In a significant boost to the economy, workers’ remittances inch closer to the $ 4 billion mark within the first seven months of 2024, as per the latest data released by the Central Bank.
කොහොමත් remittances එහෙම කාටවත් "හොරකන්" කරන්න බෑ. ගොන් ජෙපි logic නිසා එහෙම title එක දැම්මේ 
The cumulative remittance inflows from January to July 2024 stand at an impressive $ 3.71 billion. This represents a 10.3% increase compared to the same period last year, highlighting the resilience and continued financial support provided by overseas workers.
In July, remittances amounted to $ 566.8 million, reflecting a steady increase from $ 519.6 million in June 2024.
This figure also marks a Year-on-Year (YoY) improvement, surpassing the $ 540.965 million received in July 2023.
The upward trend in remittances is a welcome development for the economy, providing essential foreign currency inflows that help ease pressure on the exchange rate and support national reserves.
- https://www.ft.lk/front-page/Worker...3-7-b-in-first-seven-months-of-2024/44-765434
Tourism industry thrives with near $ 2 b earnings
- Jan.-July earnings up 72% YoY to $ 1.88 b
- July earnings at $ 328.31 m reflect 117% increase from June
- Average expenditure per tourist, per day from Jan.-July 2024 was $ 181.15
By Charumini de Silva
Sri Lanka’s tourism industry has seen significant growth in 2024, with earnings reaching nearly $ 2 billion in the first seven months of the year, boosted by an influx of over 1.25 million visitors year-to-date.
The latest provisional data from the Sri Lanka Tourism Development Authority (SLTDA) indicates that tourism earnings from January to July 2024 totalled over $ 1.88 billion, marking a remarkable 72% increase from the same period last year.
However, the industry still faces a 38% shortfall compared to benchmark year 2018 levels.
In July, earnings stood at $ 328.31 million, a substantial 117% increase from June 2024. The $ 345.70 million in February is the highest monthly earnings registered in 2024 thus far.
The average expenditure per tourist, per day from January to July 2024 was $ 181.15.
In a month-to-month comparison, the SLTDA fell short of its projected arrival figures and missed monthly targets throughout the year so far.
The average duration of stay in July was the highest of the year at 9.65 days, with the overall average tourist stay at 8.53 days. The cumulative tourist nights recorded was 10,219,443.
As part of its long-term strategy to welcome 5 million visitors by 2030, Sri Lanka Tourism hopes to lift the average spending per visitor to $ 4,000, with 2.5 million of them spending over $ 500 per day, indicating a concentration on luring high-end tourists.
Sri Lanka’s tourism, which recorded its highest growth of 46.1% in 2010 after the end of a 30-year conflict, faced downward trends in subsequent years.
However, the positive growth of 26.7% in 2013 marked a turning point after a decade-long descending trend. The industry now looks ahead with optimism, fuelled by the recent success and ambitious targets set for the coming year.
Industry experts have raised concerns over a decline in earnings since the visa system was changed in mid-April 2024. They claimed the lack of enforcement of the previous Electronic Travel Authorisation (ETA) system, despite a Supreme Court order for immediate implementation, has also been cited as a potential factor impacting revenue and arrivals.
For 2024, Sri Lanka Tourism has set an ambitious target to attract 2.3 million tourists and generate over $ 4 billion in revenue.
- https://www.ft.lk/front-page/Tourism-industry-thrives-with-near-2-b-earnings/44-765435
