Post by account_disabled on Mar 10, 2024 22:40:16 GMT -5
The tourism sector in Catalonia is close to saturation after the strong recovery in recent months after the pandemic. It is one of the future risks for the community that BBVA Research identified in its latest regional report published yesterday. “Taking into account that tourism is experiencing favorable dynamism, one of the region's greatest challenges facing 2024 will be being able to address capacity limitations,” according to the report. The chief economist for Spain, Miguel Cardoso, explained at a press conference in Barcelona that in the community the arrival of foreign tourists is "hitting the ceiling", as demonstrated by the fact that employment is already at levels "similar to or higher than of 2019. And in parallel, it is "unlikely" that the sector has made significant investments to increase the capacity of tourist accommodation since before the covid.
While in Catalonia the occupancy rate is more than 1% higher than before the pandemic , in other communities it is below it, such as Madrid, the Basque Country, Cantabria or Andalusia. The Generalitat spends just over the Russia Mobile Number List quivalent of 16% of GDP while its income is 15% Precisely the "limitations" of the capacity to attract more tourists may cause the Catalan economy to grow less in 2024 than other communities, such as Madrid, that are less dependent on tourism. The consequence is that the gap between the Madrid and Catalan economies will widen this year and next. Cardoso said that Madrid's greater dynamism is due to "the lower weight of foreign tourism in the capital and the good performance of the economy's services," especially professional ones. The forecasts for this year are for GDP growth of 2.6% for Catalonia and 3.0% for Madrid.
The estimate is 2.0% and 2.3% respectively. Despite the lower dynamism compared to Madrid, Catalonia in the period analyzed will grow more than Spain as a whole. read also Eduardo Magallon The good evolution of the tourism sector in Catalonia is also reflected in the data on spending with foreign cards in the community in the second quarter of the year, when it grew by 20% compared to the same period in 2019, according to data from the entity. Regarding employment, estimates foresee the creation of 180,000 jobs - around 90,000 each year - to leave the unemployment rate around 8% at the end of 2024. Currently, unemployment is 10.4%. Although Catalonia and Spain as a whole have avoided falling into recession and the start of 2023 has been good, the economist warned that an environment of greater deceleration is expected in the second part of the year.
While in Catalonia the occupancy rate is more than 1% higher than before the pandemic , in other communities it is below it, such as Madrid, the Basque Country, Cantabria or Andalusia. The Generalitat spends just over the Russia Mobile Number List quivalent of 16% of GDP while its income is 15% Precisely the "limitations" of the capacity to attract more tourists may cause the Catalan economy to grow less in 2024 than other communities, such as Madrid, that are less dependent on tourism. The consequence is that the gap between the Madrid and Catalan economies will widen this year and next. Cardoso said that Madrid's greater dynamism is due to "the lower weight of foreign tourism in the capital and the good performance of the economy's services," especially professional ones. The forecasts for this year are for GDP growth of 2.6% for Catalonia and 3.0% for Madrid.
The estimate is 2.0% and 2.3% respectively. Despite the lower dynamism compared to Madrid, Catalonia in the period analyzed will grow more than Spain as a whole. read also Eduardo Magallon The good evolution of the tourism sector in Catalonia is also reflected in the data on spending with foreign cards in the community in the second quarter of the year, when it grew by 20% compared to the same period in 2019, according to data from the entity. Regarding employment, estimates foresee the creation of 180,000 jobs - around 90,000 each year - to leave the unemployment rate around 8% at the end of 2024. Currently, unemployment is 10.4%. Although Catalonia and Spain as a whole have avoided falling into recession and the start of 2023 has been good, the economist warned that an environment of greater deceleration is expected in the second part of the year.