Miami (Latinvex).- The Dominican Republic remains the second-largest tourism market in Latin America in revenues and now also has passed Argentina in terms of visitors, according to a new analysis from Miami-based online business publication Latinvex using data from the World Tourism organization.
The Dominican Republic last year posted tourism receipts of US$6.8 billion, a 9.9% increase compared with 2015. By comparison Brazil saw receipts grow 3.1% to US$6 billion. Only Mexico has higher receipts in Latin America than the Dominican Republic.
The Dominican Republic also remains the Latin American champion in receipts as a percent of its overall economy. Last year its receipts-GDP ratio was 9.4%, the highest in Latin America and five times the regional average of 1.8%. Meanwhile, revenues per tourist reached US$1.13 billion, the fourth-highest in Latin America.
Thanks to an increase of 6.5% last year to nearly six million tourists, the Dominican Republic replaced Argentina as the fourth-largest market in Latin America in terms of arrivals. Argentina suffered a 3.1% decline to 5.6 million tourists.
All in all, total tourism receipts in Latin America grew 6.3% last year to US$88.96 billion. Nicaragua and Costa Rica led the way in percentage growth, while Mexico saw the strongest increase in real terms.
The number of tourists in Latin America grew 6.7% to 103.8 million. Chile led the way in percentage growth, while Mexico again posted the strongest increase in real terms, according to the Latinvex analysis.
Mexico remains the top tourism market in Latin America, both in receipts and tourists. Last year it hosted nearly 35 million tourists that spent US$19.6 billion.