[Nicke]

PHUKET, Dec 5 (TNA) – Despite plunging taxes and tourism revenues, a practical provincial administration remains upbeat about Phuket's future.The economy of this world-renowned tourist resort contracted during the first nine months of 2005 due to the extended plunge in tourism, according to figures released today by Governor Udomsak Asavarangkura.
The news was not unexpected, suggested the governor. The shortfalls were so evident as to not require expert analysis.
In the aftermath of the tsunami, Phuket received only 479,174 visitors, down 52 per cent compared to arrival figures from the same period last year. In consequence, the local economy, heavily dependent on tourism-related activities contracted palpably, he said, plain for all to see.

During the first nine months of this year, the local administration managed to collect Bt 3.39 million in tax revenue, the governor said, less than expenditures of Bt 3.82 million.

However, golf tourism along with yachting and cruise holidays have shown promising signs to offset the loss from traditional tourism, said the governor, adding that the property market of Phuket remains lively. (TNA)