63,000 million revenue
The recovery of tourism remains underway rather than complete, with a clear path forward despite the pause caused by the pandemic. The sector is viewed as a central driver that should continue to accelerate through the year, supported by rising optimism and solid Easter results.
Foreign arrivals and their spending have not yet returned to pre-pandemic levels, but major travel companies expect to recover roughly 90% of the covid-related decline this year. Projections from Exceltur indicate that tourism revenues will total about 63,000 million euros by year-end, roughly doubling the 2021 figure, yet still about 11.5% below the level seen before the pandemic. This outlook reflects a cautious but improving trajectory as demand strengthens and the industry adapts to ongoing global headwinds.
Spain has recorded nine consecutive years of tourism revenue growth before the pandemic interrupted the trend. Balance of payments data from the Bank of Spain show a peak of 71,202 million euros in 2019, the year that defined the country’s tourism earnings. The year 2020 saw a drastic drop as international travel nearly halted, with revenues sliding more than 77% to 16,177 million euros, the weakest figure in almost three decades. International visitors contributed 28.9 billion euros to the national economy in 2020, still well below pre-pandemic levels and far from the late 1990s highs.
Recent figures released by the Bank of Spain for January and February of this year show international traveler spending at 5,600 million euros, eight times higher than the same period a year earlier. While the industry remains below its pre-crisis level, these early-year numbers signal a renewed momentum as travel demand recovers and consumer confidence returns.
Difference between expenses and income
Real tourism income measures the money foreign visitors actually spend while staying in the country and is recorded in the balance of payments by the Bank of Spain. For accounting purposes, these tourism receipts are treated as a contribution to the economy similar to exports, reflecting actual inflows tied to visitor activity.
The National Institute of Statistics presents another view through the Egatur survey, which accounts for everything travelers spend on a trip. That figure tends to be higher than the Bank of Spain’s, as it includes costs that do not immediately affect the Spanish economy, such as expenditures incurred before arrival in the country or by visitors’ home-country businesses. This creates a notable gap between what tourists spend annually and what the economy actually earns. For example, in 2021 the Bank of Spain estimated actual tourism revenues at 28.9 billion euros, while Egatur reported 34.8 billion euros, a divergence of roughly 6 billion euros and a gap of about 62% above pre-pandemic levels. These differences illustrate the complexity of measuring tourism’s true economic impact.