With the falling pound and the financial crisis spreading throughout Europe in 2008, 1 million British tourists have stopped coming to Spain for it’s sun and beaches.

The decrease in tourism will have profound effects, considering that Spain relies on tourism for approx. 10% of its Gross Domestic Product (around 100 billion euros per year). As the pound lost value and nearly fell to a parity with the Euro, cost-conscious Brits looked to other destinations such as Turkey and Egypt.