In 2017, the World Travel & Tourism Council or WTTC yearly Economic Impact Research showed that direct contribution of Travel & Tourism to GDP was around USD2,570.1bn (3.2% of GDP). This is predicted to increase by 4.0% to USD2, 674.2bn, this year.Published on : Friday, March 23, 2018
In 2017, the World Travel & Tourism Council or WTTC yearly Economic Impact Research showed that direct contribution of Travel & Tourism to GDP was around USD2,570.1bn (3.2% of GDP). This is predicted to increase by 4.0% to USD2, 674.2bn, this year.
This reveals mainly the economic activity created by industries like hotels, travel agents, airlines and other passenger transportation.
Travel & Tourism’s direct contribution to GDP is anticipated to increase by 3.8% pa to USD3, 890.0bn (3.6% of GDP) by 2028.
Last year, Travel & Tourism churned out 118,454,000 jobs (3.8% of total employment) and this is expected to increase by 2.4% this year to 121,356,000.
By 2028, Travel & Tourism will account 150,139,000 direct jobs, a growth of 2.2% pa over the next ten years.
By 2028, Travel & Tourism is estimated to support 413,556,000 jobs (11.6% of total employment), a boost of 2.5% pa over the period.
Money invested by overseas visitors to a country (or visitor exports) is the main component of direct contribution of Travel & Tourism. Last year, in visitor exports, the world generated USD1, 494. 2bn. This year, it is expected to grow by 3.9%, and the world is hoped to draw 1,395,660,000 international tourist arrivals.
International tourist arrivals by 2028 are expected to reach a total of 2,094,210,000, generating expenditure of USD2,311.4bn, an increase of 4.1% pa.
Tags: global gdp, WTTC