Sri Lanka’s tourism earnings top US$ 500 million mark in Q1 this year
Daily FT: Earnings from tourism have crossed the US$ 500 million mark in the first quarter according to the latest Central Bank data.
In March, earnings amounted to US$ 191.5 million as against US$ 12 million a year ago. Cumulative earnings in the first quarter amounted to US$ 513.2 million, as against US$ 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 US$ 268 million, and it was US$ 173.6 million in February.
If the March figure is added, then the first-quarter figure should have been US$ 633 million as opposed to the US$ 513 million stated as per the latest data. The adjustment reflects January’s actual earnings were US$ 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 up to 18 April the cumulative tourist arrivals amounted to 325,894.
In 2021, earnings from tourism amounted to US$ 261.4 million down from US$ 682 million in 2020.
OSL take:
Sri Lanka’s tourism industry is on a growth path with the month of March recording the highest number of tourist arrivals thus far. The country’s tourism industry was one of the fast growing economic sectors in the country when the global pandemic brought about global travel restrictions. Sri Lanka has received much exposure in the international media as a must visit destination while the country’s tourism authorities are also engaged in promotional campaigns targeting key foreign tourist markets. Tourism authorities are also looking at new tourism concepts to promote as well. There’s an overall expansion in Sri Lanka’s economic activities resulting in an expansion in the tourism industry as well. This has resulted in the expansion of business/investment opportunities in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors.
| Article Code : | VBS/AT/06052022/Z_5 |