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Industry revenue of »hotels and similar accommodation« in Bulgaria 2011-2023

Revenues in the hotels and similar accommodation industry have grown at a robust pace from 739 million U.S. dollars in 2011 to 1.2 billion U.S. dollars in 2019, owing to the steady growth in tourist arrivals and the rise in overnight stays. Initial projections for the short to medium term demonstrated a 15 percent growth in revenues, and they looked quite on target, as the number of arrivals in all accommodation establishments increased by 17.7% in February 2020, year-on-year. However, the first case of Covid-19 in the country was reported in March, and ever since, most of the industry operations have come to a virtual standstill and a growth in revenues looks far-fetched.

The Bulgarian Ministry of tourism has suspended all tourist visits in the country until the second week of May and has placed various internal travel restrictions as well. This has resulted in the cancellations of almost 90 percent reservations and future booking have evaporated. Moreover, the capital city of Sofia, which is home to nearly two million of the country’s seven million people, has shut majority of its industries including restaurants and hotels for at least a week amid the on-going crisis. Industry experts are predicting that the Bulgarian hospitality and tourism industry could experience one of its worst crisis if the situation doesn’t turn around in the short term.

Industry revenue of »hotels and similar accommodation« in Bulgaria from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Bulgaria. The industry “hotels and similar accommodation“ has the code “I551“.

Details on the methodology can be found here.

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