The production of accommodation and food services in Spain has shown significant variability over the past decade. From 2013 to 2019, the sector experienced steady growth, peaking at 124.61 billion euros in 2019. However, the COVID-19 pandemic in 2020 caused a drastic decline of 43%, dropping production to 71.03 billion euros. Despite this, the sector rebounded strongly with a 63.48% increase in 2021 and continued growth through 2023, reaching 133.26 billion euros. The year-on-year increase in 2023 was 1.6%, with a five-year CAGR of 1.51%.
The forecasted data indicates a consistent but moderate growth trajectory for the sector from 2024 onwards, with a five-year CAGR of 1.27% and an expected total growth of 6.54% by 2028, reaching 143.45 billion euros.
Future trends to watch for include:
- Post-pandemic recovery stabilization and potential new growth drivers such as sustainability and innovation in accommodation and food services.
- The impact of evolving consumer habits and preferences, especially regarding digitalization and health-focused offerings.
- Economic factors and potential policy changes that could affect tourism and local consumption patterns in Spain.
