Tourism in El Salvador up 30% since adoption of Bitcoin, minister says
El Salvador’s adoption of Bitcoin (BTC) as legal tender in September 2021 triggered a notable increase not only in its Gross Domestic Product (GDP), but also in the development of local tourism.
According to Salvadoran Tourism Minister Morena Valdez, the tourism industry in El Salvador has jumped by more than 30% since the Bitcoin Law was passed in September 2021.
“We did a survey to verify activity based on the before and after of Bitcoin. The tourism sector increased in November and December. It has increased by more than 30%”, Valdez noted in an interview with local news agency El Salvador News English on Monday.
— Monica Taher ⚡️ (@monicataher) February 22, 2022
Valdez noted that the adoption of Bitcoin by El Salvador has also impacted the flow of tourist visits, increasing the number of tourists from the United States. Prior to the enactment of the Bitcoin Law, the majority of visitors came from countries neighboring the Central American isthmus. Today, up to 60% of tourists come from the United States, it noted.
The minister added that the growth of tourism in El Salvador exceeded government expectations, reaching 1.4 million visitors instead of 1.1 million tourists.
“We had planned $800,000 in foreign exchange, but we got over $1,400 million in foreign exchange revenue,” Valdez said.
Related: El Salvador’s Pro-Bitcoin President Will Offer Citizenship to Foreign Investors
The news comes shortly after Salvadoran President Nayib Bukele announced that El Salvador’s GDP grew 10.3% in 2021. The country’s exports, a major driver of economic growth, also rose 13% in 2021. year-over-year in January 2022.
El Salvador’s GDP grew by 10.3% in 2021.
And now its exports (the main driver of economic growth) are up 13% in January, compared to January 2021.
Do we see another double-digit GDP growth this year?
By the way, El Salvador never saw double-digit GDP growth before 2021. https://t.co/f9yMkPpLNJ
—Nayib Bukele (@nayibbukele) February 19, 2022