travel & tourism economic impact 2009...2009/03/15 · president & ceo hilton hotels...
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2009Italy
Travel & Tourismeconomic impacT
CHAIRMAN:
Geoffrey J W Kent Chairman & CEO Abercrombie & Kent
VICE CHAIRMEN:
Edouard Ettedgui Group Chief Executive Mandarin Oriental Hotel Group
Maurice Flanagan CBE Executive Vice Chairman Emirates Airline & Group
Michael Frenzel Chairman of the Executive Board TUI AG
Mark Harms Chairman & CEO Global Leisure Partners LLP
Stephen P Holmes Chairman & CEO Wyndham Worldwide
Brett Tollman President The Travel Corporation
EXECUTIVE COMMITTEE:
Philippe Bourguignon Vice Chairman & CEO Revolution Places
Marilyn Carlson Nelson Chairman Carlson
Alex Christou Managing Partner Accenture
Jeff Clarke President & CEO Travelport
Andrew Cosslett CEO InterContinental Hotels Group PLC
Gabriel Escarrer Jaume Co-Vice Chairman & CEO Sol Meliá
Manuel Fernando Espírito Santo Chairman Espírito Santo Tourism
Edward P Gilligan Vice Chairman American Express Company
Pansy Ho Managing Director Shun Tak Holdings Limited
Hubert Joly President & CEO Carlson
Richard R Kelley Chairman Outrigger Enterprises Group
Gerald Lawless Executive Chairman Jumeirah Group
Manfredi Lefebvre d’Ovidio Chairman Silversea Cruises
J W Marriott, Jr Chairman & CEO Marriott International, Inc
Alan Parker CBE Chief Executive Whitbread plc
Gilles Pélisson CEO Accor
Charles Petruccelli President Global Travel Services American Express Company
Christopher Rodrigues CBE Chairman VisitBritain
Jeffrey C Rutledge President AIG Travel, Inc
Jyotsna Suri Chairperson & Managing Director Bharat Hotels Ltd
Jonathan M Tisch Chairman & CEO Loews Hotels
Vincent A Wolfington Chairman Global Alliance Advisors LLC Immediate Past Chairman, WTTC
GLOBAL MEMBERS:
Talal Al Bahar Chairman & Managing Director IFA Hotels & Resorts
Mohammed Al Habbai CEO Dubailand
Eric Anderson President & CEO Space Adventures
Giovanni Angelini Executive Director Shangri-La Hotels & Resorts
Ted J Balestreri Chairman & CEO Cannery Row Company
Simón P Barceló Chairman & CEO Barceló Hotels & Resorts
Raymond Bickson Managing Director Taj Hotels, Resorts and Palaces
Giorgio Boscolo CEO Boscolo Group
Rattawadee Bualert President lebua Hotels & Resorts Co, Ltd
Gabriele Burgio President & CEO NH Hoteles
Chris J Cahill Chief Operating Officer Fairmont Raffles Hotels International
Jim Compton Executve Vice President, Marketing Continental Airlines
Tony Fernandes Group Chief Executive Officer AirAsia
Frank Fiskers President & CEO Scandic Hotels
Mark P Frissora Chairman and CEO The Hertz Corporation
Naresh Goyal Chairman Jet Airways India Ltd
Arthur de Haast Global Chief Executive Officer Jones Lang LaSalle Hotels
James Hogan CEO Etihad Airways
Raimund Hosch President & CEO Messe Berlin GmbH
Miltos Kambourides Managing Partner Dolphin Capital Partners
Larry Kellner Chairman & CEO Continental Airlines
Gary L Kessler President & CEO Carey International Inc
Dara Khosrowshahi President & CEO Expedia Inc
Tom Klein Group President Sabre Travel Network and Sabre Airline Executive Vice President Sabre Holdings
Sir Nigel Knowles Joint CEO DLA Piper
Ali Kolaghassi Vice Chairman & CEO Saraya Holdings
RK Krishna Kumar Vice Chairman Taj Hotels, Resorts & Palaces
Michael Latimer President & CEO Oxford Properties Group
Jabu Mabuza CEO Tsogo Sun Group
André Martinez Chairman, Global Lodging & Managing Director Morgan Stanley
Khater Massaad Chairman RAK Investment Authority
Geoff Muirhead CBE Group Chief Executive The Manchester Airports Group
Christopher J Nassetta President & CEO Hilton Hotels Corporation
John M Noel CEO Noel Group
Chris O’Donnell Chief Executive Officer Nakheel
Deepak Ohri Chief Executive Officer lebua Hotels & Resorts Co, Ltd
Frits D van Paasschen President & CEO Starwood Hotels & Resorts Worldwide Inc
Jean Gabriel Pérès President & CEO Mövenpick Hotels & Resorts
Dionísio Pestana Chairman Group Pestana
Fernando Pinto CEO TAP Portugal
Wolfgang Prock-Schauer Chief Executive Officer Jet Airways India Ltd
Bob Puccini CEO The Puccini Group
Duan Qiang Chairman Beijing Tourism Group
David Radcliffe Chief Executive Hogg Robinson Group
Jay Rasulo Chairman Walt Disney Parks and Resorts
Marty Salfen General Manager Global Travel & Transportation Industry IBM
Per Setterberg CEO Global Refund Group
Joe Sita CEO Nakheel Hotels
David Stein Chairman Franklyn Hotels & Resorts
Khalid bin Sulayem Director General Dubai Department of Tourism and Commerce Marketing
Daniel Sullivan President Collette Vacations
Hiromi Tagawa President & CEO JTB Corp
Yassin K Talhouni CEO Zara Investment Holding Co Ltd
Jaume Tàpies President Relais & Châteaux
Robin Tauck President R Tauck & Partners LLC
Kathleen Taylor President & Chief Operating Officer Four Seasons Hotels & Resorts
José Antonio Tazón Chairman of the Board Amadeus IT Group SA
John Ueberroth Chairman & CEO Preferrred Hotel Group
Matthew D Upchurch CEO Virtuoso
Willie Walsh Chief Executive British Airways plc
Philip Wolf CEO PhoCusWright, Inc
Mei Yunxin Vice Chairman Beijing Tourism Group
Tim Zagat Co-Founder, Co-Chair & CEO Zagat Survey LLC
Sarmad Zok Chief Executive Officer Kingdom Hotel Investments
HONORARY MEMBERS:
André Jordan Chairman André Jordan Group
Jonathan S Linen Adviser to the Chairman American Express Company
Lord Marshall of Knightsbridge Chairman Pirelli UK plc
Sir Frank Moore, AO Chairman FT Moore P/L
Frank Olson Chairman of the Board The Hertz Corporation
Gérard Pélisson Co-Chairman, Supervisory Board Accor
Carl Ruderman Chairman Universal Media
Tommaso Zanzotto President TZ Associates Ltd
CHAIRMAN EMERITUS:
James D Robinson III General Partner RRE Ventures WTTC Chairman (1990-1994)
IMMEDIATE PAST CHAIRMAN:
Vincent A Wolfington Chairman Global Alliance Advisors LLC WTTC Chairman (2004-2007)
FORMER CHAIRMEN:
Sir Ian Prosser Retired Chairman InterContinental Hotels Group plc WTTC Chairman (2001-2003)
Harvey Golub Retired Chairman & CEO American Express Company WTTC Chairman (1996-2001)
Robert H Burns Chairman Robert H Burns Holdings Limited WTTC Chairman (1994-1996)
PRESIDENT & CEO:
Jean-Claude Baumgarten
1 March 2009
THe WorlD Travel & Tourism council (WTTc), WHicH is THe Business leaDers’ Forum For Travel & Tourism, Has spenT 20 Years DevelopinG iTs economic impacT researcH For THe BeneFiT oF Travel & Tourism Decision-maKers – WHeTHer in THe privaTe or puBlic secTor. THis compreHensive researcH, WHicH DraWs From manY DiFFerenT sources anD represenTs a consiDeraBle invesTmenT over Time, uses THe FrameWorK oF Travel & Tourism saTelliTe accounTs (Tsas).
