Tourism buoys southern Europe's 'Club Med' nations
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Spain, Greece, and Portugal are outperforming their northern peers thanks to a rebound in tourism. Spain's GDP expanded by 2.5% last year, while Portugal's grew by 2.3% and Greece by 2.0%. The three nations are growing faster than the European Union average. The tourism sector accounts for 12% of Spain and Portugal's economy, and 25% of Greece's. The three nations are also benefiting from the EU's pandemic recovery fund. Spain has received 38 billion euros, Greece 15 billion euros, and Portugal 8 billion euros. Spain's economy is taking off 'like a rocket' and is the 'locomotive' of job creation in the EU. Economists say the turnaround is largely due to a strong rebound in tourism, which reached record levels last year. The trio of nations are also drawing foreign investment through structural reforms that have boosted their competitiveness and improved their labor markets. However, they still face challenges such as high unemployment rates and large deficits and debt levels in some cases.

#Spain #Greece #Portugal #Tourism #Economy #Recovery #Eu

https://www.legit.ng/business-economy/economy/1596457-tourism-buoys-southern-europes-club-med-nations/