Turkey registered $42 billion from tourism in the first nine months of this year, a figure that rose 20.1% year-on-year (YoY), according to the Turkish Statistical Institute (TurkStat).
The country hosted 44.6 million visitors in January-September, an increase of 13.2% from the same time last year.
Some 16.5%, of tourism income, was generated by visits of Turkish nationals residing abroad, TurkStat data published on Tuesday showed.
On Tuesday, data released by the Turkish Statistical Institute revealed a significant 31.1% increase in tourism revenue compared to the same period last year.
Specifically, between July and September of the current year, Turkey’s tourism revenue amounted to $20.22 billion.
Istanbul, in particular, has experienced a remarkable influx of foreign tourists. According to a statement from the Istanbul Directorate of Culture and Tourism, the city welcomed an impressive 3.48 million visitors in the first three months of 2023 alone, marking a record-breaking start to the year.
This substantial growth in Turkey’s tourism sector not only highlights the country’s enduring appeal as a top travel destination but also signifies a robust recovery and a positive trajectory for the industry’s future.
Spending on sports, education, and culture surged by 33.3%, on accommodation by 26.1%, and on food and beverage by 24.6%, while tour services expenditures dropped 1.6% YoY in the third quarter.
Earlier this month, Turkey’s central bank increased its policy rate by 500 basis points to 35%, which marked the third consecutive month of aggressive tightening.
The move comes as inflation in Turkey reached an annual rate of 61.53% in September and is anticipated to continue rising into the next year.
The central bank’s policy committee emphasized its readiness to implement further rate hikes if necessary to curb inflation.
Timothy Ash, senior strategist at BlueBay Asset Management, noted that the central bank’s move aligns with expectations.
He suggested the possibility of two more 500 basis points hikes by the end of the year, potentially resulting in policy rates reaching 45%.
