Part 5/8:
One of the key factors driving Spain's economic success has been the dramatic rebound in tourism. Unlike Italy and the U.S., Spain's tourist numbers have surged back to pre-pandemic levels, with 84 million visitors recorded in 2023 alone. This influx has contributed significantly to the country's GDP, with tourism currently accounting for 13%.
The services sector has also enjoyed continuous growth, buoyed by the tourism industry. However, even in this context of overall economic prosperity, the pressures on the housing market due to rising demand and increased immigration can't be overlooked, leading to political discussions about rent caps and social housing solutions.