How much is tourism worth?

As national borders consider reopening, a partnership between governments and the tourism industry will be essential. Tourism made up 10 percent of global GDP in 2019 and was worth almost $9 trillion, 1. making the sector nearly three times larger than agriculture.



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The U.S. travel and tourism industry generated $1.9 trillion in economic output; supporting 9.5 million American jobs and accounted for 2.9% of U.S. GDP.

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According to IBISWorld experts' analysis, the global tourism industry is ranked 5th on the list of the 10 global biggest industries by revenue. However, if we rank the industry's size by employment, the travel industry comes in as the first one.

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France is the most visited country in the world with 117,109,000 international tourists, thanks to its rich history and iconic landmarks. Mexico comes in second for most visited countries, with 51,128,000 tourists, offering vibrant culture and stunning natural beauty.

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Hong Kong. Hong Kong has become the most visited city in the world, surpassing Bangkok in recent times. Hong Kong welcomed 26.6 million visitors! With over 5 million more visitors annually than its closest rival, Hong Kong is expected to host at least 31 million tourists in the near future.

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A total of 330 million jobs are supported by this industry around the world, and it contributes 10%, or $8.9 trillion to global GDP each year.

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In Florida's economy, tourism is one of the largest industries contributing to Florida's GDP growth. In 2017, Florida visitors spent nearly $90 billion, according to data published by Rockport Analytics. Tourism spending in Florida has also yielded high tax revenue at the federal, state and local levels.

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Tourism creates a cultural exchange between tourists and local citizens. Exhibitions, conferences, and events usually attract foreigners. Organizing authorities usually gain profits from registration fees, gift sales, exhibition spaces, and sales of media copyright.

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Of the 136 top economies in the world, Ukraine is the one least reliant on tourism, with just 1.4% of its gross domestic product coming from visitors. Russia is close behind, with just 1.5% of its GDP coming from tourism.

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But there are larger economies heavily reliant on international tourism. For instance, in Croatia average net international tourism revenues from 2015-2019 exceeded 15 percent of GDP, 8 percent in the Dominican Republic and Thailand, 7 percent in Greece, and 5 percent in Portugal.

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Tourism offers great opportunities for emerging economies and developing countries. It creates jobs, strengthens the local economy, contributes to local infrastructure development and can help to conserve the natural environment and cultural assets and traditions, and to reduce poverty and inequality.

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Jobs within the tourism industry, such as food, conservation and hospitality require lower skill levels. Therefore, allowing for expanded employment opportunities. In these ways, tourism's impact on reducing poverty is both positive and significant.

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Most US citizens prefer to travel to neighboring countries. The most popular destination for American travelers is Mexico, with 39.3 million tourists a year. However, tourists from the USA are warmly welcomed in many other countries of the world.

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Every year, the country's famous cities, national parks, and entertainment options attract millions of visitors from around the globe. Thanks to this influx of visitors and a boost in U.S. travel spending, the travel and tourism industry contributed nearly 900 billion U.S. dollars to the country's GDP in 2021.

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