Sri Lanka’s Tourism surpasses $1.5 Billion in first half of 2024
(Photo by Mosharraf Hossain on Unsplash)
Sri Lanka’s tourism industry has hit a major milestone, earning over $1.5 billion in the first half of the year 2024.
From January to June, the sector made $1.56 billion, a 77% increase compared to 2023. Despite fewer arrivals in June, the tourism sector earned $151.1 million, a 23% increase from June 2023.
There were 113,470 visitors in June, lower than the average of around 200,000 arrivals per month seen in the first four months of the year.
In May, Sri Lanka earned $154 million from 112,128 visitors.
With the summer season starting, more tourists from key markets are expected, attracted by Sri Lanka’s mild weather and natural beauty.
By June, Sri Lanka had over a million visitors for the year, totaling 1,010,249. The country aims for 2.4 million arrivals by year-end, hoping to earn $3.5 to $4 billion in total.
Sri Lanka is recovering from an economic crisis, with tourism, remittances, and other inflows improving. The government is controlling imports, and the Central Bank has raised interest rates to curb inflation.
The depreciation of the currency has made Sri Lanka an affordable destination for tourists, who now spend less than they did two years ago.
Ongoing promotional campaigns are attracting more visitors. With the right policies, Sri Lanka’s tourism industry has the potential to become a $10 billion industry in the next five years.
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