Full Tsas take many years to develop, so WTTc’s prime objective in producing these economic impact accounts is to provide on an annual basis consistent, reliable and comparable information to assess Travel & Tourism’s current and likely future contribution to national economic activity and employment. and one of the main strengths of our research is that it is timely – so it can inform and help drive urgent policy-making and investment decisions. This is particularly important for emerging economies that do not have the detailed data necessary to develop full Tsas.
This 2009 research, produced with our partner oxford economics, assesses the economic impact of Travel & Tourism for 181
countries. it measures spending on Travel & Tourism by households, businesses, governments and foreign visitors, in order to
capture fully the economic contribution of both domestic and international tourism, thereby quantifying Travel & Tourism’s
contribution to gross domestic product (GDp) and employment.
according to the latest annual research, Travel & Tourism employed over 225 million people around the world and generated
9.6% of global GDp in 2008. Despite occasional dips in the annual growth curve, the last decade has seen a rapid rise in Travel
& Tourism. But, as is now widely recognised, it suffered a marked downturn in activity in the second half of 2008. indeed, by
the end of the year, many countries were experiencing a contraction in Travel & Tourism demand, and global recession was
having an increasing impact on the industry’s performance – even in emerging markets.
one of the big challenges is to try to understand when the world economy and Travel & Tourism demand will rebound. and
there are no quick answers, nor magic solutions. our current indicators suggest that the downturn will continue through
2009, as the deterioration in global economic conditions squeezes spending on Travel & Tourism by both households and
businesses. international demand is likely to be under the most pressure, as world trade declines and more travellers cut costs
by choosing to holiday in their home countries. and challenging conditions are forecast to continue into 2010.
nevertheless, we remain extremely confident as to Travel & Tourism’s longer-term future. looking beyond the present
economic crisis, the prospects for Travel & Tourism remain strong, led by renewed expansion in emerging countries – both as
tourism destinations and as an increasing source of international and domestic visitors – not to mention the growing priority
accorded by people in developed countries to leisure tourism.
on this positive note, and building on the success of our research over the past 20 years, we are delighted to welcome you to
the 2009 edition of WTTc’s The Economic Impact of Travel & Tourism.
Jean-Claude BaumgartenPresident & CEO
World Travel & Tourism Council
Geoffrey J W KentChairman, World Travel & Tourism Council and
Chairman & CEO, Abercrombie & Kent
CONTENTS
Key Facts at a Glance 3
summary economic impact and real Growth 4
Travel & Tourism’s economic impact 6
national, regional and World summary Tables 7
concepts & structure 8
Travel & Tourism satellite account
Gross Domestic product 10
employment 11
Total Demand 12
visitor & other exports 13
satellite account Tables 14
ranking and range 16
General macroeconomic indicators 16
THe economic impacT oF Travel & Tourism
use oF maTerial is auTHoriseD, proviDeD source is acKnoWleDGeD
1-2 Queen Victoria terrace, SoVereign court, London e1W 3Ha, uKTeL: +44 (0) 20 7481 8007. Fax: +44 (0) 20 7488 1008. emaiL: [email protected]. www.wttc.org
2009 10-year trend
Gross Domestic Product (GDP)
9.6%
Employment
10.6%
Growth
-4.4%
Exports
11.7%
World ranking (out of 181 countries)
7 169
ABSOLUTE GROWTHsize forecast
Ranking in European Union (out of 27 countries)
4 26
ABSOLUTE GROWTHsize forecast
Direct Industry T&T Economy as a whole Direct Industry T&T Economy as a whole
ITALY
KEY FACTS AT A GLANCE
THE 2009 TRAVEL & TOURISM ECONOMIC RESEARCH
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is expected to rise from 9.6% (EUR152.4 bn or US$212.5 bn) in 2009 to 10.2% (EUR222.9 bn or US$285.0 bn) by 2019.
The contribution of the Travel & Tourism Economy to employment is expected to rise from 2,479,000 jobs in 2009, 10.6% of total employment, or 1 in every 9.5 jobs to 2,640,000 jobs, 11.4% of total employment or 1 in every 8.8 jobs by 2019.
Real GDP growth for the Travel & Tourism Economy is expected to be -4.4% in 2009 and to average 1.9% per annum over the coming 10 years.
