Benchmarking Travel & Tourism
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The 2017 Benchmarking research, sponsored by American Express, looks at the relative significance of the sector in comparison to eight other sectors at the global level, for each world region and for 27 individual countries.
It is easy to applaud the efforts or even to criticize the failings of Travel & Tourism in isolation without looking at the picture of our industry separate from the overall industrial context.
The research therefore takes a broader and more balanced look at Travel & Tourism and eight other sectors and shows not only the direct impact of each sector’s contribution, but also the indirect and induced impacts of these sectors to the economies of the countries and regions involved. The data provides a solid rationale for government support for the sector in countries around the world.
• Travel & Tourism direct global GDP contribution reached $2.3 trillion in 2016. This is greater than the GDP contribution of the automotive manufacturing and chemicals manufacturing sectors.
• Travel & Tourism is nearly 60% the size of the global construction sector.
• Including its indirect and induced impacts, Travel & Tourism generated $7.6 trillion in GDP globally (10.2%), exceeding that of every sector included in this study except for the construction, financial services, and retail sectors.
• Travel & Tourism directly sustained 108.7 million jobs globally in 2016. Travel & Tourism directly supports:
- 7 x more jobs than automotive manufacturing
- 5 x more jobs than chemicals manufacturing
- 4 x more jobs than mining
- 3.5 x more jobs than banking
- 2 x more jobs than financial services
• Travel & Tourism sustained a total of 292.2 million direct, indirect, and induced jobs globally in 2016. This exceeds the impacts of the automotive manufacturing, banking, mining, chemicals manufacturing and financial services sectors.
• For every job directly in the Tourism sector nearly two additional jobs are created on an indirect or induced basis, making its linkages stronger than in the construction and agriculture sectors.
• WTTC projects global Travel & Tourism GDP to grow 4.0% per annum (compound annual growth) over the next decade. In comparison the total global economy is expected to expand 2.7% per annum while the mining and agriculture sectors are forecast to grow 2.0% and 2.2% per annum respectively, in real, inflation-adjusted terms.
|Sponsors Benchmarking Reports 2017|
Global Benchmarking Report 2017June 2017
The latest WTTC Benchmarking, sponsored by American Express, compares the economic contribution of Travel and Tourism to that of eight other industries. It shows the power of Travel & Tourism to create jobs and support economic growth.