Events in Turkey hit travel companies

Failed coup adds pressure to travel businesses
Yet another terror attack and an attempted coup are the latest blows to hit Turkey’s already floundering tourism industry, with airlines, airports and tour operators serving the country all likely to suffer, Reuters reports.
Even before the attack at Istanbul’s Ataturk airport at the end of June, economists had forecast that tourism revenues would fall by about $8 billion in 2016, equivalent to 1% of GDP.
Searches for accommodation in Turkey dropped 37% last weekend, compared with the previous weekend, holiday rental site Tripping said. In June, international air passenger arrivals fell 29%.
“The recent political events in Turkey will be catastrophic for its travel industry,” said Nadejda Popova of market research firm Euromonitor, whose estimate that international arrivals to Turkey will drop from 34.7 million last year to 32.9 million this year seems optimistic.
Turkish Airlines and budget carrier Pegasus, airport operator TAV and airport service firm Celebi will probably be hit hardest.
An airline analyst at IS Investment says total air passenger numbers to Turkey could drop by 4-5% this year, against a previous estimate of a 5.2% rise.
Among tour operators, Turkey and Northern Cyprus specialist Anatolian Sky has ceased trading and Tui and Thomas Cook may now have to cut prices for late summer travel.
Reuters

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