The tourism sector is not afraid of the weakening of the economy and predicts a 16% growth at the end of the year.

The tourism sector is not afraid of interest rates or economic slowdown in Europe. Exceltur, the association that brings together the 30 largest companies in the sector, from Iberia to all hotel companies through Renfe, published this Tuesday its forecasts for the last part of the year and, if nothing happens, it is on track. to surpass 2019, which was the best year in history for revenue and visitors.

This association is based on the companies’ forecasts, and they indicate that their earnings in the last quarter of the year will be 15.8% better than in the same period of 2019, “solidifying the recovery path from less to more over time”. this year”, as the progress in the recently ended third quarter is 14.6%.

Exceltur acknowledges this improvement “despite a general deterioration and slowdown in economic growth and a downward revision to the outlook, according to most analysts,” it notes. “The trend is supported by rising rates rather than large inflows, albeit by very tight margins,” he admits.

The sector supports these forecasts in reserves for the coming months, focusing on “European, national and American demand throughout the year, a progressive, albeit still weak, return of Asians” and “the development of an agenda of major leisure events in key tourist destinations.” .”

However, growth will not be the same in all areas. The greatest optimism for the last part of the year is in the tourism sector of the Canary and Balearic Islands, which foresees an increase of more than 23% compared to 2019. Meanwhile, growth is expected on the coasts of Andalusia and Valencia. more than 17%.

As for the big cities, Madrid and Barcelona have expected increases of 19% and 17%, respectively.

Summer with rising prices

As for what happened during the summer season, Exceltur predicts an increase in prices and sales. The latter increased by 17% in both leisure and city hotels, and price increases in the sector reached 18%.

They also talk about an 8% increase in their costs in both labor and food and fuel, while electricity is down almost 7%.

By area, the most expensive hotels last summer were in Ibiza and Formentera, with an average room price of over €183.

Behind, the beaches of Gipuzkoa and Menorca, with prices of 175 and 151 euros respectively.

As for the cities, the most expensive during the last summer season: Donostia (191 euros on average), Barcelona (152) and Palma (136).

The positive evolution of income and demand makes Exceltur predict that the weight of tourism in the Gross Domestic Product (GDP) in Spain will equal the figure of 2019 this year and reach 12.6% of the total.

In particular, they estimate that the sector represents 21.8% of the total growth of the Spanish economy.

Source: El Diario

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