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WTTC Travel & Tourism Economic Impact 2012 1

The Authority on World Travel & Tourism

Travel & Tourism Economicimpact2012 ITaly

For more information please contact:

Olivia Ruggles-BriseDirector,policy&Research

[email protected]

Eva Aimablemanager,policy&Research

[email protected]

©2012Worldtravel&tourismcouncil

For more than 20 years the World Travel & Tourism Council (WTTC) has been investing in economic impact research, which assesses the Travel & Tourism industry’s contribution to GDP and jobs. Our ten-year forecasts are unique in the information they provide to assist governments and private companies plan for the future.

Travel & Tourism continues to be one of the world’s largest industries. The total impact of the industry means that, in 2011, it contributed 9% of global GDP, or a value of over US$6 trillion, and accounted for 255 million jobs. Over the next ten years this industry is expected to grow by an average of 4% annually, taking it to 10% of global GDP, or some US$10 trillion. By 2022, it is anticipated that it will account for 328 million jobs, or 1 in every 10 jobs on the planet. 2011 was one of the most challenging years ever experienced by the global Travel & Tourism industry. However, our latest research suggests that, despite political upheaval, economic uncertainty and natural disasters, the industry’s direct contribution to world GDP grew by nearly 3% to US$2 trillion and directly generated 1.2 million new jobs. This was supported by a 3% increase in visitor exports to US$1.2 trillion, with almost 3% growth in capital investment, which rose to over US$0.7 trillion. Moreover, while the macroeconomic environment remains very challenging, our latest projections point to continuous growth in the contribution of Travel & Tourism to global GDP and employment. Rising household incomes in emerging economies – not only the BRICs (Brazil, Russia, India and China) but increasingly across the rest of Southeast Asia and Latin America – will continue to fuel increased leisure demand. Similarly, growing international trade – particularly from emerging markets – will sustain business travel demand. In developed economies, consumers are likely to remain cautious, especially in European countries where austerity programmes are being implemented. This means that we expect growth in Travel & Tourism’s direct contribution to GDP to remain stable at 3% in 2012. We expect the industry to generate directly over 2 million new jobs, with a 2% increase in visitor exports and 3.5% growth in investment over the year. Rarely over the past 20 years have we been challenged by such economic and political uncertainty as we are seeing now. Our ongoing research underlines the importance of Travel & Tourism as a stabilising force globally – providing jobs, generating prosperity, and facilitating international trade and investment.

David ScowsillPresident & CEOWorld Travel & Tourism Council

Foreword

Contents2012 Annual Research: Key Facts .......................................................................................................1

Defining the Economic Contribution of Travel & Tourism .............................2

Travel & Tourism’s Contribution to GDP .....................................................................................3

Travel & Tourism’s Contribution to Employment ..........................................................4

Visitor Exports and Investment ..................................................................................................................5

Different Components of Travel & Tourism ............................................................................6

Country Rankings: Absolute Contribution, 2012 ........................................................7

Country Rankings: Relative Contribution, 2011 ...........................................................8

Country Rankings: Real Growth, 2012 .........................................................................................9

Country Rankings: Long Term Growth, 2012 - 2022 ......................................10

Summary Tables: Estimates and Forecasts ....................................................................11

The Economic Contribution of Travel & Tourism: Real 2011 Prices .............................................................................................................................................................12

The Economic Contribution of Travel & Tourism: Nominal Prices ...................................................................................................................................................................13

The Economic Contribution of Travel & Tourism: Growth ......................14

Glossary .........................................................................................................................................................................................15

Methodological Note ...............................................................................................................................................16

Regions, Sub-regions, Countries ......................................................................................................17

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1-2QueenVictoriaterrace,Sovereigncourt,LondonE1W3Ha,UK

2tel:+44(0)2074818007.Fax:+44(0)2074881008.Email:[email protected]

The Economic Impact of Travel & Tourism 2012

= Total contribution of Travel & Tourism

Italy

2012 ANNUAL RESEARCH: KEY FACTS 2012 forecast

EMPLOYMENT: DIRECT CONTRIBUTION

EMPLOYMENT: TOTAL CONTRIBUTION

VISITOR EXPORTS

INVESTMENT

WORLD RANKING (OUT OF 181 COUNTRIES):Relative importance of Travel & Tourism's total contribution to GDP

7ABSOLUTE

Size in 2011

95Contribution to GDP in 2011

RELATIVE167

GROWTH2012 forecast

Total Contribution of Travel & Tourism to GDP

Breakdown of Travel & Tourism's Total Contribution to GDP and Employment 2011

2011 EURbn GDP (2011 EURbn)

Direct Indirect Induced

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The direct contribution of Travel & Tourism to GDP was EUR51.4bn (3.3% of total GDP) in 2011, and is forecast to fall by 1.6% in 2012, and to rise by 1.9% pa, from 2012-2022, to EUR61.2bn in 2022 (in constant 2011 prices).

The total contribution of Travel & Tourism to GDP was EUR136.1bn (8.6% of GDP) in 2011, and is forecast to fall by 2.2% in 2012, and to rise by 1.6% pa to EUR156.0bn in 2022.

In 2011 Travel & Tourism directly supported 868,500 jobs (3.8% of total employment). This is expected to fall by 1.3% in 2012 and rise by 1.5% pa to 996,000 jobs (4.3% of total employment) in 2022.

In 2011, the total contribution of Travel & Tourism to employment, including jobs indirectly

Visitor exports generated EUR30.5bn (6.7% of total exports) in 2011. This is forecast to fall by 0.9% in 2012, and grow by 0.8% pa, from 2012-2022, to EUR32.7bn in 2022 (5.2% of total).

Travel & Tourism investment in 2011 was EUR12.6bn, or 4.0% of total investment. It should fall by 6.2% in 2012, and rise by 2.0% pa over the next ten years to EUR14.4bn in 2022 (4.1% of total).

2022

GDP: DIRECT CONTRIBUTION

GDP: TOTAL CONTRIBUTION

supported by the industry, was 9.7% of total employment (2,231,500 jobs). This is expected to fall by 2.5% in 2012 to 2,176,000 jobs and rise by 0.9% pa to 2,386,000 jobs in 2022 (10.4% of total).