Travel & Tourism Gross Domestic Product
77
13
RELATIVEcontribution to national economy
© 2009 World Travel & Tourism Council
(2000 constant US$ bn)
RAISE AWARENESS OF THE IMPORTANCE OF THE WORLD'S LARGEST GENERATOR OF WEALTH AND JOBS
('000 jobs)
THE WORLD TRAVEL & TOURISM COUNCIL (WTTC) IS THE BUSINESS LEADERS' FORUM FOR TRAVEL & TOURISM WORKING WITH GOVERNMENTS TO
1-2 QUEEN VICTORIA TERRACE, SOVEREIGN COURT, LONDON E1W 3HA, UNITED KINGDOM
TEL: +44 (0) 20 7481 8007 or +44 (0) 207 481 8007 . FAX: +44 (0) 20 7488 1008 488 1008 . [email protected] . www.wttc.org
ITALYTravel & Tourism Employment
ITALY
RELATIVEcontribution to national economy
Export earnings from international visitors and tourism goods are expected to generate 11.7% of total exports (EUR53.5 bn or US$74.5 bn) in 2009, growing (nominal terms) to EUR90.1 bn or US$115.2 bn (10.4% of total) in 2019.
0
500
1,000
1,500
2,000
2,500
3,000
2004 2005 2006 2007 2008 2009 2014 20190
20
40
60
80
100
120
140
160
2004 2005 2006 2007 2008 2009 2014 2019
EUR 62 bn 970,000(US$86 bn) jobs representing 4.1% of total employment
equivalent to 3.9% of total GDP
EUR 152 bn 2,479,000(US$213 bn) jobs representing 10.6% of total employment
equivalent to 9.6% of total GDP
EUR 53 bn EUR 28 bn
(US$75 bn) (US$39 bn)
equivalent to 11.7% of total exports equivalent to 9.1% of total investment
EUR 12 bn
(US$17 bn)
equivalent to a 3.6% share
ECONOMIC IMPACT
Direct Industry Employment
Economy GDP Economy Employment
IN 2009 ITALY'S TRAVEL & TOURISM IS EXPECTED TO GENERATE EUR152 BN (US$213 BN) OF ECONOMIC ACTIVITY (GDP). THE INDUSTRY'S DIRECT IMPACT INCLUDES:
HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. ITALY'S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:
Direct Industry GDP
Exports, Services & Merchandise Capital Investment
Government Expenditure
4
REAL GROWTH
-5.5 % -5.2 %
-4.4 % -4.1 %
2.0 % 0.8 %
1.9 % 0.6 %
2.3 % 2.5 %
1.8 % 0.8 %
Visitor Exports - Travel & Tourism
Government Expenditure - Travel & Tourism
to EUR62 bn (US$86 bn) to 970,000 jobs
to EUR152 bn (US$213 bn) to 2,479,000 jobs
IN 2009, TRAVEL & TOURISM IN ITALY IS FORECAST TO SEE REAL DECLINE OF:
Capital Investment - Travel & Tourism
Economy GDP Economy Employment
Direct Industry GDP Direct Industry Employment
Economy GDP Economy Employment
Direct Industry GDP Direct Industry Employment
to EUR41 bn (US$52 bn) in 2019 to EUR16 bn (US$20 bn) in 2019
OVER THE NEXT TEN YEARS, ITALY'S TRAVEL & TOURISM IS EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:
to EUR223 bn (US$285 bn) in 2019 to 2,640,000 jobs in 2019
to EUR304 bn (US$389 bn) in 2019 to EUR52 bn (US$67 bn) in 2019
to EUR91 bn (US$116 bn) in 2019 to 1,046,120 jobs in 2019
Demand - Travel & Tourism
5
ECONOMIC IMPACT TRAVEL & TOURISM (T&T) – ENCOMPASSING TRANSPORT, ACCOMMODATION,CATERING, RECREATION AND SERVICES FOR VISITORS – IS ONE OF THE WORLD’S HIGHEST PRIORITY INDUSTRIES AND EMPLOYERS.
GDP DEMAND
Italy - The Travel &Tourism Industry is expected to contribute directly 3.9% to Gross Domestic Product (GDP) in 2009 (EUR61.5 bn or US$85.8 bn), rising in nominal terms to EUR90.8 bn or US$116.0 bn (4.2% of total) by 2019.
Italy - In 2009, Travel & Tourism is expected to post EUR201.5 bn (US$281.0 bn) of economic activity (Total Demand), growing to EUR304.1 bn (US$388.9 bn) by 2019.
The T&T Economy contribution (% of total) should rise from 9.6% (EUR152.4 bn or US$212.5 bn) to 10.2% (EUR222.9 bn or US$285.0 bn) in this same period.
European Union - Travel & Tourism Demand is expected to reach US$2,430.8 bn in 2009, growing to US$3,930.8 bn in 2019.
European Union - The Travel & Tourism Industry is expected to post a direct GDP contribution of 3.4% in 2009, while the Travel & Tourism Economy contribution will be 9.9%.
Worldwide - In 2009, it is expected to post US$7,340 bn of economic activity (Total Demand) and this is forecast to grow to US$14,382 bn by 2019.
Worldwide - In 2009, the Travel & Tourism Industry should contribute 3.2% directly to worldwide GDP. The broader Travel & Tourism Economy should contribute 9.4% to world GDP in 2009. VISITOR EXPORTS
GROWTHItaly - Exports make up a very important share of Travel & Tourism's contribution to GDP.
Italy - The Travel & Tourism Economy is expected to grow by 1.9% per annum in real terms between 2010 and 2019.
Of Italy's total exports, Travel & Tourism is expected to generate 11.7% (EUR53.5 bn or US$74.5 bn) in 2009, increasing to EUR90.1 bn or US$115.2 bn (10.4% of total), in 2019.
European Union - The Travel & Tourism Economy is expected to post average annualised gains of 2.7% between 2010 and 2019.
European Union - Travel & Tourism exports are expected to represent 11.6% of total exports in 2009.
Worldwide - Travel & Tourism is a high-growth activity, which is forecast to increase its total economic activity by 4.% worldwide in real terms over the next ten years.
Worldwide - Travel & Tourism is a major exporter, with inbound visitors injecting foreign exchange directly into the economy.
