Hotel Association: collaboration and VAT reduction is needed to achieve growth

The Hungarian hotels have tremendous growth opportunities that are not yet exploited. To reach success joining forces and VAT reduction is needed in the sector – the president of the Hungarian Association of Hotels and Restaurants said at a press conference in Budapest on Tuesday.

Niklai Ákos, at ”The Performance of the Domestic Hotel Industry in 2014, and in the First Quarter of 2015 Trends, Challenges, a Opportunities” press conference pointed out that the tourism and hotel industry developed well in recent years in Hungary. In terms of growth Hungary’S tourism is ranked as the first in Europe.

Tourism in Hungary contributes to the GDP with 9 percent, and employs more than 300 thousand people. The sector's foreign currency revenues amounted to 4 billion euros – he added. (MTI)