Jamaica set to generate as much as US$3.3 billion

News that tourism in Jamaica will generate as much as US$3.3 billion this year has been welcomed by the Jamaica Tourist Board (JTB).  The figures are from a new study by the World Travel and Tourism Council (WTTC), and are projected to rise to US$6.85 billion over the next decade.The JTB’s Regional Director - UK/Europe David Barber acknowledges this as very good news for Jamaica.  “This shows clearly how important tourism is to the Jamaican economy.  It is a vital generator of wealth and employment, and also acts as a catalyst for growth in other areas of the economy. The message from this research is generally positive and shows healthy, consistent growth.”

The report uses a broad ‘economy-wide’ measure of the impact of travel and tourism called the Tourism Satellite Account. According to the WTTC: “The report quantifies all aspects of Travel & Tourism demand, from personal consumption to business purchases, capital investment, government spending and exports.  It then translates this information into economic concepts of production, such as gross domestic product (GDP) and employment, which can be compared with other industries and the economy as a whole to provide credible statistical information that will assist in policy and business decision-making.”

According to the WTTC analysis, this year the travel and tourism sector, adjusted for inflation, will net US$870 million to the Jamaican economy or 11.8 per cent of GDP.  The broader tourism and travel economy will account for an adjusted $4.65 billion or 36 per cent of GDP.  Overall, tourism-driven aggregate demand will be US$3.3 billion.

Barber continues:  “I am encouraged by the findings that growth between 2005 and 2014 will take the industry to a travel and tourism demand figure of US$6.85 billion by 2014.”

“I also agree with the WTTC report finding that the Caribbean’s brand image is stronger than it has been for some time. The report says there are a number of different factors involved including the improving economies of key source markets, the Caribbean’s image as a safe and secure haven compared with some other destinations that have been affected by adverse issues, and most importantly perhaps, the depreciation of the US dollar - all have contributed to raising the profile of Jamaica and other Caribbean islands and stimulating demand,” concludes Barber.The JTB’s Regional Director - UK/Europe David Barber acknowledges this as very good news for Jamaica.  “This shows clearly how important tourism is to the Jamaican economy.  It is a vital generator of wealth and employment, and also acts as a catalyst for growth in other areas of the economy. The message from this research is generally positive and shows healthy, consistent growth.”

ADVERTISEMENT

The report uses a broad ‘economy-wide’ measure of the impact of travel and tourism called the Tourism Satellite Account. According to the WTTC: “The report quantifies all aspects of Travel & Tourism demand, from personal consumption to business purchases, capital investment, government spending and exports.  It then translates this information into economic concepts of production, such as gross domestic product (GDP) and employment, which can be compared with other industries and the economy as a whole to provide credible statistical information that will assist in policy and business decision-making.”

According to the WTTC analysis, this year the travel and tourism sector, adjusted for inflation, will net US$870 million to the Jamaican economy or 11.8 per cent of GDP.  The broader tourism and travel economy will account for an adjusted $4.65 billion or 36 per cent of GDP.  Overall, tourism-driven aggregate demand will be US$3.3 billion.

Barber continues:  “I am encouraged by the findings that growth between 2005 and 2014 will take the industry to a travel and tourism demand figure of US$6.85 billion by 2014 ”

“I also agree with the WTTC report finding that the Caribbean’s brand image is stronger than it has been for some time. The report says there are a number of different factors involved including the improving economies of key source markets, the Caribbean’s image as a safe and secure haven compared with some other destinations that have been affected by adverse issues, and most importantly perhaps, the depreciation of the US dollar - all have contributed to raising the profile of Jamaica and other Caribbean islands and stimulating demand,” concludes Barber.
——-