Net income from tourism increased by 72% last year / reached a record value of 1.84 billion euros

2024-03-25 19:03:00, Ekonomi CNA

Net income from tourism increased by 72% last year / reached a record value of

The net income of the Albanian economy from tourism last year reached the value of 1.8 billion euros, setting a historical record, with a big difference from other years.

The statistics of the Bank of Albania show that the net income in the travel item of the Balance of Payments had the value of 1.84 billion euros, increasing by 72% compared to 2022.

These data confirm the perception of a record year of incoming tourism in Albania during 2023. According to INSTAT, last year Albania was visited by about 10.2 million foreign citizens, an increase of 35% compared to the previous year.

Even the first data of this year show that the increase in the number of foreign tourists is continuing, proving that tourism has entered a growth cycle that is likely to continue, at least in the short term.

The Bank of Albania estimates that foreign tourists spent a total of about 4.2 billion euros in Albania during 2023. Foreign tourists' spending increased by 47% compared to 2022.

However, the expenses of Albanian citizens for traveling abroad also increased rapidly. The Bank of Albania estimates these expenses at 2.3 billion euros, an increase of 32% compared to a year ago.

Net income from tourism increased by 72% last year / reached a record value of

The final data of the Balance of Payments for 2023 confirm the increasingly important role of tourism in the Albanian economy.

Tourism revenues covered more than 40% of the trade deficit in goods of the Albanian economy. Tourism also made the main contribution to the historic improvement of the Albanian economy, with the lowest current account deficit ever recorded.

The increase in wages and the strengthening of the Lek in the exchange rate have negatively affected the exporting sectors in goods, especially those sectors that rely mainly on the free labor force. Under these conditions, the Albanian economy is increasingly profiled in services and especially in tourism.

However, the statistics of the Bank of Albania continue to show an increase in exports in the item of fashion. Net revenues from services for the processing of physical inputs owned by others amounted to 770 million euros, an increase of almost 19% compared to the previous year.

While the INSTAT figures continue to show a significant decrease in the gross value of re-exports (expressed in Lek), especially for the "Textiles and shoes" group, the figures of the Bank of Albania give a different picture and, according to them, in fact the value added processing service continues to grow, even reaching the highest historical level in 2023./ Monitor.al