EMPLOYMENT CAPITAL INVESTMENT
Italy - Travel &Tourism Economy employment is estimated at 2,479,000 jobs in 2009, 10.6% of total employment, or 1 in every 9.5 jobs. By 2019, this should total 2,640,000 jobs, 11.4% of total employment or 1 in every 8.8 jobs.
Italy - Travel & Tourism Capital Investment is estimated at EUR28.2 bn, US$39.3 bn or 9.1% of total investment in year 2009. By 2019, this should reach EUR40.8 bn, US$52.2 bn or 9.1% of total.
The 970,000 T&T Direct Industry jobs account for 4.1% of total employment in 2007 and are forecast to total 1,046,000 jobs or 4.5% of the total by 2019.
European Union - Travel & Tourism Capital Investment is estimated to total US$302.9 bn in 2009, or 9.0% of total regional capital investment.
Worldwide - Travel & Tourism is a catalyst for construction and manufacturing. In 2009, the public and private sectors combined are expected to spend US$1,220.1 bn worldwide - 9.4% of total investment, rising to US$2,589.7 bn or 9.3% of the total, in 2019.
Worldwide - Travel & Tourism is human resource intensive, creating quality jobs across the full employment spectrum. In 2009, one in 13.1 jobs will be generated by the Travel & Tourism Economy. GOVERNMENTThe Travel & Tourism Economy accounts for 7.6% of global employment.
European Union - Government Travel & Tourism operating expenditures are estimated to total US$118.8 bn in 2009, or a 3.3% share.
Worldwide - Travel & Tourism is both a generator and receiver of government funds. Globally, in 2009, Travel & Tourism is expected to garner US$404.2 bn of government expenditures, or 3.9% of total expenditures. By 2019, government spending on Travel & Tourism should increase to US$709.3 bn - 4.0% of total government expenditure.
European Union - The Travel & Tourism Industry is expected to generate directly 8,496,000 jobs in 2009 (3.9% of total employment), while the broader Travel & Tourism Economy will account for 23,002,000 jobs (10.4% of total employment).
Italy - Government Travel & Tourism operating expenditures in Italy in 2009 are expected to total EUR12.2 bn (US$17.1 bn), or 3.6% of total government spending.
Today there are 77.3 million Travel & Tourism Direct Industry jobs and 219.8 million jobs in the Travel & Tourism Economy, and these will rise to 97.8 million Travel & Tourism Direct Industry jobs and 275.7 million Travel & Tourism Economy jobs by 2019.
6
SUMMARY TABLES
ESTIMATES AND FORECASTS
2009
EUR bn EUR bn
Personal Travel & Tourism 82.7 9.0 -4.5 123.0 9.8 2.1
Business Travel 24.9 1.6 -10.1 34.3 1.6 1.3
Government Expenditures 12.2 3.6 3.4 15.9 3.6 0.8
Capital Investment 28.2 9.1 -6.8 40.8 9.1 1.8
Visitor Exports 33.8 7.4 -7.1 52.3 6.0 2.5
Other Exports 19.6 4.3 0.0 37.8 4.3 4.8
T&T Demand 201.5 10.0 -5.2 304.1 10.1 2.3
Direct Industry GDP 61.5 3.9 -5.5 90.8 4.2 2.0
T&T Economy GDP 152.4 9.6 -4.4 222.9 10.2 1.9
Direct Industry Employment3 970.1 4.1 -5.2 1,046.1 4.5 0.8
T&T Economy Employment32,479.5 10.6 -4.1 2,639.8 11.4 0.6
12009 real growth adjusted for inflation (%); 22010-2019 annualised real growth adjusted for inflation (%); 3'000 jobs
US$ bn US$ bn
Personal Travel & Tourism 966.7 10.0 -3.3 1,486.5 8.9 2.5
Business Travel 231.6 1.4 -9.0 341.2 1.3 2.2
Government Expenditures 118.8 3.3 3.4 170.3 4.0 1.9
Capital Investment 302.9 9.0 -8.0 485.6 9.3 3.0
Visitor Exports 423.6 6.1 -4.7 720.0 5.4 3.7
Other Exports 387.3 5.5 -1.2 727.3 5.4 5.0
T&T Demand 2,430.8 10.3 -4.1 3,930.8 9.5 3.2
Direct Industry GDP 580.6 3.4 -4.0 882.5 3.1 2.5
T&T Economy GDP 1,667.5 9.9 -3.5 2,585.4 9.5 2.7
Direct Industry Employment3 8,495.5 3.9 -3.8 9,480.6 3.0 1.1
T&T Economy Employment3 23,002.0 10.4 -3.0 25,765.3 8.4 1.1
12009 real growth adjusted for inflation (%); 22010-2019 annualised real growth adjusted for inflation (%); 3'000 jobs
WORLDWIDE US$ bn US$ bn
Personal Travel & Tourism 2,990 8.6 -2.9 5,575 8.9 3.8
Business Travel 745 1.3 -7.2 1,376 1.3 3.6
Government Expenditures 404 3.9 3.3 709 4.0 3.2
Capital Investment 1,220 9.4 -5.3 2,590 9.3 4.7
Visitor Exports 1,079 6.0 -4.5 2,131 5.0 4.7
Other Exports 901 5.0 -5.4 2,001 4.7 6.0
T&T Demand 7,340 9.6 -4.0 14,382 9.5 4.3
Direct Industry GDP 1,870 3.2 -3.5 3,396 3.1 3.6
T&T Economy GDP 5,474 9.4 -3.5 10,478 9.5 4.0
Direct Industry Employment3 77,276 2.7 -1.9 97,784 3.0 2.4
T&T Economy Employment3 219,810 7.6 -2.8 275,688 8.4 2.3
12009 real growth adjusted for inflation (%); 22010-2019 annualised real growth adjusted for inflation (%); 3'000 jobs
Growth2
% of Total
% of Total
Growth1 Growth2
Growth2
2009
% of Total
2019
2019
% of TotalGrowth1
% of Total Growth1
2019
ITALY % of Total
EUROPEAN UNION
2009
7
CONCEPTS & STRUCTURE
DEMAND-SIDE ACCOUNTSEUR bn
PERSONAL TRAVEL & TOURISM 82.7
More formally known as Travel & Tourism Personal Consumption, this category includes all personal spending by an economy's residents on Travel & Tourism services (lodging, transportation, entertainment, meals, financial services, etc) and goods (durable and non-durable) used for Travel & Tourism activites. Spending may occur before, during or after a trip. Spending covers all Travel & Tourism, outbound and domestic.
