Friday, October 23, 2009

Tourism finally puts a smile on my face, or does it?

September incoming and outgoing tourist figures were released today. As before, to see the the time trend, I compared the yoy figures of the last four Septembers:

Unlike in earlier months, the yoy figures are not that different from last year, but last September was right the middle of the crisis, so I would not make too much out of this. But one thing is for sure: Although in an absolute sense, the crisis seems to have passes tangent to Turkish tourism, to use the PM's Econospeak, high growth rates in tourism came to a sudden halt with the crisis. In fact, as I argued in a Hurriyet column back in August, once you take this braking effect into account, Turkish tourism has not fared much better than other Mediterrenean countries such as Spain, Greece or Croatia.

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