Nowcasting und Forecasting Tourism Turnover and Value Added for Austria

This research project aims to close prevalent information gap and enable the tourism industry not only to focus on quantitative growth of guest arrivals or overnight stays, but on increasing the value generated by tourism services. It intends to create a tool to enable the monitoring of the tourism business cycles using turnover and value-added metrics. For the variables to be forecasted several forecasting models are used, and their performance is evaluated against each other, based on forecasting precision and error minimisation. Thereby, industry representatives and tourism organisations will be able to make more informed decisions on development objectives, while the insights generated can also inform the formulation of future policies.