Tourism consolidated its recovery in Spain in 2023 according to data collected by Exceltur, an association that brings together the major players in the industry in Spain. Its contribution to the economy amounted to 12.8% of Gross Domestic Product after a very positive fourth quarter. In fact, it was the best year since statistics have been recorded, with the business generating 18.66 billion euros.

This figure boosted tourism to become the main driver of economic growth last year. According to data published by Exceltur, tourism Gross Domestic Product grew by 13.1%, which translates into 70.8% of Spanish economic growth, which the Bank of Spain puts at 2.4%.

Job creation
The better performance of the industry and the good economic results also served to create more and better jobs. Of all the jobs created in 2023, 17% were in companies in the tourism industry. This was 95,224 more jobs than in 2022. In addition, the temporary employment rate fell to 8% and wage increases were the highest in the Spanish economy, averaging 4.4%.

On the other hand, Exceltur believes that the growth of tourism demand in 2023 was in line with the industry's new strategy of improving the socio-economic contribution made by tourists without increasing pressure on mass influx destinations. Growth was strongest in hotel accommodation, up 20.3% compared to 2019; leisure facilities (17.9%), travel agencies (13.0%) and transport companies (16.9%) also grew by double digits, while car rental only grew by 7% due to lower prices in a context of increased access to fleets.

Cost increase
Costs partly held back the industry’s growth, as they also experienced growth compared to 2022, especially financial costs (18.9%) and labour costs (7.3%). Supply costs increased by 9.6%, but Exceltur assesses this positively, detecting a slowdown compared to the 29.1% increase in the previous year. Another contrast was the cost of energy, the only cost that decreased (2.8%), while the previous year it had grown by 25.2%.

The number of holiday homes also increased last year, with 15,000 new accommodation units in the 25 main Spanish cities. In general, all Spanish tourist destinations grew, and Exceltur estimates that 2024 will be the year in which the industry's contribution to Gross Domestic Product will break the 200 billion euro barrier. This figure would represent a growth of 8.6% if estimated on current prices in 2023, and 4.6% if the price effect is removed. Thus, tourism will again increase its share in Gross Domestic Product to 13.4%.