The escalation of tension between Ukraine and Russia is a cause for concern for Spain , also for economic reasons. Mansions worth several million euros, exclusive shops and restaurants beyond the reach of most pockets. Part of the Russians and Ukrainians settled in our country come to the Costa del Sol looking for luxury and good weather.
Houses of luxury and tranquility are a claim for these tourists . In 2019, Russian tourists spent more than one million 300 thousand euros in our country. Their purchasing power makes them the most demanded tourists. Other sectors have noted a drop of 80% of these travelers is the case of jewelers.
The tension fuels the risk of high inflation in Spain
Experts warn that the open crisis threatens to make the price of energy even more expensive and, therefore, would torpedo the forecast that inflation will begin to relax from spring. Around 40% of the gas consumed in Europe comes from Russia, although the percentage varies considerably from one country to another; in some cases it reaches 80%, while for Spain it represents a modest 9.8%.
Experts also point to the psychological effect on the population of this type of tension, which pushes to restrict private consumption -considered the great engine of the national economy-, all this in a context marked by uncertainty due to covid-19 and with the recovery still halfway.
Spain buys from Ukraine between 28% and 30% of its corn imports and 60% of its sunflower imports , so a worsening of the conflict could affect the supply and cost of raw materials, according to sources in the agricultural sector , who also recall that Russia is the world leader in the sale of wheat.
