Latest news with #economía
Travel Daily News
3 days ago
- Business
- Travel Daily News
WTTC: Spain 's tourism sector could exceed 260bn euros by 2025
In 2024, the sector in Spain achieved its best result since 2019, with a contribution of almost 249bn. euros to GDP International tourism spending grew by nearly 11% year-on-year MADRID, SPAIN – The World Travel & Tourism Council (WTTC) forecasts that by 2025 the travel and tourism sector in Spain could reach a new all-time high, with an estimated contribution of 260.5 billion euros to GDP, equivalent to almost 16% of the national economy. According to the latest Economic Impact Research (EIR), prepared by WTTC in collaboration with Oxford Economics, these forecasts reinforce the role of tourism as one of the country's main economic drivers, with an estimated year-on-year increase of 4.7%. WTTC projects that by the end of 2025 the sector will account for 3.2 million jobs in Spain, equivalent to 14.4% of total employment. By 2025, spending by international tourists is expected to reach 113.2 billion euros, with a year-on-year growth of 5.7%, while domestic spending could reach 84.9 billion euros, 2.4% more than the previous year. Julia Simpson, President and CEO of WTTC, said: 'Spain remains a true global tourism powerhouse. The data reflects a dynamic, resilient and constantly evolving sector, which not only drives economic growth, but also creates quality jobs and promotes regional development. The forecasts for 2025 are very positive, and with a firm commitment to sustainability and innovation, Spain is well positioned to lead the future of global tourism, even in a challenging international environment.' A look back to 2024 During 2024, the Spanish tourism sector experienced its best year since 2019. Its contribution to GDP rose by almost 8% to €248.7 billion, or 15.6% of the economy. It also employed 3 million people, nearly 14% of the country's total jobs. Spending by international tourists was 107.1 billion euros (up 10.9% year-on-year), while domestic spending reached 82.9 billion, up 2.2% on 2023. These segments accounted for 56.4% and 43.6% of total expenditure, respectively. Leisure travel accounted for 88.3% of total expenditure, compared to 11.7% for business travel expenditure. The main source countries for arrivals into Spain in 2024 were the United Kingdom (20%), France (14%) and Germany (13%). The destinations most visited by Spaniards were France (25%), Italy (14%), the United Kingdom (8%) and Portugal (8%). The next decade Looking ahead to 2035, the WTTC projects that the tourism sector could contribute €315.7 billion to the GDP, which would represent more than 17% of the Spanish economy, as well as 4 million jobs, 700,000 more than at present. Regional data: European Union In 2024, the EU travel and tourism sector contributed almost 1.8 trillion euros to the region's GDP, or more than 10% of its economy. This figure exceeded 2019 levels by almost 6%. Employment associated with the sector grew by 4.7%, year-on-year, to 24.6 million jobs, accounting for one in nine jobs across the region. Domestic travel spending in the EU reached 1 trillion euros, while spending by international visitors reached 515 billion euros. By 2025, WTTC forecasts that the regional sector will reach almost 1.9 trillion euros, representing 10.5% of the EU economy. Employment linked to the sector is estimated to total 25.7 million people, or 12% of the regional total. In addition, the agency expects international spending to grow by more than 11% to 573 billion euros, and domestic spending to increase by 1.6% to more than 1.1 trillion euros.
Hospitality Net
3 days ago
- Business
- Hospitality Net
Spain's Tourism Sector Could Exceed €260 Billion by 2025, According to WTTC
In 2024, the sector achieved its best result since 2019, with a contribution of almost €249 billion to GDP International tourism spending grew by nearly 11% year-on-year Madrid, Spain - The World Travel & Tourism Council (WTTC) forecasts that by 2025 the travel and tourism sector in Spain could reach a new all-time high, with an estimated contribution of €260.5 billion to GDP, equivalent to almost 16% of the national economy. According to the latest Economic Impact Research (EIR), prepared by WTTC in collaboration with Oxford Economics, these forecasts reinforce the role of tourism as one of the country's main economic drivers, with an estimated year-on-year increase of 4.7%. WTTC projects that by the end of 2025 the sector will account for 3.2 million jobs in Spain, equivalent to 14.4% of total employment. By 2025, spending by international tourists is expected to reach €113.2 billion, with a year-on-year growth of 5.7%, while domestic spending could reach 84.9 billion euros, 2.4% more than the previous year. Spain remains a true global tourism powerhouse. The data reflects a dynamic, resilient and constantly evolving sector, which not only drives economic growth, but also creates quality jobs and promotes regional development. The forecasts for 2025 are very positive, and with a firm commitment to sustainability and innovation, Spain is well positioned to lead the future of global tourism, even in a challenging international environment. Julia Simpson, President and CEO of WTTC A look back to 2024 During 2024, the Spanish tourism sector experienced its best year since 2019. Its contribution to GDP rose by almost 8% to €248.7 billion, or 15.6% of the economy. It also employed 3 million people, nearly 14% of the country's total jobs. Spending by international tourists was €107.1 billion (up 10.9% year-on-year), while domestic spending reached 82.9 billion, up 2.2% on 2023. These segments accounted for 56.4% and 43.6% of total expenditure, respectively. Leisure travel accounted for 88.3% of total expenditure, compared to 11.7% for business travel expenditure. The main source countries for arrivals into Spain in 2024 were the United Kingdom (20%), France (14%) and Germany (13%). The destinations most visited by Spaniards were France (25%), Italy (14%), the United Kingdom (8%) and Portugal (8%). The next decade Looking ahead to 2035, the WTTC projects that the tourism sector could contribute €315.7 billion to the GDP, which would represent more than 17% of the Spanish economy, as well as 4 million jobs, 700,000 more than at present. Regional data: European Union In 2024, the EU travel and tourism sector contributed almost €1.8 trillion to the region's GDP, or more than 10% of its economy. This figure exceeded 2019 levels by almost 6%. Employment associated with the sector grew by 4.7%, year-on-year, to 24.6 million jobs, accounting for one in nine jobs across the region. Domestic travel spending in the EU reached €1 trillion, while spending by international visitors reached €515 billion. By 2025, WTTC forecasts that the regional sector will reach almost €1.9 trillion, representing 10.5% of the EU economy. Employment linked to the sector is estimated to total 25.7 million people, or 12% of the regional total. In addition, the agency expects international spending to grow by more than 11% to €573 billion, and domestic spending to increase by 1.6% to more than €1.1 trillion. For more information and to access the full factsheet, please visit WTTC's Research Hub. About WTTC The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector. WTTC Press Office WTTC View source
