Travel and Tourism bigger employer than automotive, mining and financial services combined
The global Travel & Tourism sector employs more people than automotive manufacturing, mining and financial services combined globally, according to new research from the World Travel & Tourism Council (WTTC).
The Benchmarking Report 2015 compares Travel & Tourism to eight other sectors, which are considered to have similar breadth and global presence, across 26 countries.
The report shows that Travel & Tourism comes third out of the eight researched sectors, after retail and agriculture. The industry supported 277 million jobs in 2014, which is 9.4% of world employment.
With 105 million people directly employed in 2014, the industry globally employs:
• 7 times more than automotive manufacturing (14 million)
• 5 times more than chemicals manufacturing (20 million)
• 4 times more than banking (27 million)
• 4 times more than mining (27 million)
• 2 times more than financial services (59 million)
According to the report, Travel & Tourism is the second-fastest growing sector globally. Forecast to grow at 3.9% per annum over the next ten years, this industry's growth will outpace the global economy, which is estimated to increase by 2.9% per annum over the next decade.
The research shows that Travel & Tourism, generating US$ 7.6 trillion in contribution to GDP in 2014, is the fourth largest sector after mining, financial services and retail respectively. At 9.8% of global GDP, Travel & Tourism generates more economic output than chemicals manufacturing, agriculture, education, automotive manufacturing, and banking.
David Scowsill, President & CEO, WTTC, said:
"This research demonstrates the huge importance of Travel & Tourism in creating jobs around the world. It shows that this industry provides more jobs than automotive manufacturing, mining and financial services combined. It confirms that our sector is one of the biggest contributors to global GDP, and significantly is forecast to outpace the global economy every year over the next decade."
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About the Benchmarking Report
The following sectors have been analysed in comparison to Travel & Tourism. They were selected as having similar a breadth and global presence as Travel & Tourism.
• Agriculture: includes agriculture, forestry, and fishing
• Automotive manufacturing: includes motor vehicles and parts & accessories
• Banking: includes all banking activities and related services
• Chemicals manufacturing: includes drugs & medicines, plastics, rubber, paint, polishes, ink, perfumes, cosmetics, soap, cleaning materials, fertilizer, pesticides, other chemicals
• Education: includes all levels of educational services
• Financial services: includes banking, investment services, insurance
• Mining: includes the extraction of oil, natural gas, coal, metals, and related services
• Retail (without wholesale): includes all retail trade (i.e. Retail trade, except of motor vehicles & retail codes to motor vehicles and motorcycles)
Countries researched in the study: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Jamaica, Japan, Kenya, Malaysia, Mexico, Peru, Russia, Singapore, South Africa, South Korea, Spain, Thailand, Turkey, United Arab Emirates, United Kingdom, and United States of America
Please visit http://www.wttc.org/research/economic-research/benchmark-reports/ for full report details
WTTC is the body which represents the Travel & Tourism private sector globally. Members consist of CEOs of the world's Travel & Tourism companies, destinations, and industry organisations engaging with Travel & Tourism.
WTTC has a history of 25 years of research to quantify the economic impact of the sector in 185 countries. Travel & Tourism is a key driver for investment and economic growth globally. The sector contributes US$8.8 trillion or 10.4% of global GDP, and accounts for 319 million jobs or one in ten of all jobs on the planet.
For over 25 years, WTTC has been the voice of this industry globally. Members are the Chairs, Presidents and Chief Executives of the world's leading, private sector Travel & Tourism businesses, who bring specialist knowledge to guide government policy and decision-making and raise awareness of the importance of the sector.