Hotel & Restaurant Sector Recovers Faster Than Expected

• 26 January 2023
• Local News
• 1505 Views

The hotel and restaurant sector is experiencing significant growth and is projected to continue to grow well in 2023. 

According to the National Institute of Statistics of the Ministry of Economy and Finance, in 2022, the sector grew by about 30% after declining sharply in 2020 and 2021 at -32.2% and -39.5%, respectively. 

“The hotel and restaurant sector is recovering faster than expected and continues to grow due to the removal of major travel barriers,” the Ministry of Economy and Finance said in a report released on 25 January 2023. 

Given the positive signs, the growth in the hotel and restaurant sector is projected at a 32.7% rate in 2023. The increase is driven by the growth of both domestic and international tourists. 

 

Photo credit to Roleque