Top Stories

Tourism sector

british expats

Spanish economy 29th July 2020

UK’s Move To Discourage Travel To Spain And Mandatory Quarantine Is Last Straw For The Tourism Sector

Boris Johnson’s government will impose a 14-day quarantine on travellers from Spain in response to the surge in reported Covid-19 cases in our country. This decision has fuelled discontent both in the Spanish government and in the tourism sector. This means about 12% of GDP, with the British accounting for 20% of all tourists. Furthermore, the Spanish industry could lose foreign tourism revenues of €8.7 Bn between August and September, reports the Spanish tourist institution Exceltur.

trevi fountain

World economy 9th July 2020

Can International Tourism Ever Recover?

James Reilly (Schroeders)| The current coronavirus crisis appears to be a rather potent cocktail of all three of these events: a viral epidemic more widespread than SARS, an economic downturn sharper than the GFC, and a fear of flying comparable to the aftermath of 9/11. This points to a trough far greater than the 45% downturn in international travel seen nine months into the GFC.

Spain tourism GDP

Spanish economy 25th June 2020

IMF Forecasts: The Heavy Weighting Of The Tourism Sector Explains Sharp Downward Revision In Spain’s Expected Growth

Bankia Estudios | None of the world’s major economies will avoid an annual contraction in GDP, with the possible exception of China, which could grow by a modest 1%, reported the institution. As for the Spanish economy, it has cut forecasts from the -8% estimated in April to -12.8%. For 2021, it estimates 6.3% growth , so that next year the level of GDP will still be 7.3% lower than in 2019 (4% in the previous revision). Spain’s worse performance is mainly due to the heavy weighting of tourism sector in GDP.

Tourism

Spanish economy 22nd June 2020

Spain Announces €4.25bn Package To Revive The Country’s Ailing Tourism Industry

Last week the Spanish government presented its Tourism Promotion Plan, to which over 4.250 billion euros will be assigned, mostly in the form of credits. Of the total amount of aid earmarked for the tourism sector, one of the most affected by the coronavirus pandemic, 93%, or almost 4 billion euros, will be granted via loans. A further some 275 million euros will be granted in the form of direct transfers.

european tourism

World economy 14th June 2020

How Important Is International Tourism To The Global Economy?

James Reilly (Schroeders) | Tourism contributed 10.4% to global GDP in 2018; however, with many countries worldwide currently operating travel restrictions, the sector is now facing serious challenges. Scenarios produced by the United Nations World Tourism Organisation (UNWTO) point to a fall in international tourist journeys of between 58% and 78% for 2020. Such an outcome could potentially see 100-120 M direct tourism jobs at risk in what is one of the most labour-intensive sectors of the global economy.

Spain tourism

Spanish economy 25th May 2020

Spanish Domestic Tourism To See A Revival End-June; Beginning July For Foreigner Visitors

Today Spain is taking another step towards the “new normal” with Madrid, which is the country’s economic driver, Barcelona and Castilla y León, the areas most affected by the pandemic, moving into Phase 1. The remaining 29 provinces, plus the autonomous cities of Ceuta and Melilla, are now entering Phase 2. Furthermore, the tourism season is expected to start at end-June for the Spanish population and at the beginning of July for foreigner visitors. The tourism industry accounts for over 12% of Spain’s GDP.

Spain's tourism

Spanish economy 7th May 2020

Foreign Tourist Arrivals In Spain Plunge 64.3% In March; Only Domestic Tourism Can Save The Season

Spain received two million international tourists in March, 64.3% less than year earlier, after its borders were closed from the mid-month to curb the Covid-19 pandemic, according to the Statistics on Tourist Movements at Borders (Frontur). In 2019, Spain clocked up for the seventh consecutive year an all-time record in international tourist arrivals, with 83.7 million visitors. But with borders closed sine die, it seems that only domestic tourism can save the 2020 season.

3. Public debt

Spanish economy 26th March 2020

The Coronavirus Crisis Could Cost Spain Between 3.9% And 10% Of GDP

The coronavirus crisis could cost Spain 3.9% of GDP, in a mild scenario. But if the current containment and crisis measures are extended for three months, GDP could fall by up to 6 percentage points. And if they continue until summer, by almost 10. This is one of the conclusions of the report presented yesterday by Nuno Fernandes, Professor of Finance at IESE Business School.

trevi fountain

Spanish economy 27th February 2020

Tourism’s Fall To Damage The Italian Economy; Possible Disruptions In Industry Can Affect European Partners

According to the latest aggregate Tourism Satellite Account from Eurostat, tourism consumption in Italy amounted to 146.33 Bn€, while the country’s GDP entered 2020 with a negative drag effect of 0.2%. European partners must be more worried about the potential upheaval in the country’s industry: the second largest in Europe. The key is that almost a third of its production is intermediate goods. Therefore any disruption in Italy’s manufacturing activity would be trasmitted to their European counterparts.