GDP
U.S. Business Travel Industry Responsible for Almost 2% of U.S. GDP and 3.5% of Employment in Latest Full-Year Figures
GBTA | June 5, 2024
GBTA’s study reveals for every 1% of growth in business travel, the U.S. economy sees nearly 60,000 jobs, $2.9 billion in paid wages, $1.2 billion in tax revenue and $4.8 billion in new GDP The Global Business Travel Association (GBTA) today unveiled a new study, the “GBTA U.S. Economic Impact Study: Business Travel’s Impact on Jobs and the U.S. Economy,” which quantifies the significant economic impact of traveling for work in the U.S. The report shows the business travel industry provided a major boost to the U.S. economy in 2022*, the latest full year for which a complete set of data is available for analysis. The U.S. was t...
Travel & Tourism Set To Add a Record QAR 81BN to Qatar’s Economy
The World Travel & Tourism Council | May 10, 2024
Sector set to break all records in 2024 Dubai, UAE: The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed the Qatari Travel & Tourism sector reached new heights last year, with GDP contribution, jobs and domestic traveller spend all surpassing previous peaks. Last year, the Travel & Tourism’s GDP contribution grew by 31% to reach a record-breaking QAR 81.2BN, representing 10.3% of Qatar’s total economic output, demonstrating the sector’s importance to the national economy. The sector also proved to be a vital source of employment, creating more than 20,300 new jobs, and rais...
U.S. Remains Most Popular Destination for Shopaholics
The World Travel & Tourism Council | August 23, 2023
U.S. positioned as largest contributor of retail tourism to GDP WTTC ‘Retail Report’ to launch 7th September Las Vegas, U.S.: According to the World Travel & Tourism Council (WTTC), the U.S. remains the preferred choice for shopping holidaymakers, as revealed at Virtuoso Travel Week, taking place in Las Vegas, from 13 to 18 August. “Retail tourism is a thriving market segment of the Travel & Tourism sector in the U.S.”, said WTTC President & CEO, Julia Simpson, during her participation at the event today. The joint research collaboration between WTTC and the Hospitality and Tourism Research Centre of The Hon...
CBRE Hotels Reduces Near-Team Outlook Due to Softer Summer Demand
CBRE Group, Inc. | August 17, 2023
Dallas – August 17th, 2023 – CBRE is reducing its forecast for hotel performance this year, as weaker-than-expected summer demand resulted in a shortfall in Q2 2023 revenue per available room (RevPAR). CBRE has revised its forecast for 2023 RevPAR to $96.64, up 4.6% year-over-year, but down $1.25 from its previous forecast in May 2023. The revision is predicated on a 70-basis-point (bps) decrease in expected occupancy compared with the earlier forecast. Average daily rate (ADR) is expected to increase by 3.6% in 2023, down 10 bps from the previous forecast. CBRE’s baseline-scenario forecast anticipates 1.6% average GDP growth and a...
New WTTC Environmental Data Reveals Italy’s Travel & Tourism Sector’s Climate Footprint
The World Travel & Tourism Council | March 20, 2023
Sector’s GDP has grown on average 1.1% annually while greenhouse gas emissions increased by just 0.2% each year Italy’s Travel & Tourism is becoming more energy efficient London, UK: New groundbreaking data from the World Travel & Tourism Council (WTTC) and the Saudi-based Sustainable Tourism Global Center reveals the climate footprint of the Travel & Tourism sector in Italy. In one of the largest research projects of its kind, the global tourism body can for the first time ever, accurately report and track the impact the sector has on the environment. According to the data, Italy’s Travel & Tourism has cont...
GlobalData Pares Back US Economy Growth to 0.3% in 2023
GlobalData | February 14, 2023
High inflation levels far above the Fed Reserve’s target of 2% and the consequent tightening of monetary policy, which has been hiked eight times from January 2022 to February 2023, will continue to dampen household spending and investments in the US, which will negatively impact the economic growth prospects. As a result, the real GDP growth of the US is set to slow down from 2.1% in 2022 to 0.3% in 2023, forecasts GlobalData, a leading data and analytics company. GlobalData’s latest report, “Macroeconomic Outlook Report: United States,” reveals that the real household consumption expenditure increased by 2.4% in 2022 and is forec...
Travel & Tourism Sector Across Africa Expected to Create 14 Million New Jobs Within the Next Decade
WTTC | May 16, 2022
Travel & Tourism GDP growth set to outpace the overall economy for the next 10 years London, UK: The World Travel & Tourism Council’s latest Economic Impact Report (EIR) reveals the African Travel & Tourism sector is expected to create almost 14 million new jobs over the next decade. The positive forecast from the World Travel & Tourism Council (WTTC), which shows an average of 1.4 million new jobs every year, also reveals the sector will lead the economic recovery in the region, with its annual GDP growth set to outpace the overall economy for the next 10 years. According to the report, Travel & Tourism’s GD...
Canada Travel & Tourism Could Reach Pre-Pandemic Levels Next Year
WTTC | May 13, 2022
Travel & Tourism’s GDP expected to grow more than twice rate of the overall economy for the next 10 years; Over half a million jobs could also be created London, UK: The World Travel & Tourism Council’s latest Economic Impact (EIR) reveals the Travel & Tourism sector in Canada will catapult the nation’s economic recovery with its GDP contribution set to reach pre-pandemic levels next year. The forecast from the World Travel & Tourism Council (WTTC), shows the sector’s contribution to Canada’s GDP could reach CAD157 billion next year, just 0.8% below 2019 levels. Looking to this year, the report shows the se...
