A brief economic history of spain following the conclusion of the spanish civil war in 1939 the economy of spain after years of war and destruction was in ruins. The third and most important way by which tourism helps prosperity in spain is through gross domestic product gdp which is a monetary value that measures the amount of goods and services being produced.
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After the war and up until 2008 the economy progressed greatly particularly between the years 1959 and 1974.
Tourism spanish economy. During the economic crisis tourism proved to be the spanish economys only engine of growth. Tourism is one of the fastest growing industries in the world that has continuously and tremendously impacted the spanish economy. As the country fell deeper into a double recession the crisis in the travel sector was less pronounced and shorter lived.
In conclusion the tourism industry is one of the spanish economys key sectors both due to its direct impact and also to the considerable knock on effect it has on the rest of the sectors. The sectors gdp only dropped during one year 2012 compared to the four years of red ledgers which characterized the rest of the economy. Tourism revenues in spain averaged 320460 eur million from 1993 until 2019 reaching an all time high of 8015 eur million in august of 2018 and a record low of 890 eur million in february of 1993.
Moreover given the good projections for global growth in tourism as discussed in the article mentioned previously it will probably become even more important in the coming years. The tourism sector accounts for around 15 percent of the spanish gdp. Tourism in spain is the 3rd major contributor to national economic life after the industrial and the businessbanking sectors contributing about 10 11 of spains gdp.
Ever since the 1960s and 1970s the country has been a popular destination for summer holidays especially with large numbers of tourists from the united kingdom france germany italy the benelux and the united states among others.
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