An unpleasant first half for the tourism sector

Tourism, the most important sector that earns foreign currency for Turkey, is having an unpleasant season. This has both internal and external reasons. Some are optimistic; some are pessimistic. The sector has named this "the year of crisis." 

The main foreign currency-generating sector in Turkey that is self-developing wholeheartedly is tourism. Investments in hotels have not dropped their tempo in recent years, especially the Istanbul-based ones. Particularly the Russian market has accelerated the sector. As a result, net tourism revenues, as it is seen in the balance of payments, went up to $24.4 billion in 2014 from $14.5 billion in 2006. This means an increase of $10 billion in nine years. 

Net tourism revenues have always held a significant place in narrowing Turkey's chronic foreign trade deficit. For example, in 2006, the foreign trade deficit of $41 billion was lowered by $14.4 billion of net tourism revenue to $26.6 billion; in other words, 35 percent of it. This narrowing effect went up to 74 percent in the crisis year 2009. Last year in 2014, it was over 38 percent. 

From Russia to terror 

Tourism is important as a foreign currency-generating sector but business has not been good in 2015, at least up to the end of June.

A situation which was defined as a problem for tourism, starting from the second half of last year, was the fall in oil prices in Russia and the Russian ruble's rapid loss of value. 

Russia, which is the second biggest market for tourism in Turkey, has a lower number of visitors incoming to Antalya. 

But, now, the terror dimension has been added to the issues and has spread. The issue is not limited to Antalya; it has spread to other regions such as Marmaris, Cappadocia...