Tourism will contribute 200 billion euros to the Spanish economy in 2024

19-04-24

The Spanish tourism sector has established itself as the main driver of the national economy in 2024, standing out as a year of exceptional growth. With a forecast increase of 8.6% in current terms over 2023 levels, the tourism Gross Domestic Product (GDP) is expected to exceed, for the first time, the historical figure of 200 billion euros. This robust expansion of the tourism sector represents real growth of 4.6%, a figure that is almost three times the growth forecast by the Bank of Spain for the economy as a whole, which is 1.9%.

According to the latest report by the Alliance for Excellence in Tourism (Exceltur), tourism will be responsible for more than a third (35.4%) of Spanish economic growth in 2024. This dynamism is attributed to several factors, including the increase in the number of international visitors and tourism spending, reflecting Spain's ability to attract tourism despite global challenges.

The sector's strong performance at the start of the year was accompanied by an Easter season that, although slightly below expectations due to unfavorable weather conditions, did not prevent tourism from continuing to be a key element in the country's economic momentum. The first quarter of the year recorded year-on-year growth of 13.8% in nominal terms and 8.9% in real terms, underscoring the importance of tourism as an economic catalyst.

Despite the auspicious numbers, the sector is not without its challenges. The geopolitical situation in the Middle East is a variable that could influence the influx of tourists in the coming months. Although so far this factor has not had a significant direct impact, tourism sector leaders are vigilant and ready to adapt to any changes in the international scenario that could affect foreign visitor arrivals.

Exceltur also highlights the need to address sustainability and responsibility issues in the sector. There is a growing call from residents and environmental groups to improve tourism practices to ensure that growth is not only economically but also socially and ecologically sustainable. This focus on more conscious and respectful tourism is reflected in the promotion of strategies to alleviate the saturation of spaces and services, and to improve coexistence between tourists and locals.

The future of tourism in Spain, therefore, looks promising, but it is conditioned to an intelligent and foresighted management that ensures the compatibility of economic growth with environmental sustainability and social welfare. The sectoral conferences announced by the Government and the state pact for the sustainability of tourism are steps towards the consolidation of these goals, underlining a renewed commitment to a tourism that benefits all Spanish people.