Tuesday, 10 June 2014 01:00

The Economy: Boom Bust and Sunshine

From prehistoric times Gran Canaria's economy has depended on turning the sunshine into things to sell to passing ships. As demand went up and down for what the island grew, it experienced booms and busts: It's why the cathedral in Las Palmas took hundreds of years to finish.

Even before the Spanish it's likely that the island's original inhabitats traded with passing roman and Phoenecian ships until these disappeared. The Canarii then went through a few lean centuries when they were the main export of the islands: Slavers from Europe and North Africa raided regularly. 

Crops

At different times large areas of the island were planted with sugar cane, coffee, grape vines, and cactus for cochineal. The Caribbean proved better for sugar production (although rum is still made on the islands), disease put paid to the wine (mentioned by Shakespeare), and artificial dyes destroyed the cochineal trade. Bananas are still a faithful crop but have to compete with cheaper Caribbean imports. 

The lean periods saw thousands of Canarians migrate to South America, and especially Cuba and Venezuela. The modern economy of Gran Canaria is based around tourism, and Las Palmas’ huge container port. The island grows bananas, tomatoes, cucumbers and aubergines for the European market and olive oil and coffee are comig back.

Canarian wines and cheese are earning good reputations abroad. Gran Canarian cheese, particularly goat and sheep cheese from Guia in the north, regularly wins international awards. Gran Canarian wine is a mixed bag: The whites are excellent but the reds still lag behind vintages from Tenerife and Lanzarote. 

Tourism

Catering to tourists dwarfs all other economic activities in Gran Canaria: Over three million visit Gran Canaria every year. The huge majority stay in the tourist resorts along the south coast. 

Tourism is now the islands largest industry and its biggest employer.

 

 

Published in Guide

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Tip of the day

  • Exchange Money In Gran Canaria Or At Home?
    Exchange Money In Gran Canaria Or At Home?

    Visitors to Gran Canaria often ask whether it is better to exchange their local currency for euros at home or in Gran Canaria. 

    The answer is that it is almost always better to buy your euros at home than it is to bring pounds to Gran Canaria and use local banks or currency exchanges. This rule of thumb applies all over the world. A currency is almost always cheaper the further away you are from the place you can spend it (because demand for it is lower). 

    Exchange rates are almost always better at home than in Gran Canaria

    You are very likely to get a better exchange rate using a British currency exchange specialist or local bank. Many of these companies will deliver your euros to your home.

    One of the best rates in the UK is often from the post office, especially if you do it well in advance.

    The only way you'll get a better rate in Gran Canaria than at home is if the exchange rate changes while you are travelling and this is rare. 

    You also have to bear in mind that currency exchanges in Gran Canaria are getting rarer and some local banks don't exchange money for non-clients. 

    To Transfer large amouynts of money to Gran Canaria, or to make regular transfers, always use a reputable currency broker such as Currencies Direct. This will save you money on exchange rates and bank charges and is highky secure. 

    The risk of bringing cash to Gran Canaria

    Another important factor to consider is the risk of bringing cash to Gran Canaria: If it is lost or stolen, there is no way of getting it back. 

    It is much safer to bring a debit or credit card and use local bank ATMs to take out money. These days, a good option is a pre-charged debit card. 

    Cards may be slightly more expensive that carrying cash, unless you seek out a bank card with low commissions, but it is much more secure. 

    Bank ATMs like Bankia, Santander and BBVA often charge lower rates than the ATMs in shopping centres and busy tourist areas.

    Alex Says: Always select the Euro option at ATMs in Gran Canaria because the exchange rate is much better than if you opt for the Local Currency option. The same applies when you pay by card in shops and restaurants.

    See our Gran Canaria Tips section for more nuggets of useful local information.

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