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Travel leads Philippines GDP earners

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MANILA, 10 September 2019: Travel and tourism clocked a 24.7% share of the nation’s gross domestic product in 2018 making it the largest business sector, according to the latest study released by the World Travel and Tourism Council.

Sponsored by American Express, the report showed travel and tourism overtook financial services (15.4%), agriculture (14.8%) and retail (14.8%) to become the top contributor of GDP.

It terms of employment, travel and tourism’s contribution was even higher at 26.4%, ahead of both retail 20.4%, construction 15.7% and just behind agriculture (31.1).

In 2018, the sector contributed USD82 billion to the country’s economy.

“The industry has experienced incredible growth over the last nine years and WTTC commends the Philippines government for recognizing the importance of Travel & Tourism as a driver of economic growth and for their strategy in spreading the benefits of the industry across the country,” said WTTC president and CEO, Gloria Guevara.

WTTC’s research compares the industry’s economic impact to eight other key sectors, such as agriculture, mining, health, automotive manufacturing, retail, financial services, banking, and construction, across 26 countries and 10 world regions.

On a global scale, WTTC said travel and tourism the accounted for 10.4% or around USD8.8 trillion of total GDP in 2018.

“As we know and is now reaffirmed by this Benchmarking Research, the Travel & Tourism sector is key for the country’s economy, underpinning much of spending and supporting millions of jobs,” Guevara said.

(Source: WTTC and PNA)

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