BUSINESS TRAVEL 24.9Formally known as Intermediate Consumption of Travel & Tourism or more simply business travel, this category of expenditures by government and industry includes spending on goods and services (transportation, accommodation, meals, entertainment, etc) for employee business travel purposes.
GOVERNMENT EXPENDITURES - Individual 7.3
Formally known as Non-Market Services (Individual), this category includes expenditures (transfers or subsidies) made by government agencies to provide Travel & Tourism services directly linked to individual visitors such as cultural (eg art museums), recreational (eg national park) or clearance (eg immigration/customs) etc to visitors.
VISITOR EXPORTS 33.8Expenditures by international visitors on goods and services within the resident economy. 148.8
GOVERNMENT EXPENDITURES - Collective 5.0Formally known as Non-Market Services (Collective), this category includes operating expenditures made by government agencies on services associated with Travel & Tourism, but not directly linked to any individual visitor, instead these expenditures are generally made on behalf of the 'community at large', such as tourism promotion, aviation, administration, security services and resort area sanitation services, etc.
CAPITAL INVESTMENT 28.2Formally known as Capital Formation, this category includes capital expenditures by direct Travel & Tourism industry service providers and government agencies to provide facilities, equipment and infrastructure to visitors.
The nominal aggregate of tourism activity in the resident economy.
OTHER EXPORTS 19.6
201.5
In order to quantify the economic impact of Travel & Tourism, we use the framework of a simulated Tourism Satellite Account. The Travel & Tourism Satellite Account is based on a ‘demand-side’
Consumer goods (such as clothing, electronics or petrol) exported for ultimate sale to visitors, or capital goods (such as aircraft or cruise ships) exported for use by Travel & Tourism industry providers.
TRAVEL & TOURISMCONSUMPTION
Total Travel & Tourism expenditures made by and on behalf of visitors
(goods and services) in the resident economy.
TRAVEL & TOURISMDEMAND
economic activity, because the industry does not produce or supply a homogeneous product or service as traditional industries (agriculture, electronics, steel, etc) do.
8
SUPPLY-SIDE ACCOUNTSEUR bn
61.5 TRAVEL & TOURISM INDUSTRY GDP (Direct)
'000 jobs970.1
Direct Gross Domestic Product (also know as Value-Added) and Employment associated with Travel & Tourism Consumption. This is the explicitly defined Supply-side Industry contribution of Travel & Tourism that can be compared one-for-one with the GDP and Employment contribution of other industries in the economy. Establishment in this category include traditional Travel & Tourism providers such as airlines, hotels, car rental companies, etc.
49.6 TRAVEL & TOURISM INDUSTRY GDP (Indirect)
Indirect Gross Domestic Product associated with Travel & Tourism Consumption. This is the upstream resident economy contribution which comes about from suppliers to the traditional Travel & Tourism industry.Establishments in this category include fuel and catering companies, laundry services, accounting firms, etc.
37.7 TRAVEL & TOURISM INDUSTRY IMPORTSThe value of goods imported by direct and indirect Travel & Tourism Industry establishments.
148.8
152.4TRAVEL & TOURISM ECONOMY GDP(Direct and Indirect)
TRAVEL & TOURISMECONOMY SUPPLY
'000 jobs2,479.5
Direct and Indirect Gross Domestic Product (also know as Value-Added) and Employment associated with Travel & Tourism Demand. This is the broadest measure of Travel & Tourism's contribution to the resident economy. Establishments in this category include those described above as well as manufacturing, construction, government, etc. that are associated with Capital Investment, Government Services and Non-Visitor Exports.
49.1 TRAVEL & TOURISM ECONOMY IMPORTSThe value of goods imported by direct and indirect Travel & Tourism Economy establishments.
201.5
TRAVEL & TOURISMINDUSTRY SUPPLY
Instead, Travel & Tourism is an industrial activity defined by the diverse collection of products (durables and non-durables) and services (transportation, accommodation, food and beverage,
Industry and the Travel & Tourism Economy. The first captures the explicitly defined production-side ‘industry’ contribution (ie direct impact only), for comparison with all other industries, while the
modelling separately (large arrows) to these two aggregates, the Satellite Account is able to produce two different and complementary aggregates of Travel & Tourism Supply: the Travel & Tourism
entertainment, government services, etc) that are delivered to visitors. There are two basic aggregates of demand (Travel & Tourism Consumption and Total Demand) and, by employing input/output
second captures the broader ‘economy-wide’ impact, direct and indirect, of Travel & Tourism.
9
GROSS DOMESTIC PRODUCT
ITALY ITALYTravel & Tourism Gross Domestic Product Travel & Tourism Economy GDP
(2000 constant US$ bn) (real growth, %)
EUROPEAN UNION ITALY v REGIONTravel & Tourism Gross Domestic Product Travel & Tourism Economy GDP
(2000 constant US$ bn) (real growth variance, %)
WORLDWIDE ITALY v WORLDWIDETravel & Tourism Gross Domestic Product Travel & Tourism Economy GDP
(2000 constant US$ bn) (real growth variance, %)
WTTC League Table Extract 2009 WTTC League Table Extract 10-Yr Real GrowthTravel & Tourism Economy GDP % of total GDP Travel & Tourism Economy GDP Annualised, %
1 36 Spain 16.3 75 Egypt 4.82 38 Greece 16.2 99 Turkey 4.3
3 42 Portugal 15.6 130 Portugal 3.6
4 43 Egypt 15.0 131 Greece 3.5
5 59 Switzerland 12.1 150 United Kingdom 2.9
6 71 France 10.2 162 Germany 2.5
7 77 Italy 9.6 163 France 2.4
8 80 United Kingdom 9.4 169 Italy 1.9
9 84 Turkey 9.1 171 Spain 1.9
10 103 Germany 7.9 176 Switzerland 1.0
TR
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AT
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AC
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Direct Industry GDP T&T Economy GDP
WO
RLD
Direct Industry GDP T&T Economy GDP
Direct Industry GDP T&T Economy GDP
Italy's T&T Direct Industry is expected to contribute 3.9% to Gross Domestic Product (GDP) in 2009 (EUR61.5 bn or US$85.8 bn), rising in nominal terms to EUR90.8 bn or US$116.0 bn (4.2% of total) by 2019. The T&T Economy contribution (% of total) should rise from 9.6% (EUR152.4 bn or US$212.5 bn) to 10.2% (EUR222.9 bn or US$285.0 bn) in this same period.
