What Proportion Of Mexico’S Gdp Is Made Up Of Tourism?

The tourism sector in Mexico has been a significant contributor to the country’s GDP, accounting for over 8% of the country’s GDP. In 2022, the sector recovered completely after suffering a slump due to the COVID-19 pandemic. Mexico received 7.8% more international tourists in June 2022 than in the same month of 2021, accompanied by an increase of over 20% in foreign exchange income. 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 Secretary of Tourism predicts that Mexico will capture US$31.1 billion from international visitors by the end of 2023, an 11.3% increase from 2022. In the third quarter of 2022, Mexico’s tourism industry saw a 12.2% annual increase on an annual basis. Between January and October 2022, 52.5 million international visitors entered the country, registering an 18.8% growth from last year and just 33.7 million jobs.

The tourism sector contributes approximately 8.7 of the total GDP in Mexico, providing 2.3 million full-time jobs (5.9 of full-time paid employment), rising to around 10 million jobs in total including informal employment. Tourism accounts for over 79.9% of exports in services.

The tourism industry provides more than 4.5 million jobs across Mexico and makes up more than 8 of the country’s GDP. Coastal tourism is the huge moneymaker, with the latest value from 2020 being 1.02 percent, a decline from 1.98 percent in 2019.

In 2019, Mexico’s contribution of travel and tourism to GDP was 17.3, but the sector has been recovering since 2022. Tourism revenue in Mexico averaged 898492.54 USD Thousand from 1980 until 2024, reaching an all-time high of 3257766.94 USD Thousand in March 2024.

What country is number 1 in tourism revenue?

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.

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.

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 rank is Mexico in tourism?

The world tourism industry is recovering from the pandemic, with positive signs seen in 2023. International tourism has recovered by 87 percent of pre-pandemic levels, and UN Tourism predicts it will fully recover in 2024. France is the most visited country internationally, with over 100 million tourists in 2023. Spain ranks second with over 85. 17 million arrivals, while the Middle East region has the fastest recovery rate, reaching 22 above pre-pandemic numbers. The Middle East region is expected to surpass pre-pandemic levels by 2 in 2024.

What percentage of the economy is tourism?

The US travel and tourism industry is a significant contributor to the economy, with international visitors spending $233. 5 billion in 2019 and contributing nearly $640 million a day. The industry generates $1. 9 trillion in economic output, supports 9. 5 million American jobs, and accounts for 2. 9 of the US GDP. The International Trade Administration supports the industry through its National Travel and Tourism Office (NTTO) and the U. S. Commercial Service, providing data and related products to support international outreach and promotion efforts.

With over 100 offices in the US and 75 countries worldwide, the NTTO promotes US policies that encourage competitiveness, provides business counseling, match-making, and promotional support services, ensures that regulations do not adversely impact industry competitiveness, and provides information, trade data, and market analysis to the industry, partners, and policy makers. Maintaining close relationships with the industry helps enhance its competitiveness and overseas profile.

What are the top 3 industries in Mexico?

Mexico, the world’s sixth-largest oil producer, is home to industries such as tobacco, aerospace, petroleum, and mining. The country has the world’s 11th largest GDP by purchasing power parity and 16th largest in nominal terms, with improved microeconomic fundamentals since the 1994 crisis. However, Mexico was among the Latin American countries most affected by the 2008 recession, with its GDP dropping by over 6 during that year.

The economy of Mexico has experienced unparalleled microeconomic stability, 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 the lowest among OECD nations.

Mexico’s 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. Over 90 of Mexico’s trade falls under free trade agreements (FTAs), including the North American Free Trade Agreement (NAFTA).

The General Congress of the United Mexican States has recently approved judicial reforms, significant tax, and pension reforms. The reform of the oil industry is currently being debated. In 2016, 15 companies in Mexico were on the Forbes Global 2000 list of the world’s largest companies.

Does Mexico rely on tourism?

Mexico, the world’s seventh most popular tourist destination in 2019, generated $25 billion in income from 45 million international visitors. The tourism industry provides over 4. 5 million jobs and accounts for over 8 of the country’s GDP. Coastal tourism is the main revenue generator, with popular beach destinations like Cancun, Playa del Carmen, Cozumel, and Cabo San Lucas. However, Mexico’s recent tourism boom and development of luxurious hotels in deserted coastal lands have caused severe damage to the country’s biodiversity.

What makes up Mexico’s GDP?

Mexico’s industrial sector, including manufacturing, mining, oil, and gas, has contributed 25 to 35 percent of the country’s GDP over the past 35 years. From 2002 to 2022, the industry averaged 32 percent of the GDP. It employs 26 of the nation’s labor force. The most developed industries in Mexico are automotive, electronics, and oil. The automotive industry, primarily an assembly manufacturer, has advanced to conducting independent research and development. Major car manufacturers like General Motors, Ford, Toyota, Mercedes Benz, Honda, and Volkswagen Group have established operations in Mexico.

What is the largest part of Mexico’s economy?

Mexico’s economy is classified as a developing/emerging country, an upper-middle-income country, and a newly industrialized country. The gross domestic product (GDP) is divided into three sectors: agriculture, industry, and services. The population below the poverty line is also considered. The country has a Gini coefficient of 41. 5 and a GDP of $2. 017 trillion (nominal; 2024), $3. 434 trillion (PPP; 2024), and $15, 249 (nominal; 2024).

How does tourism contribute to the economy?

Tourism presents a significant opportunity for sustainable development, creating jobs, strengthening local economies, contributing to infrastructure development, conserving natural environments and cultural assets, and reducing poverty and inequality. However, the industry is vulnerable to crises, with decisions on travel largely influenced by personal perceptions of the destination. Security is a key factor, with tourists relying on travel warnings from foreign ministries.

The COVID-19 pandemic significantly impacted global tourism, putting up to 100 million jobs at risk. Despite this, tourism generally recovers more quickly than other industries. The Federal Ministry for Economic Cooperation and Development (BMZ) supports partner countries in developing the tourism sector to become resilient to crises and provide income and employment opportunities. The private sector is an essential partner in transitioning to economically and environmentally sustainable tourism.

What percentage of Mexican economy is tourism?

The contribution of the tourism sector to Mexico’s gross domestic product (GDP) has increased to 8%. In 2022, the sector contributed over 2. This equates to a contribution of 3 trillion pesos to the country’s GDP. This growth is subsequent to a recovery from the preceding year. In order to gain access to all Premium Statistics, it is necessary to possess a paid Statista account. This includes immediate access to all statistics, source references, and download formats.