ISTAC: Canary Islands economy grows despite fewer new firms

The Canary Islands are reporting fewer company start-ups. In September, 308 new commercial companies were established, even though economic output grew by 2.5 per cent in real terms in the third quarter.

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In September, 308 new commercial companies were established in the Canary Islands, 14.7 per cent fewer than in the same month last year.
According to ISTAC, the Canary Islands' economy grew by 2.5 per cent in real terms in the third quarter.

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In the Canary Islands, the number of new trading companies established in September fell by 14.7 per cent. According to the Canary Islands Institute of Statistics ISTAC, 308 new companies of this legal form were registered that month, compared with September of the previous year.

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At the same time, the Canary Islands‘ economy is performing well overall: in the third quarter, it grew by 2.5 per cent in real terms, according to figures from ISTAC. The growth of the Canary Islands‘ economy in the third quarter also includes September.

Economic output therefore rose in the third quarter, whilst fewer businesses were set up in September.