Sectoral analysis

El gasto turístico internacional se aceleró ligeramente en marzo de 2026, impulsado por la redirección de flujos turísticos hacia España de los principales países europeos emisores de turistas. Este repunte compensó la caída del turismo proveniente del este de Asia, que, si bien fue intensa, representa una parte pequeña del turismo a España.

This article confirms, through the use of anonymised high-frequency internal data, how the interest rate hikes and cuts between 2022 and 2025 have affected Spaniards’ consumption. The results show that the monetary policy of the last cycle has clearly influenced household consumption in Spain, albeit with moderate intensity, and that interest rate cuts have had a tangible impact in boosting spending among households with variable-rate mortgages.