŽŵşĂ ĐĂŶĂƌŝĂ͕ ƋƵĞ ƉĂĚĞĐĞ ĐŽŶ ĞƐƉĞĐŝĂů low levels. ĚƵƌĞnjĂůĂƌĞĐĞƐŝſŶ͕ĐŽŵŽƌĞǀĞůĂůĂĨƵĞƌƚĞĐĂşĚĂĚĞůĂ This is the scenario where the economy of the Canary Islands ĂĐƟǀŝĚĂĚLJĞůĞŵƉůĞŽĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐĂŹŽƐ͘ ŚĂƐŚĂĚƚŽŽƉĞƌĂƚĞ͕ƐƵīĞƌŝŶŐŐƌĞĂƚůLJĨƌŽŵƚŚĞƌĞĐĞƐƐŝŽŶ͕ĂƐ ĂŶĂƌŝĂƐŚĂƉĞƌĚŝĚŽϭϱϭ͘ϮϬϬƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽĚĞƐĚĞ ƌĞǀĞĂůĞĚďLJƚŚĞƐƚƌŽŶŐĨĂůůŝŶĂĐƟǀŝƚLJĂŶĚĞŵƉůŽLJŵĞŶƚĚƵƌŝŶŐ ƋƵĞĐŽŵĞŶnjĂƌĂůĂĐƌŝƐŝƐ͕LJƐŽƉŽƌƚĂ͕ĂĚşĂĚĞŚŽLJ͕ƵŶĂ recent years. ƚĂƐĂĚĞƉĂƌŽĚĞůϯϮ͕ϮϴƉŽƌĐŝĞŶƚŽ͘ dŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ŚĂǀĞ ůŽƐƚ ϭϱϭ͕ϮϬϬ ũŽďƐ ƐŝŶĐĞ ƚŚĞ ĐƌŝƐŝƐ ŶĞƐƚĞĐŽŶƚĞdžƚŽ͕ƐĞĐŽŶĮƌŵĂƵŶĚĞƐŐĂƐƚĞƐŝŶƉƌĞĐĞ- ƐƚĂƌƚĞĚ͕ĂŶĚĐƵƌƌĞŶƚůLJŚĂƐĂŶƵŶĞŵƉůŽLJŵĞŶƚƌĂƚĞŽĨϯϮ͘Ϯϴй͘ ĚĞŶƚĞƐ ƉĂƌĂ Ğů ƚĞũŝĚŽ ĞŵƉƌĞƐĂƌŝĂů͕ ƋƵĞ ŚĂ ůůĞǀĂĚŽ Ă ĂŶĂƌŝĂƐ Ă ƉĞƌĚĞƌ ƵŶ ϳ͕ϳй ĚĞ ƐƵ ŵĂƐĂ ĞŵƉƌĞƐĂƌŝĂů͕ In this context, an unprecedented erosion of the business ƵŶƉŽƌĐĞŶƚĂũĞƋƵĞĞƋƵŝǀĂůĞĂůĂĚĞƐƚƌƵĐĐŝſŶĚĞϭϬ͘ϵϴϯ ŶĞƚǁŽƌŬŚĂƐďĞĞŶĐŽŶĮƌŵĞĚ͕ůĞĂĚŝŶŐƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐƚŽ empresas. ĂůŽƐƐŽĨϳ͘ϳйŽĨŝƚƐĞŶƚƌĞƉƌĞŶĞƵƌŝĂůŵĂƐƐ͘dŚŝƐƉĞƌĐĞŶƚĂŐĞ ĐŽŶƐƟƚƵƚĞƐƚŚĞĚĞƐƚƌƵĐƟŽŶŽĨϭϬ͕ϵϴϯĞŶƚĞƌƉƌŝƐĞƐ͘ ZĞƐƵůƚĂĐŝĞƌƚŽƋƵĞĂŶĂƌŝĂƐŵƵĞƐƚƌĂƵŶĂŵĞũŽƌşĂĚĞ ƐƵĂĐƟǀŝĚĂĚĚƵƌĂŶƚĞϮϬϭϭ͕ƉĞƌŽĞƐƚĞƌĞƐƵůƚĂĚŽƉŽƐŝ- It is true that the Canary Islands have shown an improvement ƟǀŽƋƵĞĚĂĞdžĐůƵƐŝǀĂŵĞŶƚĞǀŝŶĐƵůĂĚŽĂƵŶĨĞŶſŵĞŶŽ ŝŶ ƚŚĞŝƌ ĂĐƟǀŝƚLJ ĚƵƌŝŶŐ ϮϬϭϭ͕ ďƵƚ ƚŚŝƐ ƉŽƐŝƟǀĞ ƌĞƐƵůƚ ŝƐ ĐŽLJƵŶƚƵƌĂů͕ĞůĂƵŵĞŶƚŽĞǀĞŶƚƵĂůĚĞůĂĂŇƵĞŶĐŝĂƚƵƌşƐ- ĞdžĐůƵƐŝǀĞůLJůŝŶŬĞĚƚŽĂĐŝƌĐƵŵƐƚĂŶƟĂůƉŚĞŶŽŵĞŶŽŶ͕ƚŚĞƌŝƐĞ ƟĐĂƉŽƌĐŝƌĐƵŶƐƚĂŶĐŝĂƐ͕ĚĞĐĂƌĄĐƚĞƌƚƌĂŶƐŝƚŽƌŝŽ͕LJĐƵLJŽƐ ŝŶƚŚĞƚŽƵƌŝƐƚŝŶŇƵdžĂƐĂƌĞƐƵůƚŽĨƚƌĂŶƐŝƚŽƌLJĐŝƌĐƵŵƐƚĂŶĐĞƐ ĞĨĞĐƚŽƐLJĂŚĂŶĐŽŵĞŶnjĂĚŽĂƌĞŵŝƟƌ͘ ǁŚŽƐĞĞīĞĐƚƐŚĂǀĞĂůƌĞĂĚLJƐƚĂƌƚĞĚƚŽĚĞĐƌĞĂƐĞ͘

ůĞƐĐĞŶĂƌŝŽĞĐŽŶſŵŝĐŽŚĂĚĞƐŐĂƐƚĂĚŽƚĂŵďŝĠŶĞůĞƐ- The economic scenario has also eroded the health of the ƚĂĚŽĚĞƐĂůƵĚĚĞůĂƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐĚĞůƌĐŚŝƉŝĠůĂŐŽ͕ public accounts of the Canary Islands, which has had to ƋƵĞŚĂĚĞďŝĚŽĞŵƉƌĞŶĚĞƌ͕ũƵŶƚŽĐŽŶĞůƐƚĂĚŽĞƐƉĂ- undertake, together with the Spanish State and the rest of ŹŽů͕LJĞůƌĞƐƚŽĚĞůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐLJĐŽƌƉŽ- ƚŚĞĂƵƚŽŶŽŵŽƵƐĐŽŵŵƵŶŝƟĞƐĂŶĚůŽĐĂůĐŽƌƉŽƌĂƟŽŶƐ͕ĂŚĂƌĚ ƌĂĐŝŽŶĞƐůŽĐĂůĞƐ͕ƵŶĚƵƌŽƉĞƌŽŶĞĐĞƐĂƌŝŽƉƌŽĐĞƐŽĚĞ but necessary austerity process. The main goal is to redirect ĂƵƐƚĞƌŝĚĂĚ͕ƚĞŶĚĞŶƚĞĂƌĞĐŽŶĚƵĐŝƌĞůĚĠĮĐŝƚƉƷďůŝĐŽLJ ƚŚĞƉƵďůŝĐĚĞĮĐŝƚĂŶĚǁŝŶďĂĐŬƚŚĞĐŽŶĮĚĞŶĐĞŽĨƚŚĞĮŶĂŶĐŝĂů ĂƌĞĐƵƉĞƌĂƌůĂĐŽŶĮĂŶnjĂĚĞůŽƐŵĞƌĐĂĚŽƐĮŶĂŶĐŝĞƌŽƐ markets in our public accounts. This is understood as a key

187 CONCLUSIONES CONCLUSIONS 2011

ƐŽďƌĞŶƵĞƐƚƌĂƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐ͕ĂůĞŶƚĞŶĚĞƌƐĞĐŽŵŽ ƵŶĞůĞŵĞŶƚŽĐůĂǀĞƉĂƌĂůĂƌĞĂĐƟǀĂĐŝſŶĚĞůĐƌĠĚŝƚŽ͕LJ ůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĂŶƐŝĂĚĂƐĞŶĚĂĚĞůĐƌĞĐŝŵŝĞŶƚŽ͘

ůŐĂƐƚŽĚĞůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐƉƷďůŝĐĂƐŚĂďşĂĐŽŶĨĞ- ĞůĞŵĞŶƚ ĨŽƌ ĐƌĞĚŝƚ ƌĞĂĐƟǀĂƟŽŶ ĂŶĚ ƌĞĐƵƉĞƌĂƟŽŶ ŽĨ ƚŚĞ rido hasta ahora cierto soporte al crecimiento, dada la ůŽŶŐĞĚͲĨŽƌŐƌŽǁƚŚƉĂƚŚ͘ ĚĞďŝůŝĚĂĚĚĞůĂĂĐƟǀŝĚĂĚƉƌŝǀĂĚĂ͘ƵŶƋƵĞĞƐƚŽƌĞƐƵůƚĂ ƉĂƌĐŝĂůŵĞŶƚĞĐŝĞƌƚŽ͕ĚĂĚŽƋƵĞŐƌĂŶƉĂƌƚĞĚĞĞƐƚĞĂƉŽ- dŚĞ ƐƉĞŶĚŝŶŐ ŽĨ ƚŚĞ ƉƵďůŝĐ ĂĚŵŝŶŝƐƚƌĂƟŽŶƐ ŚĂĚ ƚŽ ĚĂƚĞ LJŽƉƷďůŝĐŽƐĞĞŵƉůĞſĞŶĂĐŽŵĞƚĞƌƉŽůşƟĐĂƐĚĞŐĂƐƚŽ conferred certain support to growth, given the weakness ĐŽƌƌŝĞŶƚĞ͕ LJ ŶŽ ĚĞ ŝŶǀĞƌƐŝſŶ͕ ĐŽŶ ůŽ ƋƵĞ ƐƵƐ ĞĨĞĐƚŽƐ ŽĨƉƌŝǀĂƚĞĂĐƟǀŝƚLJ͘,ŽǁĞǀĞƌ͕ƚŚŝƐŝƐƉĂƌƟĂůůLJƚƌƵĞ͕ŐŝǀĞŶƚŚĂƚ ƋƵĞĚĂƌŽŶƌĄƉŝĚĂŵĞŶƚĞĚŝůƵŝĚŽƐ͘ most of this public support has been employed in undertaking current expenditure policies, instead of investment policies, >ĂŶĞĐĞƐĂƌŝĂƌĞĚƵĐĐŝſŶĚĞůŐĂƐƚŽƉƷďůŝĐŽƐĞƵŶĞĂŚŽƌĂ ƌĞƐƵůƟŶŐŝŶƋƵŝĐŬůLJĚŝůƵƚĞĚĞīĞĐƚƐ͘ ĂůŽƐƉƌŽďůĞŵĂƐĚĞĂĐĐĞƐŽĂůĐƌĠĚŝƚŽƉŽƌůĂƐŝƚƵĂĐŝſŶ ďĂŶĐĂƌŝĂLJĮƐĐĂů͕ůĂĚĞďŝůŝĚĂĚĚĞůĐŽŶƐƵŵŽ͕ůĂĚĞŐƌĂĚĂ- dŚĞ ŶĞĐĞƐƐĂƌLJ ƌĞĚƵĐƟŽŶ ŝŶ ƉƵďůŝĐ ƐƉĞŶĚŝŶŐ ŚĂƐ ŶŽǁ ĐŝſŶĚĞůĂƌŝƋƵĞnjĂƌĞĂůĚĞůĂƐĨĂŵŝůŝĂƐ͕ĞůĚĞƐĞŵƉůĞŽ͕Ž converged with the problems of credit access due to the bank ĞůďĂũŽŶŝǀĞůĚĞŝŶǀĞƌƐŝſŶ͕ĐŽŶƟŶƷĂŶĨƌĞŶĂŶĚŽĞůŝŶŝĐŝŽ ĂŶĚ ĮƐĐĂů ƐŝƚƵĂƟŽŶ͕ ǁĞĂŬ ĐŽŶƐƵŵƉƟŽŶ͕ ƚŚĞ ĚĞŐƌĂĚĂƟŽŶ ĚĞůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĞĐŽŶŽŵşĂĐĂŶĂƌŝĂ͘La econo- of the families’ real wealth, unemployment, or the low mía canaria se enfrenta a un escenario en el corto ŝŶǀĞƐƚŵĞŶƚůĞǀĞů͕ƚŚĂƚĂƌĞƐƟůůŚŽůĚŝŶŐďĂĐŬƚŚĞƐƚĂƌƟŶŐŽĨ ƉůĂnjŽƋƵĞĞƐƚƌĂŶŐƵůĂƐƵƉƌĞƐĞŶƚĞĞŚŝƉŽƚĞĐĂƐƵĨƵƚƵ- the economic recovery of the Canary Islands. dŚĞĞĐŽŶŽŵLJ ƌŽ͘>ĂĨĂůƚĂĚĞŐĂƐƚŽƉƷďůŝĐŽLJĚĞĐƌĠĚŝƚŽŝŵƉŝĚĞĂĂ- ŽĨ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ĨĂĐĞƐ Ă ƐŚŽƌƚͲƚĞƌŵ ƐĐĞŶĂƌŝŽ ƚŚĂƚ ŝƐ ŶĂƌŝĂƐƌĞǀŝƚĂůŝnjĂƌƐƵĂĐƟǀŝĚĂĚLJĐƌĞĂƌĞŵƉůĞŽ͘ ƐƚƌĂŶŐůŝŶŐŝƚƐƉƌĞƐĞŶƚĂŶĚŵŽƌƚŐĂŐŝŶŐŝƚƐĨƵƚƵƌĞ͘dŚĞůĂĐŬ ŽĨ ƉƵďůŝĐ ƐƉĞŶĚŝŶŐ ĂŶĚ ĐƌĞĚŝƚ ŝƐ ƉƌĞǀĞŶƟŶŐ ƚŚĞ ĂŶĂƌLJ zĞŶĞƐƚĞĞƐĐĞŶĂƌŝŽ͕ĞůŝŶĐƌĞŵĞŶƚŽĚĞůĂƉƌĞƐŝſŶĮƐĐĂů /ƐůĂŶĚƐĨƌŽŵƌĞǀŝƚĂůŝnjŝŶŐŝƚƐĂĐƟǀŝƚLJĂŶĚĐƌĞĂƟŶŐŶĞǁũŽďƐ͘ ŶŽƉƵĞĚĞƐĞƌĞůƉƌŝŵĞƌƌĞĐƵƌƐŽƉĂƌĂĞůƌĞĞƋƵŝůŝďƌŝŽĚĞ ůĂƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐ͕ƉŽƌĞŶĐŝŵĂĚĞůĂŝŶĞǀŝƚĂďůĞƌĞ- /ŶƚŚŝƐƐĐĞŶĂƌŝŽ͕ĂŶŝŶĐƌĞĂƐĞŝŶĮƐĐĂůƉƌĞƐƐƵƌĞĐĂŶŶŽƚďĞƚŚĞ ĨŽƌŵĂĚĞƵŶĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐĂƵƚŽŶſŵŝĐĂƐƐŽďƌĞ- ĮƌƐƚƌĞƐŽƵƌĐĞƵƐĞĚƚŽƌĞďĂůĂŶĐĞƚŚĞƉƵďůŝĐĂĐĐŽƵŶƚƐ͕ŽǀĞƌƚŚĞ ĚŝŵĞŶƐŝŽŶĂĚĂƐ͕LJĞŶŵƵĐŚŽƐĚĞůŽƐĐĂƐŽƐ͕ŝŶĞĮĐŝĞŶƚĞƐ ŝŶĞǀŝƚĂďůĞƌĞĨŽƌŵŽĨŽǀĞƌͲƐŝnjĞĚĂƵƚŽŶŽŵŽƵƐĂĚŵŝŶŝƐƚƌĂƟŽŶƐ͕ ĞŝŶĞĮĐĂĐĞƐ͘ ǁŚŝĐŚĂƌĞ͕ŝŶŵŽƐƚĐĂƐĞƐ͕ŝŶĞĸĐŝĞŶƚĂŶĚŝŶĞīĞĐƟǀĞ͘

