Forecast: Production in Accommodation and Food Service Activities Sector in Spain

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.

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