Forecast: Output of Travel Services in Spain

The output of travel services in Spain has experienced considerable fluctuations over the past decade. Starting at 10.52 billion euros in 2013, it showed minor declines and significant growth at various points, particularly in 2016 and 2017. However, the COVID-19 pandemic caused a drastic contraction in 2020, with a significant recovery beginning in 2021 and continuing through 2022. By 2023, the value of travel services output stood at 17.79 billion euros, marking an impressive year-on-year growth of 22.39% from the previous year.

For the period from 2023 to 2028, the travel services output is forecasted to continue growing, with an average annual growth rate (CAGR) of 3.05%, reaching 21.58 billion euros by 2028. The overall growth rate over this five-year period is expected to be 16.22%.

Future trends to watch for:

• Impact of global economic conditions on travel demand
• Recovery from pandemic-related downturns and changes in traveler preferences
• Technological advancements in travel services, including the use of AI and digitalization
• Sustainability initiatives and their influence on travel trends
• Potential shifts in travel patterns due to geopolitical factors