The accommodation and food service activities sector in Turkey exhibited robust growth from 2013 to 2023, with production reaching 266.07 Billion New Turkish Liras in 2023. Year-on-year variations reveal significant fluctuations, particularly notable was the -27.17% decrease in 2020 due to the pandemic, followed by a strong recovery in 2021 with a 40.03% increase. Recent years show a more stable but continuous growth with a 19.48% increase in 2023. The compound annual growth rate (CAGR) over the last five years was 13.32%, highlighting consistent expansion.
Key points:
- Steady growth from 2013, with a dip in 2016 and a sharp decline in 2020.
- Quick recovery post-2020 and solid growth through 2023.
- Forecasted CAGR from 2024 to 2028 is 6.94% with an overall growth rate of 39.86%.
Future Trends to Watch For:
- Influx of international tourism post-pandemic recovery.
- Increasing demand for sustainable and eco-friendly accommodations and services.
- Impact of digital transformation and integration of advanced technologies in service delivery.
