TOURISM industry body Exceltur says the sector has ‘fully recovered’ in Spain after the Covid pandemic and has forecast a bumper year for revenue.

The Exceltur Tourism Situation report published this Tuesday indicates that the sector’s GDP reached 159,000 million euros in 2022, 1.4% more than in 2019.

In statements to 2,000 tourism companies, Exceltur assures that this increase will be 4.7% compared to four years ago.

The report adds that 61% of Spain’s economic growth last year was due to tourism.

Exceltur assures that the first quarter of 2022 was marked by the rise in energy prices and supply problems due to the war in Ukraine, as well as the Omicron Covid variant, but that as of April there has been a recovery of travel, whether for leisure, meetings and congresses.

The agency believes that pent-up demand and the desire to travel have outweighed the adverse effects on personal income caused by inflation.

Exceltur hopes to consolidate an upward trend throughout 2023, and the return to normality in international mobility, especially that of Asian travelers to Spain, plus the faithful Latin American market, with special focus on the Mexican business, which increased by 80 % last year.

The report noted that a large increase in domestic tourism activity offset the recovery of the foreign visitor market last year.

As for profitability, Exceltur said: “Business results will continue to be affected by the still high energy, supply, and financial prices and increases in salary costs.”

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By yjawq

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