How big is the Global Tourism industry?

How big is the Global Tourism industry? 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.

Does America rely on tourism?

Every year, the country's famous cities, national parks, and entertainment options attract millions of visitors from around the globe. Thanks to this influx of visitors and a boost in U.S. travel spending, the travel and tourism industry contributed nearly 900 billion U.S. dollars to the country's GDP in 2021.

Is tourism the largest export in the world?

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.

What is the largest industry in the economy?

Where does tourism rank as a global industry?

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.

How big is the tourism economy?

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.

Is tourism a growing industry?

Travel and tourism GDP is predicted to grow, on average, at 5.8 percent a year between 2022 and 2032, outpacing the growth of the overall economy at an expected 2.7 percent a year. ⁵. So, is it all systems go for travel and tourism? Not really. The industry continues to face a prolonged and widespread labor shortage.

What is the size and scope of the global tourism industry?

Tourism Market Overview Valued at US$ 10.5 Trillion in 2022, the global tourism market is expected to develop at a CAGR of 5% over the next ten years. By the end of this forecast year in 2032, analysts anticipate the tourism market size would be worth US$ 17.1 Trillion.

What percentage of the world economy is tourism?

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.

Where does US rank in tourism?

The United States ranks third with 45,037,000 visitors, known for its diverse landscapes and iconic cities.

Is tourism the largest industry in the world?

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.

Is tourism is ever growing industry?

Tourism is one of the fastest growing industries and contributes a great deal to economies around the world. However, the damage tourism can cause to local cultures and the environment is often ignored.

Which country is least reliant on tourism?

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.