Travel and tourism continues with strong growth above the global GDP

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Travel and tourism continues with strong growth above the global GDP
Wed March 06, 2019

The sector grew 3.9%, contributing with a record figure of 8.8 billion dollars and generating 319 million jobs to the economy of the entire planet in 2018


For the eighth consecutive year, this result was higher than the growth rate of the Gross Domestic Product worldwide.
The above, according to an annual research on the economic impact and social importance of the sector, prepared by the World Travel and Tourism Council (WTTC), in conjunction with Oxford Economics. The document, carried out by the agency in the last 25 years, which represents the private sector of Travel and Tourism, shows that in 2018:

- Contributed with 8.8 trillion dollars to the global economy.
-It grew faster than the economies of the world for the eighth consecutive year (3.9% of Travel and Tourism versus 3.2% of the global Gross Domestic Product).
-Generated 10.4% of all global activities on the planet.
-It involved the creation of 319 million jobs, representing one out of every ten jobs generated around the world.
-It is responsible for one out of every five new jobs created on the planet in the last five years.
- It is the second fastest growing sector, above Health Care (+ 3.1%); Information Technologies (+ 1.7%) and Financial Services (+ 1.7%), only behind Manufactures, which expanded 4 percent.
-It increased its participation in leisure spending to 78.5% (from 77.5% in 2017), which means 21.5% (22.5% in 2017) of the disbursement was in business.
-Increased its participation in the expense of international tourists by 28.8%, compared to 27.3% obtained in 2017. This means that 71.2% of the expenditure comes from domestic travelers.

Gloria Guevara, President and CEO of WTTC, said: "2018 was another year of strong growth for the global travel and tourism sector, which reinforces its role as a driver of economic growth and job creation. For the eighth consecutive year, our industry exceeded the expansion in the broader global economy and we recorded the second highest growth of any major sector in the world. "
 
"In 2018, the Travel and Tourism sector generated 8.8 trillion dollars and created 319 million jobs worldwide. Once again, this demonstrates the power of the industry as a tool for governments to generate prosperity, while creating places that especially support women, young people and other groups of society, often marginalized. In fact, it now represents one in five of the new jobs created around the world and is expected to contribute 100 million new jobs worldwide in the next ten years, comprising 421 million jobs by 2021 "
 
It is important to note that the WTTC will hold its next World Summit on April 3 and 4 in Seville, Spain. This year the Summit will focus on the Changemakers theme, in which entrepreneurs, tourism ministers, academics and industry professionals will explore various topics to discuss the future vision of the sector. In the same way, they can share their knowledge and speak clearly with one voice about the problems and challenges they face today.
 
The speakers of the event will be composed of leaders of the public and private sector, as well as academics and representatives of international organizations. The Summit is expected to help demonstrate the extraordinary economic and tourist potential of Seville, offering a great opportunity for entrepreneurs to recognize the possibilities of investment in the city.

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