Tourism earnings limp to $ 3.5 b for 2019

Tuesday, 18 February 2020 00:31 - - {{hitsCtrl.values.hits}}

Drop of $ 789 b compared to 2018, 18% reduction in arrivals
CB concerned over coronavirus impact
Remittances grow 13.8% in Dec. but decline 4.3% for 2019 to $ 6.7 b

Earnings from tourism during 2019 were provisionally estimated at $ 3,592 million, compared to $ 4,381 million during the previous year, the Central Bank said yesterday.

Earnings from tourism were provisionally estimated at $ 454 million in December 2019, in comparison to $ 475 million in December 2018.Monthly tourist arrivals after the Easter Sunday attacks recovered notably and recorded only a modest decline on a year-on-year basis in December 2019.

During the month, 241,663 tourists arrived in the country, recording a year-on-year decline of 4.5%, compared to the drop of 9.5% in November and 22.5% in October 2019.

Tourist arrivals from Russia, Canada and the US improved in December 2019 (year-on-year), while arrivals from key destinations, such as France, Germany, Maldives and the UK, declined.

Tourist arrivals were recorded at 1.9 million in 2019, a decline of 18% compared to 2.3 million arrivals in 2018. The tourism sector could suffer a further setback in the period ahead, following the outbreak of the new coronavirus that originated in China and spread to several other countries.

Meanwhile, workers’ remittances recorded a growth of 13.8% in December 2019, year-on-year, amounting to $ 665 million. On a cumulative basis, workers’ remittances recorded a decline of 4.3%, amounting to $ 6,717 million in 2019 compared to $ 7,015 million in 2018.

2019 records $ 2.3 b deficit contraction