Economic Impact Of Tourism
Travel and tourism has a profound impact on the global economy, employing more than 235 million people worldwide and generating some 9.2 percent of global GDP.
According to the World Travel and Tourism Council, the direct contribution of travel and tourism to GDP is expected to be US$1,850.0 billion (2.8 percent of total GDP) in 2011. After growth of just 0.5 percent in 2010, travel and tourism economy GDP is likely to grow by 3.2 percent in 2011.
The Air Transport Association (ATA) cites that aviation alone serves a crucial role in the economy. For every 100 airline jobs, 330 additional jobs in the United States are created, not only in travel-related fields, such as hospitality and tourism, but also in more tangentially related fields, such as banking and construction.
ATA also reports that every US$1 spent in business travel results in US$12.50 in incremental revenue throughout the economy.
Fast Facts
- Headquarters: Southlake, Texas
- Approximately 10,000 employees in 60 countries