Tourism regains strength in 2015 and more growth ahead | FFA Real Estate
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Tourism regains strength in 2015 and more growth ahead

Wed, 2015-10-07 13:33 -- admin

Statistics for the first five months of 2015 demonstrate a strong performance from Lebanon’s tourism sector with double-digit, year-on-year growth in key indicators. The improving results have been boosted by a number of factors, including a more stable security situation that prompted Gulf countries to lift their travel warnings to citizens. The move helped boost Saudi Arabia visitor numbers up by 51.6% year-on-year to 19,367 in the first five months. Total arrivals for the same period rose by 18.34% to 524,334 visitors and also saw significant increases in tourists from the United States, Germany, France, Iraq, Jordan and Egypt.

The hospitality sector has naturally benefited from the boost in visitor numbers with four and five-star hotels registering an average occupancy rate of 55% over the five-month period, up from 46% in the same period of 2014. Another key indicator for the sector, revenue per available room (RevPAR) increased year-on-year from $70 to $93.

The improving tourism statistics placed the sector among the best performing industries in the first five months of 2015, and it is forecast to enjoy greater growth in the years to come.

Last year the tourism sector contributed 7.6% of the GDP but this is expected to reach 9.4% in 2015. In contrast, the average for the Middle East is 2.7%. Capital investment in travel and tourism is also expected to increase in 2015 by 3%, according to the World Travel & Tourism Council (WTTC), and subsequently rise by 5.6% over the next ten years to reach LBP3,523.1bn in 2025.  In the same year the WTTC forecasts international tourist arrivals to total 2,114,000, generating expenditure of LBP16,342.1bn.

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