Lithuania’s travel industry has recovered from the COVID-19 pandemic, with revenue surpassing pre-pandemic levels for the first time last year and risk levels at their lowest since the start of the pandemic, according to an analysis by Creditinfo Lietuva.
The industry’s revenue reached 587.2 million euros in 2023, a rise of 24 percent from 2022 and more than a five-fold increase from 94 million euros in 2020.
Creditinfo Lithuania CEO Aurimas Kacinskas attributed the rebound to shifts in consumer behavior, savings accumulated during the pandemic, and a desire to make up for lost travel opportunities.
“Government support measures for the travel industry yielded positive results. Grants and the option to defer tax payments helped a number of businesses survive the difficult period,” he said in a press release.
The highest revenue last year was reported by Tez Tour (127.1 million euros), Novaturas (119.5 million euros), Coral Travel Lithuania (71.5 million euros), Estravel Vilnius (24.2 million euros), Itaka Lietuva (18.4 million euros), Vestekspress (12.2 million euros), Traveldeals LT (11.1 million euros), Kauno Gruda (10.5 million euros), Guliverio Keliones (10.1 million euros), and Oro Guru (9.8 million euros), Creditinfo Lietuva said, based on data from the Center of Registers.
Kacinskas noted that organizing travel has become one of the least risky businesses in Lithuania.
“Currently, only 2 percent of companies are at risk of bankruptcy, and 8 percent fall into high and highest payment delay categories,” he said.
A total of 675 travel service providers operated in Lithuania in August. They employed a total workforce of 1,950 people and paid an average salary of 2,263 euros, up from 2,257 euros in 2023, according to information from the state social insurance fund Sodra.
Source: BNS
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