The Top Three Trends Shaping Spain in 2017
|Spain is breaking all records|
Of course Spain went through some pretty tough times a few years ago, with things slowly coming back together since 2013. It all lead up to the record breaking year that was 2016 in terms of tourism and job creation, low cost of living and with strong metrics seen elsewhere.
All of which suggests 2017 is going to be just as good with many experts re-assessing their predictions and calling Spain one of the shining stars of Europe.
Here are the top three trends shaping Spain in 20117.
A Rise in GDP
The Gross Domestic Product (GDP) of Spain grew by just over 3% in 2016, and it’s expected to grow another 3% in 2017. If you don’t feel that 3% is all that much, then keep in mind that if the Spanish GDP were to grow 3% it would make Spain one of the top 5 economic performers in Europe; outperforming even Germany and France. The rise in GDP leads to a rise in job creation as Spain had their lowest unemployment rate since 2009 in 2016 with unemployment kept below 19%.
More Homes and Hotels
Around 10% of the GDP for Spain last year came from construction. If the GDP continues to grow then it’s reasonable to assume that construction will grow with it. While the country is likely never going to repeat the home development peak of 2007, where some million homes were built, it’s being predicted by experts that Spain could welcome some 400,000 new homes per year, with around 200,000 expected to be built in 2017. In terms of commercial real estate CBRE are predicting that over €10 billion will be spent on developing new offices, hotels, and resorts across Spain this year.
More Record Breaking Tourism Numbers
We don’t have the numbers for how 2016 ended just yet, but everything is indicating that it could very well have been the best year ever for tourism with an estimated 75 million tourists flocking to the country in 2016. Not only is this a new record, but it would also make Spain the most visited country in the world. It’s not hard to see why people come to Spain; not only is there sun, sea, sand, and sangria, but Spain is also affordable, accessible, and varied. It has also managed to stay relatively safe compared to countries such as France, Turkey, Egypt and Tunisia. These trends are expected to continue into 2017 as the Confederation of Spanish Travel Agencies (CEAV) are predicting that Spain could see over 80 million tourists in 2017, with the numbers spread more evenly across 2017 than 2016. If you’re planning on staying in a perennially popular destination such as the Costa del Sol this year then you should definitely book early!