The Chamber of Commerce of Fuerteventura has released its first economic outlook bulletin, offering a detailed snapshot of the island's economy. The report reveals an optimistic outlook regarding business and hiring expectations, with business forecasts exceeding the Canary Islands' average and a robust labor market, boasting over 50,000 registered workers with Social Security and nearing 10,000 self-employed individuals. However, the study also points to a concerning contraction in business investment and a 6.1% drop in German tourism.
This new informational tool aims to address the historical lack of island-level disaggregated data, enabling a more precise analysis of Fuerteventura's business reality. The bulletin, covering January to May 2025, examines key indicators such as energy, cement, tourism, port traffic, employment, and business confidence. The Chamber has formally requested institutions to provide data disaggregated at the island level.
In terms of employment, the island ended May with 50,450 Social Security affiliates and 5,545 unemployed, figures considered manageable. Self-employment has been a positive surprise, reaching 9,985 self-employed workers, interpreted as a sign of economic dynamism and the creation of business opportunities.
Tourism, the island's economic engine, presents mixed data. International tourist arrivals numbered 994,565, a 2.2% decrease compared to the previous year. Despite the drop in arrivals, revenue has been maintained due to increased overnight stays and hotel prices. The United Kingdom leads the source markets with 365,000 tourists, while Germany shows a concerning 6.1% decline, linked to economic and geopolitical uncertainty.
Cement consumption, an indicator of construction activity, has seen significant growth in Fuerteventura, exceeding 5,000 tons per month and reflecting intense public and private civil works and construction activity.
Regarding energy, 70% of production comes from conventional thermal sources, with 30% from renewables. Port traffic remains stable for goods, but passenger traffic has fallen, raising concerns about reliance on air transport. The increase in fuel costs also impacts transportation costs and consumer spending power.
Business confidence shows contrasting results. While the second-quarter assessment was negative (-5 points), expectations for the third quarter are optimistic (+10.8 points), driven by employment and self-employment. However, business investment expectations are negative (-9.8 points), a warning sign that the Chamber of Commerce urges to reverse by removing administrative obstacles and promoting digitalization and entrepreneurship.
