March 19, 2014
Julie Hoit
For the fourth straight year, the travel industry continues to contribute to the world's economy
According to the World Travel and Tourism Council’s Economic Impact Report, in 2013:
Travel & Tourism continues to outperform the wider economy in terms of economic growth (3% vs. 2%)
Travel & Tourism not only outpaced the wider economy, but also grew faster than other significant industries such as financial and business services, retail and distribution, public services, transport and manufacturing.
4.7 million new jobs were created as a result of tourism activity
Visitor exports, the measure of money spent by international tourists, exceeded expectations rose by 4% to $1.3 trillion and by more than 10.2% within South East Asia.
South East Asia leads the pack in terms of both total Travel & Tourism economic and employment growth at 7.9% and 4.1% respectively.
In Europe, both total Travel & Tourism GDP and employment growth have exceeded expectations, boosted by strong demand from long-haul markets.
There was particularly strong expenditure growth from travelers of China, Russia, Brazil, Indonesia, Turkey and Egypt in 2013 to other destinations.
At 8.3%, China is expected to grow the most of any G20 country in 2014.
Click here to read more about the report.