Boston, MA -- (SBWIRE) -- 07/03/2013 -- Travel and tourism in Argentina accounted for 10.5% of the national GDP and 9.9% of the country's total employment in 2011. In terms of domestic tourism, 2012 proved to be an excellent year recording 48.2 million domestic travelers - an increase of 8.3% over 2011. International departures also increased by 11.6% in 2012 over the previous year. One of the key reasons for the increase in domestic and outbound volumes was an increase in overall spending power as the country's economy continued to recover. A high inflation rate within the country and the exchange rate of the Argentine Peso has also made it cheaper for Argentina's residents to holiday abroad.

Key Highlights

- Tourism is expected to be one of Argentina's best performing sectors over the next decade, with its contribution to the economy growing at 2.5% per annum. Tourism will play an important role in the economic development of the country by developing wealth and generating employment. Consequently, to promote tourism, the government has launched a new tourism marketing plan for 2012-2015.
- During 2012, Argentina welcomed 5.7 million overseas visitors, a decline of 1.2% on 2011 figures. However, inbound expenditure in 2012 registered growth of 10.0% over 2011. Over the forecast period, the volume of inbound visitors is expected to increase at a CAGR of 4.19%.
- In 2011, an ash cloud from a volcanic eruption in Chile led to the cancelation of many flights, which resulted in disrupted volumes of inbound and domestic tourism in Argentina.
- Sports tourism is an important contributor to the tourism industry in Argentina. Various sporting events are organized both in Argentina and its neighboring countries which attract a large number of tourists. For example, Brazil's hosting of the Football World Cup in 2014 and the Olympics in 2016 is expected to have a knock-on benefit on Argentine tourism.
- The level of capital investment in tourism has increased during the review period. In 2008, investment in tourism valued ARS119.9 billion (US$38.2 billion); this increased to ARS217.4 billion (US$47.5 billion) in 2012 as a result of measures taken by the government to promote the tourism sector.
- With the legalization of same sex marriage in Argentina, the number of couples visiting the country has increased, and is providing a new customer base for the tourism sector.
- Well developed and extensive transport infrastructure is one of the most important reasons behind the growth of domestic tourism in Argentina. Reduced travel time and low transportation costs play a key role in spurring domestic tourism growth.

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Companies Mentioned in this Report: Aerolineas Argentinas S.A., Austral Lineas Aereas, Sol Lineas Aereas, Lan Argentina S.A., Andes Lineas Aereas, Avis Car Rental Argentina, Hertz Car Rental Argentina, Localiza Master Franchisee Argentina S.A., Alamo Rent a Car Argentina, Sixt Rent a Car Argentina, Starwood Hotels and Resorts Argentina, InterContinental Hotels Argentina, Accor Hotels Argentina, NH Hotels Argentina, Howard Johnson Argentina, Say Hueque, Oyikil Argentina, Fuera de Ruta, Covitour

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