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unlocking the power of tourism
- Article from:
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Accountancy SA
- Article date:
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June 1, 2008
- Author:
- Macdonald, Ian
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Copyright informationCopyright South African Institute of Chartered Accountants Jun 2008. Provided by ProQuest LLC. (Hide copyright information)
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Since the advent of democracy, the tourism sector has both benefited from and contributed to South Africa's 33 quarters of uninterrupted economic expansion since September 1999 - the country's longest economic upswing.
Opening this past year's Business Tourism Conference, Environmental Affairs and Tourism Minister Marthinus van Schalkwyk said "Our tourism industry, having overtaken gold as a source of foreign exchange, is one of the major contributors to this growth".
In 1994, a year in which three million foreign tourists entered the country, the Economist Intelligence Unit estimated that tourism contributed little more than 2% to South Africa's economy. Fast forward to 2007: more than 9 ...