Singapore misses tourism receipts

Singapore misses tourism receipts

Fireworks explode during the River Hongbao Lunar New Year celebrations at the Marina Bay floating platform in Singapore on Feb 6, 2016. (Reuters photo)
Fireworks explode during the River Hongbao Lunar New Year celebrations at the Marina Bay floating platform in Singapore on Feb 6, 2016. (Reuters photo)

Singapore missed its targeted receipts from tourism last year and said 2016 figures may remain flat as global economic uncertainties curb visitor arrivals.

Tourism receipts fell 6.8% to S$22 billion (557 billion baht) in 2015, largely because of a decline in business visitor arrivals and spending, the Singapore Tourism Board said Monday in a statement citing preliminary estimates. The board said it forecasts receipts of S$22 billion to S$22.4 billion this year.

“Global economic growth may be hampered by the slower growth momentum of the Chinese and US economies as well as uncertainties such as ongoing reforms in China and the impact of the normalisation of the US monetary conditions,” the board said on the outlook for 2016. “Increasing regional competition will also pose challenges to Singapore’s tourism sector.”

Tourism receipts from Malaysia, Indonesia and Australia fell the most, by 26%, 21% and 10% respectively, according to the statement. These markets faced economic challenges and their currencies depreciated against the Singapore dollar, leading to fewer visitor arrivals and smaller spending, the board said.

Visitor arrivals rose 0.9% to 15.2 million in 2015, and are expected at 15.2 million to 15.7 million this year, the board said in the statement.

The city-state forecast S$23.5 billion to S$24 billion in tourism receipts for 2015, according to a statement in March last year.


Do you like the content of this article?
COMMENT (6)

Gold to see volatility in short term

Gold prices should remain volatile in the short term amid the strengthening US dollar and rising interest rates.

09:00

David Bowie's handwritten 'Starman' lyrics sell for £203,000

LONDON: David Bowie's original handwritten lyrics for the pop classic "Starman", part of an album that catapulted him to international stardom, on Tuesday sold at auction in Britain £203,500.

08:45

Landfall

Typhoon Noru barrelled into Vietnam's central coast early Wednesday, bringing powerful winds and heavy rain as hundreds of thousands of people took refuge in shelters.

08:12