Tourism earnings top $ 500 mark in 1Q

Tuesday, 3 May 2022 01:42 - - {{hitsCtrl.values.hits}}

Earnings from tourism have crossed the $ 500 million mark in the first quarter according to the latest Central Bank data.

In March, earnings amounted to $ 191.5 million as against $ 12 million a year ago. Cumulative earnings in the first quarter amounted to $ 513.2 million, as against $ 25 million in the COVID-hit period of a year ago. Tourism earnings data has been under much debate over accuracy, and it appears the latest cumulative figure had been adjusted to over-estimation in January. Originally January earnings were stated as $ 268 million, and it was $ 173.6 million in February.

If the March figure is added, then the first-quarter figure should have been $ 633 million as opposed to the $ 513 million stated as per the latest data. The adjustment reflects January’s actual earnings were $ 148 million.

Tourist arrivals in March were 106,500 bringing the cumulative total to 285,334. A year ago, the figures were 4,581 and 9,629 respectively.

As per the Sri Lanka Tourism Development Authority year to date (up to 18 April) the cumulative tourist arrivals amounted to 325,894.

In 2021, earnings from tourism amounted to $ 261.4 million down from $ 682 million in 2020.

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