Boston, MA -- (SBWIRE) -- 06/07/2013 -- The Chile tourism report examines the strong long-term potential currently being offered by the local tourism industry, bolstered by continuing strong levels of government support, but cautions that growth in tourist arrivals may moderate slightly from 2013 onwards, as tourists to Latin America may choose to travel to Brazil instead, given that it is hosting the football World Cup in 2014 and then the Olympic Games is in Rio de Janeiro in 2016.

The report also analyses the growth and risk management strategies being employed by some of the leading players in the Chilean accommodation sector, as they seek to maximise the tremendous growth opportunities being offered by the local market at the present time.

Preliminary figures from Sernatur (the Ministry of Tourism) indicate that tourist arrivals slowed in the first two months of 2013, totalling 835,165 representing a decline of 4.8% y-o-y. This was led by a decline in the key source markets of Argentina, Brazil and the USA, which fell by 11.8%, 6.5% and 3.2% respectively. This may reflect the depreciating currency in Argentina, which is making it more expensive for Argentines to travel abroad.

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This slowdown is in line with BMI's forecasts, which anticipate that tourist arrivals to Chile will grow by 7% in 2013, down from 15% in 2012. Such high growth in 2012 was above normal trend for Chile and the slower growth in 2013 therefore reflects a return to historical trend rather than an abrupt decline in arrivals. We will monitor economic developments in Argentina to assess how this may affect tourist arrivals in Chile throughout 2013.

Over the last quarter, BMI has revised the following forecasts and views:

- BMI forecasts that tourism arrivals to Chile will slow to 7% growth in 2013, after growing by an impressive 15% in 2012. Growth will then remain at this level over the forecast period to 2017.
- Slowing tourist arrivals growth means that the industry value of hotels and restaurants as a % of GDP will fall to 1.1% of GDP by 2017, from 1.4% in 2012.
- Hotels are forecast to grow steadily in Chile over the forecast period, by an average of 3% per year. BMI is particularly encouraged that several international hotel chains such as Accor and Marriott will be expanding their presence in Chile over this period.

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