Published on : Thursday, April 5, 2018
In Europe, German travel sector is the largest and number in the world after the USA and China in terms of its economic importance, as per the recent WTTC Country Report on Germany. Last year, the sector contributed directly €129 billion to German GDP which was a 3.9% share. In total, comprising indirect economic effects, the contribution amounted to €348 billion, or 10.7%.
The German tourism industry in 2017 increased by 1.7% and this growth could speed up to 2.9% this year (both in terms of direct and total economic contribution), as per the report authors Oxford Economics. This has the chance to place Germany ahead of overall growth in the European Union in 2018, which is anticipated 2.5%.
Private travel and leisure accounts 78% of the total contribution of the sector to German GDP, with business travel churning the remaining 22%, as per the report. This year, leisure spending is anticipated to rise by 2.3% as business travel expenditure could increase by 3.7%.
Domestic travel, contributed 87% of the turnover to the sector, which is expected to grow by 2.5% this year. Foreign visitors generated 13% of the remaining to Germany which is being anticipated to spend 3.5% more this year.
In the forthcoming decade, the direct economic contribution of German travel and tourism has a chance to grow by 1.8% a year on average, according to the report’s long-term forecasts for 2018-2028.
The WTTC statistics shows the spending within Germany and keep out the spending by Germans on travel outside the country. Last year, this amounted to €78.1 billion and has the chance to rise to €79.9 billion in 2018, the report showed.
Tags: German tourism, WTTC