173LONG-TERM GROWTH

Forecast 2012-2022

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WTTC Travel & Tourism Economic Impact 20122

Defining the economiccontribution of Travel & Tourism

Travel & Tourism is an important economic activity in most countries around the world. As well as its direct economic impact, the industry has significant indirect and induced impacts. The UN Statistics Division-approved Tourism SatelliteAccounting methodology (TSA:RMF 2008) quantifies only the direct contribution of Travel & Tourism. But WTTC recognises that Travel & Tourism's total contribution is much greater, and aims to capture its indirect and induced impacts through its annual research.

DIRECT CONTRIBUTIONThe direct contribution of Travel & Tourism to GDP reflects the ‘internal’ spending on Travel & Tourism (total spending within a particular country on Travel & Tourism by residents and non-residents for business and leisure purposes) as well as government 'individual' spending - spending by government on Travel & Tourism services directly linked to visitors, such as cultural (eg museums) or recreational (eg national parks).

The direct contribution of Travel & Tourism to GDP is calculated to be consistent with the output, as expressed in National Accounting, of tourism-characteristic sectors such as hotels, airlines, airports, travel agents and leisure and recreation services that deal directly with tourists.The direct contribution of Travel & Tourism to GDP is calculated from total internal spending by ‘netting out’ the purchases made by the different tourism sectors. This measure is consistent with the definition of Tourism GDP, specified in the 2008 Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF 2008).

TOTAL CONTRIBUTION The total contribution of Travel & Tourism includes its ‘wider impacts’ (ie the indirect and induced impacts) on the economy. The ‘indirect’ contribution includes the GDP and jobs supported by:

Travel & Tourism investment spending – an important aspect of both current and future activity that includes investment activity such as the purchase of new aircraft and construction of new hotels;

Government 'collective' spending, which helps Travel & Tourism activity in many different ways as it is made on behalf of the ‘community at large’ – eg tourism marketing and promotion, aviation, administration, security services, resort area security services, resort area sanitation services, etc;

Domestic purchases of goods and services by the sectors dealing directly with tourists - including, for example, purchases of food and cleaning services by hotels, of fuel and catering services by airlines, and IT services by travel agents.

The ‘induced’ contribution measures the GDP and jobs supported by the spending of those who are directly or indirectly employed by the Travel & Tourism industry.

PLEASE NOTE THAT DUE TO CHANGES IN METHODOLOGY BETWEEN 2010 AND 2011, IT IS NOT POSSIBLE TO COMPARE FIGURES PUBLISHED BY WTTC FROM 2011 ONWARDS WITH THE SERIES PUBLISHED IN PREVIOUS YEARS.

ITALY: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO GDP

ITALY: TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO GDP

1 All values are in constant 2011 prices & exchange rates

3

Travel & Tourism's contribution to GDP1

The direct contribution of Travel & Tourism to GDP in 2011 was EUR51.4bn (3.3% of GDP). This is forecast to fall by 1.6% to EUR50.6bn in 2012.This primarily reflects the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation services (excluding commuter services). But it also includes, for example, the activities of the restaurant and leisure industries directly supported by tourists.

The direct contribution of Travel & Tourism to GDP is expected to grow by 1.9% pa to EUR61.2bn (3.5% of GDP) by 2022.

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induced income impacts, see page 2) was EUR136.1bn in 2011 (8.6% of GDP) and is expected to grow by 2.2% to EUR133.1bn (8.5% of GDP) in 2012.

It is forecast to rise by 1.6% pa to EUR156.0bn by 2022 (8.8% of GDP).

Constant 2011 EURbn


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The total contribution of Travel & Tourism to GDP (including wider effects from investment, the supply chain and

ITALY: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

ITALY: TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

4

Travel & Tourism generated 868,500 jobs directly in 2011 (3.8% of total employment) and this is forecast to fall by 1.3% in 2012 to 857,000 (3.8% of total employment).This includes employment by hotels, travel agents, airlines and other passenger transportation services (excluding commuter services). It also includes, for example, the activities of the restaurant and leisure industries directly supported by tourists.

By 2022, Travel & Tourism will account for 996,000 jobs directly, an increase of 1.5% pa over the next ten years.

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The total contribution of Travel & Tourism to employment (including wider effects from investment, the supply

By 2022, Travel & Tourism is forecast to support 2,386,000 jobs (10.4% of total employment), an increase of 0.9% pa over the period.

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Travel & Tourism'scontribution to employment

chain and induced income impacts, see page 2) was 2,231,500 jobs in 2011 (9.7% of total employment). This is forecast to fall by 2.5% in 2012 to 2,176,000 jobs (9.6% of total employment).

2022

2022

VISITOR EXPORTS

ITALY: VISITOR EXPORTS AND INTERNATIONAL TOURIST ARRIVALS

INVESTMENT

ITALY: CAPITAL INVESTMENT IN TRAVEL & TOURISM

1 All values are in constant 2011 prices & exchange rates

5

Visitor Exports and Investment1

Visitor exports are a key component of the direct contribution of Travel & Tourism. In 2011,Italy generated EUR30.5bn in visitor exports. In 2012, this is expected to fall by 0.9%, and the country is expected to attract 43,591,000 international tourist arrivals.

By 2022, international tourist arrivals are forecast to total 52,958,000, generating expenditure of EUR32.7bn, an increase of 0.8% pa.

Constant 2011 EURbn Foreign visitor exports as % of total exports

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Travel & Tourism is expected to have attracted capital investment of EUR12.6bn in 2011. This is expected to fall by 6.2% in 2012, and rise by 2.0% pa over the next ten years to EUR14.4bn in 2022.

Travel & Tourism’s share of total national investment will rise from 4.0% in 2012 to 4.1% in 2022.

