Greece financial crisis spreads to Spain and Portugal

[sillydoll]

Just saw on SKY news that Spain ad Portugal are in deep trouble with the Euro. Obama was due to make a speech at 10am GMT

 

[peterhore]

Is there a figure for the financial benefit to Spain of the Camino?
250,000 pilgrims on the Camino frances for an average of 35 days spending 25 euros per diem = over 200m euros, but this calculation is pretty crude.
Is there a better figure?

 

[Kathar1na]

Is there a figure for the financial benefit to Spain of the Camino 250,000 pilgrims on the Camino frances for an average of 35 days spending 25 euros per diem = over 200m euros, but this calculation is pretty crude. Is there a better figure?

The Spanish Camino Association does an estimate every year but it's just a rough estimate. Their estimate for daily spending is higher than 25 €, they include the costs for travelling and gear - after all, close to half of all pilgrims are Spanish so their overall spending for the pilgrimage trip matters for the Spanish economy - but the total is just in the region of millions. Would the actual total figure tells us much? BTW, the majority of pilgrims don't spend 35 days as only about 25% start in SJPP.

The Spanish Travel and Tourism sector is massive. Quote: The direct contribution of Travel & Tourism to GDP was EUR 62.4 bn (USD 70.9 bn) in 2017 and is forecast to rise by 3.2 % in 2018. Continued annual growth by 2.6% is expected for 2018-2028.

Just saw on SKY news that Spain and Portugal are in deep trouble with the Euro. Obama was due to make a speech at 10am GMT

This message and thread dates from 2010 - it's nine years old! Reuters' of 15 February 2019:

The Portuguese economy, bailed out by the European Union eight years ago, is booming. It is enjoying its highest economic growth in nearly two decades, fueled by record tourism, an upswing in the housing market, a growing tech sector and strong exports. Private investment has returned to 2009 levels, helped by foreign investors including Chinese companies.​

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The € crisis, btw, has moved on to Italy. Spain and Portugal currently don't get much of a mention in the news in this context, Greece occasionally.

 

[Kathar1na]

https://www.farodevigo.es/galicia/2...nomico-peregrinos-supera-primera/2053683.html - a newspaper summary, dated 18 February 2019, of the estimates produced by the Federación de Asociaciones de Amigos del Camino de Santiago concerning the economic impact of camino pilgrims. The article is somewhat confusing, however, as the author seems to jump between 2018 and 2017. According to this:

• Expenses prior to the start of the walk that are made at the place of residence of the pilgrim for items such as clothes, footwear, hygiene, photography: an average of 200 € per person was calculated, for both nationals and foreigners. The total amounts to 60.2 mio €.
• Expenses related to the realization of the Camino (accommodation, food, pharmacy ...): an average of 38 € per day and per pilgrim.
• For the pilgrims who chose to make the journey between O Cebreiro and Santiago, the report estimates that they left 40.8 mio € in their wake. The O Cebreiro section is the one with the greatest economic impact, more than other sections.
• The 228 kilometers between Sahagún and Foncebadón (León): 14 mio €.
• The 427 kilometers between Redecilla del Camino and Itero del Castillo (Burgos): 8.8 mio €.
• Expenses for transportation to reach the place where the Camino is started and the subsequent return: 56.6 mio €. They've worked with an average of 125 € for Spanish pilgrims and 250 € for foreigners although this amount will be much higher of some, of course.
• They estimate that a pilgrim spends 1000 € on average for their pilgrimage.

 

[Jan_D]

Thanks for the link, Kathar1na! Just to add to your previous comment on the size of the Spanish tourism industry: according to this report, pilgrims only account for 2.3% of total tourist spending in Galicia. Which isn't a lot, in the grand scheme of things. The summary at the end of the report is that the camino in Galicia is relevant from a "qualitative" perspective, but it is "quantitatively modest" in terms of economic impact.