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Travel and Tourism Pumps More than $600 Billion into Economy of the Americas

Article Summary:

A study by the World Travel and Tourism Council, sponsored by American Express and conducted by Oxford Economics, found that a direct contribution of travel and tourism to the gross domestic product (GDP) of the Americas amounted to $666 billion dollars. The study also indicated that the contribution of travel and tourism to the GDP of the Americas is growing faster than any other sector.

Photo Credit: Caribbean News Digital

Original Article Text From Caribbean News Digital via Google Translate :

Travel and tourism industry contributes more than six hundred billion dollars into the economy of the Americas

The travel and tourism industry in the Americas is three times higher than the automaker in terms of contribution to GDP and amounts to nearly one third of the chemical and mining, according to a new report by the World Travel and Tourism Council (WTTC, English) reported during the first Regional Summit of the Americas of the entity, held in the Riviera Maya.

The study by the World Travel and Tourism Council, sponsored by American Express and conducted by Oxford Economics, said that the direct contribution of travel and tourism to the GDP of the Americas amounted to 666 billion dollars.

In 2011, the sector’s total contribution (direct impacts, indirect and induced) in the Americas came to 1.9 trillion (million million) dollars, 8.6% of regional GDP, compared to 6% of industry automotive and 7% of the chemical and mining.

Also in terms of jobs in the travel industry and tourism is one of the leading sectors in the Americas, it directly employs 15 million people, ahead of mining (2.5 million), chemicals (2.5 million ), automotive (4 million) and financial services (10 million).

The WTTC study also indicates that the contribution of travel and tourism to the GDP of the Americas is growing faster than in other sectors. This contribution should grow at a rate of 3.6% over the next ten years, a growth rate that exceeds that of mining (1.5%), education (2%), chemicals (2.5% ) and financial services (3.4%).

In Mexico, for example, every million dollars invested in the travel and tourism industry generated a total of 1.5 million dollars to the economy, as well as 66 jobs (above the 42 average for the set of all sectors).

In this regard, the study noted that, in fact, the industry generates more jobs than other sectors (automotive twice, twenty times the mining and six times more than financial services).

The story is similar in other countries in the region, the study, which analyzed the cases of United States, Canada, Jamaica, Brazil , Argentina and Mexico.

In all countries, every million dollars invested in the travel and tourism industry generates more jobs than the average for all sectors, and also far exceeds the automotive sector, mining and chemistry in terms of contribution to GDP .

“These figures are extremely significant,” said WTTC president and CEO, David Scowsill, adding that “confirm that it is time for governments to actually take note of the importance of this industry. As a generator of economic recovery and growth, remarkable for its ability to create prosperity and jobs in every region of the globe and especially in the Americas. ”

At the twelfth annual WTTC Global Summit, held in Tokyo last April, the entity had revealed that the direct contribution of travel and tourism to world GDP has now reached two billion dollars (2.8% of total) more than double what the automotive industry and provides one third above the chemical.

Meanwhile, the total contribution (taking into account direct impacts, indirect and induced effects in the economy) came to 6.3 billion (9.1% of world GDP) in 2011.

In that year, 98 million people were directly employed by the sector globally (six times more than the automaker, five more than the chemical, mining four more, two more than communications and a third more than the financial services .)

Adding the indirect and induced impacts of tourism and travel in terms of employment, the total number of jobs benefiting from the activity climbed to the 255 million worldwide last year, or, which is the same, one of every 12 jobs.

Before the regional summit WTTC in the Americas, Scowsill intervened, also in Mexico, at a meeting of tourism ministers of the G20 (T20), where the organization presented another study showing that the improvements in the visa process would contribute to the members of that group more than 120 million additional travelers each year, which would generate 206 billion dollars and would ensure extra five million jobs.

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