European tourism: anatomy of a rebound

After a forced halt due to the pandemic, European tourism activity has returned close to its pre-Covid levels. However, the recovery shows significant disparities between countries, linked to differences in support policies for the sector implemented during and after the crisis. Alongside this resurgence of tourism in Europe, two trends stand out: The share of foreign tourism is gaining steam , while domestic tourism remains stable; The share of Asian tourists remains below its pre-covid level, with no sign of strong pick up . Assuming no adverse shock and the stabilization of the economic and geopolitical situation, an increase in arrivals is expected to continue in 2025, with a positive contribution of tourism to growth in Europe.