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Das Gebäude der Oesterreichischen Nationalbank (OeNB).
© ROLAND SCHLAGER
Vienna: As a result of the latest crown-related travel advisories from many countries for Austria in October, the National Bank expects another drop in tourism and a decrease in overnight stays of nearly 40 percent. “This is a red flag for the upcoming winter season and also shows, from an economic point of view, the need to actively contain the recently increased number of infections, as the downside risks to economic development are great.” said the central bank.
If travel advisories from Germany, the Netherlands, Switzerland and other countries hold up, losses comparable to those of Austrian tourism should be expected in the upcoming winter season, according to the Oesterreichische Nationalbank (OeNB) in a press release on Friday.
The tourism industry is one of the economic sectors most affected by the Covid 19 pandemic. With a 7.3 percent share, the industry makes an above-average contribution to value creation in Austria.
The summer season still 30 percent less
For the entire summer season from May to October, the National Bank expects an initial estimate based on weekly real-time data on payment card transactions, a decrease in overnight stays of just over 30 percent. 2.3 percentage points of this is due to the effects of travel advisories in October, which is part of the low season.
Spending by foreign tourists with payment cards fell 60 percent in the first two weeks of October, more than double the September average. Spending by domestic guests was only slightly higher than the previous year. Assuming a continuation of this trend for the second half of October, “in a baseline scenario for October, a fall in overnight stays of almost 37 percent should be expected, with the fall holidays from October 26 to 30 harmonizing for the first time this year, a certain upward risk for overnight stays of national guests represent, “so the National Bank. In a risk scenario, with a stronger impact on federal states that are not directly affected by travel advisories, a 56 percent decrease is expected.
Austrian tourists could only partially absorb losses
During the summer months, foreign tourist spending in terms of payment card sales was around a quarter lower than the previous year. A significant increase in spending by domestic tourists on overnight stays in Austria of up to 60 percent could not fully compensate for these losses.
This can also be seen in the overnight statistics: after a nearly 100 percent decline during the lockdown in April, there was a gradual recovery in the following months. According to the OeNB, the number of overnight stays was “only” 15 percent lower in the summer months, thanks to a significant increase in national guests of a fifth and the return of German guests (stable compared to the previous year) . At less than 10 percent, the smallest drop in overnight stays since the corona pandemic outbreak was in September. (WHAT)
