Travel & Tour Sector Pump Global GDP in 2012

In a set of startling revelations It has been found that travel and tourism industry’s direct contribution to world GDP and employment in 2012 was US$ 2.1 trillion (2012 prices) and 101 million jobs. Taking into account its combined direct, indirect and induced impacts, travel and tourism’s total economic contribution in 2012 was US$ 6.6 trillion in GDP (2012 prices); 260 million in jobs; US$ 760 billion in investment (2012 prices); and US$ 1.2 trillion in exports (2012 prices). This total contribution represents 9% of total economy GDP in 2012, 1 in 11 jobs, 5% of total economy investment and 5% of world exports.

Despite an on-going challenging economic climate, global travel and tourism directly contributed to GDP 3.2 per cent in 2012. Total travel and tourism employment, including those working in the industry’s supply chain and supported by the spending of their employees, increased by four million jobs in 2012.

While travel and tourism GDP growth slowed throughout 2012 and was weaker than forecast one year ago, visitor exports exceeded expectations, rising 4.7 per cent year-on-year.

In percentage growth terms, Asia, Latin America and Sub-Saharan Africa were amongst the fastest growing destination markets in 2012. Though in absolute change terms, visitor exports growth to North America and Europe exceeded expectations in 2012 and explain most of the growth in global visitor exports.

In terms of outbound spending, Asia and Latin America were the fastest growing origin markets in 2012, but in absolute change terms, it was again Europe and North America, along with North East Asia, that accounted for the overall above expectations growth.

In contrast, growth in both domestic travel and tourism spending (2.8 per cent) and travel and tourism investment (2.4 per cent) in 2012 was weaker than expected a year ago.

While 2012 was the third successive year of strong growth in visitor exports, part of this growth may still reflect a rebound from the global recession in 2008/2009. Global visitor exports fell by over 6% in 2009, compared to a smaller fall in domestic Travel & Tourism spending.