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.
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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.
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.
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.
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.
If you want to know why France is so popular, prepare for an avalanche of reasons. France attracts people from near and far with charm, sophistication, and style. Annually attracting millions of visitors, tourism accounts for over one million jobs and billions of pounds in revenue.
Tourists are drawn to France for various reasons some of them being the rich art and culture heritage, incredible architecture, delicious food and tasty French wines. The spectacular countryside of France is among the prime destinations for both local and foreign tourists.
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.
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.
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.
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.
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.
In 2022, the United States reported the highest total contribution of travel and tourism to GDP, with these industries generating, directly and indirectly, roughly two trillion U.S. dollars.
Reaching a total result of 58 billion euros in revenues in 2022, i.e. a 1.2 billion increase compared to 2019, the figures of tourism in France truly reached a record.
According to the latest report by GlobalData, 'Tourism Destination Market Insight: Western Europe (2022)', France held the title of most visited country in the world prior to the COVID-19 pandemic, welcoming 88.1 million visitors in 2019. However, it was overtaken by Spain in 2021.