Travel and Tourism growth for the UK

TRAVEL & Tourism grew by over four times the rate of the wider UK economy in 2017, according to a new report recently launched by the World Travel & Tourism Council (WTTC). 

WTTC's latest annual research, in conjunction with Oxford Economics, shows the United Kingdom’s Travel & Tourism sector contribution to GDP grew by 6.2% in 2017, higher than the global average (4.6%) and more than four times faster than the UK’s economy as a whole (which grew by 1.5%). 

This growth translated into £214 billion contribution to GDP, 4 million jobs, and £29 billion in exports. This shows the role of Travel & Tourism in driving economic growth and creating jobs in Britain, and emphasises the vital importance of safeguarding the interests of the sector post-Brexit.

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Single biggest opportunity for the Travel & Tourism sector

IMPLEMENTATION of biometric technology to facilitate secure borders is the single biggest opportunity for the Travel & Tourism sector in 2018, according to Gloria Guevara Manzo, President and CEO of the World Travel & Tourism Council (WTTC). 

Ms. Guevara also highlighted the importance of developments in artificial intelligence and machine learning, virtual and augmented reality and changing demographics, particularly the ‘coming of age’ of millennials and growth of Generation Z, for Travel & Tourism. 

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Travel and tourism accounts for 9.4% of global employment, says WTTC

THE global #travelandtourism industry employs more people than car manufacturing, mining, and financial services combined, according to research by the World Travel and Tourism Council (WTTC). 

The WTTC Benchmarking Report 2015 shows the industry employed 105 million people directly in 2014 and supported 277 million jobs in total, or 9.4% of world employment.

The report assessed travel and tourism alongside eight sectors comparable in size and presence across 26 countries. It rates travel and tourism third of the eight as a major employer, behind the retail sector and agriculture.

The industry employs seven times as many workers direct as motor manufacturing (14 million), five times as many as chemicals (20 million), four times as many as banking or mining (both 27 million), and almost twice as many as financial services (59 million). 

The WTTC identifies the sector as the second-fastest growing globally, with annual growth forecast at 3.9% over the next ten years.

It calculates that travel and tourism generated $7.6 trillion of global gross domestic product last year, or 9.8%, putting it behind mining, financial services, and retail, but ahead of chemicals, agriculture, education, motor manufacturing, and banking.

WTTC president and chief executive David Scowsill said: ‘This research demonstrates the huge importance of travel and tourism in creating jobs around the world. It confirms that our sector is one of the biggest contributors to global GDP, and is forecast to outpace the global economy every year over the next decade.’



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