Hospitality industry in Germany experienced worst growth for years in 2023

Admin I Tuesday, Feb. 20, 2024

 

FRANKFURT – The hospitality industry in Germany grew more slowly in 2023 than initially estimated last month, new figures released on Tuesday showed.

Price-adjusted sales rose by only 1.1% in 2023 compared to the previous year, the Federal Statistical Office (Destatis) reported. Compared to the pre-pandemic year of 2019, sales were 11.3% lower.

In an initial estimate for 2023 in mid-January, the authority had assumed price-adjusted sales growth of 2.6% year-on-year.

In non-price-adjusted terms, hoteliers and restaurateurs had 8.5% higher revenues than in the previous year. The first estimate was 9.6%.

“Hotels and restaurants owed the barely positive result for 2023 primarily to the particularly strong price-adjusted growth at the beginning of the year. As the year progressed, higher prices for food, staff and energy weighed the industry down”, Destatis said.