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#CORONAVIRUSMALTA: COVID-19 and its economic impact on key sectors: accommodation and restaurants

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COVID-19-and-its-economic-impact-on-key-sectors-accommodation-and-restaurantsThere is no doubt that all economic sectors will be impacted by COVID-19, but with different intensity. We will be presenting an analysis of Malta’s main economic sectors with an analysis of the expected impact. The aim is not to try and predict or quantify the impact but to chart the impacts over a time horizon.

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Tourism in Malta has been growing at unprecedented levels with all key players in this sector reporting strong performance which has also been reflected in the country’s overall economic development. The number of tourist arrivals during the period between 2010 and 2019 increased by 1.4 million to reach a record number of 2.7 million tourists by the end of last year. Similarly, bed nights increased by more than eight million during this period. The key underlying drivers behind this success include increased connectivity, diversification of tourist offering, significant investment in the sector and development of niche markets such as English language travel and diving.

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In view of these results, tourist expenditure grew by €1.1 billion over the past ten years to reach €2.2 billion by end of last year. However, the increase in expenditure has been primarily driven by volume rather than spend, with tourist expenditure per guest night remaining rather flat for the past years. This said, travel costs have been on the decline as a result of low-cost carriers and more out of tourist expenditure was being directed to other spend, including accommodation and restaurants.

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ARTICLE WRITTEN BY TIMES OF MALTA
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