Tourism revenues recover in early 2011

New Bank of Albania data show tourism revenues in the first quarter of 2011 climbed to 175 million Euros, up from 161 million Euros in the first quarter of 2010, registering a 9.2 percent increase TIRANA, June 14 – Despite the ongoing political crisis and violence worrying tour operators during the beginning of this year, tourism revenues continued to grow in the first quarter of 2011. New Bank of Albania data published this week show tourism revenues in the first quarter of 2011 climbed to 175 million Euros, up from 161 million Euros in the first quarter of 2010, registering a 9.2 percent increase. However, travel revenues during the first three months of this year stand lower compared to the first quarters in 2008 and 2009 which registered at 221 million Euros and 212 million Euros respectively. Meanwhile, travel expenditure during the first quarter of 2011 climbed to 243 million Euros, up from 222 million Euros a year ago. This increase is also a result of the visa liberalization with the European Union which came into effect in mid-December 2010. Higher expenditure took the travel balance sheet to -43 million Euros, up from -15 million Euros in the first quarter of 2010. Tourism revenues during 2010 dropped by 75 million Euros compared to 2009– proving that the industry did not manage to escape the crisis effects despite a significant rise in visitors reported by government officials. The latest data published by the Bank of Albania show travel revenues during the whole of 2010 fell to 1.22 billion Euros, down from 1.3 billion Euros in 2009 which is the highest level registered since the central bank began reporting in 2004. Government officials expect positive developments in the Albanian tourism industry this year, following last year’s 3.5 million visitors. The largest number of tourists during the first half of 2010 came from neighbouring countries; with Macedonia topping the list at 21 percent, followed by Kosovo with 19 percent, Montenegro with 12 percent, Italy 8 percent, Greece 8 percent, Serbia 4 percent, and the UK and Germany with 3 percent each. Albania’s travel and tourism competitiveness climbed 19 steps to 71st in 2011, according to a recent report released by the World Economic Forum covering 139 countries. Albania’s best performing indicators in the report were the affinity for travel and tourism, followed by safety and security at 44th place, and policy rules and regulations at 46th. The worst indicators were natural and cultural resources, which, in Albania, lack proper management. Price competitiveness in the travel and tourism industry which ranked 94th, as well as air and ground transport infrastructure were also noted weak points. Albania’s placing as the top travel destination in 2011 by Lonely Planet Guide and sixth global destination by CNN experts is expected to bring positive effects this year. Albanian tourism has grown at a significant pace over the last few years– contributing over US$ 2.4 billion in 2009 to the Albanian economy, with expectations to grow by 4% in 2011, according to statistics from the World Travel and Tourism Council. Over 200,000 Albanians are involved in tourism businesses and this number is expected to grow.