Feature Articles
Recent Performance In Singapore's Tourism Industry And Tourism Yield
25 May 2017
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The tourism industry is an important pillar of the Singapore economy. Apart from adding diversity and vibrancy to our economy, tourism also directly contributes to Singapore’s Gross Domestic Product (GDP) through spending by tourists. This article examines the recent performance of the tourism industry and its contribution to the Singapore economy. It also analyses the trends in tourism yield and that for Singapore’s key tourism inbound markets.
Singapore’s tourism industry has generally performed well over the years
Between 2010 and 2016, international visitor arrivals (IVA) to Singapore increased by 5.9 per cent on a compounded annual growth rate (CAGR) basis. The increase in IVA came on the back of improvements in Singapore’s tourism infrastructure and offerings, including the opening of the two Integrated Resorts, the introduction of a wide range of events such as the Women’s Tennis Association (WTA) Finals and the Ultra Music Festival, as well as the development of the cruise industry, among others. Even though IVA declined in 2014 due to a sharp drop in Chinese arrivals and remained weak in 2015 due to challenging economic conditions in the region, it has since rebounded strongly, with the total number of visitors increasing by a robust 7.7 per cent to reach 16 million in 2016.