Spanish Tourism Has Best Summer in a Decade
October 13 th, 2015
According to data published last week by the tourism companies association, Exceltur, it would seem that Spanish tourism is taking advantage of the favourable macroeconomic environment in order to grow. The fall in the value of the euro, allowing British and American visitors to to pay less for the same services, as well as the fall in oil prices, have led to Spanish tourism GDP growing by 3.7% in the three months of summer, making it the best summer in the last decade.
Exceltur’s data show the tourism sector growing above the average of the Spanish economy, and expect it to continue to grow until end of year, with the tourism GDP estimated to improve by 3.6% in the whole of 2015 versus the 3.1% growth the IMF predicted for the Spanish economy. The sector has gained an additional 72,762 social security contributors in the last 12 months, most of them in the restaurant industry (58,890 additional contributors).
Three of every four Spanish tourism companies say their sales have increased between June and September, and 71.1% said that their profits have improved. Overnight stays also increased, by 5%, driven by the improvement in domestic demand. Tourists visiting Spain from Portugal (18.2%), the Netherlands (15.9%) and the United States (14.9%) most increased the demand for hotel rooms, while the British, French and Dutch tourists made most reservations.
In contrast, El Paìs reported that bookings from Scandinavian tourists have declined and more so those of Russian tourists. The number of overnight stays by Russian visitors dropped by half in July and August compared to the same period of last year, due to the devaluation of the ruble and the resulting loss of purchasing power, in addition to the damaging effect on the Russian economy of the falling oil prices, which has affected destinations such as the Costa Dorada.
The Executive Vice-President of Exceltur, José Luis Zoreda, said that there is no guarantee that growth will continue in 2016 and 2017, and acknowledged that their expectations are lower for the final stretch of the year, when they predict a slight slowdown in tourism GDP.