How Much Of Mexico’S Gdp Is Derived By Tourism?

The tourism sector has been a significant contributor to Mexico’s GDP, accounting for over 8% of the country’s GDP. In 2022, the sector experienced a complete recovery after a slump due to the COVID-19 pandemic. Mexico tourism statistics for 2019 were 25,847,000,000.00, an 8.59 increase from 2018. International tourism receipts were expenditures by international inbound visitors, with the tourism GDP reported at 2,372,556 million pesos in 2022.

In 2021, the tourism sector represented 7.1% of Mexico’s GDP and is forecasted to represent 8.3% in 2022. In 2022, 38.3 billion international tourists arrived in Mexico, representing a growth of 20.3 percent compared to 2021 and only 14.9% of that recorded in 2019. Tourism contributed a staggering US$46.4 billion to Mexico’s GDP in 2023, resulting in a 9.2 share of the total GDP.

The sector provides 2.3 million full-time jobs and a GDP of approximately 2.4 trillion Mexican pesos that year. In 2019, the direct contribution of travel and tourism to GDP was 8.06. However, the latest value from 2020 is 1.02 percent, a decline from 1.98 percent in 2019.

The direct contribution of travel and tourism to GDP is expected to grow by 2.8 percentage points to MXN3,107.9 billion (8.7% of GDP) from 2023 to 2033. The sector, which contributes 7.5 percent of Mexico’s GDP, has been recovering since 2022, two years after the pandemic.

Tourism revenues in Mexico averaged 898492.54 USD Thousand from 1980 until 2024, reaching an all-time high of 3257766.94 USD Thousand in March 2024. Tourism now accounts for 8.7% of Mexico’s GDP and is the third largest source of foreign exchange.

Over the past decade, Mexico’s tourism industry has generated 24 billion dollars in international tourism revenue, contributing to the country’s GDP.

Is Mexico GDP higher than Spain?

Mexico and Spain have comparable gross domestic products (GDPs), yet Spain boasts a smaller population, resulting in a higher per capita income. Mexico’s robust economic growth has led to an influx of foreign investment, fostering investor confidence. Conversely, Spain’s economic contraction has resulted in a decline in foreign investment.

What percentage of GDP is tourism revenue?

Tourism GDP in Australia increased by 77 percent from $35. 6 billion in 2021-22 to $63 billion in 2022-23, a $2. 7 billion increase from the pre-pandemic level. Tourism’s share of the national economy also increased from 1. 5 to 2. 5. The number of jobs filled by tourism increased from 442, 600 to 626, 400, with tourism accounting for 1 in 20 jobs in the Australian workforce. Tourism exports from international visitors increased by $20. 1 billion to $26.

1 billion in 2022-23, while tourism imports from Australian residents’ spending abroad increased by $30 billion to $41. 1 billion. Tourism consumption reached $164. 5 billion in 2022-23, a $68. 6 billion increase from the previous year and an $8 ($12. 1 billion) increase from the pre-pandemic level. The recovery in tourism consumption was primarily driven by domestic household consumption, which was 27 times higher than pre-pandemic levels. Domestic business/government consumption was 7 times higher, while international visitor consumption was 34 times lower than before the pandemic.

Which country is number 1 in tourism?

France leads the list of the most visited cities in Europe with 89. 4 million arrivals in 2019, thanks to its diverse regional cultures, historical sites, museums, gastronomy, and romantic charm. The country’s beautiful countryside, including villages, mountains, vineyards, and castles, attracts tourists. Spain follows with 83. 7 million arrivals, thanks to its historical richness, sunny coasts, architectural beauty, flamenco music, and bull running experiences.

What percent of US GDP is tourism?

In 2021, travel and tourism constituted 2. 2% of the United States’ gross domestic product (GDP), representing a 63% growth rate out of 100.

How much of Mexico’s GDP breakdown is tourism?

It is estimated that Mexico’s tourism industry contributes approximately 8%. This equates to 7 percent of the country’s total gross domestic product (GDP).

What is the GDP breakdown of Mexico?

