Turkey’s turbulance to cover the huge tourism losses
29.09.2016
sum of $8 billion to $10 billion total loss is estimated in Turkey’s 2016 gross tourism income

“A sum of $8 billion to $10 billion total loss is estimated in Turkey’s 2016 gross tourism income. Millions of Russians holidayed elsewhere, bu Turkey due to the recently solved row between Ankara and Moscow” said Cetin Gurcun, Secretary- General of the Association of Turkish Travel Agencies.

“If we consider the volume of the Russian market, it’s not easy to fill the void,” Gürcün told The Associated Press.

The first Russian charter plane carrying tourists to Turkey since Moscow lifted travel sanctions imposed over the shooting down of a Russian jet in November last year landed in the Mediterranean resort of Antalya on Sept. 2.

The Royal Flight airlines plane touched down at Antalya Airport after Russian Prime Minister Dimitry Medvedev last month signed a decree which lifted a charter flight ban, Doğan News Agency reported. 

Turkey and Russia normalized ties in June after Turkish President Recep Tayyip Erdoğan sent a letter to Russian counterpart Vladimir Putin expressing regret over the incident. Turkey-Russia relations are now back on track, but Gürcün said he didn’t expect the Russian market to rebound before next year.

However, it hasn’t just been Russians who have stayed away from Turkey’s beaches and the cultural delights of places like Istanbul.

Thomas Cook, the British-based holiday company, said recently that demand for Turkish holidays was “significantly below last year’s level” and that its overall bookings for the summer 2016 season were down by 5 percent, largely because of “geopolitical disruption.”

Russia was Turkey’s second-largest tourist market with 4.5 million people visiting places like the Turkish tourism capital of Antalya in 2014.

Official Turkish figures for the entire summer tourist season have yet to be released, but sector representatives have said it was clear it took a hit.

June and July alone saw tourism arrivals plunge 40 and 36 percent, respectively.

With fewer tourists, retail sales have suffered. Sami Kariyo, head of the United Brands Association, an umbrella group representing 150 member companies and 500 brands, said lower tourism numbers have translated into a 5 percent drop in revenues.

Industry has been affected as well. The most recent figures showed that industrial production in July fell by almost 5 percent year-on-year, the sharpest fall since the start of the current data series in 2005.

“The coup attempt in July seems to have a very marked negative impact on economic activity,” said William Jackson, a senior emerging markets economist with Capital Economics, referring to the failed coup attempt in Turkey on July 15.

The growth forecasts for the Turkish economy have been revised down. Turkey is expected to post what - at first glance - looks like reasonable growth this year of a little more than 3 percent. But before the attempted coup, most independent economic forecasters had penciled in Turkish economic growth of around 4 percent this year.

Erhan Aslanoğlu, a professor of economics at Istanbul’s Piri Reis University, told The Associated Press that Turkey’s economy was tough enough to weather the worst of the storm, but needed more than 4 percent growth to continue pushing down unemployment.

 “It’s better than many European countries, but not enough for Turkey,” he said.

Since the coup was foiled, tens of thousands of civil servants and have been dismissed while scores of businesses have been shut down over suspicion of links to U.S.-based Islamic scholar Fethullah Gülen, the main suspect behind the attempted coup.

“The rule of law is extremely important,” Atilla Yesilada, an analyst with emerging markets consultancy GlobalSource Partners, said.


Comment

Write comment


 

News

Turkish Airlines offers new int'l flights from Izmir
06.06.2018
Munich, Hamburg, Berlin and Kuwait City
European bank invests €70M in Turkish-run marinas chain
31.05.2018
This agreement is testament to D Marinas’ success
World Bank supports Turkish sustainable cities project
18.05.2018
Bank provides over $86.5M loan to back Turkey’s infrastructure financing
Russia, Turkey to set 2019 as mutual cultural year
14.05.2018
An intensive program of cultural activities
Domestic trips rise 12.8 pct in 2017
08.05.2018
Residents made 77.1M domestic trips in 2017, official data shows
Ethnosports Culture Festival to be held in Istanbul
04.05.2018
More than 800 athletes will compete in 13 branches
Turkish Airlines, Belavia sign codeshare agreement
02.05.2018
Airlines will reciprocally add their flight codes on flights connecting Istanbul and Minsk
Numan Kurtulmuş: '2019 will be Turkish Culture Year in Russia'
21.03.2018
Speaking at the 25th Moscow International Travel and Tourism Exhibition (MITT)
Islamic art gallery draws diplomats to show in Ankara
21.03.2018
Daylong exhibit shows Turkey's artistic heritage
Turkish housing sales slip in February
21.03.2018
Property sales in February down 5.4pct year-on-year, according to official data
Minister of Culture and Tourism of Turkey Numan Kurtulmuş Outlines Strategic Vision
28.09.2017
Intercultural Dialog of Ideas and Values from Increasing Global Tourism is the key
World's Preference in Healthcare Tourism: Turkey...
28.09.2017
Healthcare tourism is developing day after day in Turkey.
Turkey restarts a rising trend in tourism amid a huge drop
19.09.2016
With fewer tourists, retail sales have suffered
Tiger Woods on the stage in Turkish Airlines Open 2016
19.09.2016
Turkish Airlines will present the fourth edition of the Turkish Airlines Open this November
Austrian archeologists in Ephesus fired due to the political tensions
19.09.2016
The Ministry cancelled the program in İzmir Selcuk 2 months before the normal period.
European tourists regain trust in Turkey upon return of Russians
19.09.2016
Leading travel agency chains chairman is optimistic
Russian Tourists back ‘at home’ on Turkish Beaches
09.09.2016
Russian Tourists Return To Turkish Beaches At End Of Vacation Season
Turkey seeks visitors from Oman
09.09.2016
The upcoming Eid Al Adha holidays will help boost tourist revenue.
Turkey ready to enjoy a high flow of Russian tourists in September
09.09.2016
Russia has lifted its ban on charter flights to Turkey.
Tour operators reassure holidaymakers about safe Turkey holiday
09.09.2016
Thomas Cook among companies running operations as normal.
Turkey calms down, resorts ready to welcome guests
09.09.2016
UK Foreign Office relaxes travel advice
Choice to expand Clarion hotels in Turkey
09.09.2016
Two new properties by Clarion hotels are to be located in Istanbul and a third in Kahramanmaraş.