WTTC Global Summit 2012: Tourism Industry Trumps Automotive Industry

WTTC Global Summit 2012: Tourism Industry Trumps Automotive Industry

According to the latest research released by the WTTC at the WTTC 12^th Global Summit in Japan, the global Travel & Tourism industry is double the size of automotive manufacturing and roughly one-third larger than chemicals manufacturing.

The travel sector’s direct contribution to world GDP of US$2 trillion (2.8%) is more than double the GDP of automotive manufacturing and one-third larger than the global chemicals industry, based on the results of the research.

The sector directly contributes more to GDP than automotive manufacturing in every region of the world, three times more in the Americas and twice as much in Europe. Its contribution to GDP is even larger than the chemicals industry in every world region except Asia.

David Scowsill, president and CEO, WTTC explains: “The results are extraordinary. Within our industry we have always known that Travel & Tourism is a vast contributor to economic growth and job creation.”

“These figures bear out just how significant — twice the size of the global automotive manufacturing sector; employing one third more people than the global financial services industry.  They prove beyond any doubt that it is time that the world’s Governments really sit up and take notice of the Travel & Tourism industry.”

The findings highlight tourism as a top job creator with an average of 50 jobs generated by US$1 million in spend — twice as many jobs as created by financial services, communications and auto manufacturing..

Travel & Tourism sustained 255 million jobs in 2011, 1 in 12 of all jobs in the world.

Posted by Sophia Andrews on Thursday April 19 2012, 2:45 AM EST. Ref: Google. All trademarks acknowledged. Filed under Featured News, Travel. Comments and Trackbacks closed. Follow responses: RSS 2.0