The Spanish tourist sector will lose more than 106 billion euros ($125 billion) this year, moving back to 1995 levels, in estimates released by the Spanish tourism association Exceltur on Wednesday
MADRID (Pakistan Point News / Sputnik - 21st October, 2020) The Spanish tourist sector will lose more than 106 billion Euros ($125 billion) this year, moving back to 1995 levels, in estimates released by the Spanish tourism association Exceltur on Wednesday.
Exceltur forecasts that the losses of tourism sectors will amount to 69.6 percent compared to the previous year. This prediction is 7.5 billion euros worse than the nearly 99 billion euros estimated in August. The revenue from the tourism industry will be at the lowest level since 1995.
"By the end of the year we will have taken back to the levels of 25 years ago. We would be at the level of 1995. If we discounted the inflation ratio, it could be worse," Exceltur Vice President Jose Luis Zoreda said at a press conference.
According to Exceltur, by the end of the year, the number of jobs in the tourism sector will be reduced by nearly 750,000. The most affected locations will be the Balearic Islands with an 82.2 percent decline compared to the previous year; Catalonia with 74.8 percent; Madrid with 72 percent; Valencia with 67 percent; Andalucia with 66 percent; and the Canary Islands with 65.8 percent.
Last year, Spain was the second country in the world after France in terms of the number of tourists, amounting to 84 million people. However, the tourism and hospitality sectors have been heavily affected across the globe due to border closures caused by the coronavirus pandemic.
