According to a study conducted by KeysFin analysts, this year the cumulative business of travel agencies in Romania could exceed the €1 billion threshold, which would represent double the level recorded in 2010.
KeysFin used data from the Trade Register and the Ministry of Finance, which show that the number of companies operating in the Romanian tourism sector has exceeded 3,000, an increase of over 1,000 compared to the 2010 level.
In 2014, the cumulative turnover of firms in the tourism sector reached 4.3 billion RON, an increase of nearly 2 billion RON compared to 2010.
Analysts attribute the development of the tourism sector to increased confidence in the Romanian economy, improved macroeconomic conditions, especially after the VAT reduction, the relative stability of the national currency, and the evolution of tourism offers.
According to KeysFin, tour operators in Romania achieved business of 2.04 billion RON in 2014, while travel agencies reported business of 1.95 billion RON. Another 320 million RON came from the reservation and tourist assistance services sector.
When it comes to going on vacation, Romanians primarily choose foreign destinations.
In 2015, 647,000 Romanian tourists chose to spend their vacation abroad, and 564,000 tourists chose destinations in Romania.
In 2014, 542,000 tourists were recorded choosing external vacations and 502,000 who went to destinations in Romania.
The information in the study is collected from the barometer on the state of Romanian business, a project developed by KeysFin through the analysis of financial data regarding active commercial companies and sole traders (PFAs) in Romania.
Source: Capital
Frequently Asked Questions
What is the KeysFin forecast for travel agencies in 2016?
KeysFin estimates that cumulative business will exceed €1 billion, doubling the level recorded in 2010.
How many companies operate in the Romanian tourism sector?
There are over 3,000 active companies, an increase of more than 1,000 compared to 2010 levels.
Do Romanians prefer domestic or foreign vacations?
Romanians primarily choose foreign destinations, with 647,000 traveling abroad in 2015 compared to 564,000 choosing domestic trips.