Article Abstract:
Wifo, the Austrian Institute for Economic Forecasting, predicts overnight stays in the Austrian tourism business to increase 2-3% in 1999. Meanwhile, turnover growth is estimated at 4-5%. At the beginning of 1999 the growth of overnight stays was forecast at 5%. However, Wifo expects 1999 to be another record year for Austrian tourism, with turnover exceeding the Sch 200bn mark. The slackening is explained partly with the closing of the Tauern motorway tunnel, which has resulted in a fall in the number of low-cost holiday-makers from Germany and the Netherlands. On the other hand, the winter season was exceptionally successful, with overnight stays increasing 7% and turnovers 6% between November 1998 and April 1999. Hans Melcher from the Wirtschaftskammer says that there is growth potential in domestic tourism. In the first half of 1999 Austrians accounted for about 25% of overnight stays in the country's tourism business. In the 1990s overnight stays in 2- and 3-star hotels in Austria in the summer seasons have declined, amounting to 7.8mn and 14.4mn in 1998, respectively. On the other hand, stays in 4- and 5-star hotels increased to a total of about 15.7mn. Since 1993 the number of 4-5-star hotels has increased from 1,560 to 1,723.
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
The tourism promotion organisation Osterreich Werbung (OW) is to spend Sch 3mn-4mn on a special campaign in Poland in year 2000 in addition to its budget of Sch 12mn for the Czech Republic, Hungary and Poland. The campaign in Poland will include TV and printed advertising. According to OW, about 9mn people in the three countries are considering a holiday abroad. 1.2mn of them want to go to Austria. According to an Integral survey, especially 4-5-star hotels benefit from tourists from eastern and central Europe. In 1998 Austria counted just over 1mn arrivals of and 3.38mn overnight stays by tourists from central and eastern Europe. Most of the tourists from eastern and central Europe came from Poland, Hungary and the Czech Republic (more than 600,000 visitors each). Holiday-makers from this region account for less than 4% of Austria's overall incoming tourism. However, there was a growth of 14% in this segment in 1998. Therefore the central east European region will be a key target of OW in the next few years.
User Contributions:
Comment about this article or add new information about this topic:
Article Abstract:
According to the Osterreichische Nationalbank (OeNB) financial market stability report, most Austrian companies are well equipped to deal with the economic crisis. Whilst larger companies have had a slight decrease, small and medium sized companies have increased their equity capital in the last few years preceding 2002. The heavily indebted tourism industry has even managed to improve its return. The equity capital for three star establishments is minus 27% which is a slight improvement. The equity capital for four and five star hotels has improved form minus 8.5% to minus 7%. Austrian banks only need make a relatively slight allowance for bad debt. Only 1.15% of debts owed to the banks were without return or interest in 2000.
User Contributions:
Comment about this article or add new information about this topic: