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Spain’s tourism industry is beginning to slow its pace after several years of rapid post-Covid growth, with new figures showing the sector is moving into a more settled and sustainable phase.

 

According to the latest report from tourism alliance Exceltur, the sector closed 2025 with growth of 2.5%. That is still positive but it falls slightly short of the 2.9% growth forecast for the overall Spanish economy by the Bank of Spain.

 

It also marks the first time since the pandemic that tourism has grown at a slower rate than the wider economy.

 

The figures suggest a clear shift away from the post pandemic boom years. Tourism expanded by 10.5% in 2023 and by 5.5% in 2024, fuelled by pent up demand and a strong return of international travel.

 

Exceltur says the industry is now entering a normalisation process, where growth continues but at a more measured and predictable pace.

 

Part of that change can be seen in where visitors are coming from. In 2025, arrivals from Germany fell by 3.4%, France by 1.1%, the Netherlands by 3.9% and Italy by 1.3%. Those declines were partly offset by stronger numbers from the UK, which rose by 3.2%, along with Portugal up 6.2% and Ireland up 5.6%.

 

Despite fewer visitors from some traditional markets, there was a clear upside for businesses on the ground. Spending by foreign tourists rose by 7.9% in 2025, well ahead of the 3.4% increase in arrivals and the 1.4% rise in overnight stays. Exceltur says this took place against what it describes as "a general trend of reduced average stays but increased daily spending at the destination."

 

In simple terms, people are taking slightly shorter trips but spending more money each day once they arrive. For many hotels, restaurants and attractions, that has helped soften the impact of slower growth in visitor numbers.

 

ObservaTUR’s analysis points to a more challenging year ahead. It suggests that this shift in the economic cycle signals a period of moderate growth, increased pressure on profit margins and tougher competition.

 

Crucially though, the slowdown is not being blamed on a lack of interest in travelling to Spain. Instead, it is described as a natural market stabilisation driven by rising operating costs and customers who are becoming more demanding and selective about where they choose to spend their money and their free time.

 

Looking ahead, forecasts for 2026 predict a 2.4% increase in tourism activity. That would actually be slightly higher than the expected growth of the Spanish economy as a whole, again according to the Bank of Spain. Analysts say this growth is likely to come more from higher spending than from a surge in visitor numbers, although they also warn of growing international uncertainty, particularly linked to decisions being made by the US administration.

 

Even with growth easing back, the outlook for 2025 is described as "satisfactory". The sector has broadly met expectations for both visitor numbers and revenue, and demand remains strong in domestic and international markets. The key difference now is that growth is no longer automatic.

 

Tourism GDP reached €218,459 million last year, an increase of 2.5% on the previous year. That now represents 13% of Spain’s total economy, the highest share on record, reinforcing tourism’s position as the country’s main economic engine.

 

Experts agree that the desire to travel remains firmly in place, both among Spaniards and overseas visitors. The challenge for the industry is adapting to a more mature market, where success depends less on volume and more on strategy.

 

 

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