GDP growth

Tourism industry performance

[54]

INFORGE model:

§ GDP

§ Tax revenues

§ Employment effect

Tourism demand

[55]

§ Industry and consumer confidence indicator

§ Hotel and restaurant turnover

§ Real GDP

§ Relative prices

Tourism demand

[56]

Growth model and some economic variables:

§ Investment in physical capital

§ Human capital

§ Openness of the economy

§ Economic freedom

§ Tourism development

Tourism and economic growth

[57]

§ Foreign exchange

§ Tax revenues

§ Population income

§ Employment rate

§ Infrastructure improvement

Economic performance

[58]

§ Average daily rate (ADR)

§ Occupancy

§ RevPAR

§ Demand

§ Supply

Hotel performance

STR