Tourism drives Spain's economic growth in 2024
21-11-24
The Spanish tourism sector has proven to be a fundamental pillar in the country's economic recovery during 2024. According to data presented by Óscar Perelli, director of Exceltur's Studies and Research Area, at the conference 'Horeca Day: Perspectives 2025' organized by Aecoc, tourism has contributed 30% to the increase in the national Gross Domestic Product (GDP) this year.
Perelli stressed that “2024 will be a good year for tourism. After a few dramatic years due to the pandemic, the sector has shown exceptional resilience”. According to Exceltur's economic activity indicator, tourism will close the year with a growth of 6.3% in real terms, while the Spanish economy will grow by around 2%. This implies that tourism will grow three times more than the economy, contributing 30% to national economic growth.
In addition, the tourism sector is expected to reach a contribution of 13.4% of GDP, generating economic activity of 207 billion euros, an unprecedented figure so far. However, Perelli warned that, despite the positive outlook for 2025, a stabilization dynamic in growth is observed.
The sector's growth is supported by the dynamism of demand. Perelli pointed out that “people are prioritizing the enjoyment of experiences over the consumption of physical goods”, possibly as an effect of the pandemic. Moreover, spending by foreign tourists is growing more than the volume of inflows, reflecting a growth pattern that is benefiting sectors such as Horeca and employment. However, domestic demand is showing signs of weakness, with a slowdown in all accommodation typologies, except in the use of high-speed trains. This suggests that domestic tourists may be opting to stay with family or friends to contain their spending.
During the conference, the importance of having a national tourism strategy was emphasized. Ignacio González, president of Aecoc, stressed that “it is necessary to propose a strategic plan for the Spanish tourism sector so that real spending per day by tourists grows in line with the increase in the number of visits, so that the public perceives the contribution of tourism to the country's economy”. Perelli welcomed the fact that the Spanish government is currently promoting a specific strategy for tourism in the country as a whole, which he considers a significant step forward.
In summary, the tourism sector has been key to Spain's economic growth in 2024, contributing 30% to the increase in national GDP and reaching a contribution of 13.4% of GDP. The dynamism of demand, especially foreign tourism, has been fundamental in this growth. However, it highlights the need for a national tourism strategy that allows for sustainable and balanced growth, ensuring that the benefits of tourism are reflected in the economy and society as a whole.
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