Forecasting International Tourism Demand: The Evidence Of Macedonia
AbstractThe paper makes an attempt to provide estimation of foreign tourism demand by 2014, by investigating the case of Macedonia. The author applies the Box-Jenkins methodology and tests several alternative specifications in the modeling of original time series. Upon the outcomes of standard indicators for accuracy testing, the research identifies the model of ARIMA(1.1.1) with a dummy, as the most appropriate. According to the four-year-forecasts, it is expected a 25% increase of the international tourist arrivals. Although the suggested model cannot explain the driving factors behind the results, the projected values can assist in mitigating the potential negative impacts as well as in the preparation of tourism development plan in Macedonia.
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Bibliographic InfoArticle provided by University of Tourism and Management, Skopje, Macedonia in its journal UTMS Journal of Economics.
Volume (Year): 3 (2012)
Issue (Month): 1 ()
forecasting; Box-Jenkins methodology; international tourism demand; Macedonia;
Find related papers by JEL classification:
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Petrevska, Biljana, 2011. "Tourism In The Global Development Strategy Of Macedonia: Economic Perspectives," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 2(1), pages 101-108.
- Christine Lim & Michael McAleer, 2001. "Time Series Forecasts of International Tourism Demand for Australia," ISER Discussion Paper 0533, Institute of Social and Economic Research, Osaka University.
- Petrevska, Biljana, 2013. "Investigating Tourism Seasonality In Macedonia," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 4(1), pages 37-44.
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