Highest Value of Tourist Euro Registered in Turkey, Hungary and Croatia

VIENNA, 12.4.2006.

The Austrians will get the best value for their 'tourist euro' when visiting Turkey, Hungary and Croatia. Their 'tourist euro' is worth the least in the countries Switzerland, Japan and Italy. Those were the recent conclusions published by Stefan Bruckbauer, an economist employed at the Bank Austria-Creditanstalt (BA-CA).

Bruckbauer reminded everybody of the fact that the high inflation rate has weakened the euro by 2% as compared to the same period in 2005.

A study shows that the average value of the 'tourist euro' is stronger abroad by 20% as compared to its value in Austria.

The factors which mostly influenced the changed value of the euro include the high inflation rate as well as the simultaneous consolidation of the domestic currency in Turkey, the USA and the Czech Republic, while the highest currency growth was registered in Hungary.

In Austria alone, the growth of the ‘tourist euro’ was not very impressive so that the current growth of Austrian prices is a much weaker than the price growth registered in the most favorite tourist destinations.

As compared to the summer 2005, Turkish prices went up by 14%, while Hungarian prices went down by 7%. In Hungary the value of the ‘tourist euro’ was increased despite a higher inflation rate and that occurred based on the weakening of the Hungarian currency towards the euro.

For that reason, Hungary got ahead of Croatia regarding the value of the ‘tourist euro’. This summer, it will be possible for tourists to receive, in exchange for one ‘tourist euro’, 30 to 40% more value in Hungary than in Austria.

The same situation will occur in Slovenia and the Czech Republic, whereas all three countries registered a mild decrease in the value of the ‘tourist euro’, as compared to the year 2005.

In exchange for their ‘tourist euro’, Austrians will get by far more value in countries like Greece, USA and Spain. Comparing to their homeland, Austrians will receive the same value for their ‘tourist euro’ in France, Germany and England. Slight losses will be registered in countries like Italy, Japan and Switzerland. In Italy the value of the ‘tourist euro’ went down by another 0.5%, as compared to the year 2005.