Bankruptcies in Spanish tourism in 2021 have grown at an incredible rate – “the great losses caused by the” tricky “crisis in tourism have been fatal for a large number of entrepreneurs who could not withstand the onslaught of the pandemic,” – described the study with a credit insurance company Thessaloniki.
Calculating the decline of companies in the tourism industry, Spanish tourism is now between mourning and panic, especially given the reluctance of local authorities to remove the most odious restrictions, despite the global trend towards their abolition. So, this year the number of bankruptcies in Spanish tourism will increase.
According to Solunion figures, the level of bankruptcies in the tourism sector in 2021 is more than twice the national average. Compared to 2020, it grew by 62%, and in the economy as a whole, this growth rate was 30%. “The increase in the number of bankruptcies of companies in the tourism sector by 62% doubled the total number of bankruptcy proceedings in the Spanish economy, which in 2021 increased by 30% compared to the previous year. This situation emphasizes the great impact of the pandemic crisis on the economy, which was mainly created by tourism, “- said the researchers.
According to them, the entire tourism sector was shrinking – hotels, entertainment and more. – but the main burden fell on the shoulders of travel agencies and tour operators. In 2021, 1,400 such companies closed, which is almost 10% of the total number in Spain. At the same time, according to researchers, tourism began to earn. According to a recent report published by Exceltur, the GDP of tourism in 2021 amounted to 88’546 million euros. This is 27’140 million euros more than in the 2020 financial year, but still far from the 154’737 million euros achieved in 2019.
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