Tourism is one of the most important contributors to a country’s economy. It not only generates revenue for the government but also creates employment opportunities for millions of people worldwide. In this article, we will explore how much of GDP is tourism and its impact on the global economy.
What is GDP?
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country’s borders in a specific period, usually a year. It is used as an indicator of a country’s economic health and growth.
What is tourism?
Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes. It includes accommodation, food and beverage services, transportation, entertainment, and other tourist-related activities.
How much of GDP is tourism?
According to the World Travel and Tourism Council (WTTC), tourism accounted for 10.4% of global GDP in 2019, generating $8.9 trillion. This figure includes both direct contributions from travel and tourism as well as indirect contributions from related industries such as agriculture, construction, and retail.
- The direct contribution of travel and tourism to GDP was $3.7 trillion or 4.5%.
- The indirect contribution was $5.2 trillion or 6%.
Top countries by tourism contribution to GDP
- The Maldives – 57.6%
- Jamaica – 34.8%
- Thailand – 21%
- Croatia – 20%
Impact on employment
Tourism also has a significant impact on employment worldwide. According to WTTC, the travel and tourism industry provided employment for 330 million people globally in 2019, or one in ten jobs worldwide. This figure is expected to increase to 421 million jobs by 2029.
Conclusion
Tourism is a vital contributor to the global economy, generating millions of jobs and contributing significantly to GDP. The industry’s growth has been affected by the COVID-19 pandemic, but it is expected to recover in the long run. It is essential for governments and businesses to work together to promote sustainable tourism practices that benefit both the economy and the environment.
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