In 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021 and only 23% below 2019 levels. In 2022, there were 22 million new jobs, representing a 7.9% increase on 2021, and only 11.4% below 2019.
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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.
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.
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.
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.
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.
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.
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.
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.
From the economic perspective, past studies observed that rapid tourism development often entails increases in the costs of living prices for goods and services in the local area which includes the costs of housing and properties.
Compared to the rest of Europe, Spain is easy on the eyes and even easier on the wallet. Between the low cost of food and alcohol and the ease of finding budget accommodation outside the large city centers and resort areas, your Spanish holiday doesn't need to be extravagantly expensive.
Europe is the global leader in international tourism, accounting for roughly 60 percent of international tourist arrivals worldwide in 2022. The growth rate of inbound tourism in the region accelerated in the 2010s, with Europe reporting a peak of more than 740 million inbound visitors in 2019.
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.