What Is Singapore’S Tourism Revenue?

Singapore’s tourism sector has shown resilience and strong recovery from the impact of Covid-19 in 2023. Key indicators such as international visitor arrivals, tourism receipts, and hotel revenues have shown a solid performance. In 2022, Singapore’s international visitor arrivals (IVA) reached 6.3 million, exceeding the forecast of between 4 and 6. Tourism receipts reached an estimated S$13.8 billion to S$14.3 billion, about half of the 2019 pre-pandemic level. Between 2010 and 2016, international visitor arrivals to Singapore increased by 5.9% on average.

In 2023, the total tourism receipts in Singapore was 27.16 billion Singapore dollars. The value of tourism receipts has increased again after the COVID-19 pandemic. Employment in tourism made up about 4.7% of total employment in Singapore in 2019, with this forecasted to increase to 5.1% in 2029.

Tourism is a major industry and contributor to the Singaporean economy. In 2019, 19,114,002 tourists visited the country, which was the highest recorded number of tourists per resident. Singapore ranked 96th in the world with 0.055 tourists per resident and 1st in Southeast Asia. In 2021, Singapore generated around 3.81 billion US dollars in the tourism sector alone.

The tourism sector contributed on average 3% of Singapore’s gross domestic product over the last 10 years. In 2020, due to the COVID-19 pandemic, visitor statistics in Singapore fell 85.7 and tourism receipts fell 82.6 (S$4.8 million) from 2019. A total of 2,700,000 hotel earnings slipped by 21.7 to S$966.2 million in 2021.

Tourism receipts were S$27.2 billion last year, just short of 2019’s S$27.7 billion, but higher than an earlier forecast of S$24.5 billion to S$26 billion. Tourism receipts are estimated to reach between 24.5 billion to 26 billion Singapore dollars ($18.28 billion to $19.4 billion) for the whole year.

What is the tourism ranking of Singapore?

Singapore has been ranked first in Southeast Asia in terms of tourism, sustainability, and economic performance, according to Euromonitor International’s “Top 100 City Destinations for 2023” report. The report, which ranked cities using 55 metrics across six key pillars, revealed Singapore as the 11th top city destination in the region. The rankings highlight Singapore’s strong economic and business performance, tourism performance, tourism infrastructure, tourism policy and attractiveness, health and safety, and sustainability.

How does Singapore make most of its money?

Singapore employs intermediary trade and entrepôt trade as a means of sustaining its elevated levels of export-oriented industrialization, as evidenced by the prominence of sectors such as wafer fabrication and oil refining. The country’s high-income economy is estimated to have a value of $5525. The nominal value is 228 billion, while the PPP value is $794. It is projected that the economy will expand at a rate of 2. 1% in 2024 and 3. 0% in 2022f. (2023f).

How much money does Singapore make from tourism?

In 2023, Singapore’s tourism receipts reached 27 billion Singapore dollars, representing a significant increase from previous years. This represents a notable increase in comparison to the preceding period, which was marked by the global impact of the SARS-CoV-2 pandemic. To access Premium Statistics, a paid Statista account is required. This includes immediate access to all statistics, source references, and download formats.

What is Singapore’s tourism competitor?

The cities of Hong Kong, Singapore, and Macau are increasingly regarded as key competitors due to their shared origin markets with mainland China visitors, a significant market for all three destinations.

Is Singapore a successful tourism hub?

Singapore’s tourism industry is set to receive a S$300 million boost in 2024, as part of a plan to boost the local economy and strengthen its global business hub status. The injection into the Tourism Development Fund will help develop and market new products and experiences, support local businesses in intellectual property development, rejuvenate existing tourism offerings, upskill tourism workers, and help local tourism companies become more productive and innovative.

Is Singapore successful in tourism?

Singapore’s tourism sector has shown resilience and strong performance in 2023, with international visitor arrivals reaching 13. 6 million, meeting the Singapore Tourism Board’s forecast of 12. 0-14. 0 million visitors. Tourism receipts are estimated to reach $24. 5 to $26. 0 billion, surpassing the forecast of $18. 0 to $21. 0 billion set in 2023. Singapore’s strategy to attract a diverse visitor portfolio, including long and short-haul markets, has significantly contributed to overall visitor arrivals, longer length of stay, and growth in tourism receipts.

The thriving pipeline of business and leisure offerings demonstrates Singapore’s appeal as an attractive and trusted tourism destination, reflecting the confidence of its partners. Key markets driving visitor arrivals include Indonesia, China, Malaysia, Australia, South Korea, and the USA.

Who is the richest tourism in the world?

The United States continues to be the most popular travel destination, ranking first in the Travel and Tourism Competitiveness Index for 2024. The country’s iconic attractions, including the Statue of Liberty and the Grand Canyon, attracted over 80 million international tourists in 2023, contributing $1. 8 trillion to its GDP.

How does tourism benefit Singapore?

The tourism industry plays an integral role in Singapore’s economy, attracting tourists and fostering a diverse and vibrant tourism sector. This, in turn, contributes directly to the country’s GDP.

What is the top 1 tourist destination in the world?

France leads the list of the top 10 most visited countries in the world, with 89. 4 million arrivals. Spain follows with 83. 7 million, followed by the United States, China, Italy, Turkey, Mexico, and Thailand. The tourism industry is a significant driver of global economic growth, and understanding which countries attract the most visitors provides valuable insights. In 2024, the tourism sector in the global economic recovery grew by 2. 9.

The World Tourism Ranking by Country, popular cities, and Global Tourism Statistics provide a comprehensive list of the most popular tourist attractions in the world. The top 50 most visited countries in 2024 (Predictive Analysis) and most visited countries in 2023, 2022, 2021, and 2020 are also included.

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.