It estimates that Spain could welcome 83.7 million international visitors next year, surpassing 2019's record of 83.5 million.
Tourism in Spain: ING expects record numbers of foreign tourists in 2024
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"The recovery of the tourism sector in Spain continues on the right track, placing the industry at the centre of economic growth". This is how the latest ING report starts, later stating that tourism in Spain is on the rise. Let's get all the details, including that ING expects record numbers of foreign tourists in 2024 in Spain

According to the bank, the Spanish tourism sector rebounded strongly in 2022, from 31.2 million in 2021 to 71.6 million in 2022, and has had an exceptional first quarter in 2023. This year, the report adds, "tourism will be the main catalyst for Spain's economic growth".

ING forecasts that Spain will receive more than 80 million foreign tourists in 2023 as a whole and anticipates a record in 2024, with a total of 83.7 million international visitors. This figure would exceed the 83.5 million tourists in 2019, the year before the pandemic, according to the Spanish National Statistics Institute (INE).

Evolution of foreign tourist arrivals in Spain

Number of visitors (in millions), annual data and projections 2023 and 2024
Number of visitors (in millions), annual data and projections 2023 and 2024 idealista

"Tourism is a key contributor to Spanish GDP and the recovery of this sector will play a central role in the country's growth this year. After a significant drop during the pandemic, it could regain even more importance for the Spanish economy. With household consumption in decline and interest rate hikes dampening investment dynamics, the tourism sector will be a key driver this year," the bank explains. According to its calculations, domestic GDP will grow by 1.9% this year, compared to the 0.5% it expects for the eurozone as a whole.

Within the recovery of tourism, ING highlights the arrival of international tourists for professional reasons, which have gone from representing 74% of those received in 2019 in December to 94% in March.