Sri Lanka’s tourism industry earns over $ 3,000 million in 2019
The Central Bank of Sri Lanka (CBSL) has reportedly stated that earnings from tourism during 2019 were provisionally estimated at US$ 3,592 million. The amount however is a decline when compared to the US$ 4,381 million earned through tourism during the previous year.
The decline in earnings in 2019 is attributed to the temporary setback suffered by the tourism industry following the Easter Sunday attacks last year.
According to reports, earnings from tourism were provisionally estimated at US$ 454 million in December 2019, in comparison to US$ 475 million in December 2018 and monthly tourist arrivals after the Easter Sunday attacks had recovered notably and recorded only a modest decline on a year-on-year basis in December 2019.
During the month, 241,663 tourists had arrived in the country, recording a year-on-year decline of 4.5 percent, compared to the drop of 9.5 percent in November and 22.5 percent in October 2019.
Tourist arrivals from Russia, Canada and the US improved in December 2019 (year-on-year), local media reports stated.
Tourist arrivals were recorded at 1.9 million in 2019, a decline of 18 percent compared to 2.3 million arrivals in 2018.
Meanwhile, workers’ remittances recorded a growth of 13.8 percent in December 2019, year-on-year, amounting to US$ 665 million. On a cumulative basis, workers’ remittances recorded a decline of 4.3 percent, amounting to US$ 6,717 million in 2019 compared to US$ 7,015 million in 2018.
OSL take:
Sri Lanka’s tourism industry is one of the fastest growing economic sectors in the country. The industry suffered a setback following the Easter Sunday attacks last April, But managed to record an impressive return to normalcy. Sri Lanka’s tourism industry is once again on a growth path with tourism arrivals continuously increasing. Sri Lanka continues to be listed as a must visit destination by many globally renowned travel publications resulting in the expansion of business/investment opportunities in Sri Lanka’s tourism industry.
| Article Code : | VBS/AT/25022020/Z_5 |