Travel and tourism industry outperforms UK economy
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Growth in the travel and tourism industry outperformed the growth of GDP in 2012, new research from the World Travel and Tourism Council (WTTC) has found.
A new report issued found the travel industry increased its GDP contribution by 0.5% last year while the entire GDP only grew 0.1%. The sector is said to have generated GBP106.3 billion to the GDP supporting 2.42 million jobs and 8% of the UK’s employment.
The figures will have been construed by the Jubilee and Olympics but will add clout to ABTA’s new manifesto launched yesterday which outlined how a combined approach and recognition of the industry will help drive economic growth.
This year travel and tourism is predicted to increase its GDP contribution by 1.7%, while the total GDP is set to improve by 2.4%.
“The UK is the only European G20 country where travel and tourism outperformed its economy in 2012. The growth and saviour of the industry in the UK this year was leisure spending and this is very likely to have been driven by recent events such as The Royal Wedding, the Diamond Jubilee and the Olympics,” said David Scowsill, president and CEO of WTTC. “This year’s results hammer home that Travel & Tourism is an important driver for UK economic development and for job creation.”