2023-08-12 06:30:25
tourism accelerates to a historic year in the middle of an overflowing growth in demand and also driven by rising prices. The reactivation of the sector after the fall due to the pandemic was initially supported by the consumption of national customers, but this year there is a massive return of international tourists and the activity they generate has become the mainstay of growth.
From the sector it is taken for granted that the arrivals of foreign tourists will mark a new historical high this year, surpassing the previous record of 83.7 million international travelers achieved in 2019 before the collapse caused by the pandemic. And the flood of foreign tourists will also set a new record for the injection of millions that they generate for the Spanish economy.
The country’s tourism revenue – something that international travelers spend during their stay and which effectively has an impact on the Spanish economy – will shatter pre-pandemic levels and mark a new historical maximum with 82,000 million euros this yearaccording to the latest internal estimates of Exceltur, the lobby that brings together thirty of the biggest companies in the sector (among them, Meliá, NH, Iberia, Globalia, Riu or Amadeus).
The new quota expected for this year represents an increase of 18% in relation to the 69.1 billion euros reached last year and a 15% increase compared to the previous record of 71.2 billion registered in 2019, the last year complete without pandemic. The biggest economic injection from foreign visitors comes from the combined effect of booming demand and rising fares.
However, tourism receipts forecast for this financial year will exceed 2019’s record levels by 1.4% even in real terms, excluding the impact of inflation over the past few years, according to updated estimates from Excellency
The macro picture calculated by the major companies in the sector indicates that the tourism GDP will climb for the year as a whole to a record of more than 178.8 billion euros, with a growth of 12% in relation to last year and a 13.6% more compared to pre-covid 2019 levels. The strong growth in tourist activity is largely due to the increase in the rates that the companies are applying in a generalized way. And, in this case yes, discounting the effect of the price increase, the sector’s GDP is still slightly below pre-pandemic levels in real terms. Without the impact of the tariff increase, tourism GDP is still 1% lower than in 2019.
Spain had accumulated nine consecutive years of tourism revenue records until the pandemic cut the progression short. According to the records of the balance of payments of the Bank of Spain, in 2019 a historical maximum of 71,202 million euros of income from tourism was reached, which are counted for practical purposes as if they were income from exports of the economy spanish
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