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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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.
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.
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.
Where does the Global Tourism industry rank in terms of market size in 2023? The Global Tourism industry is the 1st ranked Additional Global Reports industry by market size and the 9th largest.
Tourism offers a wide range of benefits, including economic benefits for countries attracting many visitors, due to the money they spend not only on their actual stay, but also on local businesses. It also provides many jobs for people working in the transport and hospitality industry, among others.
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. So, is it all systems go for travel and tourism? Not really. The industry continues to face a prolonged and widespread labor shortage.
Overall, these industries represented 7.6 percent of the global GDP in 2022. That year, the total contribution of travel and tourism to the global GDP amounted to 7.7 trillion U.S. dollars.
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.
This accounts for 29% of global service exports and 7% of overall exports of goods and services. These figures consolidate international tourism among the top five economic sectors in the world, behind chemical manufacturing and the fuel industry but ahead of the food and automotive industries.
Oil and gas production and exploration is the fastest-growing sector worldwide. This is due to increasing population, urbanization, rising living standards, and growing economies.
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.