Turkey’s tourism revenue sees steepest drop in Q2 since 1999
This was the steepest decline since 1999, due to rising security concerns and the dramatic decline in the number of Russians visiting Turkey.
Turkey’s tourism revenue regressed to $9 billion in the first half of the year from $12.6 billion in the same period of 2015, according to official data.
The number of foreigners visiting Turkey plummeted more than 40 percent in June, official data showed on July 28, marking the biggest drop in at least 22 years, as tensions with Russia and a series of deadly bombings kept tourists away.
Although the strained ties with Russia were expected to recover soon, the impact of this will be limited on the struggling tourism sector, analysts told Reuters.
While Ankara and Moscow have recently started to rebuild ties, tourist arrivals from Russia dropped 87 percent in the first six months of the year, the data showed.
British travel company Thomas Cook cut its full-year profit target on July 28, as the Brexit-induced collapse in the pound, attacks in Europe and a failed coup in Turkey forced customers to change holiday plans.
Travel groups such as Thomas Cook and TUI and airlines including EasyJet, Air France-KLM and Lufthansa, have all been hit by the recent events. ■