Bulgaria's Tourism Revenue to Drop This Summer – Industry Sources

Business » TOURISM | August 11, 2014, Monday // 11:05| Views: | Comments: 0
Bulgaria: Bulgaria's Tourism Revenue to Drop This Summer – Industry Sources Rumen Draganov from the Institute of Analyses and Assessments in Tourism. Photo by bnr.bg

Bulgaria’s tourism revenue is expected to drop by 10%-12% this summer hit by a fall in the Russian rouble and unusually rainy weather, an industry source has said.

According to the head of Sofia-based Institute of Analyses and Assessments in Tourism Rumen Draganov, a 20% drop in the value of the Russian rouble against the Bulgarian lev and the euro has dented the spending power of Russian tourists compared to last year, Trud daily has reported.

In addition, Russian nationals who own properties in Bulgaria and spend their holidays in the country are shopping less than they did a year ago. To make things worse, floods at Bulgaria’s Black sea resorts triggered by heavy rains have made hotel owners slash prices by around 10%.

According to Blagoy Ragin, Chairman of the Bulgarian Hotel and Restaurant Association (BHRA), seaside hotel owners have offered considerable discounts this summer but it’s too early to estimate the extent of the expected fall in revenue before the peak summer holiday month of August is over.

Last month, Ragin told the Bulgarian National Radio (BNR) that the Ukraine crisis, Bulgaria’s political crisis and the banking crisis involving Corporate Commercial Bank (KTB) have all affected adversely Bulgaria’s tourism sector.

Bulgaria’s Economy Ministry said last week that H1 2014 revenue from international tourism rose by 5.3% year-on-year to BGN 1.3 B. According to World Tourism Organisation data, tourism  generates 13.6% of Bulgaria’s GDP.

Tourism » Be a reporter: Write and send your article
Tags: tourism revenue, Bulgaria, Rumen Draganov, Blagoi Ragin, Ukraine, Russian tourists, Bulgarian Hotel and Restaurant Association, BHRA, Institute of Analyses and Assessments in Tourism
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria