Tourism contribution to GDP hit $464.1b

This is a whopping 21.8% of GDP.

According to Hong Kong Economic Impact Report by World Travel & Tourism Council, the total contribution of Travel & Tourism to GDP was HKD464.1bn, (21.8% of GDP).

Travel & Tourism contributed US$7.0trillion to the global economy in 2013 and is expected to grow by 4.3% in 2014.

The total global contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry was 265,835,000 jobs (8.9% of total employment).

David Scowsill, President & CEO of WTTC, says 2013 proved another successful year for the sector; “Travel & Tourism’s contribution to the world economy grew for the fourth consecutive year in 2013, helped especially by strong demand from international travellers. Visitor exports, the measure of money spent by these international tourists, rose by 3.9% at a global level year on year, to US$1.3 trillion, and by over 10% within South East Asia. It is clear that the growth in Travel & Tourism demand from emerging markets continues with pace, as the burgeoning middle-classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders.”

However, Mr Scowsill reminds governments that they need to take action; “The outlook for Travel & Tourism for the next ten years looks extremely favourable, with growth forecast of more than 4% annually. This will require Governments to implement more open visa regimes and to adopt intelligent rather than punitive taxation policies. It is also critical that public and private partnerships ensure that long term infrastructure and human resource needs are planned responsibly and sustainably, to absorb the inevitable growth that we are forecasting. If the right steps are taken, Travel & Tourism can be a true force for good.”