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7.3% 1 All values are in constant 2011 prices & exchange rates

42.0%

(c) Government collective

Indirect is the sum of: (a) Supply chain

(b) Investment

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6 WTTC Travel & Tourism Economic Impact 2012

Different components ofTravel & Tourism1

ItalyTravel & Tourism's Contribution to GDP:Business vs Leisure, 2011 Leisure travel spending (inbound and domestic)

generated 74.7% of direct Travel & Tourism GDP in 2011 (EUR71.3bn) compared with 25.3% for business travel spending (EUR24.2bn).

Business travel spending is expected to fall by 1.8% in 2012 to EUR23.7bn, and rise by 1.3% pa to EUR27.0bn in 2022.

Leisure travel spending is expected to fall by 1.5% in 2012 to EUR70.2bn, and rise by 2.1% pa to EUR86.7bn in 2022.

Italy

Domestic vs Foreign, 2011

Travel & Tourism's Contribution to GDP:

Domestic travel spending generated 67.5% of direct Travel & Tourism GDP in 2011 compared with 32.5% for visitor exports (ie foreign visitor spending or international tourism receipts).

Domestic travel spending is expected to fall by 1.9% in 2012 to EUR62.2bn, and rise by 2.4% pa to EUR79.4bn in 2022.

Visitor exports are expected to fall by 0.9% in 2012 to EUR30.3bn, and rise by 0.8% pa to EUR32.7bn in 2022.

c b

a

ItalyBreakdown of Travel & Tourism's Total Contribution to GDP, 2011

The Travel & Tourism industry contributes to GDP and employment in many ways as detailed on page 2.

The total contribution of Travel & Tourism to GDP is nearly three times greater than its direct contribution.

2011 2011(US$bn) (US$bn)

4 France 102.8 4 France 256.95 Spain 80.2 5 Spain 222.67 Italy 71.6 7 Italy 189.59 Germany 58.3 8 Germany 163.7

10 United Kingdom 56.2 9 United Kingdom 162.213 Turkey 33.0 14 Turkey 84.822 Greece 17.3 20 Switzerland 53.4

World Average 16.6 World Average 49.626 Switzerland 15.6 24 Greece 44.827 Egypt 15.5 27 Portugal 36.532 Portugal 12.7 29 Egypt 34.3

2011 2011'000 jobs '000 jobs

11 Egypt 1352.9 13 Egypt 3079.513 France 1154.8 15 France 2793.515 United Kingdom 938.4 16 United Kingdom 2308.217 Italy 868.7 17 Spain 2304.6

World Average 782.4 19 Italy 2231.422 Germany 731.0 20 Germany 2002.127 Turkey 509.6 World Average 1959.229 Spain 488.4 21 Turkey 1938.839 Greece 349.3 38 Portugal 866.540 Portugal 322.0 42 Greece 758.4

64 Switzerland 150.5 57 Switzerland 488.9

2011 2011(US$bn) (US$bn)

5 Germany 26.8 2 Spain 65.78 France 23.1 3 France 55.5

10 Spain 18.5 5 Germany 48.412 Italy 17.5 6 Italy 42.513 United Kingdom 15.2 7 United Kingdom 39.714 Turkey 14.3 11 Turkey 27.623 Greece 5.5 14 Switzerland 20.726 Egypt 5.3 19 Greece 17.730 Portugal 5.0 25 Portugal 14.4

World Average 4.1 33 Egypt 10.039 Switzerland 3.3 World Average 6.5

Capital InvestmentVisitorExports

The competing destinations selected are those that offer a similar tourism product and compete for tourists from the same set of origin markets. These tend to be, but are not exclusively, geographical neighbours.

The tables on pages 7-10 provide provide brief extracts from the full WTTC Country League Table Rankings, highlighting comparisons with competing destinations as well as with the world average.

Travel & Tourism's Direct Contribution to GDP Contribution to GDP

Travel & Tourism's Total

Travel & Tourism's Direct Contribution to Employment

Travel & Tourism's Total Contribution to Employment

Travel & Tourism

Country rankings: Absolute contribution, 2011

7WTTC Travel & Tourism Economic Impact 2012

2011 2011% share % share

35 Egypt 6.7 37 Greece 16.540 Greece 6.4 41 Portugal 15.254 Spain 5.4 45 Spain 14.956 Portugal 5.3 47 Egypt 14.8

World Average 5.2 World Average 14.071 Turkey 4.3 72 Turkey 10.979 France 3.7 83 France 9.394 Italy 3.3 95 Italy 8.6

118 Switzerland 2.5 99 Switzerland 8.4126 United Kingdom 2.3 120 United Kingdom 6.7159 Germany 1.6 157 Germany 4.6


24 Greece 8.5 33 Greece 18.434 Portugal 6.6 34 Portugal 17.845 Egypt 5.8 World Average 13.6

World Average 5.3 49 Egypt 13.165 France 4.3 53 Spain 12.779 Italy 3.8 75 Switzerland 10.493 Switzerland 3.2 76 France 10.497 United Kingdom 3.0 83 Italy 9.7

116 Spain 2.7 96 Turkey 8.1136 Turkey 2.1 111 United Kingdom 7.4149 Germany 1.8 150 Germany 4.9


29 Greece 14.0 35 Greece 28.532 Egypt 12.0 44 Egypt 21.235 Portugal 11.5 55 Portugal 17.355 Turkey 8.6 World Average 15.9

World Average 8.3 60 Turkey 15.089 Spain 5.7 62 Spain 14.6

113 United Kingdom 4.4 94 France 7.5116 France 4.2 99 Italy 6.7120 Germany 4.1 104 Switzerland 6.2122 Italy 4.0 113 United Kingdom 5.1156 Switzerland 2.5 149 Germany 2.7





Travel & Tourism InvestmentContribution to Total Capital Investment

Visitor ExportsContribution to Total Exports


Country rankings: Relative contribution,2011

8

2012 2012% growth % growth

World Average 2.7 World Average 2.5118 Turkey 1.7 105 Switzerland 2.4124 Switzerland 1.4 111 Turkey 1.9126 United Kingdom 1.3 129 United Kingdom 0.7138 France 0.7 137 France 0.1143 Germany 0.0 158 Egypt -1.4147 Egypt -0.6 161 Spain -1.7161 Spain -1.5 162 Germany -1.8162 Italy -1.6 166 Portugal -2.1168 Greece -2.1 167 Italy -2.2170 Portugal -2.2 179 Greece -4.5


