TRAVEL&TOURISMECONOMICIMPACT2017WORLDFormoreinformation,pleasecontact:ROCHELLETURNER|ResearchDirectorrochelle.turner@wttc.orgEVELYNEFREIERMUTH|Policy&ResearchManagerevelyne.freiermuth@wttc.orgCOVER:IceScoursTheNorthCaspianSea-NASAINSIDECOVER:PrinceRegentNationalPark,Australia-NASAFOREWORDTheUnitedNationshasdesignated2017theInternationalYearofSustainableTourismforDevelopment.Asoneoftheworld’slargesteconomicsectors,Travel&Tourismcreatesjobs,drivesexports,andgeneratesprosperityacrosstheworld.TheInternationalYearprovidesanenormousopportunitytofurthershowcasethetremendouseconomic,social,cultural,environmental,andheritagevaluethatthesectorcanbring.Therightpolicyandinvestmentdecisionsareonlymadewithempiricalevidence.Forover25years,theWorldTravel&TourismCouncil(WTTC)hasbeenprovidingthisevidence,quantifyingtheeconomicandemploymentimpactofTravel&Tourism.Thisyear,the2017AnnualEconomicReportscover185countriesand26regionsoftheworld,providingthenecessarydataon2016performanceaswellasunique10-yearforecastsonthesector’spotential.Despitetheever-increasingandunpredictableshocksfromterroristattacksandpoliticalinstability,tohealthpandemicsandnaturaldisasters,Travel&Tourismcontinuedtoshowitsresiliencein2016,contributingdirectGDPgrowthof3.1%andsupporting6millionnetadditionaljobsinthesector.Intotal,Travel&TourismgeneratedUS$7.6trillion(10.2%ofglobalGDP)and292millionjobsin2016,equivalentto1in10jobsintheglobaleconomy.Thesectoraccountedfor6.6%oftotalglobalexportsandalmost30%oftotalglobalserviceexports.Forthesixthsuccessiveyear,growthinTravel&Tourismoutpacedthatoftheglobaleconomy(2.5%).Additionallyin2016,directTravel&TourismGDPgrowthnotonlyoutperformedtheeconomy-widegrowthrecordedin116ofthe185countriescoveredbytheannualeconomicimpactresearch(includinginmajorTravel&TourismeconomiessuchasAustralia,Canada,China,India,MexicoandSouthAfrica),butitalsowasstrongerthanthegrowthrecordedinthefinancialandbusinessservices,manufacturing,publicservices,retailanddistribution,andtransportsectors.TheoutlookfortheTravel&Tourismsectorin2017remainsrobustandwillcontinuetobeattheforefrontofwealthandemploymentcreationintheglobaleconomy,despitetheemergenceofanumberofchallengingheadwinds.DirectTravel&TourismGDPgrowthisexpectedtoaccelerateto3.8%,upfrom3.1%in2016.Asnationsseemtobelookingincreasinglyinward,puttinginplacebarrierstotradeandmovementofpeople,theroleofTravel&Tourismbecomesevenmoresignificant,asanengineofeconomicdevelopmentandasavehicleforsharingcultures,creatingpeace,andbuildingmutualunderstanding.Overthelongerterm,growthoftheTravel&Tourismsectorwillcontinuetobestrongsolongastheinvestmentanddevelopmenttakesplaceinanopenandsustainablemanner.Enactingpro-growthtravelpoliciesthatsharebenefitsmoreequitablycanfosteratalentandbusinessenvironmentnecessarytoenableTravel&Tourismtorealiseitspotential.Indoingso,notonlycanweexpectthesectortosupportover380millionjobsby2027,butitwillcontinuetogrowitseconomiccontribution,providingtherationaleforthefurtherprotectionofnature,habitats,andbiodiversity.WTTCisproudtocontinuetoprovidetheevidencebaserequiredinordertohelpbothpublicandprivatebodiesmaketherightdecisionsforthefuturegrowthofasustainableTravel&Tourismsector.DavidScowsillPresident&CEOTRAVEL&TOURISMECONOMICIMPACT2017CONTENTSTHEECONOMICIMPACTOFTRAVEL&TOURISMMARCH2017FOREWORD2017ANNUALRESEARCH:KEYFACTS1DEFININGTHEECONOMICCONTRIBUTIONOFTRAVEL&TOURISM2TRAVEL&TOURISM’SCONTRIBUTIONTOGDP3TRAVEL&TOURISM’SCONTRIBUTIONTOEMPLOYMENT4VISITOREXPORTSANDINVESTMENT5DIFFERENTCOMPONENTSOFTRAVEL&TOURISM6SUMMARYTABLES:ESTIMATES&FORECASTS7THEECONOMICCONTRIBUTIONOFTRAVEL&TOURISM:REAL2016PRICES8THEECONOMICCONTRIBUTIONOFTRAVEL&TOURISM:NOMINALPRICES9THEECONOMICCONTRIBUTIONOFTRAVEL&TOURISM:GROWTH10GLOSSARY11METHODOLOGICALNOTE12REGIONS,SUB-REGIONS&COUNTRIES13=TOTALCONTRIBUTIONOFTRAVEL&TOURISM1Allvaluesareinconstant2016prices&exchangeratesWORLD2017ANNUALRESEARCH:KEYFACTS2017FORECASTEMPLOYMENT:DIRECTCONTRIBUTIONEMPLOYMENT:TOTALCONTRIBUTIONVISITOREXPORTSINVESTMENTTOTALCONTRIBUTIONOFTRAVEL&TOURISMTOGDPBREAKDOWNOFTRAVEL&TOURISM'STOTALCONTRIBUTIONTOGDPANDEMPLOYMENT2016GDP(2016USDbn)DIRECTINDIRECTINDUCED02,0004,0006,0008,00010,00012,0002007200820092010201120122013201420152016201720272016USDbnEMPLOYMENT('000)ThedirectcontributionofTravel&TourismtoGDPwasUSD2,306.0bn(3.1%oftotalGDP)in2016,andisforecasttoriseby3.8%in2017,andtoriseby4.0%pa,from2017-2027,toUSD3,537.1bn(3.5%oftotalGDP)in2027.ThetotalcontributionofTravel&TourismtoGDPwasUSD7,613.3bn(10.2%ofGDP)in2016,andisforecasttoriseby3.6%in2017,andtoriseby3.9%patoUSD11,512.9bn(11.4%ofGDP)in2027.In2016Travel&Tourismdirectlysupported108,741,000jobs(3.6%oftotalemployment).Thisisexpectedtoriseby2.1%in2017andriseby2.2%pato138,086,000jobs(4.0%oftotalemployment)in2027.In2016,thetotalcontributionofTravel&Tourismtoemployment,includingjobsindirectlysupportedbytheVisitorexportsgeneratedUSD1,401.5bn(6.6%oftotalexports)in2016.Thisisforecasttogrowby4.5%in2017,andgrowby4.3%pa,from2017-2027,toUSD2,221.0bnin2027(7.2%oftotal).Travel&Tourisminvestmentin2016wasUSD806.5bn,or4