.YmÄJV Graph 4.1

188 CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

ZĞƐĂůƚĂĞŶĞƐƚĞƐĞŶƟĚŽůĂŵĂƌĐĂĚĂĚƵĂůŝĚĂĚĞŶƐƉĂŹĂ ĞŶĞůŵĞƌĐĂĚŽƚƌĂďĂũŽ͕ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĞŶůŽƋƵĞ ƐĞƌĞĮĞƌĞĂůĂƚƌĂLJĞĐƚŽƌŝĂĚĞƐƵŵĂƐĂůĂďŽƌĂů͘ůŽůĂƌŐŽ ĚĞůŽƐƷůƟŵŽƐϯϬĂŹŽƐ͕ĞůĞŵƉůĞŽĚĞůƐĞĐƚŽƌƉƷďůŝĐŽƐĞ ŚĂŵĄƐƋƵĞĚƵƉůŝĐĂĚŽ͕ŵŝĞŶƚƌĂƐƋƵĞĞůĞŵƉůĞŽƉƌŝǀĂ- The marked duality in Spain in the labour market thus stands ĚŽĐƌĞĐĞƵŶϱϬƉŽƌĐŝĞŶƚŽ͘ out, mainly when it comes to the trajectory of its labour ĨŽƌĐĞ͘ƵƌŝŶŐƚŚĞůĂƐƚϯϬLJĞĂƌƐ͕ƉƵďůŝĐƐĞĐƚŽƌĞŵƉůŽLJŵĞŶƚŚĂƐ >ŽƐĂLJƵŶƚĂŵŝĞŶƚŽƐŚĂŶĚƵƉůŝĐĂĚŽƐƵƉĞƌƐŽŶĂůĚĞƐĚĞ more than doubled, while private employment has grown by ĮŶĂůĞƐĚĞůŽƐĂŹŽƐϴϬLJůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ ϱϬƉĞƌĐĞŶƚ͘ ůŽ ŚĂŶ ŵƵůƟƉůŝĐĂĚŽ ƉŽƌ ĐŝŶĐŽ͘ Ŷ ƌĞůĂĐŝſŶ ĐŽŶ ĞƐƚŽ ƷůƟŵŽ͕ƌĞƐƵůƚĂĐŝĞƌƚŽƋƵĞĞůŝŶĐƌĞŵĞŶƚŽĚĞƉĞƌƐŽŶĂů >ŽĐĂůĂĚŵŝŶŝƐƚƌĂƟŽŶƐŚĂǀĞĚŽƵďůĞĚƚŚĞŝƌƐƚĂīƐŝŶĐĞƚŚĞĞŶĚ ĐŽŶǀŝǀĞ ĐŽŶ ƵŶ ƉƌŽĐĞƐŽ ĚĞ ƚƌĂŶƐĨĞƌĞŶĐŝĂ ĚĞ ĐŽŵƉĞ- ŽĨƚŚĞϴϬƐ͕ĂŶĚƚŚĞĂƵƚŽŶŽŵŽƵƐĐŽŵŵƵŶŝƟĞƐŚĂǀĞŝŶĐƌĞĂƐĞĚ ƚĞŶĐŝĂƐĚĞůƐƚĂĚŽŚĂĐŝĂůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ͕ ƚŚĞŝƌƐ ĮǀĞĨŽůĚ͘ /Ŷ ƚŚŝƐ ƐĞŶƐĞ͕ ŝƚ ŝƐ ƚƌƵĞ ƚŚĂƚ ƐƚĂī ŝŶĐƌĞĂƐĞƐ ĨƵŶĚĂŵĞŶƚĂůŵĞŶƚĞĞŶŵĂƚĞƌŝĂƐĂŶŝƚĂƌŝĂLJĞĚƵĐĂƟǀĂ͕Ɛŝ ĐŽĞdžŝƐƚ ǁŝƚŚ Ă ƉƌŽĐĞƐƐ ŽĨ ƚƌĂŶƐĨĞƌƐ ŽĨ ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ ĨƌŽŵ ďŝĞŶůůĂŵĂůĂĂƚĞŶĐŝſŶƋƵĞĞůŝŶĐƌĞŵĞŶƚŽůĂďŽƌĂůƚĞŶŐĂ ƚŚĞ ĞŶƚƌĂů 'ŽǀĞƌŶŵĞŶƚ ƚŽ ƚŚĞ ĂƵƚŽŶŽŵŽƵƐ ĐŽŵŵƵŶŝƟĞƐ͕ ůƵŐĂƌĞŶƵŶĂĠƉŽĐĂŵƵLJƉŽƐƚĞƌŝŽƌĂůŵŽŵĞŶƚŽĞŶƋƵĞ ŵĂŝŶůLJ ŝŶ ŚĞĂůƚŚ ĂŶĚ ĞĚƵĐĂƟŽŶ͘ /ƚ ŝƐ ŚŽǁĞǀĞƌ ŶŽƚĞǁŽƌƚŚLJ ƐĞĂĐŽŵĞƟſĞůŐƌƵĞƐŽĚĞůĂƐƚƌĂŶƐĨĞƌĞŶĐŝĂƐ͕ĐŽŶĐůƵŝĚĂƐ that job growth has taken place much later than when the ĞŶƚƌĞϭϵϵϲLJϭϵϵϵ͕ĞŶĞůĐĂƐŽĚĞůĂĞĚƵĐĂĐŝſŶƵŶŝǀĞƌ- bulk of transfers were undertaken, as they were completed ƐŝƚĂƌŝĂLJŶŽƵŶŝǀĞƌƐŝƚĂƌŝĂ͖LJĞŶϮϬϬϭ͕ĞŶůŽƌĞĨĞƌŝĚŽĂů ďĞƚǁĞĞŶϭϵϵϲĂŶĚϭϵϵϵ͕ŝŶƚŚĞĐĂƐĞŽĨƵŶŝǀĞƌƐŝƚLJĂŶĚŶŽŶͲ ^ŝƐƚĞŵĂEĂĐŝŽŶĂůĚĞ^ĂůƵĚ͘ ƵŶŝǀĞƌƐŝƚLJĞĚƵĐĂƟŽŶ͖ĂŶĚŝŶϮϬϬϭ͕ŝŶƌĞŐĂƌĚƐƚŽƚŚĞ^ƉĂŶŝƐŚ EĂƟŽŶĂů,ĞĂůƚŚ^LJƐƚĞŵ͘ ĞŚĞĐŚŽ͕ůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐĞƐƉĂŹŽůĂƐ͕ůĞ- ũŽƐĚĞĞŵƉƌĞŶĚĞƌƵŶĂũƵƐƚĞĚƵƌĂŶƚĞůĂĐƌŝƐŝƐ͕ĞŶĐŽŚĞ- /Ŷ ĨĂĐƚ͕ ƚŚĞ ^ƉĂŶŝƐŚ ĂƵƚŽŶŽŵŽƵƐ ĐŽŵŵƵŶŝƟĞƐ͕ ĨĂƌ ĨƌŽŵ ƌĞŶĐŝĂĐŽŶůĂŶƵĞǀĂƌĞĂůŝĚĂĚĞĐŽŶſŵŝĐĂĚĞůƉĂşƐ͕ƌĞ- undertaking an adjustment during the crisis, and consistent ƐƵůƚĂŶůĂƐƌĞƐƉŽŶƐĂďůĞƐĐĂƐŝĞdžĐůƵƐŝǀĂƐĚĞůŝŶĐƌĞŵĞŶƚŽ with the new economic reality of the country, are almost ĚĞůĞŵƉůĞŽƉƷďůŝĐŽĚĞůϳ͕ϰйĞŶƚƌĞϮϬϬϴLJϮϬϭϬ͖ĞŶƵŶ exclusively responsible for the increase in public employment ĞƐĐĞŶĂƌŝŽĞŶĞůƋƵĞĞůƐĞĐƚŽƌƉƌŝǀĂĚŽƉĞƌĚşĂƵŶϭϮ͕ϭй ŽĨ ϳ͘ϰй ďĞƚǁĞĞŶ ϮϬϬϴ ĂŶĚ ϮϬϭϬ͕ ŝŶ Ă ƐĐĞŶĂƌŝŽ ǁŚĞƌĞ ƚŚĞ ĚĞƐƵƐĂƐĂůĂƌŝĂĚŽƐ͘ ƉƵďůŝĐƐĞĐƚŽƌůŽƐƚϭϮ͘ϭйŽĨŝƚƐĞŵƉůŽLJĞĞƐ͘



  
 
 


   
 

 


  



 




 





 
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.YmÄJV Graph 4.2

189 CONCLUSIONES CONCLUSIONS 2011

ƐƚĂƐŝƚƵĂĐŝſŶĐŽŵŝĞŶnjĂĂĐŽƌƌĞŐŝƌƐĞĞŶϮϬϭϭ͕ƚƌĂƐĞů ŝŶŝĐŝŽ ĚĞ ůŽƐ ĚŝƐƟŶƚŽƐ ƉůĂŶĞƐ ĚĞ ĐŽŶƐŽůŝĚĂĐŝſŶ ĮƐĐĂů͕ ĐƵĂŶĚŽ Ğů ĞŵƉůĞŽ ƉƷďůŝĐŽ ƌĞƚƌŽĐĞĚĞ͕ ĞŶ ĐŽŶũƵŶƚŽ͕ ƵŶϭ͕ϬƉŽƌĐŝĞŶƚŽ͘>ůĂŵĂƉŽĚĞƌŽƐĂŵĞŶƚĞůĂĂƚĞŶĐŝſŶ͕ ĚĞŶƚƌŽĚĞĞƐƚĞĐŽŶũƵŶƚŽĚĞĂĐƟǀŝĚĂĚĞƐ͕ĞůŝŶĐƌĞŵĞŶƚŽ ĚĞůĞŵƉůĞŽĞŶůĂƐĞŵƉƌĞƐĂƐƉƷďůŝĐĂƐ͕ĚĞůϯ͕ϯй;ϱ͘ϬϬϬ dŚŝƐ ƐŝƚƵĂƟŽŶ ǁĂƐ ƐƚĂƌƟŶŐ ƚŽ ŝŵƉƌŽǀĞ ŝŶ ϮϬϭϭ͕ ĂŌĞƌ ƚŚĞ ŶƵĞǀŽƐĞŵƉůĞŽƐͿ͕ĐŽŝŶĐŝĚŝĞŶĚŽĐŽŶůĂŶŽŝŶƚĞŐƌĂĐŝſŶ ďĞŐŝŶŶŝŶŐ ŽĨ ĚŝīĞƌĞŶƚ ĮƐĐĂů ĐŽŶƐŽůŝĚĂƟŽŶ ƉůĂŶƐ͕ ǁŚĞŶ ĞŶůĂƐĐŝĨƌĂƐƚŽƚĂůĞƐĚĞĚĞƵĚĂ͕ƐĞŐƷŶĞƐƚĂďůĞĐşĂĞůƉƌŽ- public employment fell back, overall, by 1.0 percent. Within ƚŽĐŽůŽĚĞĚĠĮĐŝƚĞdžĐĞƐŝǀŽ͕ĚĞůĂĚĞƵĚĂĚĞůĂƐĞŵƉƌĞƐĂƐ ƚŚŝƐ ƐĞƚ ŽĨ ĂĐƟǀŝƟĞƐ͕ ƚŚĞ ŝŶĐƌĞĂƐĞ ŽĨ ĞŵƉůŽLJŵĞŶƚ ŝŶ ƚŚĞ ƉƷďůŝĐĂƐ͖LJĞůĂǀĂŶĐĞ͕ƉĂƌĂĞƐĞŵŝƐŵŽĂŹŽ͕ĚĞůϭ͕ϭй ƉƵďůŝĐ ĞŶƚĞƌƉƌŝƐĞ͕ ŽĨ ϯ͘ϯй ;ϱ͕ϬϬϬ ŶĞǁ ũŽďƐͿ ŝƐ ƉĂƌƟĐƵůĂƌůLJ ;ϭϵ͘ϲϬϬƚƌĂďĂũĂĚŽƌĞƐŵĄƐͿĞŶůŽƐĂƐĂůĂƌŝĂĚŽƐĂĚƐĐƌŝƚŽƐ ŶŽƚĞǁŽƌƚŚLJ͕ ĐŽŝŶĐŝĚŝŶŐ ǁŝƚŚ ƚŚĞ ŶŽŶͲŝŶƚĞŐƌĂƟŽŶ ŝŶ ƚŚĞ ĂůĂƐĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ͘ ƚŽƚĂů ĚĞďƚ ĮŐƵƌĞƐ͕ ĂƐ ĞƐƚĂďůŝƐŚĞĚ ďLJ ƚŚĞ DĂĐƌŽĞĐŽŶŽŵŝĐ Imbalance Procedure, of public enterprise debt, and the ƐƚĞƌĞƐƵůƚĂĚŽĞƐĂƷŶŵĄƐĂďƵůƚĂĚŽƐŝĐŽŶƐŝĚĞƌĂŵŽƐĞů ĂĚǀĂŶĐĞŝŶƚŚĞƐĂŵĞLJĞĂƌŽĨϭ͘ϭй;ϭϵ͕ϲϬϬŵŽƌĞǁŽƌŬĞƌƐͿŝŶ ƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽϮϬϭϭ͕ĐŽŝŶĐŝĚĞŶƚĞĐŽŶůĂƐ ƚŚĞĞŵƉůŽLJĞĞƐĂƩĂĐŚĞĚƚŽƚŚĞĂƵƚŽŶŽŵŽƵƐĐŽŵŵƵŶŝƟĞƐ͘ ĞůĞĐĐŝŽŶĞƐĂƵƚŽŶſŵŝĐĂƐLJůŽĐĂůĞƐĚĞůƉĂƐĂĚŽŵĂLJŽĚĞ ϮϬϭϭ͕LJĐĞƌĐĂŶŽĂůĂƐůĞĐĐŝŽŶĞƐ'ĞŶĞƌĂůĞƐĚĞŶŽǀŝĞŵ- These results are even more considerable if we consider the ďƌĞĚĞϮϬϭϭ͘ŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭ͕ĞůĞŵ- ƐĞĐŽŶĚƋƵĂƌƚĞƌŽĨϮϬϭϭ͕ĐŽŝŶĐŝĚŝŶŐǁŝƚŚƚŚĞĂƵƚŽŶŽŵŝĐĂŶĚ ƉůĞŽƉƷďůŝĐŽƐĞŝŶĐƌĞŵĞŶƚĂƵŶϰ͕ϯй;ϭϯϭ͘ϵϬϬƉĞƌƐŽ- ůŽĐĂůĞůĞĐƟŽŶƐŝŶDĂLJϮϬϭϭ͕ĂŶĚŶĞĂƌƚŽƚŚĞ'ĞŶĞƌĂůůĞĐƟŽŶƐ ŶĂƐͿ͕ƵŶϰ͕ϭйĞŶůĂĚŵŝŶŝƐƚƌĂĐŝſŶĐĞŶƚƌĂů;Ϯϭ͘ϲϬϬͿ͕ƵŶ ŝŶ EŽǀĞŵďĞƌ ϮϬϭϭ͘ /Ŷ ƚŚĞ ƐĞĐŽŶĚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϭ͕ ƉƵďůŝĐ ϯ͕ϱйĞŶůĂĐŽŵƵŶŝĚĂĚĞƐĂƵƚſŶŽŵĂƐ;ϲϬ͘ϲϬϬͿ͕Ğůϱ͕ϱй ĞŵƉůŽLJŵĞŶƚŝŶĐƌĞĂƐĞĚďLJϰ͘ϯй;ϭϯϭ͕ϵϬϬƉĞŽƉůĞͿ͕ϰ͘ϭйŝŶƚŚĞ ĞŶůĂƐĂĚŵŝŶŝƐƚƌĂĐŝŽŶĞƐůŽĐĂůĞƐ;ϯϱ͘ϰϬϬͿLJĞůϭϰ͕ϱйĞŶ ĞŶƚƌĂů ĚŵŝŶŝƐƚƌĂƟŽŶ ;Ϯϭ͕ϲϬϬͿ͕ ϯ͘ϱй ŝŶ ƚŚĞ ĂƵƚŽŶŽŵŽƵƐ ůĂƐĞŵƉƌĞƐĂƐƉƷďůŝĐĂƐ;ϭϴ͘ϵϬϬͿ͘ ĐŽŵŵƵŶŝƟĞƐ;ϲϬ͕ϲϬϬͿ͕ϱ͘ϱйŝŶůŽĐĂůĂĚŵŝŶŝƐƚƌĂƟŽŶƐ;ϯϱ͕ϰϬϬͿ ĂŶĚϭϰ͘ϱйŝŶƉƵďůŝĐĞŶƚĞƌƉƌŝƐĞƐ;ϭϴ͕ϵϬϬͿ͘ ŶĞůĐĂƐŽĐŽŶĐƌĞƚŽĚĞĂŶĂƌŝĂƐ͕ĚƵƌĂŶƚĞĞůƐĞŐƵŶĚŽ ƚƌŝŵĞƐƚƌĞĚĞϮϬϭϭ͕ůŽƐĂƐĂůĂƌŝĂĚŽƐĚĞůƐĞĐƚŽƌƉƷďůŝĐŽ ^ƉĞĐŝĮĐĂůůLJŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ͕ĚƵƌŝŶŐƚŚĞƐĞĐŽŶĚƋƵĂƌƚĞƌ ƐĞŝŶĐƌĞŵĞŶƚĂƌŽŶĞŶƵŶϮϮ͕ϴй͕ĞƐƚŽƐƐŽŶ͕Ϯϵ͘ϵϬϬƚƌĂ- ŽĨϮϬϭϭ͕ƉƵďůŝĐƐĞĐƚŽƌĞŵƉůŽLJĞĞƐŝŶĐƌĞĂƐĞĚďLJϮϮ͘ϴй͕ƚŚĂƚŝƐ͕ ďĂũĂĚŽƌĞƐŵĄƐ͘ Ϯϵ͕ϵϬϬŵŽƌĞĞŵƉůŽLJĞĞƐ͘

