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Citigroup: the impact of Covid on tourism in Europe

1 August, Il Sole 24 Ore

Citigroup analysed the impact of Covid on the tourist season in Europe. The ongoing reports of active cases at a local level makes cross-border travelling difficult, with detrimental effects on those countries heavily relying on international tourism such as Greece, Portugal and Croatia. On the other hand, countries like the UK and Germany will benefit from this trend, as people will likely spend the holidays in their country. Italy and Spain place themselves halfway, as internal tourism makes up a relevant share of the entire tourism industry in both countries. In this regard, Italy might be in a better position than Spain, as international tourists in Italy accounted for 2.5% of the domestic GDP in 2019 while Italian tourists abroad represented only 1.5% of the GDP. This gap is more marked for Spain, where Spanish tourists abroad represented 2% of the Spanish GDP versus 6% of foreigners.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi