International Property News

Tourism revenues rise 7.3% in 2007

6th March 2008

Czech foreign currency revenues from tourism rose by 7.6 percent to a record Kc134bn in 2007, according to Czech National Bank (CNB) data processed for CTK by Mag Consulting.

The CNB at the same time revised the revenues data for 2006, from Kc113bn to Kc124.3bn.

Analysts had predicted the 2007 revenues at Kc120bn.

Spending by Czech tourists abroad grew even faster, by 18 percent to Kc73.5bn.

Net revenues from tourism dropped by 3 percent to Kc60.3bn.

Mag Consulting analyst Jaromir Beranek says this is a positive development.

"The smaller the difference, the more advanced the economy. In Germany, for example, the difference is in negative territory," Beranek said.

He explained the Czechs' fast growing spending abroad by rising living standards and firming Czech crown.

Mag Consulting says the trend will continue and Czechs' spending abroad will grow faster that foreign tourists' spending in the Czech Republic, with the net revenues either stagnating or decreasing.

A total of 6.7 million foreign tourists stayed at Czech accommodation facilities last year, 3.8 percent more year-on-year.