28/08/2003 00:00
By Humphrey Carter
THE Euro is about to start dropping in value against the Pound and the Dollar as the Eurozone continues to face economic trouble.
City traders expect to see the Euro suffer this week which is good news for tourism as the tens of thousands of Britons continuing to flock to the Balearics will be able to enjoy the rewards of a strengthening Pound Furthermore, the strengthening dollar means that Britons will find the States more expensive than they would have a few weeks ago, making Eurozone holidays even more attractive. The euro this week has already fallen to as low as 62 pence in early trading on Monday before enjoying a late rally and mid-trading yesterday, it was down to 69 pence, gradually falling from its recent benchmark of 70 pence-plus. The British market is very much dominating the Balearic and Spanish tourism industry this year, the secretary of state for Tourism, Juan Costa, said yesterday three out of every ten visitors to Spain this year are British, adding that United Kingdom market is performing extremely well. Over the past week, boosted by the Bank Holiday weekend in Britain, British visitors have flooded in to Majorca, over 2'000 Britons went to watch the Real Mallorca v Real Madrid Super Cup game at Son Moix on Sunday night. The club confirmed that of the first 2'000 tickets sold on the first day the ticket office opened, half were bought by Britons and come the end of the month, Palma airport figures are expected to show that British tourists have outnumbered all other nationalities for the second consecutive month in Majorca. In Minorca, there has been little change in the market forces with nearly 75 percent of holidaymakers being from the UK.
Figures released yesterday show that nearly 80 percent of self catering clients in Minorca this summer have been British while in Ibiza, well over half of the apartment market has been UK dominated
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