CaixaBank Research (Pedro Álvarez Ondina) | Spain’s tourism industry has developed exceptionally in recent years, becoming one of the country’s main sources of business, income and employment. However, this strong development had also led to the emergence of some negative actions and social unease regarding the role played by tourism at certain destinations and moments until, in 2020, the coronavirus crisis paralysed the sector’s activity and highlighted its social and…

The organisation published a report yesterday in which the world economy could lose more than 4 trillion dollars between this year and last due to the impact of the pandemic on tourism, warning that losses in 2021 would be in a range between 1.9% and 2.7% of world GDP. For Spain, this range would be between 1.3% and 2.4% of GDP.

Javier Ibáñez de Aldecoa Fuster (CaixaBank Research) | 2020 has now been left behind; a year that will be remembered in the tourism industry as the toughest in recent history. In 2021, the fight against the pandemic continues and restrictions on movement and trade are still preventing normal economic activity, hitting tourism-dependent businesses particularly hard. However, the roll-out of the vaccines will provide a turning point once immunity is achieved among the population most at risk. Our projections point to a strong recovery in the sector during the second half of the year, resulting in tourism GDP growing by 80% annually, once again becoming one of the driving forces for the Spanish economy.