Tourism in Mexico largest sector in new WTTC benchmarking report
A new study by the World Travel & Tourism Council (WTTC) that benchmarks nine sector contributions in terms of GDP and employment to 27 countries, shows that Travel & Tourism in Mexico ranks first for GDP and second in terms of job creation.
In 2016, the total impact of business and leisure travel was USD$166 billion to Mexico’s GDP, which is 16% of the country’s GDP, making Travel & Tourism sector the largest out of the eight sectors studied in the research. According to the study, Travel & Tourism is nearly four times bigger than mining (USD$46 billion), and contributes significantly more than agriculture (USD$59 billion) and automotive manufacturing (USD$77 billion) combined.
Furthermore, tourism for business and leisure purposes is the second largest provider of jobs out of the eight sector, according to this research. Travel & Tourism supported a total of 8.7 million direct, indirect, and induced jobs in Mexico in 2016, which is nearly 17% of all jobs in the country.
David Scowsill, President & CEO, WTTC, said: “Mexico is a great example of where Travel & Tourism is recognised as one of the key catalysts of economic growth and job creation, enhancing livelihoods and boosting communities. Travel & Tourism GDP is expected to grow at an annual average of 2.9% over the next decade, which is 0.5 percentage points ahead of the total economy, and significantly higher than six of the other sectors, including agriculture (1.9%) and mining (2.0%).
Sector growth is stimulated by the commitment of the Mexican government, which has prioritised Travel & Tourism for many years now. There is even further scope for growth as Mexico continues to expand the country’s tourism infrastructure, connectivity and sustainable practices. I am looking forward to see how far the country’s Travel & Tourism sector can further grow in a sustainable manner.”
To view the full report, please click here.
About the Benchmarking Report
The WTTC Benchmarking Report is published once every two years and is sponsored by American Express.
The following sectors have been analysed in comparison to Travel & Tourism. They were selected as having similar a breadth and global presence as Travel & Tourism.
- Agriculture: includes agriculture, forestry, and fishing
- Automotive manufacturing: includes motor vehicles and parts & accessories
- Banking: includes all banking activities and related services
- Chemicals manufacturing: includes drugs & medicines, manufacture of basic pharmaceutical products and pharmaceutical preparations, plastics, rubber, paint, polishes, ink, perfumes, cosmetics, soap, cleaning materials, fertilizer, pesticides, other chemicals
- Construction: includes those primarily engaged in the construction of buildings (both residential and non-residential), engineering projects or speciality trade contractors. Construction work done may include new work, additions, alterations, or maintenance and repairs.
- Financial services: includes all financial related activities including banking, investment services and insurance
- Mining: includes the extraction of oil, natural gas, coal, metals, and related services
- Retail (without wholesale): includes all retail trade (i.e. Retail trade, except of motor vehicles & retail codes to motor vehicles and motorcycles)
Countries researched in the study: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Jamaica, Japan, Kenya, Malaysia, Mexico, Peru, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Thailand, Turkey, United Arab Emirates, United Kingdom, and United States of America