Tourism is poised to mark a historic year. After years of nearly zero travel, demand has surged as the industry pushes prices higher, and Spain is navigating a dramatic shift in its economy. Foreign visitors are arriving in record numbers, injecting billions into the national economy the moment they step off planes and trains.
Income from tourism accumulates as international travelers spend throughout their stay, shaping Spain’s economic landscape in measurable ways. From January through September, tourism receipts reached 66 billion euros, according to balance of payments data compiled by the Bank of Spain. This represents a 22% rise from the same period last year (54,100 million) and a 15.6% increase versus the pre-pandemic 2019 figure (57,100 million).
Meanwhile Spaniards’ expenditure on trips abroad grew by 19% in the first nine months, totaling 18.1 billion euros. The balance of payments shows a practical surplus for the Spanish economy of 47.9 billion euros by September, up roughly 23% from both the previous year and 2019 levels.
All-time high for the year as a whole
Industry observers expect foreign tourism to either surpass or closely match the record numbers seen before the pandemic, which peaked at 83.7 million visitors. Through September, Spain welcomed over 66.5 million international tourists, according to the National Institute of Statistics (INE). That figure sits only 0.6% below the pre-pandemic mark and signals a strong trajectory for the year.
The foreign visitor influx is also expected to deliver a new milestone: a record high in tourism revenue that could exceed pre-crisis levels. Projections place annual tourism income at around 82.8 billion euros, a new historical maximum, as estimated by Exceltur. This represents a near 20% rise from the 69.1 billion euros recorded in the previous year and a 16.4% increase versus 2019, the last full year before the pandemic, according to updated forecasts shared with El Periodico de Espana.
The greater economic impact of foreign visitors is driven by a surge in demand and higher sector rates. Even with inflation factored in, forecasts indicate that this year’s tourism revenue may exceed the 2019 peak by about 2.1% in real terms, underscoring a resilient rebound for Spain’s travel economy.
Nearly a decade of records
Spain’s tourism receipts climbed for nine consecutive years up to the pandemic, according to balance of payments data from the Bank of Spain. The historical maximum prior to the health crisis stood at 71.202 billion euros in 2019.
In 2020, travel restrictions sharply reduced this revenue to 16.177 billion euros, marking a drop of more than 77% and the lowest figure in nearly three decades (the 1993 trough). Visitor spending began to rebound in 2021, with international travelers injecting 28.9 billion euros into the economy. That year’s total remained about 60% below pre-crisis levels and echoed conditions from the late 1990s. Bank of Spain figures show 2022 revenue at 69.1 billion euros, surpassing 2018 as the second-best year on record.
The Bank of Spain measures tourism revenue through the balance of payments, while the National Institute of Statistics conducts the Egatur survey of tourist expenditure. A persistent gap exists between these two datasets, reflecting differences in scope: the balance of payments accounts for all traveler outlays, including transportation costs incurred abroad, while certain transport costs may not be captured in some balances of payments. The INE approach comprehensively tracks all spending by visitors, highlighting the broader economic impact of tourism on Spain’s economy.