Business: Tourism on rise in Turkey

18/04/2008

Turkey is experiencing an influx of foreign tourists followed by a revenue increase. Also in news this week: Kosovo's trade deficit is on the rise, and Montenegro hosts the Vienna Economic Forum.

Tourism in Turkey expected to rise in 2008. [Getty Images]

Turkey expects more than 23 million foreign tourists this year, the State Planning Organisation (DPT) reported on Sunday (April 13th). Revenues from tourism are expected to reach $19.5 billion, the DPT also said. Its report noted that Turkey received about 18.5 million tourists in 2007 and plans to catch up with France, Spain and Italy, currently the most popular tourist destinations in Europe. ***

Kosovo's trade deficit has deepened to 1.5 billion euros in 2007, Kosovo's Ministry of Trade and Industry reported on Wednesday (April 16th). Last year Kosovo's imports reached a value of 1.6 billion euros, marking a 20% increase from 2006, while exports reached only 96.4m euros, 53% higher than in the previous year.

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CPI inflation in Serbia rose to 13.6% year on year in March from 12.5% year on year in February, according to Serbia's Statistics Office on Tuesday (April 15th). The rise of inflation was again driven by food prices. Food price growth picked up to 25.2% in March.

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The village of Becici near Budva, Montenegro, hosted the Vienna Economic Forum on Monday (April 14th) and Tuesday. The main topics discussed at the event were investment policy, infrastructure projects and investment opportunities in Montenegro. The event was hosted by Prime Minister Milo Djukanovic.

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Montenegro and Hungary signed an agreement Monday (April 14th) for economic co-operation. The document was signed by Montenegrin Economy Minister Branimir Gvozdenovic and Hungarian State Secretary Abel Garamhegyi. Trade between Hungary and Montenegro reached 87m euros in 2007 and this year is expected to reach 100m euros.

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The World Bank and the IMF predict a slowdown of economic growth in Albania as a result of the global financial crisis. The World Bank suggests that the Albanian government exert more effort in fighting the challenges posed by unstable financial markets and the rise in energy and food prices.

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The Ljubljana stock exchange operator, a consortium, choose Greece's Hellenic Exchanges and Austria's Wiener Boerse as the preferred bidders for 81.01% of the Ljubljana Stock Exchange. The Greek and the Austrian stock exchanges will enter the final stage of the sale.

(Various sources – 11/04/08-18/04/08)