They make a lot of money on tourists.
According to the analytical report of the Organization for economic cooperation and development OESD, tourism plays the greatest role in the economy of Spain. The share of hospitality industry in GDP reached 11.1 percent, the highest rate in the world.
According to experts, while there are tourists, Spain may not be afraid of economic crises. Last year the country was visited by 82 million guests, which is the second highest in the world after France, with its almost 90 million. For the year tourists spent in Spain in the total amount of 87 billion euros. Thus, tourism from 11.1% of GDP for the country is a strategic sector of the economy.
For Portugal, the hospitality industry is also very important. The share of industry in GDP reaches to 9.2%. The third indicator is From Mexico, the share of tourism in the economy of this country is 8.6%.
Interestingly, the most popular country – France – is not so heavily dependent on foreign visitors, as one would imagine. The tourism industry provides 7.1% of annual GDP, and is the fifth highest in the world after Iceland, with its 8.4 per cent.
In the second five countries with a significant contribution of tourism to local economies include Greece, Italy, Turkey, Germany and the UK. The share of GDP from tourism in these countries – from 6.4% to 3.7%. According to experts, in several countries, including Germany and Japan, the economy is more focused on production, therefore, depends on the growth of the tourist flow or reduce it there.
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