Travel and Tourism in Ukraine to 2017 - New Market Report

From: Fast Market Research, Inc.
Published: Mon Dec 09 2013

Inbound and domestic tourists in Ukraine declined during the review period (2008-2012). However, the country's hosting of the UEFA European Football Championship in 2012 aided recovery in the tourism sector, presenting Ukraine as a leading tourist destination on an international platform. The growth fuelled by Euro 2012 is expected to continue over the forecast period (2013-2017), as indicated by increasing domestic and international tourist volumes. The anticipated growth will also be supported by government initiatives to promote business and leisure tourism.

Key Highlights

* According to Timetric estimates, the country's real GDP growth rate in 2013 is expected to remain low at 0.4% due to weak exports and gloomy investment prospects. However, with improvements in external demand conditions, growth is expected to return in 2014 to 2.4%, staying below the 10-year average of 3.8%. Between 2015 and 2017, Timetric expects Ukraine's GDP growth to average at 3.6%, supported by recovery in domestic and external demand.
* Ukraine has a rich cultural heritage and natural landscapes. It is home to seven UNESCO World Heritage sites, including: the Ancient City of Tauric Chersonese and its Chora; Saint-Sophia Cathedral and related monastic buildings, Kiev-Pechersk Lavra; L'viv - the Ensemble of the Historic Centre; and the Residence of Bukovinian and Dalmatian Metropolitans.
* Domestic tourism in Ukraine was adversely affected by the eurozone debt crisis and the 34.9% decline in GDP in 2009. The country's high unemployment rate, which was in the range of 7.9-8.8% during 2009-2011, reduced the propensity to travel, leading to declines in domestic travel and expenditure. However, with improvements in unemployment and GDP, at an average rate of 5%, expected over the forecast period, domestic tourism in Ukraine is anticipated to record healthy growth.
* Ukraine's co-hosting of Euro 2012 with Poland encouraged the government to use this opportunity to develop the country's tourism sector. The event improved travel and tourism revenues and resulted in the entry of around one million tourists to the country during the event. New and improved airport terminals have been built to serve incoming tourists, facilitating the increase in inbound tourist volumes.
* Hungarian airline, Wizz Air, was the first low-cost airline to enter the Ukrainian aviation market in 2008. In September 2013, Wizz Air Ukraine announced the opening of its third base in Lviv, Ukraine in April 2014. In July 2013, Spanish LCC, Volotea, also announced its plan to enter the Ukraine market in 2014 and create a new route between Madrid and Kiev.

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