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The tourism sector, far from 'doing August': Meliá and IAG open the month with sharp falls

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Gone is the 'do August', at least for Spanish tourism-related companies. With the premiere of the quintessential vacation month, Meliá and IAG They are placed as the shares that lose the most in the Ibex 35 this Monday, with falls exceeding 6% and 4%.

Both companies reported to the market last Friday. The hotel group had between January and June, the "worst" semester of its history due to the impact of the coronavirus crisis and the deterioration of the value of assets, while the airline conglomerate lost 3,806 million euros in the first half of 2020 compared to gains of 806 million registered in the same period of the previous year.

Tourism is suffering fully from the consequences of the coronavirus crisis, even more so in an economy like Spain, with high dependence in this sector. Country restrictions and unceasing increase in infections displacement paralyzes this summer.

Precisely, this Monday the National Institute of Statistics (INE) has published that the arrival of foreign tourists to Spain fell 97.7% in June, a month in which our country received a total of 204,926 international travelers. At the same time, foreign tourists who visited Spain this month spent 133 million euros, 98.6% less That the last year.

During the first six months of 2020 the total expenditure of international tourists down 70.6% compared to the same period of the previous year, reaching 11,840 million euros, while in this same period the number of tourists who visited Spain decreases by 71.7% and it reaches 10.8 million.

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