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The EU travel and tourism's impact in creating the world's wealth

According the World Travel & Tourism Council (WTTC) estimations. Travel & tourism (T&T) economy in the European Union has generated some US$ 1.3 trillion of gross output in 1999. Total T&T employment (direct and indirect) in the EU is estimated to be more than 22 million jobs. About 12% of T&T jobs world-wide and 36% of T&T world's economy GDP is produced in the EU. Such a high share makes the EU, followed by the USA and Canada, the largest regional producer of T&T in the world. Personal T&T consumption by the EU citizens is estimated to be US$ 746 Bn (transportation, accommodation, recreation, catering/retail as well as goods that are used for travel activities, etc.), having the greatest influence in generating T&T GDP in the EU. Spending by international visitors within the EU is estimated to be US$ 220 Bn. Business and government expenditures for business travel is estimated to be US$ 128 Bn in EU. Germany, France, Italy, United Kingdom and Spain are driving T&T economic growth in the EU. In these selected five countries T&T economy GDP is estimated to be US$ 990 Bn or 79% of the EU T&T output. T&T employment in the selected five countries is estimated to be 17 million. So, their share in T&T jobs within the EU is 77%, which is lower than their share in GDP. T&T labour force in each country is estimated to be about 3 million, with Italy in the forefront with 3,7 million of employees in T&T. and Germany at the rear with exactly 3 million T&T jobs. For the year 2010 T&T economy employment (direct and indirect) in the EU is estimated to be 23.4 million or 120 thousand of new T&T jobs within the EU per year. GDP of Travel & Tourism in the EU for the year 2010 is forecasted, by WTTC, to US$ 2.3 trillion, and by further expanding of the EU, the economic impact will be even higher, what will consolidate the EU at the leading position in the world.

EU; tourism impact; tourism GDP; business expenditures; tourists spending

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