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ION
-8
-6
-4
-2
0
2
4
6
8
10
1990 1995 2000 2005 2010 2015
-8
-6
-4
-2
0
2
4
6
1990 1995 2000 2005 2010 2015
-8
-6
-4
-2
0
2
4
6
1990 1995 2000 2005 2010 2015
0
20
40
60
80
100
120
140
2004 2005 2006 2007 2008 2009
0
200
400
600
800
1,000
1,200
2004 2005 2006 2007 2008 2009
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2004 2005 2006 2007 2008 2009
10
EMPLOYMENT
ITALY ITALYTravel & Tourism Employment Travel & Tourism Economy Employment
('000 Jobs) (real growth, %)
EUROPEAN UNION ITALY v REGIONTravel & Tourism Employment Travel & Tourism Economy Employment
('000 Jobs) (real growth variance, %)
WORLDWIDE ITALY v WORLDWIDETravel & Tourism Employment Travel & Tourism Economy Employment
('000 Jobs) (real growth variance, %)
WTTC League Table Extract 2009 WTTC League Table Extract 10-Yr Real GrowthTravel & Tourism Economy Employment % of total emp Travel & Tourism Economy Employment Annualised, %
31 Greece 19.6 35 Greece 3.0
32 Portugal 18.9 46 Turkey 2.8
34 Spain 17.0 79 Egypt 2.3
40 Switzerland 15.6 111 Portugal 1.7
56 Egypt 12.6 131 Spain 1.2
57 France 12.4 132 France 1.2
65 Italy 10.6 135 United Kingdom 1.0
76 United Kingdom 9.6 138 Switzerland 1.0
93 Germany 8.1 147 Germany 0.7
114 Turkey 6.4 154 Italy 0.6
Direct Industry jobs T&T Economy jobs
Italy's 970,000 T&T Direct Industry jobs account for 4.1% of total employment in 2009 and are forecast to total 1,046,000 jobs or 4.5% of the total by 2019.The contribution of the Travel & Tourism Economy to employment is expected to rise from 2,479,000 jobs in 2009, 10.6% of total employment, or 1 in every 9.5 jobs to 2,640,000 jobs, 11.4% of total employment or 1 in every 8.8 jobs by 2019.
Direct Industry jobs T&T Economy jobs
Direct Industry jobs T&T Economy jobs
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0
500
1,000
1,500
2,000
2,500
3,000
2004 2005 2006 2007 2008 2009
-8
-6
-4
-2
0
2
4
6
8
1990 1995 2000 2005 2010 2015
0
5,000
10,000
15,000
20,000
25,000
30,000
2004 2005 2006 2007 2008 2009-8
-6
-4
-2
0
2
4
6
1990 1995 2000 2005 2010 2015
0
50,000
100,000
150,000
200,000
250,000
2004 2005 2006 2007 2008 2009-8
-6
-4
-2
0
2
4
6
1990 1995 2000 2005 2010 2015
11
TOTAL DEMAND
ITALY ITALYTotal Demand 2009 Travel & Tourism Total Demand
(real growth, %)
ITALY ITALY v REGION MARKET SHARE OF EUROPEAN UNION Travel & Tourism Total Demand
Total Demand 2009 (real growth variance, %)
WORLDWIDE ITALY v WORLDWIDETotal Demand 2009 Travel & Tourism Total Demand
(real growth variance, %)
WTTC League Table Extract 2009 WTTC League Table Extract 10-Yr Real GrowthTravel & Tourism Total Demand Real Growth % Travel & Tourism Total Demand Annualised, %
1 63 Egypt 0.0 55 Egypt 5.2
2 87 Turkey -1.7 64 Turkey 5.0
3 90 United Kingdom -1.8 132 Portugal 3.8
4 97 Greece -2.5 141 Greece 3.7
5 102 Switzerland -3.0 143 Germany 3.6
6 107 Portugal -3.3 165 United Kingdom 2.8
7 124 Germany -4.7 166 France 2.8
8 127 Spain -4.9 173 Switzerland 2.3
9 131 Italy -5.2 174 Italy 2.3
10 134 France -5.5 175 Spain 2.2
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LDItaly Travel & Tourism is expected to generate EUR201.5 bn (US$281.0 bn) of economic activity (Total Demand) in 2009, growing (nominal terms) to EUR304.1 bn (US$388.9 bn) by 2019. Total Demand is expected to decline by -5.2% in 2009 and by 2.3% per annum, in real terms, between 2010 and 2019. 2009 Total Demand represents 2.93% of world market share.
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Personal T&T - 41.06% Business T&T - 12.36%
Gov't Expenditures - 6.07% Capital Investment - 13.98%
Visitor Exports - 16.79% Other Exports - 9.73%
Italy - 10.55% Rest of Region - 89.45%
Italy - 2.93% Rest of World - 97.07%
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1012
1990 1995 2000 2005 2010 2015
-8
-6
-4
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0
2
4
1990 1995 2000 2005 2010 2015
-8
-6
-4
-2
0
2
4
6
1990 1995 2000 2005 2010 2015
12
VISITOR & OTHER EXPORT EARNINGS
ITALY ITALYTravel & Tourism Exports Travel & Tourism Visitor Exports(2000 constant US$ bn) (real growth, %)
EUROPEAN UNION ITALY v REGIONTravel & Tourism Exports Travel & Tourism Visitor Exports(2000 constant US$ bn) (real growth variance, %)
WORLDWIDE ITALY v WORLDWIDETravel & Tourism Exports Travel & Tourism Visitor Exports(2000 constant US$ bn) (real growth variance, %)
WTTC League Table Extract 2009 WTTC League Table Extract 10-Yr Real GrowthTravel & Tourism Visitor Exports % of total exports Travel & Tourism Visitor Exports Annualised, %
39 Greece 25.8 61 Portugal 5.6
47 Egypt 19.8 104 Germany 4.7
56 Portugal 16.0 111 Egypt 4.4
57 Spain 15.9 131 Turkey 3.8
73 Turkey 12.7 133 France 3.8
92 France 8.1 134 Greece 3.8
96 Italy 7.4 135 Switzerland 3.8
100 United Kingdom 7.1 161 United Kingdom 2.8
112 Switzerland 5.6 164 Italy 2.5
148 Germany 3.0 169 Spain 2.0
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Visitor Exports Other Exports
Visitor Exports play an important development role for the resident Travel & Tourism Economy. Italy's Travel & Tourism is expected to generate 11.7% of total exports (EUR53.5 bn or US$74.5 bn) in 2009, growing (nominal terms) to EUR90.1 bn or US$115.2 bn (10.4% of total) in 2019.
