{"id":790,"date":"2020-04-10T04:27:14","date_gmt":"2020-04-10T04:27:14","guid":{"rendered":"https:\/\/travelcommunication.net\/?p=25254"},"modified":"2020-05-07T02:29:27","modified_gmt":"2020-05-07T02:29:27","slug":"eu-travel-tourism-sector-critical-to-eu-economic-recovery","status":"publish","type":"post","link":"https:\/\/www.travelindex.org\/media\/global-travel-news\/eu-travel-tourism-sector-critical-to-eu-economic-recovery\/","title":{"rendered":"EU Travel & Tourism Sector Critical to EU Economic Recovery"},"content":{"rendered":"
\n\t\"EU<\/a>\n\t<\/div>\n

London, United Kingdom, April 9, 2020 \/ travelindex.com<\/a> \/ Sector shows significant growth compared to overall economy. A major new report has revealed Travel & Tourism\u2019s crucial contribution to help re-energise the EU\u2019s economic recovery once the COVID-19 pandemic has been successfully combatted.<\/p>\n

The publication by the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, of its annual Economic Impact Report (EIR), shows the vital part the sector played in driving the EU economy last year.<\/p>\n

During 2019, Travel & Tourism was responsible for 22.6 million jobs, or 11.2% of the EU\u2019s total workforce. It also generated 1,319 billion Euro\u2019s GDP, or 9.5% to the EU economy. Whilst the EU\u2019s overall economy grew by just 1.4%, the Travel & Tourism sector showed significant growth of 2.3% on the previous year.<\/p>\n

The comprehensive report also showed the EU is the largest region in the world in terms of international spending at a staggering 427 billion Euros in 2019, representing 6.2% of the EU\u2019s total exports.<\/p>\n

Leisure spending helped generate jobs throughout the EU with analysis from the report showing across the EU it accounted for an overwhelming 81% of all cash spent, compared to less than a fifth (19%) for business.<\/p>\n

The largest EU economies in terms of total Travel & Tourism contribution to GDP were also revealed to be Germany (US$347 billion), Italy (US$260 billion), France (US$229 billion) and Spain (US$198 billion).<\/p>\n

Gloria Guevara, WTTC President & CEO, said: \u201cWTTC\u2019s 2019 Economic Impact Report (EIR) shows how intrinsic the Travel & Tourism sector was last year to the EU economy, responsible for more than 22 million jobs or 11.2% of the total number of people employed.<\/p>\n

\u201cOur analysis underscores how vital the Travel & Tourism sector will be in powering the recovery of the EU economy, generating new jobs and driving visitors back, having a positive economic domino effect on suppliers large and small throughout the industry on the continent.<\/p>\n

\u201cUntil then it is crucial that all governments throughout the EU help to protect a sector which is the backbone of the European and global economy, which is currently in a fight for survival with up to 75 million jobs globally are at immediate risk, with 6.4 million at risk across the EU alone.\u201d<\/p>\n

On a global level, the Travel & Tourism sector outperformed the 2.5% rate of global GDP growth for the ninth consecutive year in a row, thanks to an annual GDP growth rate of 3.5%.<\/p>\n

This made it the global economy\u2019s third highest sector in terms of GDP growth. The EIR shows the sector supporting 1 in 10 jobs (330 million), making a 10.3% contribution to global GDP and generating 1 in 4 of all new jobs.<\/p>\n

A breakdown by WTTC shows the Asia Pacific to be the top performing region worldwide with an impressive growth rate of 5.5%, followed very closely by the Middle East at 5.3%. The US demonstrated a steady growth rate of 3.4% and the EU 2.4%, while the fastest growing country was Saudi Arabia.<\/p>\n","protected":false},"excerpt":{"rendered":"

London, United Kingdom, April 9, 2020 \/ travelindex.com<\/a> \/ Sector shows significant growth compared to overall economy. A major new report has revealed Travel & Tourism\u2019s crucial contribution to help re-energise the EU\u2019s economic recovery once the COVID-19 pandemic has been successfully combatted. The publication by the World Travel & Tourism Council (WTTC), which represents …<\/p>\n","protected":false},"author":0,"featured_media":4930,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-travel-news"],"_links":{"self":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/posts\/790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/comments?post=790"}],"version-history":[{"count":0,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/posts\/790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/media\/4930"}],"wp:attachment":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/media?parent=790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/categories?post=790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/tags?post=790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}