The European Accommodation and Food Services sector exhibits notable variation by country. In 2024, Montenegro leads with the highest output at 8.6% of the total, followed by Greece (6.1%), Cyprus and Croatia (both at 5.2%). Other notable countries include Portugal (4.8%) and Spain (4.4%). Year-on-year changes indicate a mixed landscape: Montenegro saw a small decline of 0.46%, while Greece experienced a 3.79% drop. Cyprus and Croatia decreased by 4.66% and 1.82% respectively, while Portugal and Spain faced more substantial declines of 1.96% and 5.38%. Countries like Albania and Bosnia and Herzegovina bucked the trend with slight increases.
Over a longer period, the Compound Annual Growth Rate (CAGR) points to a declining trend for most countries, with significant annual reductions in Malta (-9.31%) and Switzerland (-6.3%). Conversely, Liechtenstein experienced the highest growth at 10.06%. The stable or declining outputs in countries like France (-0.75%) and Denmark (0.0%) highlight a competitive and fluctuating market.
Future Trends to Watch:
- Continued impact of economic fluctuations and tourism dynamics on the Accommodation and Food Services sector.
- Potential recovery scenarios post-COVID-19, especially in countries with major declines.
- Influence of technological advancements and digitalization in service delivery.
- Effects of changing consumer preferences towards sustainable and localized travel experiences.
Top countries in Accommodation and Food Services Output by Country
| # | 10 Countries | Percent of Total | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Montenegro | 8.6 | 2023 | -15.69% | -0.46% | View data |
| 2 | 2 Greece | 6.1 | 2023 | -6.15% | -3.79% | View data |
| 3 | 3 Cyprus | 5.2 | 2023 | -3.7% | -4.66% | View data |
| 4 | 4 Croatia | 5.2 | 2023 | -8.77% | -1.82% | View data |
| 5 | 5 Portugal | 4.8 | 2023 | -9.43% | -1.96% | View data |
| 6 | 6 Spain | 4.4 | 2023 | -6.38% | -5.38% | View data |
| 7 | 7 Iceland | 3.7 | 2023 | 0% | -2.5% | View data |
| 8 | 8 Austria | 3.3 | 2023 | -5.71% | -3.77% | View data |
| 9 | 9 Albania | 3.3 | 2023 | +3.12% | +1.92% | View data |
| 10 | 10 Italy | 3 | 2023 | -3.23% | -3.58% | View data |
