WTTC Tourism Satellite Account, 2001-2011 are given below:
Unlike the traditional two-dimensional measure of tourism in numbers of foreign tourist arrivals and foreign exchange earnings, the WTTC Tourism Satellite Accounting Research looks at tourism in all its multi-dimensional contribution to the economy.
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This is evaluated in terms of share in personal and business consumption, government expenditure in the sector, capital investment in tourism, total demand for Travel and Tourism; share in the GDP and employment generated, both in the industry as well as in the economy.
According to the WTTC Tourism Satellite Account World Travel and Tourism is expected to generate US $ 4494.5 billion of economic activity (total demand) in the year 2001 growing to US $ 9285.9 billion by 2011.
Image Source: sostinternational.com
Travel & Tourism economic activity is projected to grow by 4% per annum, in real terms, between 2001-2011. The Travel & Tourism industry is expected to contribute US $ 1381.5 billion to Gross Domestic Product rising to US $ 2654.4 billion by 2011.
This represents 4.2% of the total. In terms of the Travel & Tourism economy, this should grow from 10.7% to 11% of the total global economy in the same period. In 2001, Travel & Tourism economy employment is estimated at 207.1 million jobs or 8.2% of total employment, which is 1 in every 12.2 jobs. By 2011, this should grow to 260.4 million jobs, 9% of total employment or 1 in every 11.1 jobs.
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The 78.2 million Travel & Tourism industry jobs account for 3.1% of total employment in 2001, and there are forecasts that it should rise to 99.3 million jobs or 3.4% of the total by 201 1. Travel & Tourism is expected to generate US $ 1063 .8 billion i.e., 12.9% of total exports in 2001, growing to US $2583.3 billion or 12.5% of total in 2011.