Share of tourism in Latvian exports likely to fall


In 2007, the share of tourism in Latvian exports totalled 18.1 percent, "Biznes&Baltija" writes, but this is likely to start reducing once VAT in the tourism and hotel business is raised from 5 percent to 21 percent from 1 January 2009. Foreign tourists spent over LVL 343 million (EUR 490 million) in Latvia. Kolonna board member Anete Bilzena says that the Latvian hotel business is stunned and is awaiting further developments. She says that her company’s hotel chain does not plan to lay off employees, but that the hotels’ expenses have been cut in other areas. Small hotels will find it especially difficult to survive the economic crisis.


Biznes&Baltija, 2008-12-18

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