Nominal deficit in balance of Azerbaijan’s tourism services is $124 million and real deficit $322 million
The balance of payments data for 2010 unveiled by the Central Bank of Azerbaijan enable to assess the situation before the country announces the Year of Tourism.
The CBA informs that in 2011 Azerbaijan had $124.3 million of deficit of tourist services balance. Nationals abroad were rendered travel services for $744.966 million, while tourist services provided to foreigners in Azerbaijan amounted to only $620.652 million.
However, the structure of the balance of tourism services worsens much the “gross” picture.
“In 2010, 33.5% of tourist services in Azerbaijan were provided to foreigners who arrived in the country for business purposes,” the CBA informed.
As a result, net travel services rendered to foreigners in the country were by $207.918 million less and amounted to only $412.7 million. As a consequence, the real deficit of tourism services reached $322.2 million last year. Moreover, CBA’s statistics shows decrease in the ability of the national tourism sector to meet demands of the citizens of Azerbaijan.
“In 2010, acquisition of foreign travel services by nationals doubled,” the CBA reported.
If the country had not registered obvious “boom” of departure on holiday abroad and import of tourism services had amounted to only $367.48 million, the country would have a nominal surplus of the balance of travel services for $253.165 million and real (without taking into account visits of businessmen) surplus at the level of $45.25 million.
The CBA does not bring cause of “boom” and the low level of real travel services for foreigners in the country, as this is not the balance of payments indicators.