Tourism earnings up 82% YoY to over $ 2 b in 2023

Monday, 8 January 2024 03:02 -     - {{hitsCtrl.values.hits}}

Tourists sightseeing in Colombo – Pic by Pradeep Pathirana


  • 2023 performance marks highest revenue and visitor influx since 2019
  • December earnings up 111.4% YoY to $ 269.3 m
  • Despite falling short of set targets by 4.5% for arrivals and 24% for earnings, industry enjoys robust comeback after three-year hiatus 
  • Sri Lanka Tourism aims to welcome 2.5 m tourists and earn $ 4.6 b in 2024
  • Focuses on attracting high-end tourists, with plans to lift daily average spending per visitor to $ 500 
  • Industry expresses optimism of wooing high-spending repeat visitors, currently around 33-35% 

By Charumini de Silva


Sri Lanka’s tourism industry has registered a robust upturn, surpassing over $ 2 billion in earnings, accompanied by the arrival of over 1.48 million visitors in 2023.

The tourism industry’s 2023 performance marks a significant milestone by registering the highest revenue and influx of visitors to Sri Lanka since 2019.

The latest data from the Central Bank reveals an impressive 82% surge in tourism earnings compared to the previous year.

In December 2023, earnings reached $ 269.3 million, witnessing a substantial 111.4% year-on-year (YoY) increase. Despite falling short of the monthly arrivals target, December secured the highest monthly earnings and arrivals during 2023. 

Initially projecting to attract 1.55 million tourists and $ 3 billion in earnings, Sri Lanka Tourism revised the target to 2 million amid a surge in arrivals in July. 

However, figures were later reviewed back to the original target, with earnings projection adjusted to $ 2.7 billion.

Although 2023 fell short of set targets for both arrivals and earnings by 4.5% and 24%, respectively, the industry exhibited a robust comeback after a three-year hiatus marked by setbacks such as the Easter Sunday terror attacks in 2019, the COVID pandemic in 2020-2021 and the political turmoil and economic crisis in 2022.

Looking ahead to 2024, Sri Lanka Tourism has set ambitious targets, aiming to welcome 2.5 million tourists and earn $ 4.6 billion. Furthermore, the long-term strategy envisions increasing arrivals to 5 million and generating an impressive $ 21.6 billion within five years.

As part of this strategy, the focus is on welcoming high-end tourists, with plans to lift the average spending per visitor to $ 4,000. The SLTDA aims for 2.5 million visitors to spend over $ 500 per day, emphasising a concentration on attracting high-spending repeat visitors, which currently account for around 33-35% of tourists.

Sri Lanka’s tourism, which experienced its highest growth of 46.1% in 2010 after the end of a 30-year conflict, faced downward trends in subsequent years. However, the positive growth of 26.7% in 2013 marked a turning point after a decade-long descending trend. 

With positivity, the industry looks forward with optimism, fuelled by the recent success and ambitious targets set for the coming years.

 

Tourism industry kicks off 2024 with over 30,000 arrivals in first week

COMMENTS