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Financial News: Singapore Visitor Arrivals, Tourism Receipts Hit Record Hi

Singapore Visitor Arrivals, Tourism Receipts Hit Record Highs In 2017

02/12/2018 - 03:24:00 (RTTNews)

(RTTNews) - Singapore's both tourism receipts and visitor arrivals attained record highs for the second straight year in 2017, data released by the Singapore Tourism Board showed Monday.

Tourism receipts climbed 3.9 percent to S$26.8 billion, mainly driven by growth in visitor arrivals across all top 10 markets and high-spending markets such as China, South Korea, United States and the United Kingdom.

Visitor arrivals grew 6.2 percent to 17.4 million in 2017, with 13 of the top 15 markets showing growth.

"The combined efforts of STB and our industry partners yielded strong results, against a context of better-than-expected global economic recovery, continued growth in Asia-Pacific travel and increased flight and cruise connectivity to Singapore," Lionel Yeo, chief executive at Singapore Tourism Board, said.

"Together with significant initiatives to support industry innovation and competitiveness, we made excellent progress in 2017 towards our vision of quality tourism growth."

Looking ahead, STB forecasts tourism receipts to be in the range of S$27.1 billion to S$27.6 billion in 2018 and international visitor arrivals to be in the range of 17.6 million to 18.1 million.

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