Tourism was one of Spain’s main economic growth sectors last year, accounting for around 187 billion euros and 12.8% of gross domestic product.
The figures were compiled by Exceltur, a national association of around 30 major tourism companies.
Growth in 2023 was 13.1%, spread across all months of the year, including the last quarter well past the high season period.
This means that tourism accounts for 70.8% of Spain’s economic growth, and Exceltur predicts that growth will be positive in 2024.
Figures released this week show 2023 will be a record year for Spain’s airports, with passenger numbers surpassing the previous high set five years ago.
Based on the first 11 months of 2023, Spain is also expected to see a record number of foreign tourists last year.
Foreign demand for Spain increased significantly last year, both due to the rapid growth of the high-spending market and the repositioning of the high-spending segment in traditional markets.
The Central European and UK markets grew along with the US market, compensating for the decline in visitors from Germany and Scandinavia.
“We are proud that tourism is a pillar of Spain’s economy and that it is creating more and better jobs,” said José Luis Zoreda, Executive Vice President of Exceltur.
Luis Zoreda said that without tourism, Spain’s economy would have grown by 0.8% last year, instead of the 2.4% estimated by the Bank of Spain.
The forecast for 2024 is also more modest, but still very positive, as corporate performance continues to be affected by cumulative inflation, payroll and finance cost increases.
“In 2024, all records for the economic value of Spanish tourism in history will be surpassed,” Zoreda explained.
According to Exceltur, this year will be a year in which the progress of Spain’s tourism activities will be strengthened.
The group predicts that the increase in tourism receipts will reach a record high of 202 billion euros, accounting for 13.4% of Spain’s GDP and contributing to 41.4% of the expected real growth rate of the Spanish economy.
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