Boston, MA -- (ReleaseWire) -- 02/04/2014 -- Overall tourist volumes decreased in Ireland during the review period (2008-2012), due to the declining disposable income of consumers. Inbound tourist volumes expanded at a CAGR of 4.45% during the review period, and is expected to increase over the forecast period (2013-2017) at a CAGR of 8.86%, supported by government initiatives to promote tourism across the European region.
- Real GDP is expected to grow by 0.4% in 2013 as fiscal adjustments, high unemployment and ongoing economic uncertainty weigh on domestic consumption. Exports growth will also remain poor due to low external demand. Real GDP, however, is likely to gain momentum and grow on an average by 2.3% between 2014 and 2017 aided by an expected improvement in exports coupled with a moderate recovery in private consumption from modest improvements in labor market conditions.
- Ireland's economy failed to recover in 2012 recording a 5% decline in spending by domestic tourists as a result of decreased disposable incomes from the high rate of unemployment, increased charges and taxation, focusing on personal debt reduction and a poor labor market. With spending capabilities restricted, it is anticipated that Irish people will spend holidays at nearby destinations, cutting costs associated with air travel.
- Failte is extensively promoting overseas to attract more tourists by organizing cultural events such as "the Gathering" and "Derry/Londonderry UK City of Culture". The Derry/Londonderry UK City of Culture provided a unique opportunity to showcase a diverse range of cultural programs and events, aiming at both cultural tourists and general visitors. The Gathering targeted the Irish diaspora in places like the UK, the US, Canada and Australia.
- In July 2013, London and Dublin have planned to extend the Common Travel Area, which currently allowing unhampered travel for the citizens of both countries by creating a "mini-Schengen" area that enables tourists and business travelers from rapidly growing Asian economies, to undertake travels with the help of common visas between the two islands. The global tourism industry is expected to grow by 50% between 2013 and 2030, and half of the tourists will come from China.
- In January 2013, Ryanair planned to launch operations in North Africa including Libya. These destinations would be served by 189-seat Boeing 737-800 aircraft with two new bases at Fez and Marrakech during 2013. Essaouira and Rabat were also newly announced airports that were launched at the end of March 2013. Canadian airline WestJet is expected to enter the transatlantic market with a new service to Ireland during 2014, with non-stop flights from St John's, Newfoundland, and direct services with the same aircraft from Toronto to Dublin between June and October 2014.
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Companies Mentioned in this Report: Ryanair Holdings Plc, Aer Lingus Group Plc, Air Contractors (Ireland) Ltd, Aer Arann, CityJet Ltd, Ashford Castle Hotel, Radisson Blu Hotel & Spa Ireland, Adare Manor Hotel & Golf Resort, Westgrove Hotel and Conference Centre, Dromoland Castle & Country Estate, Budget Car Rental Ireland, Thrifty Car and Van Rental Ireland, Europcar Ireland, Hertz Rent a Car Ireland, Enterprise Rent-A-Car Ireland, Irish Welcome Tours Ltd, Eirebus Ltd, Into Ireland Travel Ltd, Irish Tourism Ltd, Aspects of Ireland
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