After the pandemic’s hit to travel, the big tourism industry has regrouped and posted a robust recovery, returning to levels not seen since the pre-COVID era of 2019. The past records have given way to fresh heights, with tourism driving renewed momentum across the economy.
Government ignores tourism slowdown and predicts record in 2024
Record economic activity. Record employment. A surge in international visitors. Record tourism income. These aren’t isolated numbers; they signal a sector that is firing on all cylinders and shaping the broader economy. Above all, there is no sign of a brake being applied to this surge, even as the health crisis recedes.
Tourism GDP climbed to a historic peak of around 186.6 billion euros last year, lifting its share of the national GDP to about 12.8%—a strong rise of 18.6% from the 2019 level. This trajectory comes from the bloc of the top tourism companies in the country, including major players such as Meliá, NH, Iberia, Globalia, Riu, and Amadeus, according to the Exceltur consortium.
Looking ahead, the sector is preparing for another year after a remarkable revival. Projections from Exceltur suggest that tourism’s contribution to GDP could surpass 202,000 million euros in 2024 for the first time, with an 8.6% year‑over‑year increase. Last year alone, the sector reached a 13.4% share of national GDP, underscoring its growing economic weight.
Tourism has demonstrated resilience during past economic downturns. In earlier financial crises it acted as a backbone for the country’s economy, quickly rebounding and driving growth ahead of other sectors. Exceeding expectations, it accounted for a substantial portion of overall growth last year and is expected to contribute a large share of growth this year, according to major tourism associations.
The sector’s growth also translates into stronger employment. In the previous year, about 95,000 new jobs were created within tourism, representing roughly 17% of all new jobs across the broader economy. Social Security records show more than 2.8 million people employed across tourism activities in various branches.
Tourism firms report a rise in the quality of jobs. Following labor reforms, temporary employment in the sector dropped to historic lows, while permanent contracts became more common, now comprising the vast majority of roles. Wages have risen as firms compete for staff, with average salary increases and contract growth outpacing many other sectors.
‘Explosion’ in arrivals and income
Numbers alone don’t capture the true strength of demand; revenue matters as much as visitor counts. Industry professionals recognize that while arrivals matter, revenue growth is a more telling gauge of health. Early forecasts suggested international arrivals would reach record highs, topping the pre‑pandemic peak of 83.7 million visitors in 2019.
The influx of foreign guests and higher prices are likely to push tourism revenue to new records. Economic balance-of-payments data from the central bank indicates a fresh historical high, with tourism income approaching 83 billion euros, and Exceltur forecast an annual gain well above the previous peak set in 2019 by roughly 17% for the current year.
Amid the boom, discussions have emerged about sustainability and social impact. Debates focus on mass tourism and the balance between growth and quality of life for local communities. Attendees at major events are watching how the industry manages growth while keeping social acceptance intact. The upcoming edition of the pivotal trade show is expected to showcase thousands of exhibitor companies and attract large attendance from both professionals and the public.