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Tourism’s huge boost to domestic economy

ONE in every seven euros paid into the Spanish economy last year came from tourism, according to statistics from the World Travel & Tourism Council (WTTC).

The figures, overtaking the US to become the world’s second-largest receiver of international tourists, highlights just how valuable the industry is to the country’s economy.

Spain’s tourism sector grew by 2.4%, contributing a whopping €178bn to the economy, equivalent to 14.6% of the country’s GDP. The figures also revealed that some 55% of tourists were from abroad, with 45% being domestic visitors.

“In Spain, consumer spending experienced robust growth, and the Travel & Tourism sector performed well last year,” said the WTTC. “Spain has the potential to increase the size of its travel economy even further by growing the size of its business tourism sector.

“At present, business travellers account for only 12% of all spending in Spain, against a European average of 21%.

“It is fitting, then, that WTTC will be hosting its 2019 Global Summit in Sevilla next month, bringing together global leaders and sector experts to gather in the European hub of travel.”

Spain was the fifth-largest tourism economy in the EU, and ninth in the world, in terms of total contribution to GDP.

The sector is expected to grow by 2.8% this year, edging above the 2.5% European average.

 

Short URL: http://www.canarianweekly.com/?p=46636

Posted by on Mar 15 2019. Filed under Local News, News Alert. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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