The New Zealand tourism industry expects a serious slowdown because of the financial turmoil, Radio New Zealand reported on Tuesday.

While visitor arrivals have remained steady, several tourism operators said bookings are down by up to 20 percent, with a noticeable drop in the number of future visitors from Britain and the United States.

Most of the travelers scheduled to arrive this summer booked their holiday before the market turmoil.

Tourism Industry Association Chief Executive Tim Cossar believed the full impact of the credit crisis may not be felt for another 12 months and the potential slowdown will have widespread implications for the economy.

(Xinhua News Agency October 7, 2008)