Spain's Tourism Sector Hits Record €200.7 Billion Contribution to GDP in 2024

Spain's tourism industry reached unprecedented heights in 2024, contributing €200.699 billion to the national economy, equivalent to 12.6% of GDP, according to the National Institute of Statistics (INE). This marks a 0.2 percentage point increase from 2023 and matches pre-pandemic contribution levels seen in 2019. The sector's expansion outpaced overall economic growth, as the country's GDP grew by 6.4% compared to tourism's final demand growth of 8.2%.

Employment in tourism also rose, with the sector generating over 2.7 million jobs — 12.3% of Spain's total employment — up by 0.1 percentage points from the previous year. This increase, alongside stronger growth in tourism activity, indicates improvements in productivity following pandemic setbacks when many hotels and airlines were forced to shut down.

Tourism boomed with Spain welcoming a record 93.8 million tourists in 2024, a 10.1% rise from 2023, bolstering economic output. Foreign visitors dominated domestic tourism spending, contributing €111.6 billion or 55.6% of total expenditure. Key spending categories included hotels (€24.224 billion, a 15% increase), food and beverages (€15.102 billion, up 15%), and recreational services (€9.410 billion, rising 17%). Despite this, airline ticket spending fell by over 20%, totaling €7.240 billion. Meanwhile, Spanish residents traveled less domestically, with a 3.1% reduction in trips, but maintained significant expenditure abroad, totaling €35.5 billion — resulting in a net positive tourism balance of €76.1 billion.

Looking ahead, forecasts for 2025 anticipate tourism revenues nearing €220 billion, potentially increasing its GDP share to 13.1%. However, sector experts like Exceltur predict a slowdown in tourism's contribution to economic growth, expected to drop from 52% during 2021-2024 to 13% next year. Despite this, tourism remains a cornerstone of Spain's economic recovery and labor market strength.

This robust performance cements tourism as a vital driver of Spain's economy, with a sustained upward trajectory since the pandemic downturn. The record-breaking visitor numbers and rising expenditures showcase Spain's enduring appeal and resilience in the global tourism market.