From 2013 to 2019, the production in the Accommodation and Food Service Activities sector in Spain showed consistent growth, peaking at €81.3 billion in 2019. This steady increase was interrupted by a drastic 50.68% decline in 2020, a consequence of the COVID-19 pandemic. However, recovery began in 2021 with a 59.22% year-on-year increase, continuing up to €80.61 billion in 2022. In 2023, the sector grew by 16.41%, reaching €93.84 billion. The average annual growth rate over the last five years was approximately 4.16%.
Looking ahead from 2024 to 2028, the sector is expected to grow steadily with a predicted CAGR of 3.07%, resulting in a total increase of 16.32% by the end of the period. This trend suggests sustained recovery and growth post-pandemic.
Future trends to watch for include:
- Potential impacts of geopolitical events on tourism.
- Changes in consumer behavior towards sustainable and local experiences.
- Technological advancements in food delivery and hospitality services.