Boston, MA -- (SBWIRE) -- 01/07/2014 -- During the review period (2008-2012), tourist volumes in Slovakia increased, driven primarily by government initiatives to promote tourism. The country's inbound tourist volumes increased by 4.8% in 2012 and are expected to record growth over the forecast period (2013-2017) at a compound annual growth rate (CAGR) of 2.20%. However, government expenditure on tourism is relatively low, and accounted for only 2.3% of the nation's total GDP in 2012, valuing US$2.2 billion. In comparison, neighboring countries such as Austria and France allocated US$18.4 billion and US$99.9 billion respectively.

Key Highlights

- Slovakia's real GDP is expected to grow at a slower pace of 0.7% in 2013, before recovering to 2.5% in 2014, as improving external demand in Europe is likely to offset the weaker investments and marginal slowdown in consumption. Over 2015-2017, the country's average GDP growth is projected to measure 4.5%, as domestic and external economic conditions improve.
- Slovakia's historical monuments showcase the traditions and culture of the country. These include Bardejov and Banska Stiavnica, which feature in the UNESCO list, Spis Castle, the biggest castle in central Europe, and Vlkolinec Village with its wooden houses and churches. Other natural treasures included in the UNESCO list are the caves in Slovak Paradise and Oak Primaeval Forest in north-east Slovakia. In addition, Kosice was named European Capital of culture 2013, which is an added advantage for the city and the country.
- The Slovenska agentura pre cestovny ruch (SACR) promotes Slovakia domestically through media campaigns, promotional banners on websites and newspaper advertisements, to highlight the country's leading tourist attractions. The cycle of Slovakia's media campaigns generally runs from before the beginning of the summer and winter months to take advantage of traditional holiday seasons. The government is also promoting business tourism, as this provides a lucrative revenue source.
- The Czech Republic has traditionally been the leading source country for inbound tourists to Slovakia, accounting for 40% of the total international arrivals in 2012. The Slovakian government has been actively involved in promoting the country as an international tourist destination by making infrastructural improvements to cultural monuments, national parks and other attractions. With these initiatives, the level of inbound tourism is expected to register a forecast-period CAGR of 2.20%, to reach 1.7 million visits in 2017.

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Companies Mentioned in this Report: Opera Jet AS, VIP Wings, AS, Sayegh Aviation Europe, Travel Service Slovakia, Go2Sky, Marrol's Boutique Hotel Bratislava, Kempinski Hotels Slovakia, Arcadia Hotel Slovakia, Tulip House Boutique Hotel Slovakia, Hotel Amade Chateau, Europcar Slovakia, Sixt Rent a Car Slovakia, RAI-Internacional SRO, Avis Rent a Car Slovakia, Hertz Rent a Car Slovakia, TravelSlovakia.sk Ltd, Enjoy Slovakia DMC SRO, Sunway HT, Spol. SRO, Discover Slovakia Tours, Slovak Tours

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