What Is The Gdp Contribution Of Travel And Tourism?

The Travel and Tourism (WTTC) has reported that the travel and tourism sector contributed 9.1 trillion U.S. dollars to the global GDP in 2023, an increase of 23.2 from 2022 and only 4.1 below the 2019 level. This growth was attributed to the creation of 27 million new jobs, a 9.1 increase compared to 2022 and 1.4 below the 2019 level. However, the total contribution of travel and tourism to the global GDP was roughly four percent lower than in 2019, the year before.

The WTTC’s indicator 8.9.1 on Tourism Direct GDP helps monitor Target 8.9, which calls on countries to manage the sector strategically. The travel and tourism industry, which has historically represented 10% of global GDP and employment, has the potential to grow to $8.6 trillion in 2022, according to the WTTC. The industry’s contribution to global GDP includes inputs from industries directly related to tourism as well as other sectors that serve visitors.

In 2022, the travel and tourism industry in Sri Lanka contributed 12.6 U.S. dollars to its GDP, increasing from 6 in 2000 to 12.6 in 2019. In India, the travel and tourism industry contributed around 190 billion U.S. dollars to the country’s GDP, welcoming over six million foreign tourists in 2022.

The travel and tourism industry’s financial footprint was the largest it’s been since the golden age of tourism. In 2023, the share of travel and tourism’s total contribution to global GDP showed a decline of 1.3 percentage points compared to 2019. The U.S. travel and tourism industry generated $1.9 trillion in economic output, supporting 9.5 million American jobs and accounting for 2.9 of U.S. GDP.

In 2019, the contribution of travel and tourism to GDP in Macau was 72. The top 5 countries for travel and tourism include the Maldives, Seychelles, Saint Kitts, and China. Last year, despite China remaining closed, travel and tourism’s contribution to global GDP grew by 22 points, making the sector worth $7.7 trillion.

What is the major contributor of GDP in the US?

Service-based industries, including professional and business services, real estate, finance, and healthcare, account for 70% of U. S. GDP. Professional and business services, with $3. 5 trillion in value added, includes establishments providing legal, consulting, design, and administration services. Real estate, with $3. 3 trillion, is an integral part of the economy. The manufacturing industry, which has been declining due to outsourcing, still plays a significant role in the economy, accounting for $1. 6 trillion in value added, while nondurable goods account for $1. 3 trillion.

How much does tourism contribute?

The total tourism expenditure in New Zealand was $37. 7 billion, contributing 6. 2% of the GDP. International tourism expenditure was $10. 8 billion, with GST paid by visitors at $3. 5 billion. Domestic tourism expenditure was $26. 9 billion, with household tourism at $21. 0 billion. Business and government expenditure was $5. 9 billion. International tourism contributed 11. 4% to New Zealand’s total exports of goods and services.

What is the biggest impact of tourism on the economy?

Tourism activities are crucial for developing countries as they contribute to income generation, employment, and foreign exchange earnings. The sector can play a significant role in economic development, with its impact depending on each country’s specific characteristics. The complexity of tourism consumption makes its economic impact felt across other production sectors, contributing to accelerated development. However, defining the boundaries of the tourism sector is challenging due to its interdependence with other sectors.

The lack of reliable statistical data hinders the identification of growth mechanisms and potential for development. However, in cases where analysis and research have preceded planning, tourism’s priority in competing for scarce investment funds has been established, leading to the design of long-term programs for tourism development.

What percentage of the GDP is tourism?

In 2023, travel and tourism’s contribution to global GDP declined by 1. 3 percentage points compared to 2019, the year before the COVID-19 pandemic. These industries made up 9. 1% of the global GDP, contributing nearly 10 trillion U. S. dollars. The pandemic’s lockdowns and travel restrictions impacted travel and tourism, with job growth but slightly below pre-pandemic levels. International tourist arrivals also lagged pre-pandemic levels, with Europe being the global region with the highest number of international tourist arrivals. Despite a rebound in 2022 and 2023, the number of international tourist arrivals remained below the peak of nearly 1. 5 billion reported in 2019.

What is the contribution of tourism in GDP?

The travel and tourism sector contributes 9% to global GDP, with an annual growth rate of 3. 3%, particularly in Southeast Asia, and an overall contribution of over 10%.

What is the relationship between GDP and air travel?

The research shows a correlation between air passenger volume and long-term economic growth, highlighting the importance of air travel for a country’s GDP. However, the COVID-19 pandemic has impacted the tertiary sector’s growth at the expense of the international air transportation business. The study acknowledges the use of cookies and the use of text and data mining technologies, including AI training, in the context of open access content.

Which country has the highest tourism GDP?

In 2023, the United States surpassed pre-pandemic levels in terms of travel and tourism contribution to GDP, with a total of 2. 36 trillion U. S. dollars. China and Germany followed closely, with travel and tourism contributing around 1. 3 trillion and 488 billion U. S. dollars, respectively. The total contribution of travel and tourism to global GDP reached just under 10 trillion U. S. dollars in 2023. GDP, the total value of goods and services produced in a country in a year, is a crucial indicator of a country’s economic strength.

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 as a 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, up 72 percent from the previous year and $12. 1 billion higher than the pre-pandemic level. The recovery in total tourism consumption was driven by domestic household consumption, which was 27 percent higher than pre-pandemic levels. Domestic business/government consumption was 7 percent higher, while international visitor consumption was 34 percent lower.

What is the total contribution of Travel and tourism to GDP in Greece?

In 2023, Greece’s travel and tourism industry contributed 42. 7 billion euros to its GDP, a slight decrease from 2019. The number of international tourists in Greece surpassed 36 million, surpassing pre-pandemic levels. Germany was the leading inbound travel market, followed by the United Kingdom, Italy, and France. The total contribution of these industries is expected to reach 46. 8 billion euros in 2024. The economic contribution of travel and tourism in Greece is expected to continue growing.

What is the relationship between GDP and tourism?

Tourism is a significant source of income for countries specializing in this sector, generating 5. 8 of the global GDP in 2021 and providing 5. 4 of all jobs worldwide. However, the Covid-19 health crisis has significantly reduced tourism data. Prior to the pandemic, tourism represented 10. 3 of the worldwide GDP and 10. 2 of the global total. With the pandemic’s evolution and regained tourist trust, it is estimated that by 2022, approximately 80 of the pre-pandemic figures will be achieved, with a full recovery expected by 2024.

Many countries consider tourism as a tool for economic growth. Numerous studies have analyzed the relationship between increased tourism and economic growth, with some studies showing that tourism contributes to economic growth while others suggest that the economic cycle influences tourism expansion. International organizations like the OECD and UNCTAD suggest that tourism not only promotes economic growth but also contributes to socio-economic advances in host regions, which may be the real importance of tourism, as the ultimate objective of any government is to improve a country’s socio-economic development.

What percentage of GDP is travel and tourism?

In 2023, the travel and tourism sector contributed 9. 1 to the global GDP, representing a 23. 2-fold increase from 2022 and a 4% contribution to the global GDP. The figure is below the 2019 level, while 27 million new jobs were created, representing a 9. 1% increase from 2022.