In December, catering turnover increased by 4.3%

However, these could be offset by the continued recovery of tourism, and based on experience, the open restaurants operate with full houses, so there was no downturn in the hospitality sector, and the sector as a whole proved to be crisis-proof. In the fourth quarter, the expansion of catering turnover also accelerated slightly, mitigating the expected fourth-quarter decline in the economy. The improvement in tourism supports the balance of services and, through this, the improvement of the current account. The almost complete lifting of the anti-epidemic restrictions definitely boosted European tourism, the prospects were not damaged by the more cautious behavior due to the war, nor by the drastic rise in energy and food prices.

The recovery of receiving guests from outside Europe may also continue, to which the lifting of strict Chinese anti-epidemic restrictions may definitely give new impetus. The hospitality industry has faced many difficulties in the past period, on the one hand, wages had to be raised significantly due to the increased labor shortage, while a double-digit price increase of around 30% was inevitable due to the skyrocketing energy and food prices.