Published on : Wednesday, November 6, 2013
The global Travel & Tourism industry will grow marginally slower in 2013 than previously indicated, according to the World Travel & Tourism Council (WTTC).
WTTC forecasts that the total contribution from Travel & Tourism to the world economy will be 2.9% in 2013, down from the 3.2% growth initially forecast in February of this year.
The latest economic research shows that the main indicators for Travel & Tourism are positive for 2013:
International tourist arrivals have grown 5.3% in the year from January to August with all regions experiencing some degree of growth
Growth appears to be driven mainly by resurgence in arrivals in Europe and (to a lesser extent) the Middle East
Airline passenger traffic is up 4.9% overall, and with the exception of Asia-Pacific, performance across hotels remains generally positive with occupancy rates growing across all regions, according to year-to-date data for July
However, the reduction in growth in Travel & Tourism is driven by reduced investment growth in the economy as a whole, impacting on the industry and slowing global economic growth. Oxford Economics, WTTC’s research partner forecasts global economic growth to be 2.1% in 2013, a slight downgrade from the 2.4% forecast at the start of the year.
David Scowsill, President & CEO, WTTC, said, “Travel & Tourism is a growth industry which generates 9% of global GDP and supports 260 million jobs, or 1 in 11 of the world’s jobs. In 2013, Travel & Tourism total contribution to GDP is expected to grow at 2.9% according to WTTC’s latest estimates. This is lower than our previous forecasts but a much higher level of growth than the 2.1% expected for the global economy and continues to show the strength and resilience of the Travel & Tourism industry.”
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