Tourism accounts for seven percent of GDP
More than 250,000 beneficiaries
The direct contribution of the travel and tourism sector was seven percent ($3.2 billion) of the 2013 GDP, according to a recently published report by the World Travel & Tourism Council (WTTC). When factoring indirect added value, its total contribution becomes 19 percent.
Based on the direct contribution to the GDP, the country was ranked 33 out of 184 countries. The average direct contribution to GDP in the Middle East is 2.5 percent, and the world’s average is 2.9 percent. The country was only preceded by Tunisia among Arab countries.
The report said that the local sector’s contribution to GDP is forecasted to rise by 2.2 percent in 2014, and by 6.2 percent per annum over the next ten years.
The sector directly supported 92,500 jobs in 2013, representing 6.7 percent of total employment. Total contribution (direct and indirect) of travel and tourism supported 255,000 jobs.
Investment in this sector totaled $1.3 billion in 2013, or 9.4 percent of total investments. It is expected to fall slightly this year. However, the report expects investments to rise by more than five percent per annum over the next ten years.
Date Posted: Jun 24, 2014