The avalanche of foreign tourists will leave Spain with a record income of 82 million

It is natural for the industry that foreign tourist arrivals will reach an all-time high this year and exceed the previous record. 83.7 million international travelers Reached before the collapse caused by covid in 2019. And the flood of foreign tourists will also set a new record for the millionaire injection they have created for the Spanish economy.

The country’s tourism income, which international travelers spend during their stay, effectively impacting the Spanish economy, will raze pre-pandemic levels and set a new all-time record. 82,000 million euros during this year, based on the latest internal estimates managed by excellent tourlobby that brings together the thirty largest companies in the industry (among them, Meliá, NH, Iberia, Globalia, Riu or Amadeus).

The expected new level for this year represents an increase of 18% compared to the 69,100 million euro reached last year and 15% increase over previous record 71.2 billion people registered in 2019, the last full year without a pandemic. The largest economic injection of foreign visitors comes from the combined effect of the boom in demand and the increase in rates.

However, the estimated income from tourism for this year It will exceed 1.4% of the record levels in 2019 in real terms.Without taking into account the impact of inflation in recent years, according to updated Exceltur estimates available to EL PERIÓDICO DE ESPAÑA from Grupo Prensa Ibérica.

The macro chart calculated by major companies in the industry shows tourism GDP to climb to a record high of over €178,800 million for the year, growing 12% more than last year and 13.6% more than pre-Covid levels in 2019. Strong growth in tourist activity was largely supported by an increase in corporate rates generally. And in this case, yes, when the effect of the price increase is discounted, the real GDP of the sector is still slightly below pre-pandemic levels. Without the impact of the rate increase, tourism GDP is still 1% lower than in 2019.

Record after record until the pandemic

Spain has accumulated Tourism revenue record for nine consecutive years until the pandemic interrupts progress. According to the Bank of Spain’s balance of payments records, in 2019, a historical maximum of 71,202 million euros was reached in revenue from tourism, which was recorded for practical purposes as if it were export revenues of the Spanish economy.

In 2020, these revenues, which were completely stopped by tourists for most of the year due to international travel restrictions, fell to only 16,177 million, a decrease of more than 77% and the lowest data in almost three decades (especially since 1993). International travelers visiting the country in 2021 injected 28.9 billion euros into the country’s economy, still 60% below pre-Covid levels and at the levels of the late 1990s. According to the report, last year’s income Bank of Spainreached 69.1 billion, breaking the record of 2018, the second best year in history.

While the Bank of Spain calculates the volume of income from tourism in the country on the balance of payments, the National Institute of Statistics (INE) prepares the Egatur tourist expenditure survey. There’s always a million-dollar gap between data, one’s income and the other’s expense. And the INE survey calculates all the expenses travelers make, including not only what they actually do in Spain and which directly affects our economy, but also the costs of transportation that can be incurred with a foreign airline. Shipping costs are not included in the balance of payments.