 

 

 

    



 

 

  




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.YmÄJV Graph 4.3

190 CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

ƐƚĞŝŵƉŽƌƚĂŶƚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůŽƐĂƐĂůĂƌŝĂĚŽƐƉƷďůŝ- ĐŽƐĐŽŶǀŝǀĞĐŽŶůĂƐŵĞĚŝĚĂƐƉƌĞǀŝƐƚĂƐƉŽƌĞů'ŽďŝĞƌŶŽ ĂƵƚŽŶſŵŝĐŽƉĂƌĂĂůĐĂŶnjĂƌĞůŽďũĞƟǀŽĚĞĚĠĮĐŝƚĞŶĞů dŚŝƐ ƐŝŐŶŝĮĐĂŶƚ ŐƌŽǁƚŚ ŝŶ ƉƵďůŝĐ ĞŵƉůŽLJĞĞƐ ĐŽĞdžŝƐƚƐ ǁŝƚŚ WƌŽLJĞĐƚŽĚĞ>ĞLJĚĞDĞĚŝĚĂƐĚŵŝŶŝƐƚƌĂƟǀĂƐLJ&ŝƐĐĂůĞƐ͘ the measures planned by the autonomous Government to ŝĐŚŽƉƌŽLJĞĐƚŽĚĞ>ĞLJŶŽƐŽůŽŶŽƉƌĞǀĠĂĐƚƵĂĐŝŽŶĞƐ ƌĞĂĐŚƚŚĞĚĞĮĐŝƚƚĂƌŐĞƚŝŶƚŚĞƌĂŌ>ĂǁŽĨĚŵŝŶŝƐƚƌĂƟǀĞ ƋƵĞĐŽƌƌŝũĂŶůĂĂŶƚĞƌŝŽƌƐŝƚƵĂĐŝſŶ͕ƐŝŶŽƋƵĞĂƌƟĐƵůĂƵŶĂ and Fiscal Measures. ďĂƚĞƌşĂĚĞŶƵĞǀĂƐƚĂƐĂƐĞŝŵƉƵĞƐƚŽƐĞŝŶĐƌĞŵĞŶƚĂůĂ dŚŝƐ ƌĂŌ >Ăǁ ŶŽƚ ŽŶůLJ ƉůĂŶƐ ŵĞĂƐƵƌĞƐ ƚŽ ĐŽƌƌĞĐƚ ƚŚĞ ƉƌĞƐŝſŶĮƐĐĂůƐŽďƌĞůĂƐĮŐƵƌĂƐŝŵƉŽƐŝƟǀĂƐĞdžŝƐƚĞŶƚĞƐ͕ ƉƌĞǀŝŽƵƐƐŝƚƵĂƟŽŶ͕ďƵƚĂůƐŽĂƌƟĐƵůĂƚĞƐĂƐĞƚŽĨŶĞǁƚĂdžĞƐ͕ĂƐ ĐŽŶůĂĞdžƉĞĐƚĂƟǀĂĚĞ͕ĂƐş͕ŝŶĐƌĞŵĞŶƚĂƌůŽƐŝŶŐƌĞƐŽƐƉƷ- ǁĞůůĂƐŝŶĐƌĞĂƐŝŶŐĮƐĐĂůƉƌĞƐƐƵƌĞŽŶƚŚĞĞdžŝƐƟŶŐƚĂdžĮŐƵƌĞƐ͕ ďůŝĐŽƐĞŶĞůĐŽƌƚŽƉůĂnjŽ͘ ƚŚƵƐĞdžƉĞĐƟŶŐƚŽŝŶĐƌĞĂƐĞƉƵďůŝĐŝŶĐŽŵĞŝŶƚŚĞƐŚŽƌƚƚĞƌŵ͘ ^ĞƚƌĂƚĂĚĞƵŶĂũƵƐƚĞĮƐĐĂůŵĞƌĂŵĞŶƚĞĐŽŶƚĂďůĞ͕ĐŽŶ ƵŶĂ ĐĂƉĂĐŝĚĂĚ ƌĞĐĂƵĚĂƚŽƌŝĂ ŵĄƐ ƋƵĞ ĐƵĞƐƟŽŶĂďůĞ͕ dŚŝƐŝƐĂŵĞƌĞůLJĂĐĐŽƵŶƟŶŐĮƐĐĂůĂĚũƵƐƚŵĞŶƚ͕ǁŝƚŚĂŵŽƌĞ ŚĂďŝĚĂĐƵĞŶƚĂĚĞůĞƐĐĞŶĂƌŝŽĚĞƌĞĐĞƐŝſŶ͕LJƋƵĞƉŽĚƌşĂ ƚŚĂŶ ƋƵĞƐƟŽŶĂďůĞ ĐŽůůĞĐƟŽŶ ĐĂƉĂĐŝƚLJ͕ ŐŝǀĞŶ ƚŚĞ ƌĞĐĞƐƐŝŽŶ ĚĂŹĂƌĂƷŶŵĄƐůĂĂĐƟǀŝĚĂĚLJĞůĞŵƉůĞŽ͘ ƐĐĞŶĂƌŝŽ͕ ĂŶĚ ŝƚ ĐŽƵůĚ ĚŽ ĨƵƌƚŚĞƌ ĚĂŵĂŐĞ ƚŽ ĂĐƟǀŝƚLJ ĂŶĚ employment. ŽŶĞůĚŝƐĞŹŽĚĞŵĞĚŝĚĂƐĚĞĞƐƚĞĐĂůŝďƌĞ͕Ğů'ŽďŝĞƌ- ŶŽƉĂƌĞĐĞŶŽƋƵĞƌĞƌĂĨƌŽŶƚĂƌůŽƐƉƌŽďůĞŵĂƐĚĞĨŽŶĚŽ With the design of this measure, the Government does not ƋƵĞǀĞƌĚĂĚĞƌĂŵĞŶƚĞĂƌƌĂƐƚƌĂŶƵĞƐƚƌŽƐĞĐƚŽƌƉƷďůŝĐŽ͘ seem to want to face the background problems currently ŶĞůĞƐĐĞŶĂƌŝŽĂĐƚƵĂů͕ůĂƐƐŽůƵĐŝŽŶĞƐĐŽƌƚŽƉůĂĐŝƐƚĂƐŶŽ weighing our public sector down. In the current scenario, ůŽŐƌĂŶƌĞƐŽůǀĞƌůŽƐƉƌŽďůĞŵĂƐĞĐŽŶſŵŝĐŽƐLJƐŽĐŝĂůĞƐ ƐŚŽƌƚͲƚĞƌŵ ƐŽůƵƟŽŶƐ ĚŽ ŶŽƚ ŵĂŶĂŐĞ ƚŽ ƐŽůǀĞ ƚŚĞ ůŽŶŐͲ ƋƵĞĂƌƌĂƐƚƌĂĂŶĂƌŝĂƐ͕LJĐƵĂŶƚŽŵĄƐƐĞƚĂƌĚĞĞŶĞŵ- standing economic and social problems in the Canary ƉƌĞŶĚĞƌůĂƐƌĞĨŽƌŵĂƐ͕ŵĄƐĐŽƐƚŽƐŽƌĞƐƵůƚĂƌĄĐŽƌƌĞŐŝƌ Islands, and the later the reforms are undertaken, the harder ůĂƐĚĞĮĐŝĞŶĐŝĂƐ͘ ŝƚǁŝůůďĞƚŽĐŽƌƌĞĐƚĂŶLJĚĞĮĐŝĞŶĐŝĞƐ͘

,ĂLJƋƵĞŝŵƉƵůƐĂƌͲLJŶŽƌĞĐŽƌƚĂƌͲůĂŝŶǀĞƌƐŝſŶĞŶŝŶǀĞƐƟ- Investments in research, development and technological ŐĂĐŝſŶ͕ĚĞƐĂƌƌŽůůŽĞŝŶŶŽǀĂĐŝſŶƚĞĐŶŽůſŐŝĐĂ͖ĚĞďĞŶďƵƐ- ŝŶŶŽǀĂƟŽŶŶĞĞĚƚŽďĞƐƚĞĚĂŶĚŶŽƚĐƵƚ͘EĞǁŚŝŐŚĂĚĚĞĚ ĐĂƌƐĞŶƵĞǀĂƐƉƌŽĚƵĐĐŝŽŶĞƐĚĞĂůƚŽǀĂůŽƌĂŹĂĚŝĚŽLJŵĄƐ ǀĂůƵĞ ƉƌŽĚƵĐƟŽŶƐ͕ ŵŽƌĞ ŝŶƚĞŶƐŝǀĞ ŝŶ ŬŶŽǁůĞĚŐĞ͕ ŵƵƐƚ

 

 
  
 