57 Turkey 4.4 61 Turkey 3.4World Average 2.2 68 Switzerland 2.7

101 Switzerland 2.0 World Average 1.980 United Kingdom 1.7 116 United Kingdom 0.385 Egypt 0.6 123 Egypt -0.270 Greece 0.2 125 Portugal -0.3

133 France 0.2 130 France -0.4129 Portugal -0.3 154 Greece -2.3167 Germany -1.1 155 Spain -2.4134 Spain -1.3 156 Italy -2.5114 Italy -1.3 161 Germany -2.9


21 Switzerland 11.0 46 Egypt 5.785 Turkey 4.9 68 United Kingdom 4.2

World Average 3.1 94 France 2.7112 Portugal 2.7 96 Switzerland 2.5125 United Kingdom 1.8 World Average 1.6126 Germany 1.8 114 Greece 0.9144 Spain 0.2 125 Portugal 0.6155 France -1.4 146 Italy -0.9170 Egypt -5.9 153 Turkey -1.6171 Italy -6.2 154 Spain -2.0178 Greece -12.6 157 Germany -2.4





Travel & TourismInvestment

VisitorExports

Country rankings: Real growth, 2012

9WTTC Travel & Tourism Economic Impact 2012

2012 - 2022 2012 - 2022% growth pa % growth pa

67 Egypt 4.6 59 Egypt 4.8World Average 4.1 World Average 4.1

94 United Kingdom 4.1 106 United Kingdom 3.8125 Greece 3.3 128 Greece 3.2139 Turkey 2.9 133 Turkey 3.0167 France 1.9 169 Portugal 1.8169 Italy 1.9 172 France 1.7172 Portugal 1.7 173 Italy 1.6174 Switzerland 1.5 177 Germany 1.0175 Germany 1.4 178 Switzerland 0.9176 Spain 1.0 180 Spain 0.7


57 Turkey 2.6 51 Greece 2.770 Greece 2.4 World Average 2.480 United Kingdom 2.2 79 Egypt 2.285 Egypt 2.1 83 United Kingdom 2.1

World Average 1.8 110 Turkey 1.4101 Switzerland 1.7 119 Portugal 1.2114 Italy 1.5 133 Switzerland 1.0129 Portugal 1.2 137 Italy 0.9133 France 1.1 145 France 0.7134 Spain 1.1 156 Spain 0.5167 Germany -0.2 169 Germany -0.6


50 Egypt 5.8 54 Egypt 4.8World Average 5.3 60 Greece 4.5

75 Turkey 4.9 81 United Kingdom 4.0127 Germany 3.5 90 Switzerland 3.8131 Portugal 3.4 World Average 3.5137 France 3.3 145 Germany 2.3142 Spain 3.1 152 France 1.9145 United Kingdom 3.0 163 Portugal 1.6163 Italy 2.0 170 Spain 1.1164 Greece 2.0 172 Italy 0.8173 Switzerland 1.5 173 Turkey 0.7

Contribution to Capital InvestmentVisitor ExportsContribution to Exports





Travel & Tourism Investment


Country rankings: Long term growth, 2012 - 2022

10

2012

Italy EURbn % of total Growth2 EURbn % of total Growth3

Direct contribution to GDP 51.4 3.3 -1.6 61.2 3.5 1.9

Total contribution to GDP 136.1 8.6 -2.2 156.0 8.8 1.6

Direct contribution to employment4 869 3.8 -1.3 996 4.3 1.5

Total contribution to employment4 2,231 9.7 -2.5 2,386 10.4 0.9

Visitor exports 30.5 6.7 -0.9 32.7 5.2 0.8

Domestic spending 63.4 4.0 -1.9 79.4 4.5 2.5

Leisure spending 71.3 4.5 -1.5 86.7 4.9 2.1

Business spending 24.2 1.5 -1.8 27.0 1.5 1.3

Capital investment 12.6 4.0 -6.2 14.4 4.1 2.012011 constant prices & exchange rates; 22012 real growth adjusted for inflation (%); 32012-2022 annualised real growth adjusted for inflation (%); 4'000 jobs

2012

Europe US$bn % of total Growth2 US$bn % of total Growth3

Direct contribution to GDP 612.8 2.8 0.2 791.9 2.8 2.6

Total contribution to GDP 1,720.1 7.9 -0.3 2,177.5 7.8 2.4

Direct contribution to employment4 9,937 2.7 0.4 11,262 3.0 1.2

Total contribution to employment4 28,378 7.7 -0.3 30,599 8.1 0.8

Visitor exports 518.7 5.6 0.4 674.9 4.6 2.6

Domestic spending 734.5 3.4 0.4 970.8 3.5 2.8

Leisure spending 996.7 4.6 0.6 1,319.7 4.7 2.8

Business spending 275.6 1.3 -0.5 348.5 1.3 2.4

Capital investment 187.3 4.5 0.1 271.9 4.7 3.812011 constant prices & exchange rates; 22012 real growth adjusted for inflation (%); 32012-2022 annualised real growth adjusted for inflation (%); 4'000 jobs

2012

Worldwide US$bn % of total Growth2 US$bn % of total Growth3

Direct contribution to GDP 1,972.8 2.8 2.8 3,056.2 3.0 4.2

Total contribution to GDP 6,346.1 9.1 2.8 9,939.5 9.8 4.3

Direct contribution to employment4 98,031 3.3 2.3 120,470 3.6 1.9

Total contribution to employment4 254,941 8.7 2.0 327,922 9.8 2.3

Visitor exports 1,170.6 5.3 1.7 1,694.7 4.3 3.6

Domestic spending 2,791.2 4.0 3.5 4,547.6 4.6 4.6

Leisure spending 3,056.9 4.4 3.1 4,853.8 4.8 4.4

Business spending 968.4 1.4 2.5 1,476.2 1.5 4.0

Capital investment 743.0 4.9 3.5 1,320.4 5.1 5.612011 constant prices & exchange rates; 22012 real growth adjusted for inflation (%); 32012-2022 annualised real growth adjusted for inflation (%); 4'000 jobs

2011

2011

2011 2011 2022

2011 2022

2011 2022


Summary tables:Estimates & Forecasts

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2006 2007 2008 2009 2010 2011 2012E 2022F

3. Internal tourism consumption(= 1 + 2 + government individual spending)

4. Purchases by tourism providers,

including imported goods (supply chain)

5. Direct contribution of Travel & Tourism to GDP(= 3 + 4)

Other final impacts

(indirect & induced)

6. Domestic supply chain

11. Total contribution of Travel & Tourism to GDP(= 5 + 6 + 7 + 8 + 9 + 10)

Employment impacts ('000)

12.

