Regular update on the major business sectors in Spain based on an analysis of the main economic indicators and big data.

Turismo
2º semestre 2020

La COVID-19 está teniendo un fuerte impacto sobre la actividad económica de España y, en particular, sobre el sector turístico. En CaixaBank Research esperamos que el PIB retroceda entre un 13% y un 15% en 2020, y que no recupere los niveles precrisis hasta el año 2023. En lo que respecta al sector turístico, las perspectivas son incluso más adversas para el año 2020, al ser uno de los sectores más afectados por la pandemia. 

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La COVID-19 está teniendo un fuerte impacto en la actividad económica y el sector inmobiliario, aunque no sea uno de los más perjudicados, también se está viendo afectado. En CaixaBank Research esperamos que el PIB de España retroceda entre un 13% y un 15% en 2020, y que no recupere los niveles precrisis hasta finales de 2023. A pesar de la gravedad de la situación y la elevada incertidumbre sobre la futura evolución de la pandemia, es importante resaltar que el sector cuenta con unos fundamentos mucho más sólidos que en la anterior crisis de 2008.

Spain's real estate sector has been slowing down throughout 2019 at a brisker rate than expected, given the deterioration in the economic outlook. Nevertheless, the fundamental factors supporting housing demand are still solid and no excesses can be observed on the supply side. With a view to 2020, we expect the sector's trend to remain positive although the growth rate will be more moderate, both for prices and sales.

The growth in Spain's inbound tourism has been contained throughout 2019 due to the less favourable global economic environment and the strong recovery by its main rivals in the Mediterranean. However, the tourism sector's profitability looks highly resilient, supported by dynamic domestic tourism expenditure and the industry's drive towards higher quality.

The agrifood sector contributes a lot of value to Spain’s economy, accounting for 5.8% of its GDP, 11% when all the activities in the food chain are included. It is also notable for its great export potential and a resilience that has helped it to weather the ups and downs of the economy over the years.

The first few months of 2019 seem to confirm the positive tone of the sector in Spain, consolidating the excellent inbound tourism figures of recent years. While growth in the number of tourists visiting Spain is slowing down, their expenditure is still increasing significantly. The challenge is how to sustain these trends, redirecting tourism supply towards higher quality segments.

Spain's real estate sector is entering a more mature phase of the cycle characterised by a slowdown in growth in demand and prices. The factors supporting the property market boom (job creation, favourable financial conditions and high foreign demand) are still enjoying a positive trend but have eased slightly.

In 2019, the positive trend will continue in the tourism industry although the past few years΄exceptional growth rates are expected to diminish, in line with the slowdown observed in 2018. The big challenge facing the industry will be to consolidate its excellent performance regarding inbound tourism over the past few years while shifting its focus onto higher value added segments.

The new expansionary cycle in Spain’s real estate sector is getting stronger quarter by quarter. House sales have been posting double-digit figures for the past three years, there is strong growth in construction and prices are clearly on the up. What will the future bring? As explained in this Report, this positive trend is expected to continue in the sector, both because of the Spanish economy’s good performance and also the healthy state of the industry itself.