#OnChainInsights chvcKApproximately 2.24 million people live in the Canary Islands, and the average gross domestic product (GDP) per capita in 2021 was about 18,990 euros, with approximately 40% of GDP depending on the tourism sector.

The informal economy in the Canary Islands includes unreported and illegal economic activities, accounting for about 17.9% of GDP and exceeding 8 billion euros each year.

The informal economy means that business activities are conducted without paying taxes through loopholes and crimes, including money laundering.