Tourism sector contribution to GDP falls to 5.1% in 2020
Tourism generated about 5.1% of Hungary's GDP in 2020, down from 6.4% in 2019, the year before the pandemic, a summary of the country's Tourism Satellite Account by the Central Statistical Office (KSH) shows, according to state news wire MTI.
The Tourism Satellite Account is a statistical framework developed by the OECD, Eurostat, and the UN' World Tourism Organisation and Statistics Division to better gauge the impact of tourism on economies across business sectors, such as transport, catering and recreation.
KSH noted that tourism's broader contribution to GDP fell to 8.1% in 2020 from 10% in 2019.
The number of employees in the two main segments of the sector, commercial accommodations and catering, declined by 8% year-on-year in 2020.
The number of operating commercial accommodation units was down by more than 15%.
Investments in the tourism sector fell by more than 15% during the year, according to preliminary figures.
Czech Economic Sentiment Hits 1-year High
Chinese President to Visit Budapest in May
LOT Seoul Flight Lands in Kazakhstan Due to Drunken Passenge...
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