Reuters
4 days ago
- Business
- Reuters
Bank of Mexico's rate decision marked by trade policy pressures, minutes show
MEXICO CITY, May 29 (Reuters) - All of the Bank of Mexico's five governing board members agreed in the monetary authority's most recent rate decision that the period has been marked by high uncertainty due to trade policy announcements worldwide, minutes published on Thursday showed. "Some activity indicators surprised to the downside partly due to the effects of trade uncertainty at the global level," said the Mexican central bank. Most board members also noted that changes in trade policy have added significant uncertainty to the global economic outlook. Adding to global concerns, a U.S. trade court on Wednesday blocked most of U.S. President Donald Trump's tariffs, arguing he had overstepped his authority. Banxico, as the central bank is known, slashed its growth forecast for Mexico's economy this year to 0.1%, from its previous estimate of 0.6%, citing sluggish domestic activity and uncertainty related to U.S. trade policy, according to its quarterly report published on Wednesday.
Bloomberg
4 days ago
- Business
- Bloomberg
Economists Are Ever More Gloomy About Colombia's Fiscal Outlook
Colombian economists are increasingly gloomy about the nation's fiscal outlook, with some predicting the biggest deficit since the pandemic this year. In recent weeks, analysts surveyed by Bloomberg have steadily lifted their 2025 deficit forecasts as tax revenues lagged expectations. At the same time, the government of President Gustavo Petro has declined to rein in spending on the scale needed, leading a Finance Minister to quit in March.
Malay Mail
24-05-2025
- Business
- Malay Mail
The deep distrust driving Argentines to hoard ‘mattress dollars'
BUENOS AIRES, May 24 — Argentine 'Rita Lopez,' 84, keeps her US dollars hidden in an empty pea can in the kitchen. Since childhood, she has steered clear of banks in a country that has veered from one economic crisis to another. 'I wouldn't even think of putting my savings in the bank,' the former lawyer told AFP at her modest apartment in Buenos Aires. She asked to use a fake name to shield herself from thieves. Lopez is not alone. The government estimates there are about US$200 billion (RM846 billion) so-called 'mattress dollars' out there — five times the reserves of the Central Bank. On Thursday, President Javier Milei's government launched a plan to encourage Argentines to bank these dollars, also commonly stashed under floorboards, in safety deposit boxes or offshore accounts. Under the initiative, anyone can make a deposit of up to 100 million pesos (about US$90,000) without having to declare the provenance. The goal is to boost foreign reserves, stimulate the formal economy and bolster the peso. But Lopez remains sceptical. 'The one who kept his savings (in the bank) was my father, he always lost, it always went bad for him,' she said. One of the worst moments, said Lopez, was in 2001 when the then-government put in place so-called 'corralito' (corralling) measures to limit cash withdrawals and freeze bank accounts. That move, intended to limit capital flight in the midst of a prolonged recession, was widely considered draconian and the spark for protests that left 39 people dead and toppled a president. Trafficking, corruption, smuggling? Argentina has faced 16 economic crises since 1860. Lopez has lived through seven of them in the last 50 years. Countless people lost life savings as the system collapsed over and over, inflation spiralled out of control, and governments imposed currency controls. Their fingers burnt, many Argentines took to trading their battered pesos for whatever greenbacks they could lay their hands on, and hoarding them at home. In cash. Now Milei wants that money to enter the system, saying in an interview Monday: 'I don't care in the slightest where the dollars come from.' His is not the first Argentine government to try this. As long as the dollars are not in the system, explained economist Julian Zicari of the University of Buenos Aires, they 'do not contribute to (foreign) reserves nor generate lending capacity for banks.' Self-declared anarcho-capitalist Milei has imposed strict budget-cutting measures on the South American country since taking office in December 2023, resulting in inflation dropping from 211 per cent to 118 per cent last year. Maintaining a stable exchange rate is one of his chief goals. Last year, a tax amnesty brought in billions of dollars in deposits and, in April, Argentina received a first tranche of US$12 billion from a new US$20 billion loan agreed by the International Monetary Fund (IMF). Some fear the 'mattress dollar' concessions will abet money laundering, though the government has denied this. 'By not requiring justification of origin... the possibility is enabled for funds from drug trafficking, human trafficking, public corruption or smuggling to be incorporated into the formal system,' economist Pablo Tigani wrote in the Ambito newspaper. In effect, he argued, it amounts to 'an amnesty for those who did not pay taxes, without any distinction between tax evasion, illicit enrichment, or even money laundering.' Presidential spokesman Manuel Adorni insisted Thursday that those with undeclared funds 'are not criminals, they are the vast majority of Argentines who have been abused by excessive taxes and controls.' Either way, Lopez insists nothing can get her to part with her pea can. 'One day the government tells you one thing and then another government comes in and does something else. I don't trust them. I wouldn't put my money in the bank,' she said. — AFP
