Wednesday, May 22, 2013

News Summary 4: Spain received 14 million foreign tourists until April, up 2.5% from a year earlier

1. This article reports that Spain saw a 2.5% increase in the number of tourists that visited the country since April of 2012. Around 14 million tourists traveled to Spain, which is the highest amount of people in four years. There was a 1.9% increase in tourists from the United Kingdom, the largest tourist market for Spain, and the most popular tourist destinations remain the Canary Islands and Catalonia.

http://www.20minutos.es/noticia/1820945/0/turistas-extranjeros/espana/abril-2013/

2. In class we discussed how tourism is an export industry because of the services provided to tourists during their stay and the money they spend in the country they're visiting is a source of revenue. If there is an increase in tourism, then there is a positive impact on the export variable of the GDP = C + I + G + NX equation, so GDP would increase. Spain really needs this source of revenue right now since it is still in a financial crisis.

3. The article states that the increase in tourism to Spain is due to the increase of tourist markets such as France and the Nordic countries.

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