From 2012 to 2022, Mexico’s gross domestic product (GDP) was distributed across various economic sectors. The agricultural sector accounted for 4. 03 percent of the total, with the remaining 33 percent distributed among other economic sectors. The remaining 55 percent was derived from the industrial sector, while the remaining 57 percent was derived from the service sector. The service sector accounted for 6 percent of the total. The source does not provide information on instances where percentage points do not add up to or exceed 100. Access to all statistical data is available for a fee of $1, 788 USD per year.

What of Mexico’s GDP is tourism?

The Mexican tourism sector contributes eight percent to the country’s gross domestic product. The tourism sector accounts for 7% of the country’s GDP, providing 2. 3 million full-time jobs (5. 9% of full-time paid employment), and over 79. This represents approximately 9% of total service exports, and is responsible for around 10 million jobs in total.

What are the top 3 major industries in Mexico?

Mexico’s economy is dominated by tobacco, aerospace, petroleum, and mining, with the country having the world’s 11th largest GDP by purchasing power parity and 16th largest in nominal terms. Since the 1994 crisis, Mexico’s administrations have improved its microeconomic fundamentals, resulting in significant reductions in interest and inflation rates and increased per capita income. However, there are wide gaps between the country’s southern and northern states, the poor and rich, and the rural and urban population.

Unsolved issues include income equality reduction, infrastructure improvement, and modernization of labor laws and tax systems. In 2013, Mexico’s tax revenues were 19 of the GDP, the lowest among OECD nations.

The Mexican economy comprises rapidly developing industrial and modern service sectors, with an increase in private ownership. Recent Mexican administrations have extended competition in natural gas distribution, ports, electricity generation, railroads, airports, and telecommunication to upgrade infrastructure. Mexico’s export-oriented economy is influenced by free trade agreements (FTAs), with over 90 of its trade falling under these agreements.

The North American Free Trade Agreement (NAFTA) is the most influential regional organization, with trade with the country’s northern partners accounting for 55 of its imports and nearly 90 of its exports in 2006. The General Congress of the United Mexican States has recently approved judicial, tax, and pension reforms, while the oil industry reform is currently debated.

What percentage of Spain’s GDP is tourism?

Spain’s economy’s current buoyancy is attributed to the strength of its tourism sector, which has experienced strong growth in the first four months of 2024, exceeding records from 2023. Tourism GDP accounted for 0. 9 pps of Spain’s annual GDP growth of 2. 5 in 2023, and new forecasts for 2024 predict it will contribute around 0. 6 pps to the expected growth rate of 2. 4, accounting for 13. 0 of total GDP. International tourism has seen its best start in history, while domestic tourism is showing signs of moderation.

Which country has the highest tourism percentage of GDP?

As of 2019, Macau is the country with the highest contribution of travel and tourism to its gross domestic product (GDP), with a contribution of 72. The top five countries are the Maldives, Seychelles, Saint Kitts and Nevis, and Grenada. The data presented here has been sourced from a digital data assistant.

Is tourism the biggest industry in Mexico?

Mexico, a popular Latin American travel destination, is known for its ancient civilization ruins, tropical weather, stunning nature, and authentic food. The Travel and Tourism Development Index (TTDI) ranked Mexico as the most competitive Latin American travel destination in 2021, with natural, cultural, and non-leisure features being the best-performing sub-index. Tourism has been a major economic activity in Mexico, accounting for over 8% of the country’s GDP, making it the second-largest in Latin America and the Caribbean.

During the COVID-19 pandemic, Mexico allowed international visitors to enter the country without the need for COVID-19 tests or vaccine certificates, making it a popular destination for international travelers. However, the impact of COVID-19 on Mexico’s tourism sector was significant, with travel and tourism accounting for less than 7% of the GDP in 2020. Despite recovery in 2021, the contribution of accommodation and food service industries to the Mexican economy remained significantly below 2019 figures.

In 2020 and 2021, Mexico accounted for over half of international tourist arrivals in Latin America and the Caribbean, with the United States being the main source market for Mexico’s inbound tourism. In the first semester of 2022, air travelers with U. S. residency arrived over three times higher than the combined number of air passenger arrivals from other leading countries of origin for international tourism in Mexico.