Lockdown costing hospitality industry €200 million in revenue weekly: ABN Amro
The current lockdown means that the catering industry is losing 200 million euros in turnover every week, economists at ABN Amro have calculated. Staff shortages have only increased due to the outflow of people to other sectors. The leisure sector, which includes both the hospitality industry and travel organizations, will also not return to the level of 2019 next year, due to the effects of the coronavirus pandemic.
The sector was expected to grow 30 percent this year compared to last year and by 35 percent on a yearly basis in 2022. However, the decline was so great in the first year of the coronavirus pandemic, falling to 50 percent of 2019, that the sector is still lagging behind.
On the other hand, the manufacturing sector is expected to grow 13.5 percent this year, which is faster than expected. The growth will also continue next year, partly because the orders are backlogged, especially with machine builders. The transport and logistics sector also grew this year and will continue to do so, according to the economists, but store closures during the lockdown could curb that growth. The retail sector experienced a small contraction this year compared to 2020, but the experts at ABN Amro expect growth next year.
They point out that uncertainty is affecting all sectors of the economy, as it is not yet clear how long the current lockdown will last, and how quickly the Covid-19 booster vaccinations will be administered. Similar measures in other countries are also having an effect on supply problems and prices of raw materials and finished goods.
Reporting by ANP.