Tourism is heading towards a historic year. Amid a boom in traveler demand after years of utter collapse caused by the pandemic, and in the heat of industry-initiated price increases, Spain is accelerating towards a new economic crisis. Record income was achieved from foreign tourists When they arrive in the country, they are already recording an unprecedented injection of billions of dollars into the national economy.
Spain accumulates revenue from tourism, which international travelers spend during their stay, which has a significant impact on the Spanish economy as follows: 66 billion euros between January and SeptemberAccording to balance of payments records prepared by the Bank of Spain, it is 22% more than in the same period last year (54,100 million) and also 15.6% more than in the pre-covid period in 2019 (57,100 million).
Spending by Spaniards on foreign trips also increased by 19 percent in the first nine months of the year, reaching 18.1 billion euros. The difference between the amounts between the expenses and revenues of the Spanish economy (accounted for practical purposes in the balance of payments, with the same effect as imports and exports respectively) 47.9 billion surplus by September, There was an increase of around 23 percent compared to both last year and 2019.
All-time high for the entire year
It is likely that the number of foreign tourists from the sector will exceed or equal that of Turkey throughout the year. The historical maximum level was reached before the pandemic with 83.7 million passengers Currently, between January and September, Spain welcomed more than 66.5 million tourists, according to data from the National Institute of Statistics (INE); this figure is just 0.6% below the pre-covid record.
The influx of foreign tourists will also break a new record in terms of the million-dollar injection it will provide into the Spanish economy. The country’s tourism revenue will topple pre-pandemic levels and break a new record.New historical maximum this year with 82,840 million eurosThe lobby brings together approximately thirty of the largest companies in the sector (including Meliá, NH, Iberia, Globalia, Riu and Amadeus), according to the latest internal estimates managed by Exceltur.
The new level expected for this year is an increase of almost 20% compared to the 69.1 billion euros reached last year and a 16.4% increase compared to the previous record of 71.2 billion euros recorded in 2019, the last full year without the pandemic. It will mean.
The greater economic contribution expected from foreign visitors is produced by the combined effect of an explosion in demand and at the same time an increase in rates in the sector. However, the expected tourism income for this year It will exceed 2019 record levels by 2.1% in real terms, that is, without taking into account the impact of inflation in recent years, according to updated Exceltur forecasts available to EL PERIÓDICO DE ESPAÑA of the Prensa Ibérica group.
Almost a decade of records
spain accumulated Tourism revenue records for nine consecutive years until the epidemic stopped everything. According to the balance of payments records of the Bank of Spain, the historical maximum in tourism revenues was reached in 2019, 71 billion 202 million euros.
In 2020, when tourists paused for much of the year due to international travel restrictions, these revenues fell to just 16.177 million; With a decline of more than 77% and the lowest figure in almost three decades (specifically, 1993). International travelers visiting the country in 2021 injected 28.9 billion euros into the country’s economy; this figure is still 60% below pre-covid levels and remains at levels of the late 1990s. According to the Bank of Spain, revenue last year reached 69.1 billion, breaking the records of 2018, the second best year in history so far.
The Bank of Spain calculates the volume of tourism revenue in the country through the balance of payments, while the National Institute of Statistics prepares the Egatur tourist expenditure survey. There is always a million-dollar gap between the two data, between the income of one and the expenses of the other. And the truth is that in the INE research all expenses made by travelers are calculated, not only the expenses they make in Spain and which have a direct impact on our economy, but also the transportation costs that can be incurred at a certain cost. foreign airmail.. Shipping costs are not included in case of balance of payments.