A report titled El impacto económico de los estudiantes internacionales en España, 2026
(English transl: The Economic Impact of International Students in Spain, 2026) sponsored by ICEX España Exportación e Inversiones and produced in collaboration with Spain Education Programs (SEP)/Eduespaña has revealed that foreign postgraduate students generated about €3.27 billion for the Spanish economy. The Spanish Institute for Foreign Trade (ICEX) is an agency of the Spanish Ministry of Industry, Tourism and Trade.

While master’s and postgraduate students make up less than 13% of Spain’s foreign-student population, they account for 39.4% of the total economic impact generated by international students. In the 2023-24 academic year, Spain received nearly 1 million international students with a total economic contribution of approximately €8.316 billion. This was equivalent to about 0.55% of Spain’s GDP.

According to the study, the postgraduate sector is growing rapidly.  With countries such as the US, UK, Canada, Australia and the Netherlands tightening their rules or restrictions for international students, students from countries such as India and China are considering Spain for higher studies.

With Spain’s international postgraduate market heavily dependent on Latin America (Latin American students made up 72.9% of foreign postgraduate enrolments in the previous year)  ICEX recommends that Spain diversify its recruitment, particularly by attracting more students from Southeast Asia and the United States.