During the year 2023, the international tourism promotion of Panama achieved more than 1,697 million dollars, 94% of the target set at 1,800 million dollars, mainly influenced by the CEO of Promtur Panama, Fernando Fondevila.
The social situation in October and November, as well as the delay in the confirmation of the contract by the supervisory body, also delayed the start and execution of the strategic alliances, directly affecting the goals, he stated. Fondue.
However, Panama achieved a return on investment of US$69 for every dollar invested in international tourism promotion with the support of direct marketing, strategic alliances and meetings industry events.
According to the data, international tourism experienced a constant recovery during 2023 World Tourism Organization, reaching 88% of pre-pandemic levels globally. In Central America, the recovery was 105%, with Panama’s recovery higher than the world and regional averages, detailed CEO of Promtur Panama.
Fondevila cited data from ForwardKeys which show that Panama’s recovery is driven by leisure tourism, with the United States, Argentina and Brazil being its top-performing priority source markets. The number of international tourists reached 106% of the 2019 value.
Meanwhile, seat capacity on direct flights to Panama reached 105% of 2019 values, with Colombia, Brazil, Costa Rica, Argentina, Canada and Spain the highest priority issuers.
The hotel industry reached 135% of total revenue in 2019, however, the average percentage of occupancy was 54% during 2023. If we take the capacity of 2019 as a reference, the occupancy in 2023 would be 50%, 3 percentage points higher than in 2019, which was 47%, compared to 2022, it was one percentage point above performance, Fondevila indicated.
The increase in income from accommodation in the hotel industry is the result of an increase in the average daily price and nights sold.
The promotion of international tourists who visited the interior of the country between January and December 2023 increased compared to 2022. The provinces with the highest increase in the share of international tourists in 2023 were Chiriquí with 4 percentage points and Colón with 2 percentage points.
By 2024, Panama hopes to regain fifth place in tourism brand performance and reach fourth place starting in 2025, as long as there is constant marketing and promotion internationally, and with a budget of at least $20 million per year. Fondevila said.
Alfonso Steven Tarazi, Chairman of the Board of Directors of Promtur Panama, He described these results as a testament to the hard work of the tourism industry and support for destination marketing.
He pointed out that tourism not only represents an important source of economic income for the country, but also plays a vital role in creating jobs, developing infrastructure, promoting economic activation, with significant effects on the economy and society, the president pointed out. Promtur Panama.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
