- ITIC has reported a 3% drop in overseas visitors to Ireland for 2008 with associated revenue estimated to have dropped by 4%, or close to €200 million.
- Nonetheless tourism remains a massive business, with 7.5 million overseas visitors generating an estimated €4.7 billion this year. When revenue of €1.5 billion generated by the domestic market is added, this amounts to a €6.2 billion industry. This is a creditable performance given the global financial and economic ills which existed for most of the year in all our main source markets.
- 2009 looks like another difficult year, but the ITIC report is positive about the outlook beyond that. The report calls on the Government to consider a temporary reduction in VAT for a one year period, saying that the effect of such a reduction would improve the overall competitiveness of the economy and provide a boost to consumer spending.
- To access the full Year-End Report and Outlook, click here (Pdf format). To access the accompanying press release, click here (Word format).
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