Other indicators

14. Expenditure on outbound travel

57.3 56.8 51.4 50.6

-52.8

53.1 48.5 50.4

-43.1 -44.1 -43.5

29.4 30.5 30.3

-49.7 -48.6 -41.2-45.8

34.6 34.5 33.1

Italy

(EURbn, real 2011 prices)

1. Visitor exports 29.4 32.7

2. Domestic expenditure 70.7 69.5 64.3 58.8 62.5 63.4 62.2

-6.1

79.4

106.9 105.5 98.9 89.7 93.5 95.5 94.1 113.9

2176.1

61.2

2386.3

156.0

857.1 996.2

133.1

37.6 44.9

917.0 909.8 867.0 830.1

Induced

152.5 154.8 143.0

31.2 31.5 29.1

9.

128.9 134.4

7. Capital investment

8. Government collective spending

43.7 43.0

24.3 24.4 25.0 24.3 25.6

Direct contribution of Travel & Tourism to employment

Imported goods from indirect spending

10.

-4.2 -4.3 -4.4 -3.5 -3.8 -4.0

40.0 36.4 37.6 38.3

14.5 17.4 15.1 10.1 12.3 12.6 11.8 14.4

10.1 10.2 10.2 10.4

2156.4 2200.4 2231.4

11.210.4 10.4 10.2

-4.1

27.027.1 27.5 27.5

845.1 868.7

136.1

30.4

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23.1 24.7 25.8

Total contribution of Travel & Tourism to employment 2396.1 2429.8 2286.9


The economic contribution ofTravel & Tourism: Real 2011 prices

2006 2007 2008 2009 2010 2011 2012E 2022F





Other final impacts





12.

Other indicators


Historical data for concepts has been benchmarked to match reported TSA data where available.

52.6 53.4 51.4 51.4

-64.3

51.2 47.7 49.8

-42.5 -44.1 -44.1

29.0 30.5 30.7

-45.5 -45.7 -40.6-44.2

31.7 32.4 31.9

Italy

(EURbn, nominal prices)

1. Visitor exports 29.0 40.0

2. Domestic expenditure 65.0 65.3 62.0 57.8 61.7 63.4 63.2

-7.5

97.0

98.1 99.1 95.4 88.3 92.2 95.5 95.4 139.0

2176.1

74.7

2386.3

190.7

857.1 996.2

135.2

38.2 54.9

-4.2

917.0 909.8 867.0 830.1

27.4Induced

140.1 145.5 137.9

28.6 29.6 28.0

9.

126.9 132.7



40.1 40.4

23.9 24.1 25.0 24.7 31.3



10.

-3.9 -4.0 -4.3 -3.4 -3.7 -4.0

38.5 35.8 37.1 38.3

13.3 16.4 14.5 9.9 12.2 12.6 12.0 17.6

13.79.3 9.6 9.9 10.2 10.3 10.4 10.4

2286.9

26.6 27.1 27.5

845.1 868.7

136.1

2156.4 2200.4 2231.4

*Concepts shown in this table align with the standard table totals as described in the 2008 Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF 2008) developed by the United Nations Statistical Division (UNSD), the Statistical Officeof the European Communities (EUROSTAT), the Organisation for Economic Co-operation and Development (OECD) and the World Tourism Organization (UNWTO).

37.2

13.

21.2 23.2 24.9

Total contribution of Travel & Tourism to employment 2396.1 2429.8


The economic contribution ofTravel & Tourism: Nominal prices

2006 2007 2008 2009 2010 2011 2012E 2022F





Other final impacts





12.

Other indicators


12005-2011 real annual growth adjusted for inflation (%); 22011-2021 annualised real growth adjusted for inflation (%)

1.2

13.

0.2 6.9 4.7

Total contribution of Travel & Tourism to employment 4.7 1.4 -5.9

-6.9 1.4 0.2

1.8 2.8

1.3

-5.7 2.0 1.4

0.9-0.3 1.2 0.1 1.7 0.3 -0.5 -1.4

22.1 2.3 -6.2 2.022.0 20.0 -13.5 -33.1

-7.1 -9.0 3.3 1.9

0.5



10.

2.0 -0.5 -3.3 -10.6 4.1 2.7

-6.1 0.7 2.3 -2.6

9.

-9.9 4.2



2.8 -1.5

Induced

4.3 1.5 -7.6

2.6 1.1 -7.7

-0.9

4.5 -0.8 -4.7 -4.3

-2.0

1.9

-2.5

1.9

0.9

1.6

-1.3 1.5

-2.2

-1.8 1.8

-1.9

2.3

2.5

3.5 -1.3 -6.2 -9.4 4.1 2.3 -1.6

-11.1 0.8

2. Domestic expenditure 2.6 -1.8 -7.4 -8.7 6.3 1.5

Italy

Growth1 (%)

1. Visitor exports -0.2 3.9 -0.9

3.7 -0.9 -10.5-5.1

5.7 -0.2 -4.0

1.9

-6.6 -8.7 3.9

3.6 3.0 -2.7

3.3 -0.8 2.0 -1.6


The economic contribution ofTravel & Tourism: Growth


Glossary

KEy DEFINITIONSTravel & Tourism – relates to the activity of travellers on

trips outside their usual environment with a duration of less

than one year. Economic activity related to all aspects of

such trips is measured within the research.

