Fast Market Research recommends "Ukraine Tourism Report Q4 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 11/13/2013 -- Tourism in Ukraine was particularly vulnerable to the economic uncertainty seen in Europe in recent years, with both inbound and outbound travel affected. However with recovery in Europe gaining ground, and a series of infrastructure improvements underway, the future is looking positive with solid growth expected by 2017.
Tourism received a boost in 2012 when Ukraine co-hosted the UEFA Euro Championship with Poland. The country's international reputation as a tourist destination received a boost, with the impact of increased exposure reflected in higher inbound travel figures: arrivals are expected to reach over 30mn by 2017 (aided by a relaxation of visa requirements from several key source markets). This growth is well supported by heavy investment in transport infrastructure and hotel developments which have continued in the wake of the football event. Although many more investments are still needed, particularly in the mid-range hotel sector (3* and 4*) and in general utilities, infrastructure as Ukraine had previously been suffering from underinvestment for many years.
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The majority of arrivals to Ukraine are from Central and Eastern Europe (CEE) and with most tourists entering the country by road and rail due to the extensive connections Ukraine shares with its seven neighbours, including Russia. Air arrivals are gradually increasing as airport facilities are expanded have increased due to the expanded airport facilities and we expect this trend to continue throughout our forecast period to 2017. Outbound travel is also expected to increase as domestic economic conditions in Ukraine improve.
Investors in Ukraine may be deterred by a vague regulatory framework and lack of judicial enforcement which remain the key risks to foreign participation in the economy. Despite this, Ukraine's tourism market does offer substantial investment opportunities due to the years of underinvestment, particularly in the hotel sector which is in need of extensive modernisation, and reassurance may be found in the form of World Trade Organisation (WTO) membership.
Key Views and Events:
- Total arrivals are forecast to grow by 8.84% in 2013, reaching 25mn and increasing to over 30mn in 2017.
- Of this, 24.2mn arrivals will be from Europe in 2013, by far the largest regional market for the Ukrainian tourism sector, increasing to 29.5mn in 2017.
- To cater for this increase, hotel numbers are forecast to increase by 0.94% in 2013, reaching 3,530.
- This quarter Ukraine has been given a tourism risk reward rating of 45.86, placing it in 22nd place out of 25 countries in the CEE region.
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