By Michael Leidig
The leisure and hospitality domestic industry decreased by 16 pc over the past four years reaching some EUR 1.5 billion in 2011, a PricewaterhouseCoopers Romania study released today (Mon) reveals.
The fall of inbound tourists who reduced their spending in Romania from over EUR 750 million in 2008 to less than EUR 600 million in 2011. Domestic tourists fell as well, by 11 percent, from EUR 1.01 billion to EUR 900 million. Over the past four years, the local tourism industry reported a -5.7 pc compound annual growth rate.
“The past recession had a severe impact on the tourism industry of the Central and Eastern European countries, with Poland, Slovakia and Romania the most heavily affected markets. Recession has reduced the disposable income and consumers were forced to reduce their spending on leisure and vacations. By far, the worst affected by these changes in consumer behaviour were vacations abroad, Romanian tourists reducing their spending by over 30 pc, from EUR 460 million in 2008 to EUR 310 million in 2011”, said Andrei Creţu, Manager, Advisory, PwC Romania, one of the authors of the study.
The study has also revealed that the Romanian leisure and hospitality industry accounted for 1.4 pv of the GDP, but adding to that the indirect and induced contributions, tourism brings almost EUR 6 billion to Romania’s GDP.
Romanian tourism has a low contribution to the GDP, compared wit