How much of world economy is tourism?

How much of 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.

Who profits the most from tourism?

The United States was the country worldwide with the highest international tourism receipts in 2022. That year, inbound tourism receipts in the U.S. amounted to roughly 135 billion U.S. dollars.

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.

Is tourism one of the biggest business?

Tourism is one of the world's largest industries, contributing trillions of dollars to the global economy and supporting the livelihoods of an estimated one in ten people worldwide.

What is the largest industry in the economy?

How much is tourism worth?

As national borders consider reopening, a partnership between governments and the tourism industry will be essential. Tourism made up 10 percent of global GDP in 2019 and was worth almost $9 trillion, ¹. making the sector nearly three times larger than agriculture.

Do countries rely on tourism?

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.

How many people rely on tourism?

A total of 330 million jobs are supported by this industry around the world, and it contributes 10%, or $8.9 trillion to global GDP each year.

How big of an industry is tourism?

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.

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.

How big is tourism in the world?

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 big part of the economy?

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.

How does tourism benefit the economy?

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.

What is the most visited city in the world?

Hong Kong. Hong Kong has become the most visited city in the world, surpassing Bangkok in recent times. Hong Kong welcomed 26.6 million visitors! With over 5 million more visitors annually than its closest rival, Hong Kong is expected to host at least 31 million tourists in the near future.

Which country is number 1 in tourism?

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.