Boston, MA -- (ReleaseWire) -- 06/09/2014 -- The future is looking very bright for tourism in the Czech Republic, with economic recovery in major source markets in Europe driving growth in inbound arrivals and outbound travel benefiting from a gradually improving domestic economic environment. Alongside the growth in the number of travellers, we also expect to see a range of investments in the country's transport infrastructure and further development in the hotel and accommodation sector.
Inbound arrivals are expected to increase throughout the forecast period, rising from 14.1mn in 2013 to around 17.8mn in 2018. European countries will continue to dominate inbound arrivals to the Czech Republic, with countries from within this region taking up nine spots in the top 10 markets by arrivals table. Of these nine, six countries are in Western Europe, reflecting the current weighting of the country's tourism market. Further diversification of source markets would benefit the long-term sustainability of the Czech tourism market, leaving it less vulnerable to any economic downturn in the eurozone, particularly in light of current regional political tensions.
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The domestic economy is expected to show slow but steady growth in 2014. This will help to boost private financial consumption, a key indicator of the potential for growth in the outbound travel market. Similar to inbound travel, the Czech outbound travel market is dominated by countries in Europe, reflecting the country's central location and range of good transport links to its neighbours and beyond. Outbound travel is expected to grow by around 3% per year throughout the forecast period to reach 7.2mn in 2018.
Limited economic growth has resulted in little investment in transport infrastructure, with air travel in particular failing to garner much interest. Road and rail travel have fared somewhat better, with a large number of projects reflecting the importance of arrivals and departures by land. Over the longer term, the country will need to expand air travel capacity if it is to tap into the lucrative long-haul travel market from countries outside of Europe.
The accommodation sector has seen some development in recent years, not just in the capital city but also in more rural areas. Several of the top global hotel chains are planning to open new properties, with the country viewed as an attractive investment destination thanks to a stable political environment and solid prospects for growth.
Key forecasts and developments include:
- BMI believes that the number of hotels and other accommodation establishments in the Czech Republic will increase during the forecast period to reach 4,790 properties in 2018.
- Outbound air traffic is expected to increase, with the number of passengers reaching 3.9mn in 2014 and increasing to 4.4mn by 2018.
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