 
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 Tabla 4.1 Table 4.1

191 CONCLUSIONES CONCLUSIONS 2011

ŝŶƚĞŶƐŝǀĂƐĞŶĐŽŶŽĐŝŵŝĞŶƚŽ͖ŚĂLJƋƵĞĂƉƌŽǀĞĐŚĂƌŵĄƐLJ ŵĞũŽƌůŽƐƌĞĐƵƌƐŽƐƚĠĐŶŝĐŽƐLJŚƵŵĂŶŽƐĐŽŶƋƵĞĐƵĞŶ- be found. Our economy’s technical and human resources ƚĂŶƵĞƐƚƌĂĞĐŽŶŽŵşĂ͖LJĚĞďĞĂƉŽƐƚĂƌƐĞĚĞĐŝĚŝĚĂŵĞŶƚĞ must be made the most of, and it is necessary to boost our ƉŽƌŝŶĐƌĞŵĞŶƚĂƌŶƵĞƐƚƌĂĂĐƟǀŝĚĂĚĞdžƉŽƌƚĂĚŽƌĂ͘ ĞdžƉŽƌƟŶŐĂĐƟǀŝƚLJ͘ ůĂƐĂŶƚĞƌŝŽƌĞƐŶĞĐĞƐŝĚĂĚĞƐƐĞůĞƵŶĞŶŽƚƌĂƐ͕ĐŽŵŽůĂ Together with this, we could outline some other needs, such ĚĞĐŽŶƚĂƌĐŽŶƵŶĂƐƌĞŐůĂƐĚĞũƵĞŐŽĐůĂƌĂƐĞŶŵĂƚĞƌŝĂ as having clear rules concerning ƵƌďĂŶĚĞǀĞůŽƉŵĞŶƚ, which de ƉůĂŶĞĂŵŝĞŶƚŽ ƵƌďĂŶşƐƟĐŽ͕ ƋƵĞ ĚĞďĞ ĐŽŶƚƌŝďƵŝƌ Ăů ŵƵƐƚĐŽŶƚƌŝďƵƚĞƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞďƵƐŝŶĞƐƐĂĐƟǀŝƚLJ͕ ĚĞƐĂƌƌŽůůŽĚĞůĂĂĐƟǀŝĚĂĚĞŵƉƌĞƐĂƌŝĂů͕LJŶŽĂůĐŽŶƚƌĂƌŝŽ͘ not the other way round. ĞďĞĂĨƌŽŶƚĂƌƐĞĞůĚĞďĂƚĞƐŽďƌĞĞůŵŽĚĞůŽĞŶĞƌŐĠƟĐŽ ĚĞĂŶĂƌŝĂƐ͕ĞŶĞůƋƵĞƚĞŶĚƌĄŶƋƵĞĂƐƵŵŝƌƵŶŵĂLJŽƌ The debate over the ĞŶĞƌŐLJ ŵŽĚĞů ŽĨ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ƉƌŽƚĂŐŽŶŝƐŵŽůĂƐĞŶĞƌŐşĂƐƌĞŶŽǀĂďůĞƐ͘ must be faced, and renewable energies must account for a higher market share. ĞďĞŵĞũŽƌĂƌƐĞĞůƐĞĐƚŽƌĞĚƵĐĂƟǀŽĚĞĂŶĂƌŝĂƐ͘ Las ĐŽŶĐůƵƐŝŽŶĞƐ ĚĞů /ŶĨŽƌŵĞ WŝƐĂ ƐŽŶ ƌŽƚƵŶĚĂƐ ĞŶ ĞƐƚĞ TheĞĚƵĐĂƟŽŶƐĞĐƚŽƌŝŶƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ must be improved. ƐĞŶƟĚŽ͕LJƐŝƚƷĂŶĂůƐŝƐƚĞŵĂĞĚƵĐĂƟǀŽĚĞůĂƐŝƐůĂƐĞŶ The conclusions shown in the report of the Programme ůĂĐŽůĂĚĞŶƵĞƐƚƌŽƉĂşƐLJĚĞƵƌŽƉĂ͕ƐŝŶƋƵĞ͕ĂƉĂƌĞŶƚĞ- ĨŽƌ /ŶƚĞƌŶĂƟŽŶĂů ^ƚƵĚĞŶƚ ƐƐĞƐƐŵĞŶƚ ĂƌĞ ĐĂƚĞŐŽƌŝĐĂů͕ ŵĞŶƚĞ͕ĞdžŝƐƚĂŶĚŝĨĞƌĞŶĐŝĂƐƐƵƐƚĂŶƟǀĂƐĞŶƉĂƌĄŵĞƚƌŽƐ ƉůĂĐŝŶŐƚŚĞĞĚƵĐĂƟŽŶƐLJƐƚĞŵŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐĂŵŽŶŐ ĨƵŶĚĂŵĞŶƚĂůĞƐĐŽŵŽůĂĚŽƚĂĐŝſŶĚĞŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂƐ͕ the worst in our country and Europe, without, apparently, ŽĞůǀŽůƵŵĞŶĚĞƉĞƌƐŽŶĂůĚŽĐĞŶƚĞ͘ ĂŶLJƐƵďƐƚĂŶƟĂůĚŝīĞƌĞŶĐĞŝŶĞƐƐĞŶƟĂůƉĂƌĂŵĞƚĞƌƐ͕ƐƵĐŚĂƐ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ƐƵďƐŝĚŝĞƐŽƌƚŚĞǀŽůƵŵĞŽĨƚĞĂĐŚŝŶŐƐƚĂī͘ ĞďĞĂũƵƐƚĂƌƐĞŶƵĞƐƚƌŽŐĂƐƚŽĨĂƌŵĂĐĠƵƟĐŽLJƐĂŶŝƚĂƌŝŽ ĂƐƵƐƉŽƐŝďŝůŝĚĂĚĞƐƌĞĂůĞƐĚĞĮŶĂŶĐŝĂĐŝſŶ͘EŽƉƵĞĚĞĮ- Our ƉŚĂƌŵĂĐĞƵƟĐĂůĂŶĚƐĂŶŝƚĂƌLJĞdžƉĞŶƐĞƐmust be adjusted ŶĂŶĐŝĂƌƐĞƵŶƐŝƐƚĞŵĂƐĂŶŝƚĂƌŝŽƐŝŵŝůĂƌĂůĚĞůĞŵĂŶŝĂ͕ ƚŽ ƌĞĂů ĮŶĂŶĐŝŶŐ ƉŽƐƐŝďŝůŝƟĞƐ͘  ƐĂŶŝƚĂƌLJ ƐLJƐƚĞŵ ƐŝŵŝůĂƌ ƚŽ ĐƵĂŶĚŽĞůĞƐĨƵĞƌnjŽĮƐĐĂůĞƐƉĂŹŽůƌĞƐƵůƚĂŵĄƐĐĞƌĐĂŶŽ 'ĞƌŵĂŶLJ͛ƐĐĂŶŶŽƚďĞĮŶĂŶĐĞĚǁŚĞŶƚŚĞĮƐĐĂůĞīŽƌƚŽĨ^ƉĂŝŶ ĂůĞƐƚĂĚŽƵŶŝĚĞŶƐĞ͘ is closer to that of the United States.

 

 
  


 




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192 CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

ĚĞŶƚƌĄŶĚŽŶŽƐ͕ĂĐŽŶƟŶƵĂĐŝſŶ͕ĞŶĞůŽƚƌŽŐƌĂŶƉƌŽ- ďůĞŵĂĚĞŶƵĞƐƚƌĂĞĐŽŶŽŵşĂ͕ĞůĮŶĂŶĐŝĞƌŽ͕ůĂĂƵƐĞŶĐŝĂ ĚĞ ĐƌĠĚŝƚŽ ŚĂ ƉƌĞƚĞŶĚŝĚŽ ĐŽƌƌĞŐŝƌƐĞ ĚĞƐĚĞ Ğů ƐƚĂĚŽ ŵĞĚŝĂŶƚĞǀĂƌŝĂƐƌĞĨŽƌŵĂƐƋƵĞĚŝĞƌŽŶĐŽŵŝĞŶnjŽĞŶĞů ŵĞƐĚĞũƵŶŝŽĚĞϮϬϬϵ͕ĐƵĂŶĚŽƐĞĐŽŶƐƟƚƵLJſĞů&ŽŶĚŽ dŚĞŽƚŚĞƌďŝŐƉƌŽďůĞŵŽĨŽƵƌĞĐŽŶŽŵLJŝƐƚŚĂƚŽĨĮŶĂŶĐŝŶŐ͘ ĚĞZĞĞƐƚƌƵĐƚƵƌĂĐŝſŶKƌĚĞŶĂĚĂĂŶĐĂƌŝĂ͘ The State has tried to correct the absence of credit through ƐŽŵĞ ƌĞĨŽƌŵƐ ƐƚĂƌƟŶŐ ĨƌŽŵ :ƵŶĞ ϮϬϬϵ͕ ǁŚĞŶ ƚŚĞ KƌĚĞƌůLJ ĞƐĚĞĞƐĞĞŶƚŽŶĐĞƐ͕ƐĞŚĂŶǀĞŶŝĚŽŐĞƐƟŽŶĂŶĚŽƉƌŽ- ĂŶŬZĞƐƚƌƵĐƚƵƌŝŶŐ&ƵŶĚǁĂƐĐŽŶƐƟƚƵƚĞĚ͘ ĐĞƐŽƐĚĞƌĞĞƐƚƌƵĐƚƵƌĂĐŝſŶĞŶĞŶƟĚĂĚĞƐĚĞĐƌĠĚŝƚŽLJƐĞ ŚĂŶĞdžŝŐŝĚŽŵĂLJŽƌĞƐŐĂƌĂŶơĂƐĐŽŶůĂƐƋƵĞĂƐĞŐƵƌĂƌůĂ ^ŝŶĐĞ ƚŚĞŶ͕ ƌĞƐƚƌƵĐƚƵƌŝŶŐ ƉƌŽĐĞƐƐĞƐ ŝŶ ĐƌĞĚŝƚ ĞŶƟƟĞƐ ŚĂǀĞ ƐŽůǀĞŶĐŝĂĚĞůƐŝƐƚĞŵĂďĂŶĐĂƌŝŽĞŶŶƵĞƐƚƌŽƉĂşƐ͕ĂƵŶ- been administered. Higher guarantees have been demanded ƋƵĞĂƷŶ͕ƚƌĞƐĂŹŽƐŵĄƐƚĂƌĚĞ͕ŶŽƐĞŚĂŶĂůĐĂŶnjĂĚŽůŽƐ in order to ensure the reliability of the banking system in our ƌĞƐƵůƚĂĚŽƐĞƐƉĞƌĂĚŽƐ͘ country. However, three years later, the desired results have not been reached. >ŽƐƷůƟŵŽƐĂǀĂŶĐĞƐĞŶĞƐƚĂŵĂƚĞƌŝĂŚĂŶƚĞŶŝĚŽůƵŐĂƌ ĚƵƌĂŶƚĞĞůƉƌŝŵĞƌĐƵĂƚƌŝŵĞƐƚƌĞĚĞůĂŹŽ͕ĐŽŶůĂĂƉƌŽ- dŚĞůĂƚĞƐƚĂĚǀĂŶĐĞƐŝŶƚŚŝƐŵĂƩĞƌƚŽŽŬƉůĂĐĞĚƵƌŝŶŐƚŚĞĮƌƐƚ ďĂĐŝſŶĚĞĚŽƐƌĞĂůĞƐĚĞĐƌĞƚŽƐͲůĞLJĐŽŶůŽƐƋƵĞĞů'Ž- ĨŽƵƌŵŽŶƚŚƐŽĨƚŚĞLJĞĂƌ͕ǁŝƚŚƚŚĞĂƉƉƌŽǀĂůŽĨƚǁŽĚĞĐƌĞĞͲ ďŝĞƌŶŽŚĂƉƌĞƚĞŶĚŝĚŽŝŵƉƵůƐĂƌĞůĂũƵƐƚĞĚĞůŽƐĂĐƟǀŽƐ laws with which the Government has tried to boost the ďĂŶĐĂƌŝŽƐĂůĂƐŵĞŶŽƌĞƐĞdžƉĞĐƚĂƟǀĂƐĚĞůŵĞƌĐĂĚŽŝŶ- ĂĚũƵƐƚŵĞŶƚŽĨďĂŶŬĂƐƐĞƚƐƚŽƚŚĞůĞƐƐĞƌĞdžƉĞĐƚĂƟŽŶƐŽĨƚŚĞ ŵŽďŝůŝĂƌŝŽ͕ĐŽŵŽƉĂƐŽƉƌĞǀŝŽƉĂƌĂůŽŐƌĂƌŝŵƉƌĞŐŶĂƌĂů real estate market. This is the step prior to managing to ĐŽŶũƵŶƚŽĚĞůƐŝƐƚĞŵĂĚĞůĂƌŽďƵƐƚĞnjƋƵĞŶĞĐĞƐŝƚĂ͘ imbue system as a whole with the solidity it needs.

  

 
   
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 Tabla 4.3 Table 4.3

193 CONCLUSIONES CONCLUSIONS 2011

EŽ ĐĂďĞ ĚƵĚĂ ƋƵĞ Ğů ŐƌĂǀĞ ƉƌŽďůĞŵĂ ĚĞ ĂƉĂůĂŶĐĂ- Undoubtedly, the serious issue of the leveraging of the ŵŝĞŶƚŽ ĚĞ ůĂ ĞĐŽŶŽŵşĂ ĞƐƉĂŹŽůĂ ůĂƐƚƌĂ ĚĞ ŵĂŶĞƌĂ ^ƉĂŶŝƐŚ ĞĐŽŶŽŵLJ ŝƐ ƉĞƌŵĂŶĞŶƚůLJ ďƵƌĚĞŶŝŶŐ ŶĂƟŽŶĂů ĚĞĮŶŝƟǀĂĞůĐƌĞĐŝŵŝĞŶƚŽŶĂĐŝŽŶĂů͘>ĂƐĞŵƉƌĞƐĂƐLJůĂƐ growth. Spanish enterprises and families are highly ĨĂŵŝůŝĂƐĞƐƉĂŹŽůĂƐƐĞĞŶĐƵĞŶƚƌĂŶĂůƚĂŵĞŶƚĞĞŶĚĞƵĚĂ- endebted, and currently most of their income goes to paying - ĚĂƐ͕LJĚĞƐƟŶĂŶĞŶůĂĂĐƚƵĂůŝĚĂĚŐƌĂŶƉĂƌƚĞĚĞƐƵƐƌĞŶ Žī ŽƵƚƐƚĂŶĚŝŶŐ ůŽĂŶ ďĂůĂŶĐĞƐ ĂŶĚ ŝŶƚĞƌĞƐƚ ƉĂLJŵĞŶƚƐ͘ dŚŝƐ ƚĂƐĂƐĂƟƐĨĂĐĞƌůĂĂŵŽƌƟnjĂĐŝſŶĚĞůĐĂƉŝƚĂůƉĞŶĚŝĞŶƚĞLJ ĐƵƚƐƚŚĞŝƌƉŽƐƐŝďŝůŝƟĞƐŽĨĐŽŶƐƵŵƉƟŽŶĂŶĚŝŶǀĞƌƐŝŽŶ͘ ĂůĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞƉĂŐŽĚĞŝŶƚĞƌĞƐĞƐ͕ĐĞƌĐĞŶĂŶĚŽĐŽŶ ĞůůŽƐƵƐƉŽƐŝďŝůŝĚĂĚĞƐĚĞĐŽŶƐƵŵŽĞŝŶǀĞƌƐŝſŶ͘ WƌŝǀĂƚĞ ĚĞďƚ ŝŶ ŽƵƌ ĐŽƵŶƚƌLJ ŚĂƐ ďĞĞŶ ĮŶĂŶĐĞĚ ŵĂŝŶůLJ ďLJ ƌĞĐƵƌƌŝŶŐ ƚŽ ĞdžƚĞƌŶĂů ĮŶĂŶĐŝŶŐ ƐŽƵƌĐĞƐ͕ ƐƉŽŶƐŽƌĞĚ ďLJ >Ă ĚĞƵĚĂ ƉƌŝǀĂĚĂ ĚĞ ŶƵĞƐƚƌŽ ƉĂşƐ ƐĞ ŚĂ ĮŶĂŶĐŝĂĚŽ expansionary monetary policies imposed by the Eurozone as - ƌĞĐƵƌƌŝĞŶĚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ĨƵĞŶƚĞƐ ĚĞ ĮŶĂŶĐŝĂ a whole at the beginning of the century in order to meet the ĐŝſŶĞdžƚĞƌŶĂ͕ĂƵƐƉŝĐŝĂĚĂƉŽƌůĂƐƉŽůşƟĐĂƐŵŽŶĞƚĂƌŝĂƐ low growth of its main countries. ĞdžƉĂŶƐŝǀĂƐƋƵĞŝŵƉƵƐŽĞůĐŽŶũƵŶƚŽĚĞůĂƵƌŽnjŽŶĂĂ ƉƌŝŶĐŝƉŝŽƐĚĞƐŝŐůŽƉĂƌĂĂƚĞŶĚĞƌĞůďĂũŽĐƌĞĐŝŵŝĞŶƚŽĚĞ tŚŝůĞƚŚĞƐĞĂŶƟͲĐLJĐůŝĐĂůƉŽůŝĐŝĞƐĂŝŵĞĚĂƚƐƟŵƵůĂƟŶŐŐƌŽǁƚŚ ƐƵƐƉĂşƐĞƐĐĞŶƚƌĂůĞƐ͘ in countries such as Germany or France, they favoured cycles ŝŶƉĞƌŝƉŚĞƌĂůƐƚĂƚĞƐƐƵĐŚĂƐ^ƉĂŝŶ͕ƐƟŶŐƚŚĞŐƌŽǁƚŚŽĨŝƚƐ DŝĞŶƚƌĂƐ ĞƐƚĂƐ ƉŽůşƟĐĂƐ ĂŶƟĐşĐůŝĐĂƐ ƉƌĞƚĞŶĚşĂŶ ĞƐƟ- external indebtedness. ŵƵůĂƌĞůĐƌĞĐŝŵŝĞŶƚŽĞŶƉĂşƐĞƐĐŽŵŽůĞŵĂŶŝĂŽ&ƌĂŶ- - ĐŝĂ͕ƐĞĂůŝŶĞĂďĂŶĂĨĂǀŽƌĚĞůĐŝĐůŽĞŶŽƚƌŽƐĞƐƚĂĚŽƐƉĞ dŚĞƌĞƐŽůƵƟŽŶŽĨƚŚĞƉƌŽďůĞŵƐĂīĞĐƟŶŐƚŚĞĮŶĂŶĐŝĂůŵĂƌŬĞƚ ƌŝĨĠƌŝĐŽƐĐŽŵŽƐƉĂŹĂ͕ĞƐƉŽůĞĂŶĚŽĞůĐƌĞĐŝŵŝĞŶƚŽĚĞ is key to start the recovery process. tŝƚŚŽƵƚ ĐƌĞĚŝƚ͕ ƚŚĞƌĞ ƐƵĞŶĚĞƵĚĂŵŝĞŶƚŽĞdžƚĞƌŝŽƌ͘ ŝƐŶĞŝƚŚĞƌŝŶǀĞƐƚŵĞŶƚŶŽƌĐŽŶƐƵŵƉƟŽŶ͖ĂŶĚǁŝƚŚŽƵƚƚŚĞƐĞ͕ ƚŚĞƌĞĂƌĞŶŽũŽďƐŽƌŐƌŽǁƚŚ͘ >ĂƌĞƐŽůƵĐŝſŶĚĞůŽƐƉƌŽďůĞŵĂƐƋƵĞĂĨĞĐƚĂŶĂůŵĞƌĐĂ-

