The World Travel & Tourism Council (WTTC) yearly Economic Impact Research reported that the direct contribution of Travel & Tourism to GDP in 2017 was USD2,570.1bn (3.2% of GDP). This is forecast to rise by 4.0% to USD2,674.2bn in 2018.
This primarily reflects the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation
The direct contribution of Travel & Tourism to GDP is expected to grow by 3.8% pa to USD3,890.0bn (3.6% of GDP) by 2028.
Travel & Tourism generated 118,454,000 jobs directly in 2017 (3.8% of total employment) and this is forecast to grow by 2.4% in 2018 to 121,356,000.
By 2028, Travel & Tourism will account for 150,139,000 jobs directly, an increase of 2.2% pa over the next ten years.
By 2028, Travel & Tourism is forecast to support 413,556,000 jobs (11.6% of total employment), an increase of 2.5% pa over the period.
Money spent by foreign visitors to a country (or visitor exports) is a key component of the direct contribution of Travel & Tourism. In 2017, the world generated USD1,494.2bn in visitor exports. In 2018, this is expected to grow by 3.9%, and the world is expected to attract 1,395,660,000 international tourist arrivals.
By 2028, international tourist arrivals are forecast to total 2,094,210,000, generating expenditure of USD2,311.4bn, an increase of 4.1% pa.
Travel & Tourism is expected to have attracted capital investment of USD882.4bn in 2017. This is expected to rise by 4.8% in 2018, and rise by 4.3% pa over the next ten years to USD1,408.3bn in 2028.
Travel & Tourism’s share of total national investment will rise from 4.5% in 2018 to 5.1% in 2028.
Read full report here.
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Source: wttc.org