Direct contribution to GDP – GDP generated by

industries that deal directly with tourists, including hotels,

travel agents, airlines and other passenger transport

services, as well as the activities of restaurant and leisure

industries that deal directly with tourists. It is equivalent to

total internal Travel & Tourism spending (see below) within

a country less the purchases made by those industries

(including imports). In terms of the UN’s Tourism Satellite

Account methodology it is consistent with total GDP

calculated in table 6 of the TSA: RMF 2008.

Direct contribution to employment – the number

of direct jobs within the Travel & Tourism industry. This is

consistent with total employment calculated in table 7 of the

TSA: RMF 2008.

Total contribution to GDP – GDP generated directly by

the Travel & Tourism industry plus its indirect and induced

impacts (see below). Total contribution to employment –

the number of jobs generated directly in the Travel &

Tourism industry plus the indirect and induced contributions

(see below).

DIRECT SPENDING IMPACTSVisitor exports – spending within the country by international

tourists for both business and leisure trips, including

spending on transport. This is consistent with total inbound

tourism expenditure in table 1 of the TSA: RMF 2008.

Domestic Travel & Tourism spending – spending within

a country by that country’s residents for both business and

leisure trips. Multi-use consumer durables are not included

since they are not purchased solely for tourism purposes.

This is consistent with total domestic tourism expenditure

in table 2 of the TSA: RMF 2008. Outbound spending by

residents abroad is not included here, but is separately

identified according to the TSA: RMF 2008 (see below).

Government individual spending – government spending

on individual non-market services for which beneficiaries

can be separately identified. These social transfers are

directly comparable to consumer spending and, in certain

cases, may represent public provision of consumer

services. For example, it includes provision of services in

national parks and museums.

Internal tourism consumption – total revenue generated

within a country by industries that deal directly with

tourists including visitor exports, domestic spending and

government individual spending. This does not include

spending abroad by residents. This is consistent with

total internal tourism expenditure in table 4 of the TSA:

RMF 2008.

Business Travel & Tourism spending – spending

on business travel within a country by residents and

international visitors.

Leisure Travel & Tourism spending – spending on leisure

travel within a country by residents and international visitors.

INDIRECT AND INDuCED IMPACTSIndirect contribution – the contribution to GDP and

jobs of the following three factors:

• Capital investment – includes capital investment spending

by all sectors directly involved in the Travel & Tourism

industry. This also constitutes investment spending by other

industries on specific tourism assets such as new visitor

accommodation and passenger transport equipment, as

well as restaurants and leisure facilities for specific tourism

use. This is consistent with total tourism gross fixed capital

formation in table 8 of the TSA: RMF 2008.

• Government collective spending – general government

spending in support of general tourism activity. This can

include national as well as regional and local government

spending. For example, it includes tourism promotion, visitor

information services, administrative services and other public

services. This is consistent with total collective tourism

consumption in table 9 of TSA: RMF 2008.

• Supply-chain effects – purchases of domestic goods

and services directly by different sectors of the Travel &

Tourism industry as inputs to their final tourism output.

Induced contribution – the broader contribution to

GDP and employment of spending by those who are

directly or indirectly employed by Travel & Tourism.

OThER INDICATORS Outbound expenditure – spending outside the country by

residents on all trips abroad. This is fully aligned with total

outbound tourism expenditure in table 3 of the TSA:

RMF 2008.

Foreign visitor arrivals – the number of arrivals of foreign

visitors, including same-day and overnight visitors (tourists)

to the country.


In 2011, WTTC refined its methodology for estimating the direct contribution of Travel & Tourism to be fully consistent with the UN Statistics Division-approved 2008 Tourism Satellite Account: Recommended Methodological Framework (TSA:RMF 2008). Some further revisions to the research have been made in 2012 as part of WTTC’s ongoing commitment to align the research with the TSA:RMF 2008. This has involved further benchmarking of country reports to official, published TSAs, including for countries which are reporting data for the first time as well as updates to earlier years. As part of the alignment process we are now also able to isolate and exclude international travel flows related to education. In addition to 181 individual country reports, one world report and 17 covering world regions and sub-regions, we also provide reports with combined results for special economic groupings including, for the first time in 2012, the G20 and SADC.

Special economic groups

G20Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea,Turkey, UK, USA.

SADC (Southern African Development Community)Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, United Republic of Tanzania, Zambia, Zimbabwe.

BRICBrazil, Russia, India, China.

APEC (Asia-Pacific Economic Cooperation) Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russian Federation, Singapore, Taiwan, Thailand, USA, Vietnam.

OECD (Organisation for Economic Co-operation and Development)Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, South Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, Turkey, UK, USA.

Methodological note


WORLD

Economic impact reports:Regions, sub-regions and countries

Region Sub-Region CountRy Region Sub-

Region CountRy Region Sub-Region CountRy Region Sub-

Region CountRy

AfR

iCA

no

Rth

AfR

iCA Algeria

Am

eRiC

AS

CA

Rib

beA

n

Anguilla

ASi

A

no

Rth

eASt

ASi

A

Japan

euR

ope

euR

ope

An

un

ion

Lithuania

Egypt Antigua & Barbuda China Luxembourg

Libya Aruba Hong Kong MaltaMorocco Bahamas South Korea NetherlandsTunisia Barbados Macau Poland

Sub

-SA

hA

RA

n

Angola Bermuda Taiwan PortugalBenin Cayman Islands Mongolia RomaniaBotswana Cuba

oC

eAn

iA

Australia Slovakia

Burkina FasoFormer Netherlands Antilles

New Zealand Slovenia

Burundi Dominica Fiji Spain

Cameroon Dominican Republic Kiribati Sweden

Cape Verde Grenada Other Oceania UKCentral African Republic Guadeloupe Solomon Islands

oth

eR e

uR

ope

Albania

Chad Haiti Tonga ArmeniaComoros Jamaica Vanuatu AzerbaijanDemocratic Republic of Congo Martinique