ĚŽĮŶĂŶĐŝĞƌŽƌĞƐƵůƚĂĐůĂǀĞƉĂƌĂŝŶŝĐŝĂƌĞůƉƌŽĐĞƐŽĚĞ dŚŝƐĚŝůĞŵŵĂŝƐĐĂƵƐĞĚďLJƚŚĞůĂĐŬŽĨĮŶĂŶĐŝŶŐ͕ǁŚŝĐŚǁŝůů - ƌĞĐƵƉĞƌĂĐŝſŶ͘^ŝŶĐƌĠĚŝƚŽ͕ŶŽŚĂLJŝŶǀĞƌƐŝſŶŶŝĐŽŶƐƵ ƉĞƌƐŝƐƚŐŝǀĞŶƚŚĞƉŽŽƌƉĞƌƐƉĞĐƟǀĞƐŽĨƚŚĞďĂŶŬŝŶŐƐĞĐƚŽƌĨŽƌ ŵŽ͖ LJ ƐŝŶ ĞƐƚĂƐ ĚŽƐ ĐŽŶĚŝĐŝŽŶĞƐ͕ ŶŽ ŚĂLJ ĞŵƉůĞŽ Ŷŝ the next years, in a process of internal readjustment and crecimiento. ĂůŝĞŶĂƟŽŶ ŽĨ ŝƚƐ ŚŝŐŚ ǀŽůƵŵĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ĂƐƐĞƚƐ͘ /Ŷ ƚŚŝƐ ŶĞƐƚĞĚŝůĞŵĂƋƵĞƉůĂŶƚĞĂůĂĨĂůƚĂĚĞĮŶĂŶĐŝĂĐŝſŶ͕ƋƵĞ dilemma an element of even greater importance, if that ƉĞƌƐŝƐƟƌĄĚĂĚĂƐůĂƐŵĂůĂƐƉĞƌƐƉĞĐƟǀĂƐĚĞůƐĞĐƚŽƌďĂŶ- were possible, is the concurrence of the own mechanisms ĐĂƌŝŽƉĂƌĂůŽƐƉƌſdžŝŵŽƐĂŹŽƐ͕ĞŶƉƌŽĐĞƐŽĚĞƌĞĂũƵƐƚĞ of the Canary Islands in their Economic and Fiscal Regime ŝŶƚĞƌŶŽLJĚĞĞŶĂũĞŶĂĐŝſŶĚĞƐƵĞŶŽƌŵĞǀŽůƵŵĞŶĚĞ ;ŚĞƌĞŝŶĂŌĞƌZ&͕ĂƐƉĞƌŝƚƐŝŶŝƟĂůƐŝŶ^ƉĂŶŝƐŚͿ͕ǁŚŝĐŚŵĂŬĞƐ ĂĐƟǀŽƐŝŶŵŽďŝůŝĂƌŝŽƐ͕ĂĚƋƵŝĞƌĞŵĂLJŽƌŝŵƉŽƌƚĂŶĐŝĂ͕Ɛŝ ĮŶĂŶĐŝŶŐƉŽƐƐŝďůĞ͕ĐŚĂƌŐŝŶŐƚŚĞƉƌŽĚƵĐƟǀĞŝŶǀĞƌƐŝŽŶƚŽƚŚĞŝƌ ĐĂďĞ͕ĞůĐŽŶĐƵƌƐŽĚĞůŽƐŵĞĐĂŶŝƐŵŽƐƉƌŽƉŝŽƐĐŽŶƋƵĞ own resources. ĐƵĞŶƚĂ ĂŶĂƌŝĂƐ ĞŶ ƐƵ ZĠŐŝŵĞŶ ĐŽŶſŵŝĐŽ LJ &ŝƐĐĂů͕ &ƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϰƵŶƟů ϮϬϮϬ͕ĂŶĞǁƉĞƌŝŽĚ ŽĨ ǀĂůŝĚŝƚLJ ƋƵĞ ƉŽƐŝďŝůŝƚĂŶ ůĂ ĮŶĂŶĐŝĂĐŝſŶ͕ ĐŽŶ ĐĂƌŐŽ Ă ƌĞĐƵƌƐŽƐ ĨŽƌ ĮƐĐĂů ŝŶĐĞŶƟǀĞƐ ŝŶ ƚŚĞ ĂŶĂƌLJ /ƐůĂŶĚƐ ǁŝůů ďĞ ŽƉĞŶĞĚ͘ ƉƌŽƉŝŽƐ͕ĚĞůĂŝŶǀĞƌƐŝſŶƉƌŽĚƵĐƟǀĂ͘ ƵƌŝŶŐƚŚŝƐƉĞƌŝŽĚ͕ŝƚǁŝůůďĞŶĞĐĞƐƐĂƌLJƚŽĐŽŶƟŶƵĞƚŽŽƉƚĨŽƌ ^ĞĂďƌĞ͕ĂƉĂƌƟƌĚĞůƉƌſdžŝŵŽϭĚĞĞŶĞƌŽĚĞϮϬϭϰ͕ƵŶ ŝŶǀĞƐƚŵĞŶƚŝŶĐĞŶƟǀĞŵĞĐŚĂŶŝƐŵƐ͘ ŶƵĞǀŽƉĞƌŝŽĚŽĚĞǀŝŐĞŶĐŝĂƉĂƌĂůŽƐŝŶĐĞŶƟǀŽƐĮƐĐĂůĞƐ The Canary Islands would not have reached the development ĚĞĂŶĂƌŝĂƐƋƵĞĐŽŵƉƌĞŶĚĞƌĄŚĂƐƚĂĞůĂŹŽϮϬϮϬ͕ĞŶĞů level in the expansive phase of the economic cycle without the ƋƵĞƐĞĚĞďĞƌĄƐĞŐƵŝƌĂƉŽƐƚĂŶĚŽƉŽƌŵĞĐĂŶŝƐŵŽƐĚĞ ŝŶǀĂůƵĂďůĞĐŽŶƚƌŝďƵƟŽŶŽĨŝŶǀĞƐƚŵĞŶƚŝŶĐĞŶƟǀĞŵĞĐŚĂŶŝƐŵƐ ŝŶĐĞŶƟǀŽĚĞůĂŝŶǀĞƌƐŝſŶ͘ charged to the enterprises own funds. As they are key to the ĂŶĂƌŝĂƐŶŽŚĂďƌşĂůŽŐƌĂĚŽůĂƐĐŽƚĂƐĚĞĚĞƐĂƌƌŽůůŽĞŶ ĐĂƉŝƚĂůŝnjĂƟŽŶŽĨƚŚĞƉƌŽĚƵĐƟǀĞĨĂďƌŝĐŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ ůĂĨĂƐĞĞdžƉĂŶƐŝǀĂĚĞůĐŝĐůŽĞĐŽŶſŵŝĐŽƐŝŶůĂŝŶĞƐƟŵĂ- ĂŶĚ ƚŚĞ ĐƌĞĂƟŽŶ ŽĨ ũŽďƐ͕ ƚŚĞLJ ŵƵƐƚ ďĞ ŬĞƉƚ͕ ĞǀĞŶ ƚŚŽƵŐŚ ďůĞĐŽŶƚƌŝďƵĐŝſŶĚĞůŽƐŵĞĐĂŶŝƐŵŽƐĚĞŝŶĐĞŶƟǀŽĂůĂ they have coexisted with a high level of legal insecurity.

194 CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

ŝŶǀĞƌƐŝſŶĐŽŶĐĂƌŐŽĂĨŽŶĚŽƐƉƌŽƉŝŽƐĚĞůĂƐĞŵƉƌĞƐĂƐ͕ ƋƵĞĚĞďĞƌĄŶŵĂŶƚĞŶĞƌƐĞ͕ĂůƌĞƐƵůƚĂƌĐůĂǀĞƐĞŶůĂĐĂ- ƉŝƚĂůŝnjĂĐŝſŶĚĞůƚĞũŝĚŽƉƌŽĚƵĐƟǀŽĐĂŶĂƌŝŽLJĞŶůĂĐƌĞĂ- ĐŝſŶ ĚĞ ĞŵƉůĞŽ͕ Ă ƉĞƐĂƌ ĚĞ ŚĂďĞƌ ĐŽŶǀŝǀŝĚŽ ĐŽŶ ƵŶ ĞůĞǀĂĚŽŐƌĂĚŽĚĞŝŶƐĞŐƵƌŝĚĂĚũƵƌşĚŝĐĂ͘

