How the weak Turkish lira attracted foreigners and boosted the tourism industry in Turkey

For over a year now, prices of all goods in the country have been growing at a rapid rate. Currency devaluation has led to an increase in the cost of electricity, which automatically pushed up the cost of production of food, goods and rent. Many products have risen by more than 25% in a year.

On the other hand, this has become a new stimulant for tourists. Against the backdrop of inflation in the EU, visiting Istanbul or resorts on the Mediterranean coast has become very profitable for Europeans. Just a year ago, 8 Turkish lira were given for a dollar, and now it is already almost 18. That is, the difference is more than twofold, which significantly offsets any inflationary costs for foreigners.

For example, the popular tourist area of Pamukkale in Denizli Province, in Turkey, was visited by more than 1.906 million tourists from 1 January to 30 November 2022, compared to only 1.2 million people for all of last year.

According to the latest figures from the Turkish Statistical Institute, the country's revenue from tourism rose 27.1% compared to the previous year and amounted to 17.95 billion dollars in the third quarter. The country's tourism sector accounted for 11% of GDP in the 'documentary period' and provided 2.3 million citizens with jobs.

Despite the positive trend, according to analysts' forecasts, the rise in prices will continue, and the cost of a vacation in the summer of 2023 will increase by 15-20%.

Can Turkey maintain its attractiveness? Most likely, yes. This is confirmed by the record number of destinations in international flights, which has increased to 342. Direct flights to Turkey are carried out from 130 countries around the world.

Turkey has the potential to become a global transit center. To develop this potential, a large-scale effort has been undertaken since 2002 as part of an aviation policy. Thanks to the investments made and the reforms carried out, the level of development of the aviation sector in Turkey exceeds the global average, said Adil Karaismailoğlu, Minister of Transport and Infrastructure of Turkey.

Incidentally, during the period from November 25th to December 1st, Istanbul International Airport surpassed the largest European hubs 'Heathrow' (London) and Charles de Gaulle (Paris) in the number of flights completed, making 1210 flights per day.