Balearics loss of tourism revenue put at 13,000 million euros

Since March, there have been 80% fewer foreign travellers passing through Son Sant Joan Airport. | Teresa Ayuga

Majorca Daily Bulletin reporterPalma22/10/2020 11:05

Further to the latest report from the Exceltur alliance for tourism excellence, which estimates that tourism GDP and revenue in 2020 will be equivalent to figures twenty-five years ago, there is a specific estimation as to what this means for the Balearics - the loss of 13,047 million euros out of the global loss for Spain of 106,000 million euros.

The fall in tourism business activity has naturally centred on principal tourism regions. For 2020 as a whole, Exceltur puts the decline in the Balearics at 82.6%, followed by Catalonia (74.8%), Madrid (72%) and Valencia (67.2%).

Exceltur stresses that this is a problem which goes beyond the tourism sector. Because of tourism's key role in the economy, the fall in activity has had a "drag" effect on supplier companies' sales and revenues and on unemployment.

The most recent Exceltur survey of business confidence (up to the end of September) indicates an expected fall in tourism business sales in the Balearics of 94% in the fourth quarter. This is the greatest fall at a regional level.