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SINGAPORE : More tourists headed to Singapore in the first six months of the year, but fewer are spending.
The latest figures by the Singapore Tourism Board (STB) showed that the tourism sector recorded a 2.9% growth in visitor arrival, but a 0.2% decline in tourism receipts from January to June, compared to the same period in 2007.
This was based on the 5.1 million visitors who arrived in Singapore during that period, generating an estimated S$6.5 billion in tourism receipts.
The current slowdown in the global economic climate, combined with higher air travel costs, rising fuel prices and exchange rates are the key factors causing the slowdown in the growth of Singapore's tourism sector.
However, the STB expects the tourism sector to continue to grow in the mid to long term, given the exciting events coming up - such as the Formula One race. - CNA /ls
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