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Travel and Tourism in Sri Lanka to 2017 - New Study Released

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2013-12-12 16:51:51 - New Consumer Goods market report from Timetric: "Travel and Tourism in Sri Lanka to 2017"

Due to the end of the civil war in May 2009, tourist volumes in Sri Lanka increased during the review period (2008-2012). The country's inbound tourist volume expanded at a review-period CAGR of 25.86%, and is expected to record a forecast-period (2013-2017) CAGR of 14.91%.

Key Highlights

* According to Timetric estimates, Sri Lanka's real GDP is expected to grow by 6.6% and 6.9% in 2013 and 2014 respectively, supported mainly by the services and industrial sectors. Timetric expects real GDP growth to average around 7.8% between 2015 and 2017, staying above the 10-year (2003-2012) trend of 6.4%, as economic recovery in the US and Eurozone (Sri Lanka's main trading partners) will increase external trade activities.
* Sri Lanka's road density,

at 1.6km of roads per km2, is high when compared to its peers in South Asia. In 2011, the National Highways network consisted of 4,219km of Trunk (A class) and 7,800km of main (B class) roads and 4,213 bridges. The total length of the national highways maintained by the Road Development Authority in 2011 was approximately 12,000km. Sri Lanka has planned to invest US$18.1 billion in developing road networks and US$8.7 billion in port infrastructure during 2011-2020.
* According to the Tourism Development Strategy 2011-2016, released by the Sri Lankan Ministry of Economic Development, a range of attractions and events have been organized to encourage domestic tourism. Events include Ramayana festival, literary festivals, and food and fruit festivals. Revenue from domestic tourists visiting wildlife parks, botanical gardens, zoological gardens, museums and the Cultural Triangle is expected to reach US$2.5 million by 2016.
* Sri Lanka's tourism sector has grown rapidly since the end of the three decade civil war in 2009, registering one million inbound tourists in 2012. The government has set a target of 1.25 million visitors for 2013 and expects 2.5 million by 2016. The sector also surpassed US$1.0 billion in revenue for the first time in 2012.
* According to the Department of Census and Statistics, the mean household income in Sri Lanka increased from US$3,803 in 2009 to US$4,342 in 2012, and is set to increase over the forecast period, supporting the growth in outbound trip volumes. The appreciation in the Sri Lankan rupee has also made traveling abroad cheaper.
* SriLankan Airlines is focusing on expansion into new and existing Asian markets, ahead of its entry into the oneworld alliance. It currently has a primary focus on South Asia, which accounts for 41% of its international seat capacity, but is expected to target North Asia by increasing capacity from China and South Korea.
* To cater to the anticipated 2.5 million tourists by 2016, Sri Lanka's hospitality sector requires US$3.5 billion in investment to build 40,000 rooms. Shangri-La Colombo, Hyatt Regency, Movenpick, Sheraton, Marino Sands Hotel, ITC Hotel and Suncity Business Hotels will make the largest contributions. There is currently a short supply of five-star rooms in Colombo, with only 2,000, but the completion of Movenpick and Hyatt hotels is expected to add another 700 rooms over the next three-to-four years.
* Car rental in Sri Lanka is dependent on global GDP growth and air travel. While leisure travel depends on positive consumer sentiment supported by rising income levels, economic growth fuels business travel. Leisure tourists accounted for 91.3% of domestic tourist volumes and 88.6% of inbound tourist volumes in 2012, which presents a significant opportunity for car rental companies to increase their customer base.
* An increasing number of domestic and international tourists are opting for tour packages and this is expected to encourage healthy growth in the travel intermediaries market over the forecast period. Increasing internet penetration and mobile internet use will be the main drivers of growth in the online channel. Sri Lanka's increasing investments in tourism infrastructure development will encourage more sales of international and domestic holiday packages.

Full Report Details at
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This report provides an extensive analysis related to tourism demands and flows in Sri Lanka:

* It details historical values for the Sri Lankan tourism sector for 2008-2012, along with forecast figures for 2013-2017
* It provides comprehensive analysis of travel and tourism demand factors with values for both the 2008-2012 review period and the 2013-2017 forecast period
* The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Sri Lanka
* It provides comprehensive analysis of the trends in the airline, hotel, car rental and travel intermediaries industries with values for both the 2008-2012 review period and the 2013-2017 forecast period

Reasons to Get this Report

* Take strategic business decisions using historic and forecast market data related to the Sri Lankan travel and tourism sector.
* Understand the demand-side dynamics within the Sri Lankan travel and tourism sector, along with key market trends and growth opportunities.

Companies Mentioned in this Report: SriLankan Airlines Ltd, FITS Aviation (Pvt) Ltd, Cinnamon Air, Millennium Airlines Ltd, Hybrid (PVT) Ltd, The Fortress Resorts PLC, Cinnamon Hotels & Resorts, The Mermaid Hotel and Club, Jetwing Hotels Ltd, Heritance Hotels and Resorts Sri Lanka, Andrew the Car Rental Company (Private) Ltd, Casons Rent A Car (Pvt) Ltd, Malkey Rent A Car (Pvt) Ltd, Ameri Rent A Car Sri Lanka, Kings Rent A Car (Pvt) Ltd, Diethelm Travel Sri Lanka, Browns Tours (pvt) Ltd, JF Tours & Travels (Ceylon) Ltd, Walkers Tours Ltd, Amja Travels (Pvt) Ltd

About Timetric

Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries. They provide detailed economic and sector intelligence, business insights and authoritative, independent commentary. View more research from Timetric at

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156.

Bill Thompson
Phone: 18008448156

Disclaimer: If you have any questions regarding information in these press releases please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims contents contained in this release.
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