London - Travel and Tourism in Europe generates more income than automotive manufacturing, chemicals manufacturing, banking, agriculture, and the mining sector, according to research from the World Travel & Tourism Council (WTTC).
David Scowsill, President & CEO, WTTC, said:“This research demonstrates the huge importance of Travel & Tourism as an economic generator in Europe. Not only does the sector account for 9.2% of GDP, but it also supports 1 in 11 jobs in Europe. With the growth of the European economy, it is critical that governments and private companies step up together to ensure that the sector is able to build the infrastructure capacity to meet the future forecast volume of people.”
He added: “Travel & Tourism is the second-fastest growing sector in Europe in terms of direct GDP after banking. Forecast to grow at 2.8% per annum over the next ten years, the sector’s growth will outpace the global economy, which is estimated to increase by 1.9% per annum over the next decade.”
Travel & Tourism’s contribution to Europe’s GDP, including its indirect and induced impacts, accounted for 9.2% of the continent’s GDP, making it the fourth largest sector of the eight studied in WTTC’s
The Benchmarking Report 2015 compares Travel & Tourism to eight other sectors, which are considered to have similar breadth and global presence, across 26 countries.
With €1.8 trillion ($US 2.1 trillion) in total contribution in 2014, Europe’s Travel & Tourism sector generates:
1.2 times more than automotive manufacturing ($US1.7 trillion)
1.4 times more than chemicals manufacturing ($US1.5 trillion)
1.8 times more than banking ($US1.2 trillion)
2.6 times more than mining ($US796 million)
The research shows that the sector also sustained 9% of total employment in Europe in 2014, exceeding that of the financial services, banking, automotive manufacturing, chemicals manufacturing, and mining sectors.- WTTC