EŽŽďƐƚĂŶƚĞ͕ůĂǀŝŶĐƵůĂĐŝſŶĂůďĞŶĞĮĐŝŽĚĞĞƐƚĞƟƉŽ ĚĞŝŶĐĞŶƟǀŽƐŚĂĐŽŶĚƵĐŝĚŽĂƵŶĂĐĂşĚĂĚƌĄƐƟĐĂĚĞƐƵ ƵƟůŝnjĂĐŝſŶĚƵƌĂŶƚĞůĂĐƌŝƐŝƐ͘ƐƚĞĨĞŶſŵĞŶŽ͕ƐƵŵĂĚŽĂ ůĂŵĂLJŽƌƌĞƐƚƌŝĐƟǀŝĚĂĚĂůƋƵĞƐĞŚĂŶǀŝƐƚŽƐŽŵĞƟĚĂƐ herramientas como la Reserva para Inversiones en Ca- ŶĂƌŝĂƐ ĞŶ ůŽƐ ƚƌŝďƵŶĂůĞƐ ĚĞ ũƵƐƟĐŝĂ͕ ŚĂ ĐŽŶĚŝĐŝŽŶĂĚŽ ,ŽǁĞǀĞƌ͕ ƚŚĞ ƵƐĞ ŽĨ ƚŚĞƐĞ ŝŶĐĞŶƟǀĞƐ ŚĂƐ ĞdžƉĞƌŝĞŶĐĞĚ Ă ĂůĂƐĚĞĐŝƐŝŽŶĞƐĚĞŝŶǀĞƌƐŝſŶĚĞĞŵƉƌĞƐĂƌŝŽƐLJĂƵƚſ- ĚƌĂŵĂƟĐ ĨĂůů ďĞĐĂƵƐĞ ŽĨ ŝƚƐ ĂƐƐŽĐŝĂƟŽŶ ǁŝƚŚ ƚŚĞ ďĞŶĞĮƚ ŶŽŵŽƐ͕ƋƵĞŚĂŶƚĞƌŵŝŶĂĚŽƉŽƌĚĞĐĂŶƚĂƌƐĞƉŽƌŽƚƌŽƐ of enterprises. This phenomenon, added to the greater ŵĞĐĂŶŝƐŵŽƐĂůƚĞƌŶĂƟǀŽƐĚĞŝŶĐĞŶƟǀŽĚĞůĂŝŶǀĞƌƐŝſŶ͕ ƌĞƐƚƌŝĐƟǀĞŶĞƐƐĞŶĚƵƌĞĚďLJƚŽŽůƐƐƵĐŚĂƐƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐ ĐŽŵŽůĂĞĚƵĐĐŝſŶƉŽƌ/ŶǀĞƌƐŝŽŶĞƐ͘ Investment Reserve in the courts, has shaped entrepreneurs’ ůŶƵĞǀŽƉĞƌŝŽĚŽĚĞƌĞŶĞŐŽĐŝĂĐŝſŶĚĞůZ&ƌĞƐƵůƚĂƵŶĂ and freelancers’ investment decisions, who have opted for ŽƉŽƌƚƵŶŝĚĂĚƉĂƌĂŝŶĐŽƌƉŽƌĂƌŶƵĞǀĂƐŵĞĚŝĚĂƐ͕ƋƵĞĚŽ- ĂůƚĞƌŶĂƟǀĞ ŝŶǀĞƐƚŵĞŶƚ ŝŶĐĞŶƟǀĞ ŵĞĐŚĂŶŝƐŵƐ͕ ƐƵĐŚ ĂƐ ƚŚĞ ƚĞŶĂůƌĠŐŝŵĞŶĞƐƉĞĐşĮĐŽĐĂŶĂƌŝŽĚĞŵĂLJŽƌƉŽƚĞŶĐŝĂůŝ- ĚĞĚƵĐƟŽŶƐĨŽƌŝŶǀĞƐƚŵĞŶƚƐ͘ ĚĂĚ͘ŶĞƐƚĞƐĞŶƟĚŽ͕ƌĞƐƵůƚĂƌşĂďĄƐŝĐŽůĂŝŶĐŽƌƉŽƌĂĐŝſŶ dŚĞŶĞǁƉĞƌŝŽĚŽĨƌĞŶĞŐŽƟĂƟŽŶŽĨƚŚĞZ&ŝƐĂŶŽƉƉŽƌƚƵŶŝƚLJ ĚĞŵĞĚŝĚĂƐǀŝŶĐƵůĂĚĂƐĚŝƌĞĐƚĂŵĞŶƚĞĂůŽƐĐŽƐƚĞƐůĂďŽ- ƚŽŝŶĐŽƌƉŽƌĂƚĞŶĞǁŵĞĂƐƵƌĞƐƉƌŽǀŝĚŝŶŐƚŚĞƐƉĞĐŝĮĐƌĞŐŝŵĞ ƌĂůĞƐ͕ƋƵĞƉŽƐŝďŝůŝƚĞŶůĂĐŽŵƉĞŶƐĂĐŝſŶĚĞƐŽďƌĞĐŽƐƚĞƐ ŽĨƚŚĞĂŶĂƌLJ/ƐůĂŶĚƐǁŝƚŚŐƌĞĂƚĞƌƉŽƚĞŶƟĂůŝƚLJ͘dŚƵƐ͕ŝƚǁŽƵůĚ ŝŶŚĞƌĞŶƚĞƐĂƵŶĂŵĞŶŽƌƉƌŽĚƵĐƟǀŝĚĂĚĞƐƚƌƵĐƚƵƌĂůĚĞ ďĞĞƐƐĞŶƟĂůƚŽŝŶĐŽƌƉŽƌĂƚĞŵĞĂƐƵƌĞƐĚŝƌĞĐƚůLJƌĞůĂƚĞĚƚŽƚŚĞ ůŽƐƌĞĐƵƌƐŽƐůĂďŽƌĂůĞƐĞŶĞůƌĐŚŝƉŝĠůĂŐŽĞŶŵƵĐŚŽƐĚĞ ůĂďŽƵƌĐŽƐƚƐ͘dŚŝƐǁŽƵůĚĞŶĂďůĞĐŽŵƉĞŶƐĂƟŽŶŽĨŽǀĞƌƌƵŶƐ ƐƵƐƐĞĐƚŽƌĞƐĚĞĂĐƟǀŝĚĂĚ͕ƉŽƌůĂŝŵƉŽƐŝďŝůŝĚĂĚĚĞĂů- ŝŶŚĞƌĞŶƚ ƚŽ Ă ůĞƐƐĞƌ ƐƚƌƵĐƚƵƌĂů ƉƌŽĚƵĐƟǀŝƚLJ ŽĨ ƚŚĞ ůĂďŽƵƌ ĐĂŶnjĂƌĞĐŽŶŽŵşĂƐĚĞĞƐĐĂůĂ͕ĚĞďŝĚŽĂůĂĞƐƚƌĞĐŚĞnjĚĞů ƌĞƐŽƵƌĐĞƐŝŶƚŚĞƌĐŚŝƉĞůĂŐŽŝŶŵŽƐƚŽĨŝƚƐĂĐƟǀŝƚLJƐĞĐƚŽƌƐ͕ ŵĞƌĐĂĚŽĐĂŶĂƌŝŽ͕ĂƐƵĨƌĂŐŵĞŶƚĂĐŝſŶLJĂůĂůĞũĂŵŝĞŶƚŽ due to the impossibility of reaching economies of scale given ĐŽŶƌĞƐƉĞĐƚŽĂůŵĞƌĐĂĚŽƷŶŝĐŽĞƵƌŽƉĞŽ͘ ƚŚĞƌĞƐƚƌŝĐƚĞĚƐŝnjĞŽĨƚŚĞĂŶĂƌLJŵĂƌŬĞƚ͕ŝƚƐĨƌĂŐŵĞŶƚĂƟŽŶ ƐƚĞƟƉŽĚĞŵĞĚŝĚĂƐLJĂƐĞĂƉůŝĐĂŶĞŶŽƚƌĂƐƌĞŐŝŽŶĞƐ ĂŶĚƐĞƉĂƌĂƟŽŶĨƌŽŵƚŚĞƐŝŶŐůĞƵƌŽƉĞĂŶŵĂƌŬĞƚ͘ ƵůƚƌĂƉĞƌŝĨĠƌŝĐĂƐ͕ ĐŽŵŽ ƐŽŶ ůŽƐ ĚĞƉĂƌƚĂŵĞŶƚŽƐ ĚĞ Ƶů- ƚƌĂŵĂƌ ĨƌĂŶĐĞƐĞƐ͕ ůŽ ƋƵĞ͕ ĞŶ ƉƌŝŶĐŝƉŝŽ͕ ŚĂďŝůŝƚĂƌşĂ ƐƵ These measures have already been applied in some ĂƵƚŽƌŝnjĂĐŝſŶĞŶĂŶĂƌŝĂƐ͘ other outermost EU regions, such as the French overseas ĚĞƉĂƌƚŵĞŶƚƐ͕ǁŚŝĐŚƐŚŽƵůĚĞŶĂďůĞƚŚĞŝƌĂƵƚŚŽƌŝnjĂƟŽŶŝŶƚŚĞ ƐŝŵŝƐŵŽ͕ŚĂĚĞĞdžŝŐŝƌƐĞƵŶŵĂLJŽƌŐƌĂĚŽĚĞĐƵŵƉůŝ- Canary Islands. miento de las medidas de orden económico contem- ƉůĂĚĂƐƉŽƌŶƵĞƐƚƌŽZ&͕ƋƵĞĂĐƚƵĂůŵĞŶƚĞƐĞĞŶĐƵĞŶ- Likewise, it is necessary to demand a higher degree of ƚƌĂŶĞŶƐŝƚƵĂĐŝſŶĚĞŵĂŶŝĮĞƐƚŽŝŶĐƵŵƉůŝŵŝĞŶƚŽ͘ compliance with the economic measures of our REF, which are clearly not being followed currently. ŶƚƌĞ ŽƚƌŽƐ ŵĞĐĂŶŝƐŵŽƐ ƉĞƌŵĂŶĞŶƚĞŵĞŶƚĞ ŝŶĐƵŵ- ƉůŝĚŽƐ͕ ĚĞƐƚĂĐĂŶ ůĂƐ ŵĞĚŝĚĂƐ ƉƌĞǀŝƐƚĂƐ ĚĞ ĐĂƌĄĐƚĞƌ ŵŽŶŐŽƚŚĞƌŵĞĐŚĂŶŝƐŵƐƚŚĂƚĂƌĞƉĞƌĞŶŶŝĂůůLJŶŽƚĨƵůĮůůĞĚ͕ ŚŽƌŝnjŽŶƚĂů͕ĐŽŵŽůĂĐŽŵƉĞŶƐĂĐŝſŶĚĞůŚĞĐŚŽŝŶƐƵůĂƌ͕ the foreseen measures of a horizontal nature stand out, ůĂŽďůŝŐĂĐŝſŶĚĞŵĂŶƚĞŶĞƌƵŶĂŝŶǀĞƌƐŝſŶŵĞĚŝĂĚĞůƐ- ƐƵĐŚ ĂƐ ĐŽŵƉĞŶƐĂƟŽŶ ŐƌĂŶƚĞĚ ƚŽ ŝƐůĂŶĚƐ͕ ƚŚĞ ŽďůŝŐĂƟŽŶ tado en Canarias no inferior al promedio nacional, el of keeping a mean State investment in the Canary Islands ĞƐƚĂďůĞĐŝŵŝĞŶƚŽĚĞůşŶĞĂƐ/KĐŽŶƟƉŽƐĚĞŝŶƚĞƌĠƐƉƌĞ- ŶŽ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ŶĂƟŽŶĂů ĂǀĞƌĂŐĞ͕ ƚŚĞ ĞƐƚĂďůŝƐŚŵĞŶƚ ĨĞƌĞŶƚĞƐƉĂƌĂĂŶĂƌŝĂƐ͕ŽĞůĚĞƐĂƌƌŽůůŽĚĞƵŶƉƌŽŐƌĂ- ŽĨ/KĐƌĞĚŝƚůŝŶĞƐĂƚĂƉƌĞĨĞƌĞŶƟĂůƌĂƚĞŽĨŝŶƚĞƌĞƐƚĨŽƌƚŚĞ

195 CONCLUSIONES CONCLUSIONS 2011

ŵĂĞƐƉĞĐŝĂůĚĞĨŽƌŵĂĐŝſŶƉƌŽĨĞƐŝŽŶĂůŽĐƵƉĂĐŝŽŶĂů͖ĂƐş ĐŽŵŽĐƵĞƐƟŽŶĞƐĚĞŶĂƚƵƌĂůĞnjĂƐĞĐƚŽƌŝĂů͕ĚĞƐƟŶĂĚĂƐĂ ƐĞĐƚŽƌĞƐĞƐƚƌĂƚĠŐŝĐŽƐĐŽŵŽĞůƚƵƌŝƐŵŽ͕ůĂŝŶĚƵƐƚƌŝĂ͕ůĂ ĂŐƌŝĐƵůƚƵƌĂŽůĂƉĞƐĐĂ͘ Canary Islands, or the development of a special program of ^ĞƚƌĂƚĂĚĞƵŶĂƐĞƌŝĞĚĞŵĞĚŝĚĂƐĚĞŝŵƉŽƌƚĂŶĐŝĂĐĂ- ŽĐĐƵƉĂƟŽŶĂů ƉƌŽĨĞƐƐŝŽŶĂů ƚƌĂŝŶŝŶŐ͖ ĂƐ ǁĞůů ĂƐ ƋƵĞƐƟŽŶƐ ŽĨ ƉŝƚĂůƉĂƌĂůĂĞĐŽŶŽŵşĂĐĂŶĂƌŝĂ͕LJƐƵŵĞƌŽĚĞƐĂƌƌŽůůŽ sectoral nature, aimed at strategic sectors such as tourism, ŚĂďƌşĂŵĞũŽƌĂĚŽůĂƐŝƚƵĂĐŝſŶĚĞůƌĐŚŝƉŝĠůĂŐŽ͕ĂůŚĂďĞƌ ŝŶĚƵƐƚƌLJ͕ĂŐƌŝĐƵůƚƵƌĞŽƌĮƐŚŝŶŐ͘ ĂůŝǀŝĂĚŽĞůŐƌĂĚŽĚĞĞdžƉŽƐŝĐŝſŶĚĞŶƵĞƐƚƌĂĞĐŽŶŽŵşĂĂů contexto adverso, acercando el impacto de la crisis en These are measures of great importance for the economy of Canarias al del resto del concierto nacional. the Canary Islands, and their mere development would have ŝŵƉƌŽǀĞĚƚŚĞƐŝƚƵĂƟŽŶŽĨƚŚĞƌĐŚŝƉĞůĂŐŽ͕ŚĂǀŝŶŐƌĞůŝĞǀĞĚ ^ŝŶƉĞƌũƵŝĐŝŽĚĞůĂŶĞĐĞƐŝĚĂĚĚĞŚĂďŝůŝƚĂƌĚĞďŝĚĂŵĞŶƚĞ the degree of exposure of our economy to the adverse ƚŽĚĂƐ ĞƐƚĂƐ ŵĞĚŝĚĂƐ ĐŽŵƉĞŶƐĂĚŽƌĂƐ͕ ĂŶĂƌŝĂƐ ĚĞďĞ context, bringing the impact of the crisis in the Canary ĂĨƌŽŶƚĂƌ͕ƵŶĂŹŽŵĄƐ͕ĞůƌĞƚŽĚĞŵĞũŽƌĂƌƐƵĞƐƚƌƵĐƚƵ- Islands closer to the levels in the rest of the country. ƌĂƉƌŽĚƵĐƟǀĂ͕ĂĚĂƉƚĄŶĚŽůĂĂůĂƐŶĞĐĞƐŝĚĂĚĞƐĚĞůĞƐ- ĐĞŶĂƌŝŽĞĐŽŶſŵŝĐŽĂĐƚƵĂů͘EŽĚĞďĞƉĞƌĚĞƌƐĞĚĞǀŝƐƚĂ In spite of the need to properly enable all these compensatory ƋƵĞůĂƐǀĞƌĚĂĚĞƌĂƐŶĞĐĞƐŝĚĂĚĞƐĚĞĂŶĂƌŝĂƐ͕ĂƋƵĞůůĂƐ measures, the Canary Islands must face, one more year, the - ƐŽďƌĞůĂƐƋƵĞƚĞŶĞŵŽƐŵĂLJŽƌĐĂƉĂĐŝĚĂĚĚĞĐŝƐŝſŶ͕ŚĂ ĐŚĂůůĞŶŐĞ ŽĨ ŝŵƉƌŽǀŝŶŐ ŝƚƐ ƉƌŽĚƵĐƟǀĞ ƐƚƌƵĐƚƵƌĞ͕ ĂĚĂƉƟŶŐ ďƌĄŶĚĞĂĨƌŽŶƚĂƌƐĞĂŵĞĚŝŽLJůĂƌŐŽƉůĂnjŽ͘ ŝƚƚŽƚŚĞŶĞĐĞƐƐŝƟĞƐŽĨƚŚĞĐƵƌƌĞŶƚĞĐŽŶŽŵŝĐƐĐĞŶĂƌŝŽ͘dŚĞ ĂŶĂƌŝĂƐĐƵĞŶƚĂĐŽŶůĂĐĂƉĂĐŝƚĂĐŝſŶƐƵĮĐŝĞŶƚĞƉĂƌĂƐĂ- true needs of the Canary Islands must be taken into account, ůŝƌƌĞĨŽƌnjĂĚĂĚĞůĂĐƌŝƐŝƐ͕ƵŶĂǀĞnjƌĞŵŝƚĂŶůŽƐĨĂĐƚŽƌĞƐ those on which we have a greater capacity of decision must ĞdžſŐĞŶŽƐƋƵĞůĞĐŽŶĚŝĐŝŽŶĂŶ͘ ZĞƐƵůƚĂ͕ƉŽƌƚĂŶƚŽ͕ƵŶ be faced for both the medium term and the short term. ŽďũĞƟǀŽǀŝĂďůĞLJĚĞƐĞĂďůĞ͕ƉĞƌŽĞůĠdžŝƚŽĞŶĞƐƚĂƚĂƌĞĂ dŚĞ ĂŶĂƌŝĞƐ ŚĂǀĞ ƐƵĸĐŝĞŶƚ ƉŽƚĞŶƟĂů ƚŽ ĐŽŵĞ ŽƵƚ ŽĨ ƚŚĞ ĚĞƉĞŶĚĞƌĄĚĞůĞƐĨƵĞƌnjŽĐŽŶũƵŶƚŽĚĞĞŵƉƌĞƐĂƐ͕ƚƌĂďĂ- ĐƌŝƐŝƐƌĞŝŶĨŽƌĐĞĚ͕ŽŶĐĞƚŚĞĞdžŽŐĞŶŽƵƐĨĂĐƚŽƌƐĐŽŶĚŝƟŽŶŝŶŐŝƚ ũĂĚŽƌĞƐLJĚŵŝŶŝƐƚƌĂĐŝſŶ͘ remit. It is, thus, a viable and desirable goal, but the success zĞŶĞƐƚĞŽďũĞƟǀŽŽĐƵƉĂƵŶůƵŐĂƌĚĞƐƚĂĐĂĚŽůĂŶĞĐĞƐĂ- ŽĨ ƚŚŝƐ ƚĂƐŬ ǁŝůů ĚĞƉĞŶĚ ŽŶ ƚŚĞ ũŽŝŶƚ ĞīŽƌƚ ŽĨ ĞŶƚĞƌƉƌŝƐĞƐ͕ ƌŝĂŵĞũŽƌĂĚĞŶƵĞƐƚƌĂƉƌŽĚƵĐƟǀŝĚĂĚ͕ƋƵĞƌĞƋƵŝĞƌĞĚĞ ǁŽƌŬĞƌƐĂŶĚĚŵŝŶŝƐƚƌĂƟŽŶ͘ ƵŶƉĂƐŽĂĚĞůĂŶƚĞƉŽƌƉĂƌƚĞĚĞƚƌĂďĂũĂĚŽƌĞƐ͕ĞŵƉƌĞƐĂ- /ŶƚŚŝƐŐŽĂů͕ƚŚĞŶĞĐĞƐƐĂƌLJŝŵƉƌŽǀĞŵĞŶƚŽĨŽƵƌƉƌŽĚƵĐƟǀŝƚLJ ƌŝŽƐLJƉŽĚĞƌĞƐƉƷďůŝĐŽƐ͘ ŚĂƐ Ă ƉƌŽŵŝŶĞŶƚ ƉůĂĐĞ͕ ĂŶĚ ƌĞƋƵŝƌĞƐ Ă ƐƚĞƉ ĨŽƌǁĂƌĚ ďLJ ŶĞůŵĂƌĐŽĚĞůĂĞŵƉƌĞƐĂ͕ĚĞďĞŝŶĐƌĞŵĞŶƚĂƌƐĞůĂƉƌŽ- workers, entrepreneurs and public powers. ĚƵĐƟǀŝĚĂĚƉŽƌŚŽƌĂƚƌĂďĂũĂĚĂ͘WĂƌĂůŽŐƌĂƌĚŝĐŚŽŽďũĞ- ƟǀŽ͕ŚĂŶĚĞĐŽŽƌĚŝŶĂƌƐĞĞƐĨƵĞƌnjŽƐ͕ĞŶƚƌĞĞŵƉƌĞƐĂƌŝŽƐ tŝƚŚŝŶ ƚŚĞ ĞŶƚĞƌƉƌŝƐĞƐ͕ ƚŚĞ ƉƌŽĚƵĐƟǀŝƚLJ ƉĞƌ ŚŽƵƌ ŵƵƐƚ LJ ƚƌĂďĂũĂĚŽƌĞƐ͕ ĂƉŽƐƚĂŶĚŽ ĞŶ ƵŶ ŽďũĞƟǀŽ ĐŽŵƷŶ͕ ůĂ ŝŵƉƌŽǀĞ͘/ŶŽƌĚĞƌƚŽƌĞĂĐŚƚŚĂƚŐŽĂů͕ĞīŽƌƚƐďLJĞŶƚƌĞƉƌĞŶĞƵƌƐ ŵĞũŽƌĂĚĞůŽƐƉƌŽĐĞĚŝŵŝĞŶƚŽƐĚĞƚƌĂďĂũŽĞŶĞůĄŵďŝƚŽ and workers must be coordinated, working towards on a interno de las empresas. common goal: the improvement of the work procedures within the enterprises. ,ĂLJ ƋƵĞ ƉƌŽĐƵƌĂƌ ƵŶĂ ŽƉƟŵŝnjĂĐŝſŶ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ůĂďŽƌĂůĞƐĞŶĞůƉƌŽĐĞƐŽƉƌŽĚƵĐƟǀŽ͕ƵŶŵĂLJŽƌĂƉƌŽǀĞ- dŚĞLJ ŚĂǀĞ ƚŽ ƚƌLJ ƚŽ ŽƉƟŵŝnjĞ ůĂďŽƵƌ ƌĞƐŽƵƌĐĞƐ ŝŶ ƚŚĞ ĐŚĂŵŝĞŶƚŽĚĞůĂƐƐŝŶĞƌŐŝĂƐŐĞŶĞƌĂĚĂƐĞŶƚƌĞůŽƐƌĞĐƵƌ- ƉƌŽĚƵĐƟǀĞ ƉƌŽĐĞƐƐ͕ Ă ďĞƩĞƌ ĞdžƉůŽŝƚĂƟŽŶ ŽĨ ƚŚĞ ƐLJŶĞƌŐŝĞƐ ƐŽƐŚƵŵĂŶŽƐĚĞůĂĞŵƉƌĞƐĂLJƵŶĂŵĞũŽƌĂĚĞĐƵĂĐŝſŶ generated among the human resources in business and ĚĞĐĂĚĂƚƌĂďĂũĂĚŽƌĂƐƵĚĞƐĞŵƉĞŹŽůĂďŽƌĂů͘ ĞŶŚĂŶĐĞĚĂĚĂƉƚĂƟŽŶŽĨĞĂĐŚǁŽƌŬĞƌƚŽƚŚĞŝƌƉĞƌĨŽƌŵĂŶĐĞ͘

