Tenerife - Economy

Economy

Tenerife is the economic capital of the Canary Islands. Even though Tenerife's economy is highly specialized in the service sector, which makes 78% of its total production capacity, the importance of the rest of the economic sectors is key to its production development. In this sense, the primary sector, which only represents 1.98% of the total product, groups activities that are important to the sustainable development of the island's economy. The energy sector which contributes 2.85% has a primary role in the development of renewable energy sources. The industrial sector which shares in 5.80% is a growing activity in the island, vis-a-vis the new possibilities created by technological advances. Finally, the construction sector with 11.29% of the total production has a strategic priority, because it is a sector with relative stability which permits multiple possibilities of development and employment opportunities.