Based on the actual data, the value added of travel services in Turkey has shown considerable fluctuations. The value stood at 18.54 billion New Turkish Liras in 2023. Since 2013, the sector experienced several peaks and troughs, notably a dip in 2016 followed by a significant recovery, especially between 2017 and 2019. The trend remained relatively stable from 2020 to 2023, with year-on-year variations around the 4-5% mark. The compound annual growth rate (CAGR) over the last five years has averaged 6.24%.
Looking ahead, the forecasted period from 2024 to 2028 suggests a moderate but steady increase, with a forecasted 5-year CAGR of 3.22%, expecting to leverage a projected 17.14% overall growth during this period. Future trends will likely be influenced by evolving travel preferences, economic stability, geopolitical tensions, and advancements in technology such as digital travel platforms. Additionally, the sector must monitor potential disruptions from global events and adapt to changing consumer behaviors.
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