(Madrid) Spain, the world’s second-largest tourist destination before COVID-19, had a “great summer”, with revenues above the pre-pandemic period, but margins eroded by inflation, is congratulated on Tuesday the employers of the Exceltur sector.
Posted at 9:52
“A superb 2022 summer is coming to an end in terms of revenue – not margins or business results – in most Spanish destinations, revenues which are higher than those of 2019,” according to a press release.
The recovery of the sector has been so good that tourism has been the “support of the Spanish economy in the third quarter”, representing “72.2% of Spanish GDP growth”, indicates the organization.
The number of foreign tourists climbed during the summer, reaching 17.9 million visitors, but remaining below the pre-pandemic level (20 million), according to a figure from the national statistical institute INE published last week.
Among the star regions of the Spanish summer, the Balearic Islands and the Canary Islands recorded growth in tourism receipts of +10.1% compared to 2019 and +8.7% respectively, followed by regions of interior such as Rioja in the north (+9.2%) and Castile and Leon (north-west) (+5%).
“The results of tourism companies in the summer of 2022 were weighed down by the significant rise in costs”, nevertheless regretted Exceltur, while inflation is soaring. Recruitment difficulties also weighed on margins.
The continuation “in the coming months” of this “fragile macroeconomic scenario” and the “geopolitical” context with the Russian invasion of Ukraine, worries Exceltur which fears that in the fourth quarter, the sector will show a drop in tourist receipts of 1, 3% compared to 2019.
Despite this and thanks to the summer, Exceltur estimates that Spanish tourism GDP “will approach pre-pandemic levels at the end of 2022” with 154 billion euros, or 99.4% of the 2019 level.