Tourism captures $1.2 billion in investments
Travel and tourism contribution to GDP stood at $15 billion in 2011: World Travel and Tourism Council
The direct contribution of the travel and tourism sector to GDP in 2011 was $4.14 billion, accounting for 9.8 percent of GDP, according to the World Travel and Tourism Council.
According to the WTTC’s Economic Impact 2012 report, the direct contribution of travel and tourism is forecast to rise to $4.3 billion in 2012. The direct contribution of travel and tourism reflects the economic activity generated by industries such as hotels, travel agents, and airlines. It also includes the activities of the restaurant and leisure industries directly supported by tourists.
The total contribution of travel and tourism to GDP - which also includes the indirect impacts of tourism industry – was $15 billion in 2011 (35 percent of GDP). The report expected the total contribution of travel and tourism to GDP to grow to around $15.6 billion in 2012.
Travel and tourism is expected to have attracted capital investment of $1.27 billion in 2011, the report said. It expected this investment to rise by 2.6 percent in 2012.
According to the report, travel and tourism generated around 125,500 jobs in 2011, which constituted 9.4 percent of total employment. This figure is forecast to grow by almost three percent in 2012, to 9.5 percent of total employment.
by Hanadi Chami
Date Posted: Mar 12, 2012