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Hungary Tourism Report Q3 2009Published by: Business Monitor International Published: Jun. 9, 2009 - 58 Pages Table of Contents
AbstractTourism OverviewFinal data for 2008 show an increase in foreign visitor arrivals of just 0.4% year-on-year (y-o-y) toaround 39.3mn (representing a continuing slowdown in growth of arrivals over the last four years). Of thetop four source markets, the number of arrivals from Romania were up some 1% y-o-y, while visitorsfrom Slovakia and Germany increased 4.3% and 1.4% y-o-y respectively, but arrivals from Austriadeclined nearly 2% on 2007. Overall, visitors from the EU were up a reasonable 2.5% y-o-y (withbuoyant growth in arrivals from Poland, up 18% y-o-y, and the Czech Republic, increasing nearly 17%y-o-y). Early indications from the hospitality sector, however, suggest that the tourism sector is in for amajor downturn in 2009. Hospitality Data for 2008 records a disappointing year in the hospitality sector. The total number of nights spent in allaccommodation establishments last year were down 1.5% compared with 2007 to around 19.8mn. Touristnights by international visitors, which amounted to about 9.9mn, declined by 2.3% y-o-y. With regard tothe key source market, Germany, and following relatively large falls in recent years, the number of nightsby German tourists declined a further sizeable 10.4% y-o-y. The second largest source market, Austria,recorded a decline in tourist nights of a more modest 3.3% on the previous year. Two other major sourcemarkets, Italy and the US, also both recorded negative growth in tourist nights (down 11.2% and 10.4%y-o-y respectively). Tourist nights accounted for by the UK, on the other hand, were up a marginal 0.5%y-o-y, although in the last two months of 2008 there were massive falls of about 30% y-o-y in touristnights by UK arrivals. The average occupancy rate of hotel rooms was 48.5%, with 54.7% occupancy infour-star hotels and 61% in five-star hotels. The most recent hospitality sector data for the first twomonths of 2009 suggest a major downturn is in the offing. The number of nights spent in allaccommodation establishments declined nearly 11% y-o-y, with tourist nights accounted for byinternational visitors falling more than14% compared with the same period in 2008. Forecast Scenario This quarter, BMI has revised down its forecast for foreign visitor arrivals to Hungary in 2009, withnegative growth of 8% y-o-y now expected. Recession in both Romania and Slovakia, and the eurozone(which accounted for nearly 83% of visitors in 2008), will have a sharp negative impact on foreignarrivals to Hungary in the short term. Moreover, the economic downturn in major source markets is alsolikely to outweigh any benefits to Hungary (for the tourism sector) from further weakness in theHungarian forint against the euro. Mild recovery in growth of foreign arrivals is likely to occur from2010, however. Malév Hungarian Airlines In order to improve the capitalisation and solvency of the national flag carrier, Malév HungarianAirlines, Russian owners AirBridge will ensure a HUF3bn capital injection for the airline. This is in thewake of Malév having to delay wage payments earlier in the year, which it blamed on deterioratingeconomic conditions in Hungary and the global financial crisis Wizz Air Hungarian low-cost airline Wizz Air carried 5.8mn passengers in 2008, a near 40% increase y-o-y(following a similar annual rise in the previous year). According to the privately-held company, itrecorded an operating profit for the third consecutive year in 2008. Despite an industry downturn, WizzAir aims to achieve robust growth in passenger numbers in 2009. Get Full Details About This Report >> |
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