Travel & Tourism becomes largest contributor to Spanish economy, says new WTTC Benchmarking research
Major research conducted by World Travel & Tourism Council (WTTC), the global body which represents the private sector of Travel & Tourism, has revealed Travel & Tourism is the largest sector in Spain in terms of its contribution to GDP and employment, contributing €176bn to the nation’s economy in 2018.
The ‘Benchmarking’ study from WTTC, compares the industry’s economic impact to eight other key sectors (Agriculture, Mining, Health, Automotive Manufacturing, Retail, Financial Services, Banking and Construction), across 26 countries and 10 world regions.
The report, sponsored by American Express, reveals in Spain, of the sectors studied, Travel & Tourism is the largest sector in terms of GDP contribution (15%), overtaking Construction (14%) and ahead of Retail (12%) and Health (12%).
During the period 2010 - 2018, Travel & Tourism was the second fastest growing sector (3.38% pa), mainly driven by international spending, outpaced only by Automotive Manufacturing (3.44% pa) and ahead of overall economy growth rate of 1.0% pa.
Furthermore, according to the research, Travel & Tourism in Spain, now the world’s second most popular destination welcoming more than 80m visitors to its shores each year, supports more nearly seven times as many jobs as the Automotive Manufacturing sector, and nearly three times as many as the Financial Services sector.
The Global Picture
Accounting for 10.4% (US$ 8.8 trillion) of total global GDP in 2018, Travel & Tourism’s contribution to GDP was 1.4 times higher than Agriculture (7.7% contribution), 1.5 times higher than Banking (7.1% contribution) and Automotive Manufacturing (6.8% contribution) and 1.7 times higher than Mining (6.0% contribution).
Among those analysed, Travel & Tourism was the fastest growing sector in 2018, increasing 3.9%, ahead of Automotive manufacturing (3.7%) and Health (3.3%), and higher than the global economy growth rate (3.2%) for the eighth consecutive year. Strong growth in Travel & Tourism is driven by the continued rise in the number of middle-class households, solid growth in global consumer spending, low unemployment rates, continued rebound from security threats, currency depreciation and visa relaxation in several countries around the world.
Meanwhile, Travel & Tourism contributes 319 million jobs (10% of all jobs) to global employment, ahead of Financial services (9.1%) and Health (7.4%).
Gloria Guevara, President & CEO, WTTC said: “As we know and is now reaffirmed by this Benchmarking Research, the Travel & Tourism sector underpins much of spending and supports jobs in Spain. The Travel & Tourism industry has experienced incredible growth over the last nine years and WTTC commends the Spanish government for recognising the clear importance of the Travel & Tourism industry as a driver of economic growth and for their strategy in spreading the benefits of the industry across the country.”
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