José María López Morales

Business cycle and external dependence on tourism Evidence for Spain

Tourism is among the most important activities in the Spanish economy, with Spain being one of the most significant tourism destinations worldwide. The external contribution of the international demand for tourism in Spain is a factor that must be taken into account, particularly when assessing the cyclical behaviour of tourism activities and therefore the contribution made by this sector to the overall economy. For this reason, the article examines the evolution of tourism in Spain during recent years, its contribution to economic growth and its level of external dependence using an analysis methodology which examines the cyclicality of the demand for the economy and the primary components of tourism.