Do you want to know?What does tourism contribute to GDP in Spain?What is its importance and what are the forecasts?
This is what we are going to see now. And we are going to see it with figures that we have taken from different sources and official bodies.
As soon as you finish reading this post you will realize – if you hadn't already –the importance of tourism in Spain, both to generate wealth and to generate employment.
GDP, or Gross Domestic Product isan economic indicatorwhich measures the value of all goods and services produced in a given country during a given period.
It is one of the main tools to knowwhat economic activity there is in a given territory.
If the GDP curve is going down, it is a bad sign. Quite the opposite if this curve is going up.
Tourism in Spain has proven to bean essential engine for the country's economy.
In 2023, the tourism sector reached historic figures, contributing 12.8 percent of the Spanish Gross Domestic Product (GDP), equivalent to 186,596 million euros, as you can seeread here.
These figures from last year are especially important for two reasons.
The first thing we can point out is that we can now talk aboutthe consolidation of the sector after the pandemicof Covid 19 (we don't need to remind you how badly tourism suffered as a result of the confinement of the world's population).
The second reason is that it was reaffirmed that tourism is the sector thatpulls the Spanish economy. There is no doubt.
The year 2023 was especially important for tourism in Spain.
The sector experienced a growth of 13.1 percent compared to the previous year, representing 70.8 percent of the total GDP growth of the Spanish economy, according to data from the Bank of Spain.
This growth was reflectedin all tourism subsectors, with a notable increase in hotel accommodations (20.3 percent), travel agencies (13 percent), and transportation providers (16.9 percent).
According toInvest in Spain, the recovery of the tourism sector not only translated into economic figures,but also in job creation.
In 2023, 95,224 new jobs were created in the sector, representing 17 percent of all new jobs in Spain.
In addition, wages in the tourism sector increased by an average of 4.4 percent, with a significant reduction in the rate of temporary employment, which fell to 8 percent.
Forecasts for 2024 are equally optimistic.
The tourism sector is expected tosurpassed for the first timetimes 200 billion euros, which would raise its contribution to GDP to 13.4 percent.
This anticipated growth is due in partstrong foreign demand and continued recovery in domestic demand.
Tourism will contribute 41.4 percent of the expected real growth of theSpanish economyin 2024.
To give you an idea of the importance of tourism GDP in Spain, we are going to compare it with other sectors.
It should be said, first of all, that tourism is included within the Services Sector, which is the largest and the one that dominates the Spanish economy.
The Services Sector representsno more and no less than 67 percent of GDP.As we have said, tourism is also the main one within this section.
If we seeThe industrial sector contributes 16 percent to the GDP.but this includes the automobile, machinery, chemical products and processed food sectors.
Construction, for example, contributes 6 percent, while agriculture and fishing contribute less than 3 percent.
Spain is already receiving annually82 million touristsper year. And, although there are some issues that need to be improved to increase quality in the sector and achieve a better customer experience, there is no doubt thatwhich is expected to continue growing.
To win over this customer, service providers need to have the best weapons.
Weapons that are passed off as havingreservation systemseffective and capable of attracting the most demanding customers.
All those involved in the tourism sector,online travel agencies, tour operators… must take advantage of all the new technologies at their disposal to not miss this opportunity to generate more wealth and more business.
At Doblemente we can lend you a hand. Don't hesitate to contact us.