Visitor Exports Other Exports
Visitor Exports Other Exports
0
50,000
100,000
150,000
200,000
250,000
2004 2005 2006 2007 2008 2009
0
5
10
15
20
25
30
35
40
45
2004 2005 2006 2007 2008 2009
-15
-10
-5
0
5
10
15
20
25
1990 1995 2000 2005 2010 2015
0
50
100
150
200
250
300
350
400
450
500
2004 2005 2006 2007 2008 2009-15
-10
-5
0
5
10
15
20
1990 1995 2000 2005 2010 2015
-15
-10
-5
0
5
10
15
20
1990 1995 2000 2005 2010 2015
13
SATELLITE ACCOUNT TABLESITALY
Travel & Tourism - EUR bn 2004 2005 2006 2007 2008E 2009F 2019F
Personal Travel & Tourism 79.7 79.4 81.0 82.0 84.2 82.7 123.0
Business Travel & Tourism 21.9 24.4 25.5 26.4 26.9 24.9 34.3
Corporate 18.2 20.2 21.1 22.0 22.6 20.8 28.5
Government 3.7 4.2 4.4 4.4 4.4 4.1 5.8
Government Expenditures - Individual 5.9 6.3 6.4 6.7 6.8 7.3 9.5
Visitor Exports 30.5 30.8 33.2 33.7 35.4 33.8 52.3
Travel & Tourism Consumption 138.0 140.9 146.0 148.8 153.4 148.8 219.1
Government Expenditures - Collective 4.3 4.4 4.4 4.5 4.7 5.0 6.5
Capital Investment 24.3 24.7 28.2 32.5 29.4 28.2 40.8
Other Exports 15.2 14.9 17.1 18.6 19.1 19.6 37.8
Travel & Tourism Demand 181.8 185.0 195.8 204.4 206.5 201.5 304.1
Travel & Tourism Direct Industry
Employment ('000) 1,014.8 1,004.7 1,029.9 1,012.3 1,022.9 970.1 1,046.1
Gross Domestic Product 59.1 59.2 61.3 61.7 63.3 61.5 90.8
Travel & Tourism Economy
Employment ('000) 2,544.9 2,491.2 2,590.0 2,622.8 2,585.3 2,479.5 2,639.8
Gross Domestic Product 143.0 142.4 149.7 154.8 155.0 152.4 222.9
Travel & Tourism Accounts as % of National Accounts 2004 2005 2006 2007 2008E 2009F 2019F
Personal Travel & Tourism 9.8 9.5 9.3 9.1 9.1 9.0 9.8
Government Expenditures 3.6 3.6 3.6 3.6 3.6 3.6 3.6
Capital Investment 8.5 8.3 9.0 10.1 9.0 9.1 9.1
Visitor & Other Exports 13.0 12.3 12.2 11.7 11.8 11.7 10.4
Travel &Tourism Imports 11.4 11.4 10.8 11.0 11.0 11.3 9.7
Travel & Tourism Direct Industry
Employment 4.5 4.4 4.5 4.4 4.3 4.1 4.5
Gross Domestic Product 4.3 4.1 4.1 4.0 4.0 3.9 4.2
Travel & Tourism Economy
Employment 11.4 11.0 11.3 11.3 11.0 10.6 11.4
Gross Domestic Product 10 10.0 10.1 10.1 9.8 9.6 10.2
Travel & Tourism Real Growth(per annum except 2019 = 10-year annualised) 2004 2005 2006 2007 2008E 2009F 2019F
Personal Travel & Tourism -1.7 -2.4 0.2 -0.9 -0.5 -4.5 2.1
Business Travel & Tourism -8.5 9.1 2.6 1.4 -1.2 -10.1 1.3
Government Expenditures 1.4 2.6 -0.4 0.9 -0.6 3.4 0.8
Capital Investment -1.9 -0.5 12.3 12.8 -12.6 -6.8 1.8
Visitor Exports 3.0 -0.8 5.7 -0.7 1.8 -7.1 2.5
Other Exports 4.2 -4.0 13.1 6.1 -0.6 0.0 4.8
Travel & Tourism Consumption -1.8 0.0 1.9 -0.4 -0.1 -5.8 2.0
Travel & Tourism Demand -1.2 -0.3 4.1 2.1 -2.2 -5.2 2.3
Travel & Tourism Direct Industry
Employment 1.4 -1.0 2.5 -1.7 1.1 -5.2 0.8
Gross Domestic Product 0.5 -1.8 1.8 -1.6 -0.7 -5.5 2.0
Travel & Tourism Economy
Employment 1.1 -2.1 4.0 1.3 -1.4 -4.1 0.6
Gross Domestic Product 0.4 -2.4 3.3 1.1 -3.1 -4.4 1.9
E - Estimate; F - Forecast
14
SATELLITE ACCOUNT TABLESITALY
Travel & Tourism - US$ bn 2004 2005 2006 2007 2008E 2009F 2019F
Personal Travel & Tourism 99.1 98.9 101.7 112.4 123.9 115.4 157.3
Business Travel & Tourism 27.3 30.4 32.0 36.2 39.6 34.7 43.9
Corporate 22.6 25.1 26.5 30.1 33.2 29.0 36.5
Government 4.6 5.3 5.5 6.0 6.4 5.7 7.5
Government Expenditures - Individual 7.4 7.8 8.1 9.1 10.1 10.1 12.1
Visitor Exports 37.9 38.4 41.6 46.1 52.1 47.2 66.9
Travel & Tourism Consumption 171.6 175.4 183.4 203.9 225.6 207.5 280.2
Government Expenditures - Collective 5.3 5.5 5.6 6.2 6.8 6.9 8.3
Capital Investment 30.2 30.7 35.4 44.6 43.2 39.3 52.2
Other Exports 18.9 18.5 21.5 25.5 28.0 27.4 48.3
Travel & Tourism Demand 226.1 230.2 245.9 280.1 303.7 281.0 388.9
Travel & Tourism Direct Industry
Employment ('000) 1,014.8 1,004.7 1,029.9 1,012.3 1,022.9 970.1 1,046.1
Gross Domestic Product 73.5 73.7 77.0 84.6 93.1 85.8 116.0
Travel & Tourism Economy
Employment ('000) 2,544.9 2,491.2 2,590.0 2,622.8 2,585.3 2,479.5 2,639.8
Gross Domestic Product 177.8 177.3 188.0 212.2 227.9 212.5 285.0
Travel & Tourism 2000 Constant US$ bn 2004 2005 2006 2007 2008E 2009F 2019F
Personal Travel & Tourism 65.4 63.9 64.0 63.4 63.0 60.2 74.2
Business Travel & Tourism 18.0 19.6 20.1 20.4 20.2 18.1 20.7
Government Expenditures - Individual 4.9 5.0 5.1 5.1 5.1 5.3 5.7
Visitor Exports 25.0 24.8 26.2 26.0 26.5 24.6 31.5
Travel & Tourism Consumption 113.3 113.3 115.4 115.0 114.8 108.2 132.1
Government Expenditures - Collective 3.5 3.6 3.5 3.5 3.5 3.6 3.9
Capital Investment 19.9 19.9 22.3 25.2 22.0 20.5 24.6
Other Exports 12.5 12.0 13.5 14.4 14.3 14.3 22.8
Travel & Tourism Demand 149.2 148.7 154.8 158.0 154.6 146.6 183.4
Gross Domestic Product
Travel & Tourism Industry 48.5 47.6 48.5 47.7 47.4 44.8 54.7
Travel & Tourism Economy 117 114.5 118.3 119.7 116.0 110.9 134.4E - Estimate; F - Forecast
Methodological Note
