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Tourism Satellite Accounting – world status 2008


2007 saw continued broad-based strength in the Travel & Tourism economy, although generally below 2006’s dynamic growth rates. Growth of just over 4% was in fact achieved.
In 2008, growth is expected to slow to 3% but this expansion is still healthy given the difficult economic environment. Tourism’s contribution to global economic activity and employment is expected to continue increasing over the coming ten years.

• Gross Domestic Product (GDP)
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is expected to rise from 9.9% (US$5,890 bn) in 2008 to 10.5% (US$10,855 bn) by 2018.

• Employment
The contribution of the Travel & Tourism economy to total employment is expected to rise from 238,277,000 jobs in 2008, 8.4% of total employement, or 1 in every 11.9 jobs to 296,252,000 jobs, 9.2% of total employment or in 1 in every 10.8 jobs by 2018.

• Growth
Real GDP growth for the Travel & Tourism economy is expected to be 3.0% in 2008, down from 4.1% in 2007, but to average 4.0% per annum over the coming 10 years.

• Exports
Export earnings from international visitors and tourism goods are expected to generate 11.0% of total exports (US$2,103 bn) in 2008, growing (in nominal terms) to US$4,174 bn (10.3% of the total) in 2018.

Read more at WTTC

This article is written by Majbritt Thomsen, administrator on ‘Views On Tourism’.

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Posted in Market knowledge.

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