Hoteliers, airlines and travel agencies all agree. It is still too early to assess the effects of the coronavirus crisis on one sector, that of tourism, which is so key for the Spanish economy. The growth of tourism GDP, which accounts for almost 12% of global GDP, has been slowing over the past few years, to the point that it grew below the rate of the Spanish economy in 2018 for the first time since the economic crisis.
Uncertainty is at an all-time high and the impact will depend on the evolution of the epidemic, but activity has already contracted, accentuated by temporary adjustments to workforces.
Translation/Summary: Carmel Drake