WTTC Economic Impact of Tourism Infographics and 2023 forecasts
WTTC and Oxford Economics routinely measure the economic value of tourism to both GDP and employment. In its latest analysis estimates are made for 2022, with the key findings for Europe being that:
- The value of travel and tourism stood at $579.2bn in 2022
- This represented an increase of 40.1% on 2021
- Travel and tourism employment in Europe in 2022 increased by 9.2%, representing an additional 2.9 million jobs
- Compared with 2019 the value of travel and tourism in Europe remains 7.2% lower while the level of employment attributable to the sector remains 8.5% down on 2019 levels
Looking ahead WTTC forecast that Travel and Tourism will be worth 95% of its 2019 peak by the end of 2023, noting that some 34 countries are already ahead of their 2019 position, with around half of all nations expected to have done so by the end of 2023.
By 2033 WTTC forecast that the sector will be worth $15.5 trillion, representing 11.6% of the global economy and will employ 430 million people worldwide, close to 12% of those in employment.