Last years’ tourism revenues
are the highest since 2002
Activity grew ten percent in 2018
Tourism activity grew ten percent last year compared to the preceding year, reaching $8.4 billion, according to figures released by the Central Bank (BDL).
Tourism receipts in 2018 were the highest since 2002, exceeding the year 2010, which was considered the peak year, where tourism activity reached $8 billion.
Tourism receipts expanded at a compound annual growth rate (CAGR) of four percent during the years 2002 - 2018. They posted a CAGR of 12 percent between 2006 and 2010, a five percent drop in the CAGR during 2010 and 2014, and a CAGR of 6.5 percent between 2014 and 2018.
Two million tourists visited the country last year, registering a six percent increase compared to 2017, according to the Ministry of Tourism (MoT). The number of tourists has also increased in the first half of 2019, according to the MoT. The Ministry announced that the number of European tourists grew by 40 percent this year compared to the same period in 2010.
Tourism spending abroad by local citizens accounted for $6.5 billion in 2018, registering a 12 percent increase compared to 2017.
Spending by local tourists abroad represented 11 percent of the GDP in 2018.
BDL’s figures are the only official data on receipts from tourism activity, and on tourism spending abroad by citizens.
Date Posted: Jul 16, 2019