Development of tourism and hospitality industry in the context of exports

The economy of Latvia in the recent two years has experienced the consequences of the global economic and financial crisis that most likely will influence both the ratings of Latvia in the international arena and the welfare of every resident. It has also created a substantial impact on the tourism and hospitality industry. Tourism demand is very sensitive to the changes in the global economy – it has a tendency to exceed the macroeconomic indicators during the economic growth and to drop much more rapidly than other industries during the downturn of economy. This is clearly evidenced in the course of the research by the data mathematical processing method, using the calculations made by the time-series analysis. The present study will give an insight into the development of tourism and hospitality industry development in the past two years, a detailed analysis on its competitiveness and role in the exports of Latvia tourism and hospitality services