Sou

th A

SiA

Bangladesh Belarus

Ethiopia Puerto Rico India Bosnia Herzegovina

Gabon St Kitts & Nevis Nepal CroatiaGambia St Lucia Pakistan Iceland

Ghana St Vincent & the Grenadines Sri Lanka Kazakhstan

Guinea Trinidad & Tobago Maldives Kyrgyzstan

Ivory Coast UK Virgin Islands

Sou

theA

St A

SiA

Brunei MacedoniaKenya US Virgin Islands Cambodia MoldovaLesotho

LAti

n A

meR

iCA

Argentina Indonesia MontenegroMadagascar Belize Laos NorwayMalawi Bolivia Malaysia RussiaMali Brazil Myanmar Serbia

Mauritius Chile Papua New Guinea Switzerland

Mozambique Colombia Philippines TurkeyNamibia Costa Rica Singapore UkraineNiger El Salvador Thailand

mid

dLe

eA

St

BahrainNigeria Ecuador Vietnam IranRepublic of Congo Guatemala

euR

ope

euR

ope

An

un

ion

Austria IsraelReunion Guyana Belgium JordanRwanda Honduras Bulgaria KuwaitSao Tome & Principe Nicaragua Cyprus Lebanon

Senegal Panama Czech Republic OmanSeychelles Paraguay Denmark QatarSierra Leone Peru Estonia Saudi ArabiaSouth Africa Suriname Finland SyriaSudan Uruguay France UAESwaziland Venezuela Germany YemenTanzania

no

Rth

Am

eRiC

A Canada Greece Togo Mexico HungaryUganda USA IrelandZambia ItalyZimbabwe Latvia


ThE WORLD TRAVEL & TOuRISM COuNCIL IS ThE FORuM FOR BuSINESS LEADERS IN ThE TRAVEL & TOuRISM INDuSTRy.

With the Chairs and Chief Executives of the 100 foremost Travel & Tourism companies as its Members, WTTC has a unique mandate and overview on all matters related to Travel & Tourism.

WTTC works to raise awareness of Travel & Tourism as one of the world’s largest industries, supporting some 255 million jobs and generating 9% of global GDP in 2011.

Together with its research partner, Oxford Economics, WTTC produces comprehensive reports on an annual basis – with updates whenever required – to quantify, compare and forecast the economic impact of Travel & Tourism on 181 economies around the world. It also publishes a World report highlighting global trends, as well as reports on regions, sub-regions and special economic groupings.

To download one-page summaries, the full reports or spreadsheets, visit www.wttc.org

ASSISTING WTTC TO PROVIDE TOOLS FOR ANALySIS, BENChMARKING, FORECASTING AND PLANNING.

Over the last 30 years Oxford Economics has built a diverse and loyal client base of over 300 organisations worldwide, including international organisations, governments, central banks, and both large and small businesses. Headquartered in Oxford, England, with offices in London, Belfast, Paris, the UAE, Singapore, Philadelphia, New York and San Francisco, Oxford Economics employs over 70 full-time, highly qualified economists and data specialists, while maintaining links with a network of economists in universities worldwide.

For more information please take advantage of a free trial on our website, www.oxfordeconomics.com, or contact John Gaster, Oxford Economics, Abbey House, 121 St Aldates, Oxford, OX1 1HB, UK.

Tel: +44 (0) 1865 268 900; email: [email protected]

CHAIRMAN

ABERCROMBIE & KENTGeoffrey J W KentFounder, Chairman & CEO

PRESIDENT & CEO

WORLD TRAVEL & TOURISM COUNCILDavid Scowsill

VICE CHAIRMEN

GLOBAL LEISURE PARTNERSMark HarmsChairman & CEO

MANDARIN ORIENTALEdouard EttedguiGroup Chief Executive

SILVERSEA CRUISESManfredi Lefebvre d’Ovidio di Balsorano de ClunieresChairman

THE TRAVEL CORPORATIONBrett TollmanPresident & Chief Executive

TUI AGDr Michael FrenzelChairman of the Executive Board

WORLD TRAVEL & TOURISM COUNCILJean-Claude Baumgarten

WYNDHAM WORLDWIDEStephen P HolmesChairman & CEO

EXECUTIVE COMMITTEE

ACCORDenis HennequinChairman & CEO

AMERICAN EXPRESS COMPANYWilliam GlennPresident, Global Merchant Network Group

BEIJING TOURISM GROUPQiang DuanChairman

BHARAT HOTELSJyotsna SuriChairperson & Managing Director

CARLSONHubert Joly President, CEO & Director

EMIRATESGary ChapmanPresident Group Services & Dnata, Emirates Group

ETIHAD AIRWAYSJames HoganCEO

HILTON WORLDWIDEChristopher J NassettaPresident & CEO

INTERCONTINENTAL HOTELS GROUP PLCRichard SolomonsChief Executive

JUMEIRAH GROUPGerald LawlessExecutive Chairman

MARRIOTT INTERNATIONAL JW Marriott, JrChairman & CEO

Arne M SorensonPresident & CEO

MELIÁ HOTELS INTERNATIONALSebastián EscarrerVice Chairman

OUTRIGGER ENTERPRISES GROUPDr Richard R KelleyChairman Emeritus

RIOFORTE INVESTMENTS SAManuel Fernando Espírito SantoChairman

SABRE HOLDINGSTom Klein President

SHUN TAK HOLDINGS Pansy HoManaging Director

TRAVEL GUARD WORLDWIDEJeffrey C RutledgeChairman & CEO

TRAVELPORTGordon WilsonPresident & CEO

TSOGO SUN GROUPJabu MabuzaDeputy Chairman

VISITBRITAINChristopher Rodrigues, CBEChairman

GLOBAL MEMBERS

ALTOURAlexandre ChemlaPresident

AMADEUS IT GROUP SALuis MarotoPresident & CEO

Jose Antonio TazónChairman of the Board

AVIS BUDGET GROUPRonald L NelsonChairman & CEO

BEIJING CAPITAL INTERNATIONAL AIRPORT COZhiyi DongChairman

Guanghui ZhangPresident & CEO

BEIJING TOURISM GROUPYi LiuPresident

BOSCOLO GROUPGiorgio BoscoloCEO

CANNERY ROW COMPANYTed J BalestreriChairman & CEO

CHINA INTERNATIONAL TRAVEL SERVICE, HEAD OFFICE (CITS)Rong ChenCEO

CHOICE HOTELS INTERNATIONALStephen P JoycePresident & CEO

COSTA CRUISESPier Luigi FoschiChairman & CEO

CTRIP.COM INTERNATIONALMin FanCEO

DEPARTMENT OF TOURISM & COMMERCE MARKETING, GOVERNMENT OF DUBAIKhalid A bin SulayemDirector General

