WTTC: Last year best on record for tourism sector | News

The annual Economic Impact Research from the World Travel & Tourism Council, released today, shows that tourism was responsible for the creation of seven million new jobs worldwide last year.

The report also shows that 2017 was a bumper year for the global sector, which grew at 4.6 per cent, much faster than the economy as a whole, which recorded growth of three per cent during 2017.

Gloria Guevara, WTTC president, said: “Travel creates jobs, drives economic growth and helps build better societies.

“Our research shows that our sector was responsible for the creation of one in five of all jobs globally.

“In the last few years, governments around the world are realising the extraordinary benefits of tourism and I congratulate them for taking steps to maximise the potential of our sector.”

For the seventh consecutive year, the tourism sector has outperformed the global economy and in 2017 was the fastest growing broad economic sector globally, showing stronger growth than all sectors including manufacturing (up 4.2 per cent), retail and wholesale (up 3.4 per cent), agriculture, forestry and fisheries (up 2.6 per cent) and financial services (2.5 per cent). 

In 2017, tourism’s direct, indirect and induced impact accounted for a US$8.3 trillion contribution to global GDP, some 10.4 per cent.

The sector represented 313 million jobs, or one in ten jobs around the world, according to the WTTC.

Guevara continued: “Last year was the best year on record for the tourism sector.

“We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India.

“This is great news for the millions of people who depend on our sector for their livelihoods.”

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