- Turnover drops for the first time in four years
- Substantial turnover loss for restaurants and pubs
- Hotels also face consequences of declining economic growth
Turnover realised by the sector hotels and restaurants declined by nearly 1 percent in the third quarter of 2008 relative to the same period last year. The last time the sector reported a downturn in sales was in the third quarter of 2004. Provisional figures published by Statistics Netherlands show that prices rose by 3.7 percent, whereas the volume of sales shrank by 4.3 percent.
With a turnover loss just short of 2 percent, restaurants and pubs were hit hardest in the third quarter. Restaurant prices rose by an average 4.7 percent. Sales dropped by 6 percent. Pub prices increased by 3.8 percent, sales dropped by 5.4 percent.
In contrast with the overall downward trend in the rest of the sector, hotels realised a turnover growth in the third quarter. Due to the slowdown in economic growth, turnover increased by only 1.8 percent, significantly down on the previous quarters.
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