Spain tourism set for record year, while Spaniards take advantage of devaluations

Spain’s tourism sector is on course for another record year in 2016, if the January figures are anything to go by. In what is traditionally one of  the low season months for Spain, with the exception of the Canary Islands, 3.5 million tourists arrived, up 11.2% from a year ago.

Record tourism numbers are predicted as we approach the Easter break, although it looks like Spaniards are going to be on the move both at home and overseas. The sharp devaluation against the dollar and the euro experienced by emerging countries’ currency has made them an attractive destination for the Spaniards’ first holiday of the year. This is particularly true of tourism hotspots like Brazil, Mexico or Argentina.

The Brazilian real has depreciated more than 33% over the last 12 months, and currently trades at 4,35 euros. As far as the Mexican peso goes, this has depreciated by 12.85% over the last year. The Argentine peso has accumulated a depreciation of close to 70% since the beginning of 2015, and is currently trading against the euro at around 16,79.

 

About the Author

Carlos Díaz Guell
Editor at consensodelmercado.com and innovaspain.com, Carlos began his career in financial journalism as founding member of El País. He's been communications director of Bank of Spain, member of the ECC at the European Central Bank, Institutional Relations director at Iberia and editor at La Economía 16 magazine.