Travel and Tourism in Sri Lanka to 2017 - New Report Available

From: Fast Market Research, Inc.
Published: Tue Jan 14 2014

Due to the end of the civil war in May 2009, tourist volumes in Sri Lanka increased during the review period (2008-2012). The country's inbound tourist volume expanded at a review-period CAGR of 25.86%, and is expected to record a forecast-period (2013-2017) CAGR of 14.91%.

Key Highlights

* According to Timetric estimates, Sri Lanka's real GDP is expected to grow by 6.6% and 6.9% in 2013 and 2014 respectively, supported mainly by the services and industrial sectors. Timetric expects real GDP growth to average around 7.8% between 2015 and 2017, staying above the 10-year (2003-2012) trend of 6.4%, as economic recovery in the US and Eurozone (Sri Lanka's main trading partners) will increase external trade activities.
* Sri Lanka's road density, at 1.6km of roads per km2, is high when compared to its peers in South Asia. In 2011, the National Highways network consisted of 4,219km of Trunk (A class) and 7,800km of main (B class) roads and 4,213 bridges. The total length of the national highways maintained by the Road Development Authority in 2011 was approximately 12,000km. Sri Lanka has planned to invest US$18.1 billion in developing road networks and US$8.7 billion in port infrastructure during 2011-2020.
* According to the Tourism Development Strategy 2011-2016, released by the Sri Lankan Ministry of Economic Development, a range of attractions and events have been organized to encourage domestic tourism. Events include Ramayana festival, literary festivals, and food and fruit festivals. Revenue from domestic tourists visiting wildlife parks, botanical gardens, zoological gardens, museums and the Cultural Triangle is expected to reach US$2.5 million by 2016.
* Sri Lanka's tourism sector has grown rapidly since the end of the three decade civil war in 2009, registering one million inbound tourists in 2012. The government has set a target of 1.25 million visitors for 2013 and expects 2.5 million by 2016. The sector also surpassed US$1.0 billion in revenue for the first time in 2012.
* According to the Department of Census and Statistics, the mean household income in Sri Lanka increased from US$3,803 in 2009 to US$4,342 in 2012, and is set to increase over the forecast period, supporting the growth in outbound trip volumes. The appreciation in the Sri Lankan rupee has also made traveling abroad cheaper.
* SriLankan Airlines is focusing on expansion into new and existing Asian markets, ahead of its entry into the oneworld alliance. It currently has a primary focus on South Asia, which accounts for 41% of its international seat capacity, but is expected to target North Asia by increasing capacity from China and South Korea.

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