Tourism is an industry that has been on the rise for several decades. It has become a key contributor to the economic growth of many countries around the world.
The tourism industry is known for its ability to generate foreign exchange earnings, create job opportunities, and stimulate economic growth. In this article, we will explore what percentage of GDP is directly linked to the tourism industry.
What is GDP?
Before we dive into the topic, it’s essential to understand what GDP is. Gross Domestic Product (GDP) refers to the total monetary value of all goods and services produced within a country’s borders in a specific period. It’s used as an indicator of an economy’s health and performance.
Understanding Tourism Industry
The tourism industry comprises various businesses that provide goods and services related to travel and tourism. These include transportation, accommodation, food and beverage services, recreation activities, and travel agencies’ services.
The Global Tourism Industry
According to the World Tourism Organization (UNWTO), international tourist arrivals worldwide reached 1.5 billion in 2019. This represents a 4% increase from 2018. The global tourism industry generated $1.7 trillion in export earnings in 2018, accounting for 7% of global trade.
Tourism Industry Contribution to GDP
The contribution of the tourism industry to GDP varies from country to country. In some countries, it may be a significant contributor while in others, it may not be as significant.
According to statistics from the World Travel & Tourism Council (WTTC), the travel and tourism sector contributed $8.9 trillion or 10.3% of global GDP in 2019. This figure includes both direct contributions (such as hotels and restaurants) and indirect contributions (such as supply chain industries).
In some countries like Spain, Thailand, Egypt, and Greece, the tourism industry’s contribution to GDP is significant. For instance, in Spain, the tourism industry accounted for 14.6% of GDP in 2019. In Thailand, it accounted for 21.6% of GDP in the same year.
Conclusion
In conclusion, the tourism industry is a significant contributor to the global economy. Its contribution to GDP varies from country to country but generally accounts for a significant portion of many countries’ economies. With the sector’s continued growth and development, it’s expected that its contribution to GDP will increase in the coming years.
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