Publications

Early data suggest the World Cup delivered a smaller-than-expected economic boost in Mexico, concentrated in host cities. Tourism, hotels and consumption show no change in trend. The challenge remains structural: connectivity, promotion, security, infrastructure and business travel.

The total solar eclipse on August 12 boosted spending by foreign tourists in Spain—particularly in provinces where the phenomenon was most visible—suggesting a shift in tourism toward key viewing destinations. In contrast, spending by domestic travelers was not significantly affected.

The Canary Islands maintain solid growth but face a slowdown due to tourism weakness. Consumption and employment are supporting economic activity, with challenges in housing, productivity, and energy.

In the third week of February, the recovery in spending across the affected Andalusian provinces consolidated following improved weather conditions and the reopening of the Madrid–Andalusia railway line. Consumption accelerated and, in many cases, outpaced growth in the rest of Spain.

Heavy rainfall and flooding, together with the continuation of the railway disruption between Madrid and Andalusia, led to a sharp deterioration in consumption in the affected Andalusian provinces during the first week of February.

After two weeks of railway disruption, consumption in the affected provinces shows a more generalized slowdown. Growth in domestic card spending moderates, while foreign card spending has already turned negative. The largest impact continues to be concentrated in bilateral flows between Madrid and the affected provinces.

The increase in total tourism spending (domestic and international) remained dynamic during the third quarter of 2025, reaching 6.5% year-over-year (6.4% in the previous period). The acceleration of domestic tourism offset the moderation in international tourism.