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Tourism » Tourism and the world economy

Tourism and the world economy

Tourism and the world economy
 
International tourism receipts represented in 2003 approximately 6 per cent of worldwide exports of goods and services (as expressed in US$). When considering service exports exclusively, the share of tourism exports increases to nearly 30 per cent.
 

 
 
Tourism demand depends above all strongly on the economic conditions in major generating markets. When economies grow, levels of disposable income will usually also rise. A relatively large part of discretionary income will typically be spent on tourism, in particular in the case of emerging economies. A tightening of the economic situation on the other hand, will often result in a decrease or trading down of tourism spending.

In general, the growth of international tourism arrivals significantly outpaces growth of economic output as measured in Gross Domestic Product (GDP). In years when world economic growth exceeds 4 per cent, the growth of tourism volume tends to be higher. When GDP growth falls below 2 per cent, tourism growth tends to be even lower. In and GDP at 3.5 per cent, i.e. tourism grew on average 1.3 times faster than GDP. the period 1975-2000 tourism increased at an average rate of 4.6 per cent a year.
 
Source: World Tourism Organization; International Monetary Fund
 
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