Spain’s tourism sector has experienced unprecedented growth over the past few years and international tourism is booming. In 2017, the number of nights spent in a Spanish hotel by rose by 2.7% to 340 million. A breakdown of the figures show that overnight stays by tourists (non-Spaniards) rose by 3.73% to 225million, while occupancy rates for residents grew by 0.7% to 114.2 million.
The Spanish property market is the fourth most rewarding in the world. Spain has moved from sixth position last year to fourth position, overtaking the UK who moved down the ranking to fifth from third, in terms of countries with the best real estate opportunities for capital appreciation, according to a report by the Association of Foreign Investors in Real Estate (AFIRE).
Spain’s annual inflation rate in November has remained unchanged from the previous month at 1.6%, according to the country’s central statistics unit. In January, inflation reached 3% then fell rapidly to 1.5% in June and since then has remained around the 1.5-2% mark. Inflation has now settled in positive territory for the last 15 consecutive months.
Sales made on Ebay and other seller platforms are going to be targeted by the taxman in an effort to clamp down on undeclared economic activity, the Spanish Hacienda has announced. Many people make a living by advertising and selling their products on sites such as Ebay and fail to declare any earnings to the taxman.
Andalucia attracts visitors from all over the world but Malaga province seems to be the place where non-EU visitors spend their cash. The foreign visitors spend €160 million in Andalucia’s stores each year, 80% of which is spent in Malaga.
Over 2,200 businesses have left the region so far and many continue to follow. Since Catalunya’s independence referendum on 1st October a total of 2,216 businesses have moved their registered address to out of the region, according to official Spanish registrars.
Unemployment levels in Spain are 7.9% lower than a year ago, despite a slight increase in October, according to the Ministry of Employment. In the last 12 months, unemployment figures have fallen by nearly 300,000 to reach a total of 3,467,026. Although this figure may seem high, the Spanish jobs market has come a long way since 2013 when unemployment levels reached over 5 million.
Spanish GDP is still set to grow over 3% this year despite uncertainties shrouding the disputed Catalan independence referendum. During the third quarter (Q3) of the year, Spanish GDP rose by 0.8%, according to the latest data released by the government’s central statistics unit.