CONSOLIDATED MANAGEMENT REPORT 15
FUTURE OUTLOOK
The results of the UNWTO Confidence Index continue to be very positive for 2016, although slightly lower than the previous two years. Based on current
trends and with this general outlook, UNWTO forecasts 4% growth in international tourist arrivals worldwide in 2016.
By region, growth is expected to be strongest in Asia and the Pacific (+4.0% to +5.0%) and the Americas (+4,0% to +5,0%), followed by Europe (+3.5%
to +4.5%). The forecast for Africa (+2.0% to 5.0%) and the Middle East (+2.0% to +5.0%) is positive, although with greater uncertainty and volatility.
EVENTS AFTER THE REPORTING PERIOD
After the year end closing there has not been any relevant issue with significant impact on the financial and equity position of the Group.
