Spain’s Economic Boom: American Tourists Fuel Growth Amid Sunny Skies And Historic Charm

Chilly winter weather couldn’t keep American university student Lucy Lisberg from soaking up the sun in Madrid’s iconic Plaza Mayor earlier this month. Sitting at an outdoor restaurant, the Chicago-area native marveled at the beauty and affordability of Spain’s capital. “Everything here is a bit cheaper,” Lisberg told CNN as she enjoyed lunch with friends under sunny skies. On her first trip to Spain, she had spent the day exploring landmarks like the Royal Palace and Retiro Park. “I love the architecture and the culture,” she said, her enthusiasm palpable.

Lisberg is one of many Americans contributing to Spain’s tourism boom, a sector that has become a driving force behind the country’s economic growth. Spain’s GDP growth outpaced the U.S. in 2024, rising by an estimated 3.1%, compared to 2.8% in the U.S., according to the International Monetary Fund. In 2023, Spain welcomed a record-breaking 94 million foreign visitors who spent a staggering €126 billion ($132 billion).

Tourism accounts for over 12% of Spain’s GDP and nearly the same share of its employment. The post-pandemic surge in travel, often referred to as “revenge travel,” has shown no signs of slowing. Experts like Juan Pedro Aznar Alarcón, an associate economics professor at Esade, note that vacations have become a priority for many families, even as they cut back on other expenses.

Why Spain Stands Out

Spain’s appeal goes beyond its sunny beaches. Tourists are flocking to the country’s historic cities, cultural landmarks, and even sophisticated wineries. “Tourism … is doing amazingly well,” said Toni Roldan, director of the Esade Center for Economic Policy. “It’s not only really cheap sol y playa (sun and beach). There’s a shift toward experiences like wine tourism, where people are willing to spend more.”

Spain’s economic resilience is also aided by factors like a steady influx of immigrants, who have bolstered its workforce and consumer base. Additionally, Spain’s energy independence from Russian gas has shielded it from the soaring energy prices that have hampered other European economies.

American Tourists: A Key Factor

The strong U.S. dollar has made Spain an attractive destination for American travelers. Between January and November 2024, approximately 4 million Americans visited Spain, drawn by favorable exchange rates and an expanding roster of direct flights. Airlines like American Airlines and United Airlines have ramped up their offerings, including year-round services to Madrid.

Despite threats of U.S. tariffs on European imports, Spain is less reliant on U.S. goods exports than its European neighbors. This minimizes the potential economic impact of trade tensions. According to economist George Buckley, Spain’s goods exports to the U.S. accounted for just 1.3% of its GDP in 2023, compared to 3.1% for the eurozone average.

A Bright Future

While Spain’s growth may moderate in 2025, it’s expected to continue outperforming the eurozone. Economists predict a 2.3% expansion for Spain compared to just 1% for the eurozone. Even as global growth slows, Spain’s diversified economy, thriving tourism sector, and strategic advantages position it as Europe’s star economy.

As Lucy Lisberg and millions of other visitors continue to explore Spain’s vibrant culture, their presence underscores a simple truth: tourism is not just about travel—it’s a vital engine driving one of Europe’s most dynamic economies.