WTTC Global Summit 2012: Tourism now larger industry than automotive manufacturing
The global Travel & Tourism industry is double the size of automotive manufacturing and roughly one-third larger than chemicals manufacturing, according to the latest research released by the WTTC at the WTTC 12th Global Summit in Japan.
The travel sector’s direct contribution to world GDP of US$2 trillion (2.8%) is more than double the GDP of automotive manufacturing and one-third larger than the global chemicals industry, according to the research.
Travel & Tourism generates roughly the same GDP as the global education and communications sectors, and about half that of the global banking and financial services industry.
The sector’s total contribution to world GDP of US$6.3trillion (9.1%) in 2011 compares with 8% contribution of automotive manufacturing and mining.
Travel & Tourism directly contributes more to GDP than automotive manufacturing in every region of the world, three times more in the Americas and twice as much in Europe.
Hundreds of delegates, including Cathay Pacific chief executive Slosar, left, and World Travel Awards president Graham Cooke, were in Japan for the Global Summit
The sector’s contribution to GDP is larger than the chemicals industry in every world region except Asia.
David Scowsill, president and CEO, WTTC explains: “The results are extraordinary. Within our industry we have always known that Travel & Tourism is a vast contributor to economic growth and job creation.
“These figures bear out just how significant – twice the size of the global automotive manufacturing sector; employing one third more people than the global financial services industry.
“These figures prove beyond any doubt that it is time that the world’s Governments really sit up and take notice of the Travel & Tourism industry.”
The findings also highlight tourism as a top job creator (after education) with an average of 50 jobs generated by US$1 million in spend - twice as many jobs as created by financial services, communications and auto manufacturing..
Scowsill added: “As a driver of economic recovery and growth in a very turbulent time, the industry stands apart for the sheer scale of its ability to create jobs and growth in every part of the globe.”
Travel & Tourism sustained 255 million jobs in 2011, 1 in 12 of all jobs in the world.
In particular the research – which was undertaken by Oxford Economics - highlights the importance of Travel & Tourism in Japan, demonstrating that Travel & Tourism directly generates over 80% more jobs than the automotive manufacturing sector.