The travel industry in Ireland has seen better days. According to a recent report from the Central Statistics Office (CSO), the number of foreign guests has fallen to its lowest level in almost a decade. In the last quarter of 2009, travel revenue fell by a cringe-worthy 13 percent. And that was after three consecutive quarters of decline.

Of particular concern to workers in the travel industry is the stagnant UK economy. As you might expect from its proximity and shared history, tourists from the UK are their most frequent visitors. But the economy in Britain has been slow to recover from the recession and many residents are skipping their annual holiday or taking trips closer to home.

The CSO confirms that the number of UK arrivals dropped by 21 percent in the fourth quarter of 2009. It also confirmed that arrivals from America were slow, as they have been all year. There was a modest decline of around 3 percent as guests stopped looking for a dentist in Belfast.

What's in store for the travel industry in the Emerald Isle? After a poor showing in the first two quarters of 2010, most experts are predicting a better third and fourth quarter to close the year. The slide in the euro and the relative strength of the dollar and the pound should encourage more guests from the UK and the US.

The good news for these tourists is that hotels and apartment rentals are cheaper than they have been in many years, especially in the cities. Even luxury hotels in Dublin have been forced to cut their room rates by as much as ten percent.