The Catalan Crisis Could Cause Spain to Lose 12 Billion Euros

The Spanish economy may lose up to € 12 billion as a result of the recession in the tourism sector because of the Catalonian crisis. These data is reported in "Rasson" and BGNES, citing the research company "Reputation Institute".

According to the report, compared to March this year, Spain's popularity as a tourist destination among Europeans fell by 3.1 points due to the political conflict in Catalonia. In addition, six out of ten citizens on the Old Continent believe that the so-called "Spanish brand" has already suffered from the region's crisis. In this respect, real investment across the country may drop to 1.95%.

On October 27, the Parliament of Catalonia adopted a resolution on the proclamation of an independent republic. The Spanish Senate then approved Madrid's request to activate Article 155 of the Constitution of the Kingdom to restrict the self-government of the region. The local leader, Carles Puigdemont, was removed from office, and the regional parliament was disbanded. Elections are due on 21 December.