How Large Is Tourism In Italy’S Economy?

The World Travel and Tourism Council (WTTC) has reported a significant decline in Italy’s tourism sector, with the sector contributing only 1.8% to its GDP in 2023. This decline is attributed to the COVID-19 pandemic, which led to a decline in tourism revenue. In 2019, the sector directly contributed 13% to Italy’s GDP, and it employed 14.7 million people. However, the WTTC predicts that by 2034, the sector will significantly grow, contributing nearly €237 billion to the Italian economy and employing over 3.3 million people.

In 2024, Italy’s tourism sector contributed €215 billion, representing 10.5 of the country’s total economic output. The sector now accounts for about 13 of Italy’s GDP, accounting for 10.2% of the country’s total output. Last year, the sector’s GDP contribution grew by 33.4 to reach more than €194 billion, representing 10.2% of the Italian economy. According to 2018 estimates by the Bank of Italy, the tourism sector directly generates more than 5% of the national GDP.

The tourism sector plays a crucial role in the Italian economy, accounting for 11.8 of national GDP and 12.8 of total national employment in 2015. The contribution of travel and tourism to Italy’s GDP increased from 13.3 in 2000 to 13.3 in 2019, growing at an average annual rate of 0.08. In 2019, tourism was 13.2 of the Italian GDP, amounting to € 232.2 billions, and the sector employed 14.9 of the total workforce.

How does tourism affect the economy of Italy?

Italy’s Travel and Tourism sector contributed €215BN to the country’s total economic output in 2024, accounting for 10. 5 of the total output. The sector generated nearly 185, 000 new jobs, bringing the total to 2. 97MN nationwide. The resurgence of international visitors to Italy has also seen a strong increase in spending, reaching €51. 4BN, highlighting Italy’s appeal as a premier global destination. This highlights the sector’s importance as a backbone of the Italian economy.

What is the most touristic country in Europe?

France, the most visited destination in Europe, saw a significant increase in visitors in 2023, welcoming 100 million visitors. This marked a significant increase in tourism, with nearly 90% of pre-pandemic levels met. Countries like France, Spain, Turkiye, Italy, and the United Kingdom are emerging as vibrant tourism centers, offering a glimpse of brighter days ahead. The top ten most visited countries in Europe are France, Spain, Turkiye, Italy, and the United Kingdom, all of which are attracting tourists due to their captivating beauty and cultural treasures.

What is the main source of income in Italy?

Italy is the world’s seventh-largest manufacturing country, with a small number of global multinational corporations and many dynamic small and medium-sized enterprises. It is a large manufacturer and exporter of a significant variety of products, including machinery, vehicles, pharmaceuticals, furniture, food, and clothing. Italy has a significant trade surplus and is known for its innovative business economic sector, competitive agricultural sector, and manufacturers of creatively designed products. Italy is also the largest hub for luxury goods in Europe and the third-largest luxury hub globally.

Despite these achievements, Italy’s economy suffers from few structural and non-structural problems. Annual growth rates have often been below the EU average, and Italy was somewhat hit by the late-2000s recession. Massive government spending from the 1980s onwards has produced a severe rise in public debt. Italian living standards are extremely high on average, but there is a considerable North-South divide. The average GDP per capita in the much richer Northern Italy significantly exceeds the EU average, while some regions and provinces in Southern Italy are significantly below the average.

In recent years, Italy’s GDP per capita growth slowly caught-up with the Eurozone average, and its employment rate also did. However, economists dispute the official figures due to the large number of informal jobs that lift inactivity or unemployment rates.

The Italian Renaissance was remarkable in economic development, with Venice and Genoa being the trade pioneers, followed by Milan, Florence, and the rest of northern Italy. The Republic of Venice was the first real international financial center, and tradeable bonds were invented by Italian city-states during the late medieval and early Renaissance periods.

What makes up Italy’s GDP?

Italy’s main economic sector, encompassing finance, tourism, and retail, accounts for over 70% of GDP. This sector is bolstered by a robust tourism industry and a skilled workforce. However, Italy’s economy, the Eurozone’s third largest, has seen a decline in recent years due to factors such as a declining population, high debt, rigid jobs market, and bureaucratic red tape. The country’s industrial sector remains vital, with strengths in automotive, pharmaceuticals, machinery, fashion, and luxury goods. Global brands like Fiat, Ferrari, and Luxottica showcase Italy’s reputation for quality and design.

What is Italy’s main industry?

Italy is the world’s largest exporter of luxury goods, with major industries including precision machinery, motor vehicles, chemical products, pharmaceuticals, electrical items, fashion, and clothing.

Is tourism the biggest industry in Italy?

Italy’s tourism sector is one of the largest economic sectors in the country, with 60 million tourists per year, making it the fourth most visited country in international tourism arrivals. The sector directly generates over five percent of the national GDP and represents over six percent of the employed. Italy has been visited for centuries, with the first tourists being aristocrats during the Grand Tour in the 17th century. Today, the factors of tourist interest in Italy include culture, cuisine, history, fashion, architecture, art, religious sites, naturalistic beauties, nightlife, underwater sites, and spas.

Winter and summer tourism are present in many locations in the Alps and Apennines, while seaside tourism is widespread along the Mediterranean Sea. The association I Borghi più belli d’Italia promotes small, historical, and artistic Italian villages. Italy is among the most visited countries by tourists during the Christmas holidays. Rome is the third most visited city in Europe and the 12th in the world, with 9. 4 million arrivals in 2017.

Milan is the fifth most visited city in Europe and the 16th in the world, with 8. 81 million tourists. Venice and Florence are among the world’s top 100 destinations. Italy has the highest number of UNESCO World Heritage Sites in the world, with 53 cultural and 5 natural sites.

How much of Italy’s income is tourism?

In 2023, travel and tourism contributed nearly 10. 5 percent of Italy’s GDP, reaching nearly 215 billion euros. This sector also contributed to employment in Italy, with the total international tourist expenditure surpassing 50 billion euros. Germany ranked as the leading market, followed by the United States, the United Kingdom, and France. The contribution of travel and tourism to Italy’s GDP is significant, with the highest figure reported to date. The industry also plays a significant role in Italy’s economy, with the country’s tourism sector contributing significantly to the country’s economy.

What are the top 3 resources in Italy?

Italy’s natural resources include marble, building stone, mercury, potash, natural gas, and crude oil. The mountainous terrain and seismic activity present a risk of landslides, avalanches, volcanic eruptions, and earthquakes, while also posing potential hazards.

Which European country earns the most from tourism?

Spain topped the European list with the highest international tourism receipts in 2023, with inbound tourism receipts reaching 92 billion U. S. dollars, recovering from the COVID-19 pandemic. The United Kingdom and France followed with 74 billion and 69 billion U. S. dollars respectively. To access all Premium Statistics, a paid Statista Account is required, which includes immediate access to all statistics and source references.

Which country earns most from tourism?

The US leads the travel and tourism market in revenue with 204. 45 billion U. S. dollars, followed by China with 149. 18 billion U. S. dollars, and Canada with 16. 75 billion U. S. dollars, resulting in a difference of 187. 7 billion U. S. dollars. Other insights include a ranking by country regarding revenue in the market and a subsegment in the Netherlands’ Cruises segment. Statista Market Insights covers a wide range of markets.