The RMF’s Tourism Direct Gross Domestic Product (TDGDP) measure is broadly equivalent to the Travel & Tourism Direct Industry measures
Executive Summary and in the accompanying 181 individual country reports, is based on simulated Tourism Satellite Account (TSA)
plus investment and collective government and non-visitor export spending, one arrives at the broadest measure of the economic impact of
Travel & Tourism – Travel & Tourism Economy GDP.
given by WTTC/Oxford Economics. Adding to this direct industry measure the value-added created indirectly in the industry's supply chain,
This comprehensive and comparative measure of the economic impact of Travel & Tourism developed by WTTC, which is highlighted in the
methodology. The methodology is analogous to that used for the production of national income accounts, following the key concepts of
Tourism Satellite Accounting contained in the latest (2008) United Nations' Recommended Methodological Framework (RMF).
2008 provided a clear demonstration of the complex environment in which Travel & Tourism operates, confirming the critical importance of
why the economic impact research developed by WTTC and its partner Oxford Economics, which was designed to adapt to the changing needs
of the Travel & Tourism industry and government leaders in the light of the fast-changing operating environment, is therefore an
essential tool – whether for private- or public-sector decision-makers.
timely information for policy- and decision-makers. And developments in 2009 will no doubt serve to reinforce this argument. This explains
15
RANKING AND RANGEYear 2009 country rankings for Italy within world countries' list
2009 2019
Italy Absolute Size Relative Size Growth1Absolute Size Relative Size Growth2
Personal Travel & Tourism 7 54 160 9 53 173
Business Travel 6 --- 172 7 --- 176
Government Expenditures 6 93 99 8 94 178
Capital Investment 5 110 145 10 109 156
Visitor Exports 6 96 111 7 109 164
Other Exports 8 43 121 13 42 88
Travel & Tourism Demand 8 --- 131 9 --- 174
Direct Industry GDP 6 61 121 7 62 168
T&T Economy GDP 7 77 109 9 75 169
Direct Industry Employment 15 63 110 18 59 143
T&T Economy Employment 18 65 100 19 64 15412009 real growth adjusted for inflation (%); 22010-2019 annualised real growth adjusted for inflation (%)
Total 181 countries or 13 regions (largest/highest/best is number 1; smallest/lowest/worst is number 181 or 13; 0 is aggregate region no ranking
GENERAL MACROECONOMIC INDICATORSThe following charts illustrate how Travel & Tourism growth follows or varies from general macroeconomic growthfor various indicators. The bottom three charts illustrate information related to international visitor arrivals.
T&T Economy GDP Total GDP T&T Employment Total Employment T&T Exports Total Exports
T&T Personal Total Personal T&T Government Total Government Consumption Consumption T&T Capital Investment Total Capital Investment Expenditure Expenditure
International Visitor Average Spend (US$)Visitor Markets Index (1988=100) International Visitor Arrivals ('000)
ITALY ITALY
ITALY ITALY ITALY
Government Expenditure (US$ bn)
ITALYGross Domestic Product (US$ bn)
ITALYEmployment ('000 of jobs)
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ITALY
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1988 1992 1996 2000 2004 2008 2012 201618000
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1988 1992 1996 2000 2004 2008 2012 20160
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1988 1992 1996 2000 2004 2008 2012 20160
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1988 1992 1996 2000 2004 2008 2012 20160
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1988 1992 1996 2000 2004 2008 2012 2016
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1988 1992 1996 2000 2004 2008 2012 2016
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1988 1992 1996 2000 2004 2008 2012 20160
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16
The World Travel & Tourism council is the forum for business leaders in the Travel & Tourism industry.
With chairs and chief executives of the world’s foremost 100 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, employing
over 225 million people and generating 9.6% of global GDp in 2008.
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 an executive summary highlighting
global trends. 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 25 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, philadelphia and Basel,
oxford economics employs over 50 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 268900; email:[email protected]
1-2 Queen Victoria terrace SoVereign court London e1W 3Ha, uK
teL: +44 (0) 20 7481 8007Fax: +44 (0) 20 7488 1008emaiL: [email protected]
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