Spanish tourism is experiencing a remarkable surge, as demonstrated by indicators such as the influx of international tourists reaching pre-pandemic levels and record-breaking levels of spending. However, despite this positive momentum, the sector, used to navigating continuous uncertainty during the pandemic, now faces new challenges; namely, economic weakening in Europe and Germany, persistent inflation, and rising interest rates. In this report, we examine the sector's current performance, encompassing tourist numbers and inflation, and present our forecasts for the short and medium term. Additionally, we delve into Spain's potential to achieve higher-quality tourism at a structural level, and explore the potential impact of elections on the sector.