IDEAS home Printed from https://ideas.repec.org/a/ecb/ecbbox/202100085.html
   My bibliography  Save this article

Developments in the tourism sector during the COVID-19 pandemic

Author

Listed:
  • Gunnella, Vanessa
  • Krustev, Georgi
  • Schuler, Tobias

Abstract

This box assesses the implications of the coronavirus (COVID-19) pandemic for the euro area tourism sector, trade in travel services and consumption of non-residents. Declining mobility during the pandemic has led to a slump in trade in services and tourism. As a result, the drop in non-resident consumption has acted as a shock amplification mechanism in countries exporting tourism services, i.e. countries which receive a lot of tourists, and as a shock absorption mechanism in countries importing tourism services. The partial recovery of tourism services observed during the summer months was mostly generated by domestic tourism substituting foreign tourism. The reintroduction of travel restrictions in October will likely imply that this substitution will continue to affect the dynamics of tourism services. High-frequency data on tourism, travel and services production point to a renewed overall deterioration of tourism services in the final quarter of 2020. JEL Classification: E01, E21, F14, Z3

Suggested Citation

  • Gunnella, Vanessa & Krustev, Georgi & Schuler, Tobias, 2021. "Developments in the tourism sector during the COVID-19 pandemic," Economic Bulletin Boxes, European Central Bank, vol. 8.
    • Handle: RePEc:ecb:ecbbox:2021:0008:5
    Note: 2700331
    as

    Download full text from publisher

    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2021/html/ecb.ebbox202008_05~405305b20b.en.html
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Černá Jana & Lejsková Pavla & Ližbetinová Lenka & Matúšová Jana Galera, 2022. "Transformation of Marketing Macro-Economic Environment of Tourism with Emphasis on Changes in Mobility During COVID-19 Pandemic," LOGI – Scientific Journal on Transport and Logistics, Sciendo, vol. 13(1), pages 186-197, January.
    2. Brand, Claus & Obstbaum, Meri & Coenen, Günter & Sondermann, David & Lydon, Reamonn & Ajevskis, Viktors & Hammermann, Felix & Angino, Siria & Hernborg, Nils & Basso, Henrique & Hertweck, Matthias & Bi, 2021. "Employment and the conduct of monetary policy in the euro area," Occasional Paper Series 275, European Central Bank.

    More about this item

    Keywords

    Consumption of non-resident households; COVID-19; trade in services; travel and tourism;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • Z3 - Other Special Topics - - Tourism Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecb:ecbbox:2021:0008:5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Official Publications (email available below). General contact details of provider: https://edirc.repec.org/data/emieude.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.