DIAMOND RESORTSStephen J CloobeckChairman & CEO

DLA PIPERSir Nigel KnowlesCo-CEO

DOLPHIN CAPITAL INVESTORSMiltos KambouridesManaging Partner

DUBAILANDMohammed Al HabbaiCEO

DUBAI AIRPORTS INTERNATIONALPaul Denis GriffithsCEO

EAST JAPAN RAILWAY COMPANYSatoshi SeinoPresident & CEO

EXPEDIA INCDara KhosrowshahiPresident & CEO

FAIRMONT RAFFLES HOTELS INTERNATIONALChris J CahillCOO

GLOBAL BLUE GROUPPer SetterbergPresident & CEO

HERTZ CORPORATIONMark FrissoraChairman & CEO, Hertz Corporation

Michel TaridePresident, Hertz International & Executive Vice President, Hertz Corporation

HNA GROUPFeng ChenChairman of the Board

HOGG ROBINSON GROUPDavid RadcliffeChief Executive

HONG KONG & SHANGHAI HOTELSClement KwokCEO & MD

HOTELPLAN HOLDING Hans LerchVice Chairman & CEO

HUANGSHAN TOURISM GROUPJiwei XuChairman

HYATT HOTELS CORPORATIONMark S HoplamazianPresident and CEO

IBMMarty SalfenGeneral Manager, Global Travel & Transportation Industry

INDIAN HOTELS COMPANY LTDRK Krishna KumarVice Chairman

JONES LANG LASALLE HOTELSArthur de HaastGlobal CEO

JTB CORPHiromi TagawaPresident & CEO

LEBUA HOTELS & RESORTS CO LTDRattawadee BualertPresident

Deepak OhriCEO

LOEWS HOTELSJonathan M TischChairman & CEO

LOS ANGELES WORLD AIRPORTSGina Marie LindseyExecutive Director

LOTTEDong-Bin ShinChairman

MESSE BERLIN GMBHRaimund HoschPresident & CEO

MGM RESORTS INTERNATIONALJim MurrenCEO

MISSION HILLS GROUPDr Ken ChuChairman & CEO

MÖVENPICK HOTELS & RESORTSJean Gabriel PérèsPresident & CEO

NH HOTELSMariano Pérez ClaverChairman

ORBITZ WORLDWIDEBarney HarfordCEO

PAN PACIFIC HOTEL GROUPPatrick ImbardelliPresident & CEO

PHOCUSWRIGHTPhilip C WolfPresident & CEO

QUNARChenchao ZhuangCo-Founder & CEO

RADISSON EDWARDIAN HOTELSJasminder SinghChairman & CEO

REED TRAVEL EXHIBITIONSRichard MortimoreManaging Director

RELAIS & CHÂTEAUXJaume TàpiesPresident

R TAUCK & PARTNERSRobin Tauck President

S-GROUP CAPITAL MANAGEMENTVladimir YakushevManaging Partner

SHANGRI-LA INTERNATIONAL HOTEL MANAGEMENTGreg DoganPresident & CEO

SOUTH AFRICAN AIRWAYSSizakele MzimelaCEO

SPENCER STUARTJerry NoonanCo-leader, Global Hospitality & Leisure Practice

STARWOOD HOTELS & RESORTS WORLDWIDE, INCFrits D van PaasschenPresident & CEO

TAJ HOTELS RESORTS & PALACESRaymond BicksonManaging Director & CEO

TAP PORTUGALFernando PintoCEO

TRANSAERO AIRLINESAlexander PleshakovCEO

UNITED AIRLINESJeff Smisek President & CEO

Jim ComptonExecutive Vice President & CEO

VIRTUOSO Matthew D Upchurch CTCCEO

WILDERNESS SAFARISAndy Payne CEO

ZAGAT SURVEY LLCTim ZagatCo-Founder, Co-Chair & CEO

INDUSTRY PARTNERS

DELOITTEAdam WeissenbergGlobal Segment Lead - Travel Hospitality and Leisure

REGIONAL MEMBERS

DOURO AZULMario FerreiraCEO

HONORARY MEMBERS

ACCORGérard PélissonCo-Chairman, Supervisory Board

AMERICAN EXPRESS COMPANYJonathan S LinenAdviser to Chairman

ANDRÉ JORDAN GROUPAndré JordanChairman

FT MOORE P/LSir Frank Moore, AOChairman

THE HERTZ CORPORATIONFrank OlsenRetired Chairman of the Board

NOMURA INTERNATIONALLord Colin Marshall of KnightsbridgeChairman

TZ ASSOCIATES Tommaso ZanzottoPresident

UNIVERSAL MEDIACarl RudermanChairman

CHAIRMAN EMERITUS

RRE VENTURESJames D Robinson IIIGeneral PartnerWTTC Chairman (1990-1994)

IMMEDIATE PAST CHAIRMAN

GLOBAL ALLIANCE ADVISORS LLCVincent A WolfingtonChairmanWTTC Chairman (2004-2007)

FORMER CHAIRMEN

INTERCONTINENTAL HOTELS GROUP PLCSir Ian ProsserRetired ChairmanWTTC Chairman (2001-2003)

AIG INCHarvey GolubNon-Executive ChairmanWTTC Chairman (1996-2001)

ROBERT H BURNS HOLDINGS LTDRobert H BurnsChairmanWTTC Chairman (1994-1996)

1-2 Queen Victoria Terrace, Sovereign Court,

London E1W 3HA United Kingdom

Telephone: +44 (0) 20 7481 8007 Fax: +44 (0) 20 7488 1008Email: [email protected]

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