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MADRID, 26 May. (EUROPA PRESS) -
The investment firm Ostrum Asset Management believes that Spain will soon return to 2019 GDP levels thanks to the rebound in tourism, a sector they consider a "driving force of the Spanish economy."
"Spain is once again a holiday destination and its GDP will quickly return to 2019 levels," said Philippe Waechter, head of economic research at Ostrum AM.
Waechter explained that Spain has lagged behind and has not yet recovered activity levels prior to the pandemic, and recalls that at the end of the first quarter of 2022, Spain's GDP was still 2.9% below GDP middle of 2019.
However, "the situation is changing and Spain will catch up", since in April 2022 "the price of a hotel night reached pre-pandemic levels, so the trajectory is once again approaching what we saw before the Covid-19 health crisis".
"This will allow a more balanced growth and an improvement in employment in tourist regions," added the economist.
