ECONOMETRIC ASSESSMENT OF THE MACROECONOMIC CONTRIBUTIONS OF TOURISM IN REPUBLIC OF SRPSKA

This paper provides an econometric assessment of the macroeconomic contributions of tourism in Republic of Srpska. The analysis is based on the Tourism-Led Economic Growth (TLEG) hypothesis and examines the elasticity of gross value added in the services and agriculture sectors in relation to tourist arrivals, as well as the long-term relationship between tourism and GDP growth. The results suggest that tourism positively influences economic development, particularly through its effects on service-oriented and agricultural activities. Despite the limitations in the availability and reliability of official data, the findings support the recognition of tourism as a strategic sector. The paper highlights the need for improved statistical infrastructure, greater investment and the strategic development of the tourism sector to enhance its growth and competitiveness potential.