The latest report from Unidema Research supports the good pace and consolidation of the Tourism and Hospitality Sector
Valencia, August 3, 2023.- The report, signed by Unidema Research researchers Santiago Calvo and Eduardo Blasco, highlights that 2022 has been the year of recovery for Tourism in Spain by exceeding pre-pandemic levels and marking 159,490 million euros, in nominal terms of GDP. This figure represents some 5,003 million more than in 2019 when the sector reached its maximum level with 154,487 million euros. “Tourism would explain half of the growth registered by the Spanish economy during the last year.” They comment from the report that “tourism would explain half of the growth registered by the Spanish economy during the last year” although it is worth noting the negative role that inflation has had, since “if the figures are considered in real (not nominal) terms, the contribution to GDP would continue to be 5 % below that registered in 2019”. If in 2019 tourism represented 12.2% of the national GDP, 2022 has been the year of recovery of the values prior to the pandemic and confirms the positive trend. The study carried out by Unidema highlights that 2022 “has been a good year for the sector in general”, although there is still room for improvement in the level of occupancy. As for employment, the average number of employed in 2022 reached 2.4 million, representing the creation of around 160,000 jobs. “Only 50% of the jobs lost in the pandemic were recovered.” However, The employment figure (average number of employed) is far from the 2.7 million workers in 2019, which means that only around 50% of the employment lost during the pandemic has been recovered. The unemployment rate in the sector is 11.5%, located 1.4 points below the average rate for the national economy, which is 12.9%. The data for the last quarter of 2022 confirm the strong growth of the sector in the last half of the year . And it is that at that time the total number of workers in the sector was 2.9 million, of which 300,000 were unemployed at the end of 2022. What will the situation of the Hospitality and Tourism industry be like in 2023? As for the prospects for 2023, they are positive. Advance indicators suggest that demand will once again exceed 2019 levels.International tourism rises compared to national tourism that stagnates The INE confirms the positive trend for this year, although obviously it remains to be seen if inflation will abate remains at current levels. Although the war between Ukraine and Russia seems to be going on for a long time, the economic expectations placed on the HORECA sector, which includes Tourism, Restaurants and Cafeterias, are encouraging. With the data in hand, the number of travelers in 2023 is identical to that of 2019 (18.8 million), with a very positive trend compared to 2022 (14.9 million). Regarding spending, the first quarter of 2023 already exceeds the same period of 2019 by reaching 17,100 compared to 15,200 million 5 years ago. Regarding the average expense, it has been 1,252 euros, also a higher figure than before the pandemic when it was 1,082 euros. In summary, the study concludes that 2023 will be the year of the definitive recovery of the tourism sector in Spain, But you have to pay attention to several aspects. These include inflation, the increase in international tourism compared to the stagnation of the national, as well as the rise in prices in the sector and a greater presence of low-cost alternatives. Issuer: Unidema
ContactContact name: Santiago CalvoContact description: Eduardo BlascoContact telephone: 618623442
