"Travel and Tourism in Argentina to 2019" Published.
The report brings together Canadean's research, modeling, and analysis expertise in order to develop uniquely detailed market data. This allows domestic and foreign companies to identify the market dynamics and discover which segments will see growth in the coming years.
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* Even though the economic condition in Argentina is undergoing financial crisis, the tourism industry performed well during the historic period (2010-2014), with the exception of 2013, due to high inflation which stood at 28%. The inbound and domestic tourism volume rebounded in 2014 with the government's initiatives to improve tourism balance in the country
* In January 2014, the Argentine peso devalued by 20% to its lowest value since 2001 when Argentina defaulted on its foreign debt. The cost of goods and services fell to as low as 50% of the original cost while in the neighboring countries, such as Brazil and Chile, the currency continued to strengthen. The devaluation of the Argentine peso led to a rise in inbound tourism as foreign visitors to the country obtained low cost deals on travel fares and hotels
* To control the outflow of foreign currency through the tourism sector and maintain the dollar reserves of the Central Bank, the Argentine government imposed exchange controls. For example, in December 2013, the government increased taxes on debit and credit card purchases abroad for "tourism and traveling purposes" (including flight and tour packages) from 20% to 35% to deter the outflow of currency from Argentina. Furthermore, a 35% surcharge was introduced on dollars purchased directly through Federal Administration of Public Revenue (AFIP) for traveling purposes. The government has been imposing strict exchange controls since 2011 to maintain foreign currency reserves in order to repay the debt
* The Argentine government protects the flag carrier with policies that restrict entry for new companies, including LCCs. Brazil's Gol is the only LCC operating in Argentina as of December 2014. LCCs had a penetration rate (% of total seats sold) of only 3.6% as of 2014, which is very low compared to LCCs' penetration rate in neighboring countries such as Brazil, which had 47%. Due to the policies that favored government-owned carriers, entry for new LCCs is closed in Argentina
* The report provides detailed market analysis, information, and insights, including:
* Historic and forecast tourist volumes covering the entire Argentine Travel andTourism sector
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|Date:||May 24, 2015|
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