Tourism lags behind Spain's economy

Zoom

In 2025, the tourism sector met turnover and visitor number forecasts, but with a notable drop in arrivals from Germany, France, the Netherlands and Italy

Cristina Cándido

Tuesday, 13 January 2026, 15:21

Tourism in Spain is beginning to lose momentum. The sector closed 2025 with 2.5% growth, falling slightly behind the 2.9% GDP growth forecast by the Bank of Spain.

This cooling marks a shift toward "steady normalisation" following a period of aggressive expansion, which saw growth rates of 5.5% in 2024 and 10.5% in 2023.

According to a Exceltur tourism alliance study, the number of visitors from Germany (-3.4%), France (-1.1%), the Netherlands (-3.9%) and Italy (-1.3%) declined, although this decline was partly offset by an increase in arrivals from the UK (+3.2%), Portugal (+6.2%) and Ireland (+5.6%).

In addition, foreign spending grew by 7.9% in 2025, above the growth in tourists (+3.4%) and overnight stays (+1.4%) compared to the previous year. In fact, the general trend has lately been one "of reduction in the average stay, but growth in daily spending at the destination".

This transition is also reflected by ObservaTUR, which anticipates a period characterised by more moderate growth, greater pressure on margins and an increasingly demanding competitive environment. The report emphasises that the slowdown is not due to a fall in demand, but rather to a logical stabilisation of the market, conditioned by rising operating costs and increasingly demanding and selective customers.

Looking ahead to 2026, forecasts point to a 2.4% increase in tourist activity, 0.2% above the growth the Bank of Spain forecasts for the Spanish economy. This growth would be driven more by increased spending than by a greater number of visitors, although analysts warn of growing international uncertainty, particularly linked to the decisions and actions of the US.

FIRM BUT STRATEGIC DEMAND

Despite this slight slowdown compared to the economy as a whole, the balance for 2025 is considered "satisfactory", with forecasts for both volume and revenue largely met. Demand for travel remains strong, both in the domestic and international markets, although growth is no longer automatic.

Last year, tourism GDP exceeded 218 billion euros, 2.5% more than in the previous year, which places the sector's weight at 13% of the total Spanish economy, its highest level to date, consolidating it as the country's main economic activity

Although the desire to travel continues being the main driver of the sector, both domestically and abroad, experts agree that the increase in demand now requires greater strategy, differentiation and commercial precision to sustain growth in the new global and economic context.