:ƵŶƚŽĐŽŶůŽĂŶƚĞƌŝŽƌ͕ůĂŵĞũŽƌĂĚĞůĂĐƵĂůŝĮĐĂĐŝſŶƉƌŽ- DŽƌĞŽǀĞƌ͕ŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞƉƌŽĨĞƐƐŝŽŶĂůƋƵĂůŝĮĐĂƟŽŶ͕Žƌ ĨĞƐŝŽŶĂů͕ŽĞůŝŶĐƌĞŵĞŶƚŽĚĞůŽƐĞƐƚĄŶĚĂƌĞƐĚĞĐĂůŝĚĂĚ͕ ĂŶŝŶĐƌĞĂƐĞŝŶƋƵĂůŝƚLJƐƚĂŶĚĂƌĚƐ͕ůŽŽŬůŝŬĞƵŶĂĐŚŝĞǀĂďůĞŐŽĂůƐ

196 CONSIDERACIONES GENERALES SOBRE EL CRECIMIENTO DE LA ECONOMÍA DE ESPAÑA Y DE CANARIAS DURANTE LOS PRÓXIMOS AÑOS GENERAL CONSIDERATIONS ON THE ECONOMIC GROWTH OF SPAIN AND THE CANARY ISLANDS DURING THE NEXT YEARS4

ƐĞĂŶƚŽũĂŶŽďũĞƟǀŽƐĂůĐĂŶnjĂďůĞƐƉĂƌĂĞůĐŽŶũƵŶƚŽĚĞ ŶƵĞƐƚƌĂƐ ĞŵƉƌĞƐĂƐ Ğ ŝŶƐƟƚƵĐŝŽŶĞƐ͕ ĂƐş ĐŽŵŽ ĚĞ ƐƵƐ ƚƌĂďĂũĂĚŽƌĞƐ͕ĞŶĞůůŽŐƌŽĚĞĞƐƚĞƌĞƚŽĚĞĞůĞǀĂƌŶƵĞƐ- ƚƌĂƐĐŽƚĂƐĚĞƉƌŽĚƵĐƟǀŝĚĂĚ͘

>ĂĂĚŵŝŶŝƐƚƌĂĐŝſŶƉƷďůŝĐĂŶŽƉƵĞĚĞƌĞƐƵůƚĂƌĂũĞŶĂĂů ŽďũĞƟǀŽ ĐŽŵƷŶ ĚĞ ƌĞĨŽƌnjĂƌ ŶƵĞƐƚƌĂ ƉƌŽĚƵĐƟǀŝĚĂĚ͕ ŵĄdžŝŵĞĚĂĚĂƐůĂƐŽďůŝŐĂĐŝŽŶĞƐĐŽŶƚƌĂşĚĂƐĞŶŵĂƚĞƌŝĂ ĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐĐĂů͕ƋƵĞ͕ƚĂƌĚĞŽƚĞŵƉƌĂŶŽ͕ĐŽŶĚƵ- ĨŽƌ ŽƵƌ ĞŶƚĞƌƉƌŝƐĞƐ ĂŶĚ ŝŶƐƟƚƵƟŽŶƐ ĂƐ Ă ǁŚŽůĞ͕ ĂƐ ǁĞůů ĂƐ ĐŝƌĄĂĂũƵƐƚĞƐĞŶŵĂƚĞƌŝĂůĂďŽƌĂů͘ ƚŚĞŝƌǁŽƌŬĞƌƐ͕ŝŶƚŚŝƐĐŚĂůůĞŶŐĞŽĨĞůĞǀĂƟŶŐŽƵƌƉƌŽĚƵĐƟǀŝƚLJ >ĂƐĞƐƚƌĂƚĞŐŝĂƐĞdžŝƐƚĞŶƚĞƐƉĂƌĂŵĞũŽƌĂƌůĂƉƌŽĚƵĐƟǀŝ- levels. ĚĂĚůĂďŽƌĂůĞŶĞůĄŵďŝƚŽĚĞůĂĞŵƉƌĞƐĂƐŽŶƉĞƌĨĞĐƚĂ- ŵĞŶƚĞĞdžƚƌĂƉŽůĂďůĞƐĂŐƌĂŶƉĂƌƚĞĚĞĚŵŝŶŝƐƚƌĂĐŝſŶ WƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐŚŽƵůĚŶŽƚďĞŽďůŝǀŝŽƵƐƚŽƚŚĞĐŽŵŵŽŶ ƉƷďůŝĐĂ͘ĞďĞŶƉƌĞǀĂůĞĐĞƌƉƌŝŶĐŝƉŝŽƐĚĞĞĮĐŝĞŶĐŝĂĞŶ ŐŽĂů ŽĨ ƌĞŝŶĨŽƌĐŝŶŐ ŽƵƌ ƉƌŽĚƵĐƟǀŝƚLJ͕ ĞƐƉĞĐŝĂůůLJ ŐŝǀĞŶ ƚŚĞ ƐƵĨƵŶĐŝŽŶĂŵŝĞŶƚŽ͕ůŽƋƵĞƉĂƐĂƉŽƌƵŶĂĐŽŵƉůĞƚĂƌĞ- ŽďůŝŐĂƟŽŶƐƚĂŬĞŶŽŶŝŶĮƐĐĂůŵĂƩĞƌƐ͕ǁŚŝĐŚ͕ƐŽŽŶĞƌŽƌůĂƚĞƌ͕ ǀŝƐŝſŶĚĞůŽƐƉƌŽĐĞƐŽƐŝŶƚĞƌŶŽƐĞŝŶƚĞƌĂĚŵŝŶŝƐƚƌĂƟǀŽƐ͕ ǁŝůůůĞĂĚƚŽĂĚũƵƐƚŵĞŶƚƐŝŶůĂďŽƵƌƋƵĞƐƟŽŶƐ͘ ƉŽƌůĂƌĞĚƵĐĐŝſŶĚĞůŽƐƉůĂnjŽƐĚĞƌĞƐƉƵĞƐƚĂLJƉŽƌůĂ džŝƐƟŶŐƐƚƌĂƚĞŐŝĞƐĨŽƌŝŵƉƌŽǀŝŶŐůĂďŽƵƌƉƌŽĚƵĐƟǀŝƚLJǁŝƚŚŝŶ ŽƉƟŵŝnjĂĐŝſŶĚĞůŽƐƉƌŽĐĞĚŝŵŝĞŶƚŽƐ͘ business can be extrapolated to a large part of the public ƐƚĂƌĞĨŽƌŵĂŚĂĚĞŝŵƉůŝĐĂƌĂůĐŽŶũƵŶƚŽĚĞůĂƐĂĚŵŝ- ĚŵŝŶŝƐƚƌĂƟŽŶ͘ĸĐŝĞŶĐLJƉƌŝŶĐŝƉůĞƐŝŶŝƚƐĨƵŶĐƟŽŶŝŶŐŵƵƐƚ ŶŝƐƚƌĂĐŝŽŶĞƐ ƉƷďůŝĐĂƐ ĞƐƉĂŹŽůĂƐ͕ ĐŽŶ ŝŶĚĞƉĞŶĚĞŶĐŝĂ prevail, which means a complete review of the internal and ĚĞƐƵĄŵďŝƚŽƚĞƌƌŝƚŽƌŝĂůŽĨƵŶĐŝŽŶĂů͕LJŚĂĚĞƚĞŶĚĞƌĂ ŝŶƚĞƌͲĂĚŵŝŶŝƐƚƌĂƟǀĞƉƌŽĐĞƐƐĞƐ͕ƌĞĚƵĐƟŽŶŽĨĂŶƐǁĞƌƉĞƌŝŽĚƐ͕ ĐŽŶũƵŐĂƌůĂŶĞĐĞƐĂƌŝĂƌĞĚƵĐĐŝſŶĂĚŵŝŶŝƐƚƌĂƟǀĂ͕ĐŽŶůĂ ĂŶĚŽƉƟŵŝnjĂƟŽŶŽĨƉƌŽĐĞĚƵƌĞƐ͘ ĞĮĐĂĐŝĂLJĞĮĐŝĞŶĐŝĂĚĞůŽƐƐĞƌǀŝĐŝŽƐƋƵĞƉƌĞƐƚĂĂĐŝƵĚĂ- dŚŝƐƌĞĨŽƌŵŵƵƐƚŝŶǀŽůǀĞĂůů^ƉĂŶŝƐŚƉƵďůŝĐĂĚŵŝŶŝƐƚƌĂƟŽŶƐ͕ ĚĂŶŽƐLJĞŵƉƌĞƐĂƐ͘ ǁŚĂƚĞǀĞƌ ƚŚĞŝƌ ƚĞƌƌŝƚŽƌŝĂů Žƌ ĨƵŶĐƟŽŶĂů ĮĞůĚ͕ ĂŶĚ ŝƚ ŵƵƐƚ En el ŵĂƌĐŽůĂďŽƌĂů͕ůĂƐŵŽĚŝĮĐĂĐŝŽŶĞƐŝŶƚƌŽĚƵĐŝĚĂƐ ĐŽŵďŝŶĞ ƚŚĞ ŶĞĞĚĞĚ ĂĚŵŝŶŝƐƚƌĂƟǀĞ ƌĞĚƵĐƟŽŶ ǁŝƚŚ ƚŚĞ ĞŶ Ğů ŵĞƌĐĂĚŽ ĚĞ ƚƌĂďĂũŽ͕ ĂƵŶƋƵĞ ŝŵƉƌĞƐĐŝŶĚŝďůĞƐ ĞĸĐŝĞŶĐLJŽĨƚŚĞƐĞƌǀŝĐĞƐŽīĞƌĞĚƚŽĐŝƟnjĞŶƐĂŶĚĞŶƚĞƌƉƌŝƐĞƐ͘ ƉĂƌĂůĂŵĞũŽƌĂĚĞůĂĐŽŵƉĞƟƟǀŝĚĂĚĞŶƐƵŵĂƌĐŽĚĞƌĞ- ĨĞƌĞŶĐŝĂĂůŝŶĐŝĚŝƌƐŽďƌĞĨĂĐƚŽƌĞƐĨƵŶĚĂŵĞŶƚĂůĞƐĐŽŵŽ In the ůĂďŽƵƌ ĐŽŶƚĞdžƚ͕ ŵŽĚŝĮĐĂƟŽŶƐ ŝŶƚƌŽĚƵĐĞĚ ŝŶ ƚŚĞ ůĂŇĞdžŝďŝůŝĚĂĚŝŶƚĞƌŶĂĞŶĞůŵĂƌĐŽĚĞůĂĞŵƉƌĞƐĂ͕ůůĞ- ůĂďŽƵƌ ŵĂƌŬĞƚ͕ ĂůƚŚŽƵŐŚ ĞƐƐĞŶƟĂů ĨŽƌ ƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚ ŐĂŶƚĂƌĚĞLJĐƵĂŶĚŽĞůƚĞũŝĚŽĞŵƉƌĞƐĂƌŝĂůĞƐƉĂŹŽůLJĂƐĞ ŽĨĐŽŵƉĞƟƟǀĞŶĞƐƐŝŶƚŚĞŝƌĨƌĂŵĞŽĨƌĞĨĞƌĞŶĐĞďLJƐƚƌĞƐƐŝŶŐ ĞŶĐƵĞŶƚƌĂƵŶƵŶĂĨĂƐĞŵƵLJĂǀĂŶnjĂĚĂĚĞĚĞŐƌĂĚĂĐŝſŶ͘ ŵĂŝŶ ĨĂĐƚŽƌƐ ƐƵĐŚ ĂƐ ŝŶƚĞƌŶĂů ŇĞdžŝďŝůŝƚLJ ǁŝƚŚŝŶ ĞŶƚĞƌƉƌŝƐĞƐ͕ have come late and when the Spanish business network was ƐƚĂ ŵĞũŽƌĂ ĚĞ ůĂ ĐŽŵƉĞƟƟǀŝĚĂĚ ŶŽ ĚĞƉĞŶĚĞƌĄ ĞŶ ĂůƌĞĂĚLJŝŶĂŶĂĚǀĂŶĐĞĚƉŚĂƐĞŽĨĚĞŐƌĂĚĂƟŽŶ͘ ĞdžĐůƵƐŝǀĂĚĞůŽƐĂǀĂŶĐĞƐĂĐŽŵĞƟĚŽƐĞŶĞůŵĂƌĐŽůĂ- ďŽƌĂů͕ĐŽŵƉƌĞŶĚŝĞŶĚŽĂƚŽĚŽƐĂƋƵĞůůŽƐĨĂĐƚŽƌĞƐƋƵĞ dŚŝƐ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ĐŽŵƉĞƟƟǀĞŶĞƐƐ ǁŝůů ŶŽƚ ĞdžĐůƵƐŝǀĞůLJ ŝŶĐŝĚĂŶ ƉŽƐŝƟǀĂŵĞŶƚĞ ƐŽďƌĞ ůĂ ƉĞƌĐĞƉĐŝſŶ ĞdžƚĞƌŝŽƌ depend on the advances in the labour framework, but ĚĞůŽƐŵĞƌĐĂĚŽƐĞƐƉĂŹŽůĞƐ͕ĂƐşĐŽŵŽĚĞůĂĐĂůŝĚĂĚĚĞ ŝŶĐůƵĚĞ Ăůů ƚŚŽƐĞ ĨĂĐƚŽƌƐ ƉŽƐŝƟǀĞůLJ ĂīĞĐƟŶŐ ƚŚĞ ĞdžƚĞƌŶĂů ŶƵĞƐƚƌŽƐďŝĞŶĞƐLJƐĞƌǀŝĐŝŽƐ͘ ƉĞƌĐĞƉƟŽŶŽĨƚŚĞ^ƉĂŶŝƐŚŵĂƌŬĞƚ͕ĂƐǁĞůůĂƐƚŚĞƋƵĂůŝƚLJŽĨ our goods and services. hŶĂŹŽŵĄƐ͕ŶŽƐĂĐĞƌĐĂŵŽƐĂůŽƐƷůƟŵŽƐƌĞƐƵůƚĂĚŽƐ ƉƵďůŝĐĂĚŽƐ ƉŽƌ Ğů ĂŶĐŽ DƵŶĚŝĂů ƉĂƌĂ ϮϬϭϮ͕ ĞŶ ƐƵ One more year, we are looking at the latest results published ŝŶĨŽƌŵĞ͞ŽŝŶŐƵƐŝŶĞƐƐ͕͟ĞŶĞůƋƵĞƐĞĐŽŵƉĂƌĂŶůĂƐ ďLJƚŚĞtŽƌůĚĂŶŬĨŽƌϮϬϭϮŝŶƚŚĞŝƌƌĞƉŽƌƚ͞ŽŝŶŐƵƐŝŶĞƐƐ͕͟ ĚŝĮĐƵůƚĂĚĞƐƋƵĞĞdžŝƐƚĞŶƉĂƌĂŚĂĐĞƌŶĞŐŽĐŝŽƐĞŶƚƌĞůĂƐ ŝŶǁŚŝĐŚƚŚĞĞdžŝƐƟŶŐĚŝĸĐƵůƟĞƐĨŽƌĚŽŝŶŐďƵƐŝŶĞƐƐĞƐďĞƚǁĞĞŶ ĚŝƐƟŶƚĂƐĞĐŽŶŽŵşĂƐĚĞůDƵŶĚŽ͘ ƚŚĞĚŝīĞƌĞŶƚĞĐŽŶŽŵŝĞƐŽĨƚŚĞǁŽƌůĚĂƌĞĐŽŵƉĂƌĞĚ͘

