Madrid, September 2 (financeflashnews.com) – Spain welcomed a record 10.9 million foreign tourists in July 2024, marking a 7.3% increase compared to the same month last year. Tourist spending also surged by 12%, contributing significantly to the robust growth of the Spanish economy, where tourism accounts for more than 12% of the country’s GDP.
Significant Increase in Tourist Spending
According to data released by the national statistics agency INE, foreign visitor spending in Spain during the first seven months of 2024 rose by 18.6%, reaching €71 billion. This impressive growth occurred despite initial concerns about anti-tourism protests in certain destinations and the extreme heat that affected the country this summer.
Impact on GDP Growth
The booming tourism sector, driven primarily by British and German visitors, is expected to help Spain achieve a GDP growth of 2.4% this year. This growth rate is significantly higher than the projected 0.7% for the eurozone and 0.3% for Germany.
Spending by German and British Tourists
Despite a 0.2% decline in domestic consumption in Germany during the second quarter, German tourists increased their spending in Spain by nearly 10% in July, averaging €1,340 per stay. British tourists, who make up one-fifth of all visitors to Spain, spent an average of €1,389, a 7.5% increase compared to the previous year.
Shifts in Tourist Preferences and Destinations
“Spain is more competitive in the services sector than Germany,” said Raymond Torres, chief economist at the think tank Funcas. “We are also witnessing a shift in consumer behavior, with people preferring to spend more on better-quality accommodation.”
German tourists, whose interest in Spain had waned after peaking in 2017, are showing renewed enthusiasm. Flight bookings for September, one of the most popular months for German tourists, indicate an 8.3% increase. While the Balearic Islands remain a top destination, more Germans are now choosing mainland regions such as Catalonia and Valencia.
Table: Comparison of Tourist Spending in July 2024
| Country of Origin | Average Spending (EUR) | Year-over-Year Increase (%) |
|---|---|---|
| Germany | 1,340 | +10% |
| United Kingdom | 1,389 | +7.5% |
Outlook for the Coming Months
The upward trend in tourism and spending in Spain is likely to continue, with September expected to see further growth, particularly among German visitors. This trend could help sustain Spain’s strong economic growth throughout the year.
Keywords: Spain, tourism, GDP, tourist spending, Germany, United Kingdom, Balearic Islands, Catalonia, Valencia
