Sri Lanka’s tourism earnings soar to nearly $ 1 billion in the first half
Daily FT: Sri Lanka’s tourism industry has showcased an impressive rebound in the first half of 2023, with earnings reaching nearly $ 1 billion, along with steady growth in arrivals.
Tourism earnings for the first six months amounted to $ 986.2 million, reflecting a substantial 45.1% increase compared to the same period last year, whilst June earnings stood at $ 158.4 million, the latest data released by the Central Bank showed.
The month of June witnessed a significant milestone for Sri Lanka as tourist arrivals surpassed the 100,000 mark, a feat not achieved in the past four years. At the end of last month, the country welcomed a total of 100,388 tourists, surpassing the initial target of 87,521 and registering an impressive year-on-year growth of 206%.
This remarkable performance has injected new hope into an industry that had been severely impacted by multiple crises in recent years.
“A significant part of the economic recovery has come from the tourism industry, which has rebounded magnificently. The increase in visitors not only gave the tourism industry a much-needed boost, but it also had a weighty impact on the nation’s overall economic recovery,” Tourism Minister Harin Fernando told the Daily FT.
Arrivals in the first six months amounted to 624,874 (as against 32,856 or recording a 206% YoY increase in crisis-hit 2022) – a welcome development for the triple-hit tourism industry, but performance is still down by 46% compared to the same period in the benchmark year 2018.
The revival of Sri Lanka’s tourism industry has instilled renewed confidence in the sector’s potential for growth. With ongoing efforts to enhance infrastructure, promote sustainable tourism, and ensure the safety and satisfaction of visitors, the country is determined to regain its status as a preferred destination for travelers worldwide.
As the industry continues its journey towards recovery, stakeholders and authorities remain committed to implementing effective strategies that will propel Sri Lanka’s tourism sector to new heights and create a positive impact on the overall economy.
OSL take:
Sri Lanka’s tourism industry is on a steady growth path after facing the challenges posed by the global pandemic and the economic crisis. The earnings from tourism in the first half is in line with the steady growth in tourist arrivals to the country. The many promotional campaigns carried out by the tourism authorities and the exploring of new tourism concepts as well as turn to new tourist source markets have all helped boost Sri Lanka’s tourism industry. All these have also helped increase the business potential in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors. The increasing opportunities are evident with the interest shown by international leisure and hospitality brands in entering Sri Lanka’s tourism industry. Given the latest developments, foreign businesses/investors could confidently explore the growing opportunities in Sri Lanka’s tourism industry.
| Article Code : | VBS/AT/20230725/Z_7 |