197 CONCLUSIONES CONCLUSIONS 2011

Ŷ Ğů ĐĂƐŽ ƉĂƌƟĐƵůĂƌ ĚĞ ŶƵĞƐƚƌŽ ƉĂşƐ͕ ůĂ ͞ǀĂůŽƌĂĐŝſŶ ŐůŽďĂů͟ŵĞũŽƌĂĞŶƵŶƉƵŶƚŽƐƵƉŽƐŝĐŝſŶƌĞůĂƟǀĂĂůƉĂ- ƐĂƌĚĞůƉƵĞƐƚŽϰϱĂůϰϰ͕ƐŽďƌĞƵŶƚŽƚĂůĚĞϭϴϯĞĐŽŶŽ- ŵşĂƐ͘

ƐƚĞ ƌĞƐƵůƚĂĚŽ ƌĞǀĞůĂ ŝŵƉŽƌƚĂŶƚĞƐ ĂǀĂŶĐĞƐ ĞŶ ŵĂƚĞ- ƌŝĂƐĞƐĞŶĐŝĂůĞƐƉĂƌĂĞůďƵĞŶĚĞƐĂƌƌŽůůŽĚĞůĂĂĐƟǀŝĚĂĚ /ŶƚŚĞƉĂƌƟĐƵůĂƌĐĂƐĞŽĨŽƵƌĐŽƵŶƚƌLJ͕ƚŚĞ͞ŐůŽďĂůǀĂůƵĂƟŽŶ͟ económica española, como son las facilidades para la ŚĂƐŝŵƉƌŽǀĞĚŝƚƐƌĞůĂƟǀĞƉŽƐŝƟŽŶďLJŽŶĞƉŽŝŶƚ͕ŵŽǀŝŶŐĨƌŽŵ ĂƉĞƌƚƵƌĂĚĞƵŶŶĞŐŽĐŝŽ͕ĐĂƚĞŐŽƌşĂĞŶůĂƋƵĞŶƵĞƐƚƌŽ ƉůĂĐĞϰϱƚŽϰϰ͕ĨƌŽŵĂƚŽƚĂůŽĨϭϴϯĞĐŽŶŽŵŝĞƐ͘ ƉĂşƐŵĞũŽƌĂϭϱƉƵĞƐƚŽƐĚĞƐĚĞĞůϭϰϴŚĂƐƚĂĞůϭϯϯ͖ĂƐş ĐŽŵŽƌĞŇĞũĂĞůƉƌŽĨƵŶĚŽƉƌŽĐĞƐŽĚĞĐŽŶƐŽůŝĚĂĐŝſŶĮƐ- dŚŝƐƌĞƐƵůƚƌĞǀĞĂůƐŝŵƉŽƌƚĂŶƚĂĚǀĂŶĐĞƐŝŶŵĂƩĞƌƐĞƐƐĞŶƟĂů ĐĂůƋƵĞŚĂŶĞdžƉĞƌŝŵĞŶƚĂĚŽůĂƐĐƵĞŶƚĂƐƉƷďůŝĐĂƐĞŶůĂ ƚŽƚŚĞŐŽŽĚĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĞĐŽŶŽŵŝĐĂĐƟǀŝƚLJŝŶ^ƉĂŝŶ͕ ĐĂƚĞŐŽƌşĂ͞ƉĂŐŽĚĞŝŵƉƵĞƐƚŽƐ͕͟ĐƵLJĂƉŽƐŝĐŝſŶƐĞĞůĞǀĂ such as ease of opening a business, a category in which ĞŶϮϴ͕ĚĞƐĚĞĞůƉƵĞƐƚŽϳϲŚĂƐƚĂĞůϰϴ͘ ŽƵƌ ĐŽƵŶƚƌLJ ŚĂƐ ŝŵƉƌŽǀĞĚ ϭϱ ƉŽŝŶƚƐ͕ ĨƌŽŵ ϭϰϴ ƚŽ ϭϯϯ͖ ĂƐ ǁĞůů ĂƐ ƌĞŇĞĐƟŶŐ ƚŚĞ ĚĞĞƉ ƉƌŽĐĞƐƐ ŽĨ ĮƐĐĂů ĐŽŶƐŽůŝĚĂƟŽŶ - ƐŝŵŝƐŵŽ͕ƐĞŝŶĐƌĞŵĞŶƚĂůĂƉŽƐŝĐŝſŶƌĞůĂƟǀĂĚĞƐƉĂ ĞdžƉĞƌŝĞŶĐĞĚ ďLJ ƚŚĞ ƉƵďůŝĐ ĂĐĐŽƵŶƚƐ ŝŶ ƚŚĞ ĐĂƚĞŐŽƌLJ ͞ƚĂdž - ŹĂĞŶůĂĐĂƚĞŐŽƌşĂ͞ĐŽŵĞƌĐŝŽƚƌĂŶƐĨƌŽŶƚĞƌŝnjŽ͕͟ƋƵĞĂƵ ƉĂLJŵĞŶƚ͕͟ǁŚŽƐĞƉŽƐŝƟŽŶŚĂƐƌŝƐĞŶϮϴƉůĂĐĞƐ͕ĨƌŽŵϳϲƚŽϰϴ͘ ŵĞŶƚĂϮƉŽƐŝĐŝŽŶĞƐ;ĚĞůĂϱϳĂůĂϱϱͿ͖LJĞŶŵĂƚĞƌŝĂĚĞ ƚƌĂŵŝƚĂĐŝſŶĚĞƉĞƌŵŝƐŽƐĚĞĐŽŶƐƚƌƵĐĐŝſŶ͕ĚĞƐĚĞůĂƉŽ- DŽƌĞŽǀĞƌ͕ƚŚĞƌĞůĂƟǀĞƉŽƐŝƟŽŶŽĨ^ƉĂŝŶŚĂƐƌŝƐĞŶϮƉůĂĐĞƐ ƐŝĐŝſŶϯϵĂůĂϯϴ͘WŽƌƐƵƉĂƌƚĞ͕ůĂĐĂƚĞŐŽƌşĂ͞ŽďƚĞŶĐŝſŶ ;ĨƌŽŵϱϳƚŽϱϱͿŝŶƚŚĞ͞ŽǀĞƌƐĞĂƐĐŽŵŵĞƌĐĞ͟ĐĂƚĞŐŽƌLJ͕ĂŶĚ͕ŝŶ ĚĞĞůĞĐƚƌŝĐŝĚĂĚ͟ĂƵŵĞŶƚĂĚĞƐĚĞĞůƉƵĞƐƚŽϳϬĂůϲϵ͖LJ͕ ƚŚĞŵĂƩĞƌŽĨƉƌŽĐĞƐƐŝŶŐŽĨďƵŝůĚŝŶŐƉĞƌŵŝƚƐ͕ĨƌŽŵƉůĂĐĞϯϵ

    
 
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198 ĞŶůĂ͞ƌĞƐŽůƵĐŝſŶĚĞŝŶƐŽůǀĞŶĐŝĂ͕͟ŶƵĞƐƚƌŽƉĂşƐĂǀĂŶnjĂ desde la posición 21 a la 20. ƚŽϯϴ͘/ŶƚƵƌŶ͕ĨŽƌƚŚĞ͞ĞůĞĐƚƌŝĐŝƚLJŽďƚĂŝŶŝŶŐ͟ĐĂƚĞŐŽƌLJ͕ŝƚŚĂƐ ŵŽǀĞĚƵƉĨƌŽŵƉůĂĐĞϳϬƚŽϲϵ͕ĂŶĚŝŶ͞ŝŶƐŽůǀĞŶĐLJƌĞƐŽůƵƟŽŶ͕͟ ^ŝŶĞŵďĂƌŐŽ͕ĐŽŶƟŶƷĂŶĐĞƌƟĮĐĄŶĚŽƐĞƌĞƚƌŽĐĞƐŽƐƋƵĞ our country has advanced from place 21 to 20. ŽďƐƚĂĐƵůŝnjĂŶĞůĚĞƐĞŵƉĞŹŽĚĞůĂƐĞŵƉƌĞƐĂƐĞƐƉĂŹŽ- ůĂƐ͕ĐŽŵŽƐĞƉƵĞĚĞĂƉƌĞĐŝĂƌĞŶĞůƌĞŐŝƐƚƌŽĚĞƉƌŽƉŝĞ- ,ŽǁĞǀĞƌ͕ƚŚĞƌĞƐƟůůĂƌĞƐĞƚďĂĐŬƐŽďƐƚƌƵĐƟŶŐƚŚĞƉĞƌĨŽƌŵĂŶĐĞ ĚĂĚĞƐ͕ƋƵĞĞŵƉĞŽƌĂϭϭƉŽƐŝĐŝŽŶĞƐ͕ĚĞƐĚĞůĂϰϱŚĂƐ- of the Spanish enterprises, as showed in the property ƚĂůĂϱϲ͖ĞŶĞůŐƌĂĚŽĚĞƉƌŽƚĞĐĐŝſŶĚĞůŽƐŝŶǀĞƌƐŽƌĞƐ͕ ƌĞŐŝƐƚƌLJ͕ǁŚŝĐŚĨĞůůϭϭƉůĂĐĞƐ͕ĨƌŽŵϰϱƚŽϱϲ͖ŝŶƚŚĞĚĞŐƌĞĞŽĨ ƋƵĞƌĞƚƌŽĐĞĚĞĚĞůƉƵĞƐƚŽϵϯĂůϵϳ͖ĞŶůĂŽďƚĞŶĐŝſŶĚĞ ŝŶǀĞƐƚŽƌƉƌŽƚĞĐƟŽŶ͕ĚƌŽƉƉŝŶŐĨƌŽŵƉůĂĐĞϵϯƚŽϵϳ͕ŝŶĐƌĞĚŝƚ ĐƌĠĚŝƚŽ͕ƋƵĞƉĂƐĂĚĞůƉƵĞƐƚŽϰϱĂůϰϴ͖ŽĞŶĞůĐƵŵƉůŝ- ĐŽŶĐĞƐƐŝŽŶ͕ǁŚĞƌĞŝƚĨĞůůďĂĐŬĨƌŽŵƉůĂĐĞϰϱƚŽϰϴ͕ŽƌŝŶƚŚĞ ŵŝĞŶƚŽĚĞůŽƐĐŽŶƚƌĂƚŽƐ͕ƋƵĞĐĂĞƵŶĂƉŽƐŝĐŝſŶ͕ĚĞƐĚĞ enforcing contracts item, which moved back one place, from ĞůƉƵĞƐƚŽϱϯĂůϱϰ͘ ϱϯƚŽϱϰ͘