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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Despite the sharp increase, the market size of tourism worldwide remained below pre-pandemic levels, totaling around two trillion U.S. dollars in 2022. As forecast, this figure is expected to rise to nearly 2.29 trillion U.S. dollars in 2023, surpassing the peak reported in 2019.
In 2019, Travel & Tourism was one of the world's largest sectors, accounting for 10.4% of global GDP (USD 9.2 trillion), 10.6% of all jobs (334 million), and was responsible for creating 1 in 4 of all new jobs across the world.
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.
When compared with other sectors, travel and tourism also ranks among the fastest growing. With a GDP growth rate of 3.5% in 2019, travel and tourism trailed only behind information and communication and financial services.
Revenue of travel & tourism market selected countries worldwide 2022. The United States is leading the ranking by revenue in the travel & tourism market, recording 175.43 billion U.S. dollars.
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.
Travel and tourism GDP is predicted to grow, on average, at 5.8 percent a year between 2022 and 2032, outpacing the growth of the overall economy at an expected 2.7 percent a year. 5.
Tourism has grown massively as an industry over the past century for a variety of reasons: Advances in travel technology - There are a wider range of ways to travel as a tourist and these methods are widely available. You can be a tourist using a car, a boat and most importantly an airplane.
European countries with the highest inbound tourism receipts 2019-2022. Spain was the European country with the highest international tourism receipts in 2022, amounting to nearly 73 billion U.S. dollars.
The Least-Visited Country in the World: TuvaluAccording to the United Nations World Tourism Organization, the remote Pacific island country Tuvalu is the least-visited country globally.
What are the future trends of tourism? According to Evolve's 2022 travel forecasts, the average trip will likely be longer in length (5-7 nights in 2022, compared to an average of 3.8 nights in both 2020 and 2021). Longer trips will be increasing in demand as a result of the many work-from-home opportunities too.
Twice as many people voyaged during the first quarter of 2023 than in the same period of 2022. International arrivals reached 80% of pre-pandemic levels in the first three months of 2023. Tourism receipts in countries like France, Germany, Italy and the U.S. have climbed up to 85% of 2019 levels.
Despite the sharp increase, the market size of tourism worldwide remained below pre-pandemic levels, totaling around two trillion U.S. dollars in 2022. As forecast, this figure is expected to rise to nearly 2.29 trillion U.S. dollars in 2023, surpassing the peak reported in 2019.
Europe is Rich in Art and CultureEurope is one of the finest lands to explore art and culture. Famous destinations such as Italy is known for having more art pieces per square metre than any other country in the world, wheras destinations such as Musee du Louvre comprises more thn 35000 pieces of art for display!