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Tourism: We will lose 14,000 million because of Russia’s boycott

Data on tourism is beginning to appear in national accounts: its contribution, and above all, economic contribution to our balance…

By admin , in news , at May 11, 2022

Data on tourism is beginning to appear in national accounts: its contribution, and above all, economic contribution to our balance of payments, and therefore to our GDP.

Under the national account, tourism is not considered a sector in the style of agricultural, industry or financial activities, but on the other hand, Turismo It has a heavy load in GDP through the hospitality sector and through the balance of payments with income from tourism.

Today we’re going to review the net income that the Bank of Spain applies to the balance of payments, and which it also provides divided by country, to find out which are the countries that contributed the most to the reform. Do the wealth of our country.

We see that, according to the data of bank of spainOur highest earnings for this concept was achieved in 2019. It reached the figure of 71,203 million euros. Revenue from Europe was up 80.5% that year, reaching the figure of 57,340 million euros.

The European Union contributed 53.5% of the 27 revenues, reaching EUR 38,111 million, while AmericaWhich came to represent 7.4% of the total, which was 5,274 million.

The year 2020 could be considered a lost year due to the pandemic, and part of 2021 is exactly the same.

The 2021 result represents a 59% drop in revenue. It could have been worse if visitors from Europe and the EU stopped coming to enjoy our sun and food.

In 2021, 87.3%, about 7 percent more than in 2019, tourism receipts come from Europe. If the 2019 ratio had been maintained, we would have stopped entering 2,000 million euros, which would have meant another 0.2% increase in GDP.

But does all gold shine?

We’re going to look at the problem that we have, because of the specific burden that a country’s tourism has on income.

The structure of income from tourism is concentrated in 5 countries which add up to 80% of the total income.

There are 5 major countries for income United KingdomWhich is more than 28% of the total income and which has fallen to 20.2% in 2021. RussiaWhich has come to represent 20%, which remains at 13.6% in 2021 and in 2022, while the war in Ukraine and the veto of EU interests will remain at 0%.

GermanyWhich on average represents 14% and which has come to represent 17% in 2021. Francewhich typically covers 12% of tourism revenue and which accounts for 17% in 2021, and AmericaWhich is around 7% and, although a small drop in 2021, does not have to represent any problem when it comes to receiving US tourists.

We have a problem of 14,000 million revenue for 2022, out of which I haven’t heard a single word from the government, what is it going to do to reduce these 14,000 million.

For this reason, he is not going to worry about what he should capture: understanding the numbers to be able to define a strategy, which involves telling Europe that if they are going to take some time. To buy gas and oil from Russia, we will buy Russian tourists to come to Spain.

I know it is outrageous, but this has not happened to the Union Minister either.

But we also don’t know if the 8 digit drop results in Brexit, or is it circumstantial. If it is structural, Brexit could result in another 5,600 million on their way to disappear.

With these two risks, added to prolong the war UkraineThe inflationThe interest rate hike The resumption of tourism has ugly prospects for those that are to come and those that are going to reach all European economies. In addition to the approximately 20,000 million euros that cannot enter due to the above reasons, there is another percentage that has not been estimated or calculated which will reduce tourism revenue.

I would like to say that this is not going to happen. Russia is clearer than the crystal clear waters of any Spanish spring; The United Kingdom may be, but Brexit is about to hit: we’ve always seen crises affecting services. But just as companies are in charge of taking some measures to curb spending or seek new income, there must be someone at work.

The problem is that no one works in this government. They go to the ministries, but the work, which they are asked to think, is neither done nor expected.

Let’s see if there’s any luck and Reyes reads to me and starts thinking.