Bankia Estudios | None of the world’s major economies will avoid an annual contraction in GDP, with the possible exception of China, which could grow by a modest 1%, reported the institution. As for the Spanish economy, it has cut forecasts from the -8% estimated in April to -12.8%. For 2021, it estimates 6.3% growth , so that next year the level of GDP will still be 7.3% lower than in 2019 (4% in the previous revision). Spain’s worse performance is mainly due to the heavy weighting of tourism sector in GDP.
spain tourism sector
Spain received two million international tourists in March, 64.3% less than year earlier, after its borders were closed from the mid-month to curb the Covid-19 pandemic, according to the Statistics on Tourist Movements at Borders (Frontur). In 2019, Spain clocked up for the seventh consecutive year an all-time record in international tourist arrivals, with 83.7 million visitors. But with borders closed sine die, it seems that only domestic tourism can save the 2020 season.
Spanish companies without any subsidies or bailouts have turned themselves around and transformed the former autarchy into a country decidely open to the overseas market.
CaixaBank Research | Spain’s tourist sector is on course for another record-breaking year, with close to 50 million international visitors arriving on its shores in the first seven months of 2017, an 11.3% rise on 2016 and 49.4% higher than in 2010.
Aena has said that the airlines have increased their seating capacity in planes heading for Spanish airports this summer to 204,7 million, a rise of 8.7% from a year ago.
It’s unheard of Spain’s tourism sector, which many experts said was stagnant and mature ten years ago, has not only massively recovered but continues to beat records from one year to the next in terms of numbers of international tourist arrivals. Since it touched bottom in 2009, with 52.2 million foreign tourists, the sector has not stopped growing any year. In 2015, numbers reached 65 million, up 31% in comparative terms.