Travel and tourism worldwide has outgrown automotive manufacturing
The global travel and tourism industry is double the size of automotive manufacturing and roughly one-third larger than chemical manufacturing, according to new research from the World Travel & Tourism Council (WTTC).
The research was sponsored by American Express on the eve of WTTC’s 12 Global Summit in Tokyo, Japan.
The research, undertaken by Oxford Economics, shows that the sector’s direct contribution to world GDP of US$2 trillion (2.8%) is more than double the GDP of automotive manufacturing and one-third larger than the global chemicals industry.
Travel and tourism generates roughly the same GDP as the global education and communications sectors, and about half that of the global banking and financial services industry.
The sector’s total contribution to world GDP (taking direct, indirect and induced impacts into account) of US$6.3trillion (9.1%) in 2011 compares with 8% contribution of automotive manufacturing and mining.
Travel and tourism directly contributes more to GDP than automotive manufacturing in every region of the world, three times more in the Americas and twice as much in Europe. The sector’s contribution to GDP is larger than the chemicals industry in every world region except Asia.
"In terms of employment, the importance of the sector is even more pronounced," the study found.
After education, travel and tourism is the top job creator with an average of 50 jobs generated by US$1 million in spend. This number is twice as many jobs as created by financial services, communications and auto manufacturing.
By David Wilkening
David
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