Slovakia has the sights, but tourists are spending elsewhere

A UniCredit Bank analysis says the country lags behind Czechia and Hungary in attracting revenue from foreign visitors.

Slovakia generates less income from foreign tourism than neighbouring Czechia and Hungary, despite comparable tourism potential, according to a new analysis by UniCredit Bank.

The analysis measures tourism by comparing travel services in the country’s balance of payments: spending by foreign visitors in Slovakia with spending by Slovaks travelling abroad.

Slovakia has recorded a negative balance in recent years, SITA news agency reports. According to UniCredit Bank economist Ľubomír Koršňák, the main reason is not that Slovaks spend large amounts abroad, but that few foreign visitors spend money in Slovakia.

Spending by Slovaks on trips abroad has returned to around its pre-pandemic level of 2.7 percent of GDP, close to the EU average. By contrast, receipts from foreign tourists have fallen from more than 3 percent of GDP before the Covid-19 pandemic to around 1.8 percent over the past three years.