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U.S. Travel and Tourism Satellite Account Shows Real Spending Down in Fourth Quarter 2016
April 24, 2017
WASHINGTON - Real spending (output) on travel and tourism turned down in the fourth quarter of 2016, decreasing at an annual rate of 3.3 percent after increasing 3.7 percent (revised) in the third quarter according to new statistics released by the Bureau of Economic Analysis. In contrast, real gross domestic product (GDP) increased 1.9 percent in the fourth quarter after increasing 3.5 percent in the third. For the year, travel and tourism grew 2.3 percent, a deceleration from the 4.7 percent growth in 2015. The leading contributors to the fourth-quarter downturn in travel and tourism were "Passenger air transportation" and "Traveler a...
Travel and Tourism Spending Grows at More Than Twice the Rate of the U.S. Economy in Q3 2015
January 7, 2016
The U.S. Department of Commerce recently announced that real spending (output) on travel and tourism continued to rise during the third quarter, increasing at an annual rate of 4.3 percent after increasing 8.4 percent in the second quarter of 2015. For perspective, the U.S. economy (gross domestic product) grew 2.1 percent during the third quarter, half the growth exhibited by travel and tourism. This marks the fourth consecutive quarter in which the growth of travel and tourism output has outpaced the growth of the U.S. economy. "After 22 consecutive quarters of job growth the travel and tourism industry has added more than 1.1 million...
