Mar 03, 2016

Tourism Sector’s GDP Share Exceeds Ten Percent in Hungary

The pace of the expansion of the Hungarian tourism sector is outstanding even from an international perspective; thanks to the exemplary cooperation of enterprises, professional organizations and the Government, Minister of National Economy Mihály Varga said at the 39th Travel Exhibition in Budapest.

At the event, which is the largest annual tourism-related expo in Hungary, the Minister stressed that the dynamic expansion of the tourism sector has also contributed to last year’s remarkable economic results.

The tourism sector closed a record year in 2015: there have never been in Hungary as many foreign and Hungarian guests who relaxed in hotels or participated at conferences and sports events as last year, Mihály Varga noted. According to the latest data compiled by the World Travel and Tourism Council (WTTC), the tourism sector accounted for 10.3 percent of Hungary’s economy in 2014, which puts us ahead of Slovakia, Poland and the Czech Republic. Speaking about the sector’s performance, the Minister stated that each key indicator improved last year. For example, revenues at accommodation establishments grew by 13.9 percent between 2013 and 2014, and by another 12.6 percent between 2014 and 2015. The number of guests gained 7.4 percent last year.

With these data the sector has reached new record highs, Mihály Varga stressed.

The Minister also noted that Hungarian families nowadays spend more on recreation, as the 14 percent growth of accommodation revenues generated by domestic guests shows.

The Government is determined to continue to support the sector in the new EU programming period, too. In the period 2014-2020, the amount of project funding has already exceeded HUF 100bn, and it is expect to near HUF 150bn at the end of the year.

This year’s special guests at the exhibition, with has 350 participants from 28 countries, are China and Brazil, host of the 2016 Olympic Games.