Tourism Balance of Payments Hit €156 mln Record in First Half-Year 2017

TIRANA, September 13

The net balance of payments of the first half of the year from the tourism industry reached the record-high of Euro 156 million. Albania is gaining the attention of foreign media that describe the country as a must visit destination, especially for those who are looking for unexplored and budget travel destinations.
Based on the data issued by the Bank of Albania (BoA) on its Economic Review 2017 H1, foreign visitors spent Euro 722 million while Albanians spent abroad about Euro 567 million.
The balance of payments for this sector was negative until 2014 when Albanians spent abroad more than foreign citizens spent in Albania.
The situation changes during the last two years. According to BoA, the export of travel-related services during the second quarter of 2017, provided a profit of Euro 421 million to the domestic economy.

The annual growth of national income was affected by the number of international visitors that increased by ten percent. On the other hand, resident travelers, both Albanian and foreign citizens, spend abroad some Euro 341 million during the second quarter of the year. The number of residents that traveled abroad increased by seven percent.
The increased interest in Albania by tourists is expected to have an impact on the accommodation industry. Entrepreneurs are now building larger capacity hotels and resorts that will attract more visitors in the future.
Albanian hotels for the first time in 2017 offered all-inclusive packages, mostly for groups of tourists from Poland and the Czech Republic.

News Source: BoA, Monitor