Overview

• Tourism’s contribution to the increase in Spain’s real value added is now projected at 13%, down from roughly 52% during 2021–2024.
• Exceltur cites weaker demand from key European markets—Germany, Italy and France—alongside flat Spanish overnight stays in regulated accommodation versus 2023 and 2024.
• Companies reported a positive summer but slower momentum, with Q3 growth at 2.8% compared with 4.5% in the previous quarter.
• Member surveys indicate a further easing to about 2% growth in the fourth quarter of 2025.
• Regional results diverged, with coastal destinations outperforming many heat‑hit interior cities and leaders including La Rioja (+13.1%), both Castillas (~+11%) and País Vasco (+10.4%), while Madrid (+1.7%) and Catalonia (+0.8%) slowed; Castilla y León is the only region expecting a Q4 sales decline (-1.1%).