MADRID, Spain – Foreign visitors to Spain account for over half of the country’s service exports, according to new research by the World Travel & Tourism Council (WTTC).
Spain’s visitor exports (money spent by foreign visitors in a country) reached $US69.5 billion (EUR52.2bn) in 2014, which is 53 percent of all of the country’s service exports, according to research released today by WTTC.
The Benchmarking Report 2015, a new study published by WTTC, compared Travel & Tourism to a number of other industry sectors in Spain.
The research also shows that Travel & Tourism generated a total impact of $US214 billion (EUR161.0bn) or 15.2 percent of Spain’s GDP in 2014, which is larger than the GDP generated of every studied sector except for retail at 18.8 percent.
Additionally, Travel & Tourism directly supports more than twice as many jobs as the financial services sector, supporting 2.7 million jobs or 15.3 percent of total employment in Spain in 2014. According to the report, Travel & Tourism has strong linkages to other sectors through its supply chains.
Every one job in the sector creates another two jobs in Spain on an indirect or induced basis, making its linkages stronger than in the agriculture and education sectors. The contribution that Travel & Tourism makes to GDP is forecast to grow at an annual average of 2.3 percent over the next ten years, faster the total economy growth which is estimated to increase by 1.7 percent per annum over the next decade.
Speaking at the Summit Shopping Tourism & Economy in Madrid today, David Scowsill, President & CEO of the World Travel and Tourism Council (WTTC), said: “Following our successful Global Summit in April in Madrid this research confirms the importance of Travel & Tourism to Spain’s economic growth. Over 50 percent of the country’s service exports come from our sector and not only are we one of the biggest employers, every job in the industry creates another two other jobs elsewhere in Spain. “It is therefore crucial for Spain to continue to focus on Travel & Tourism in its national policies and invest in infrastructure and human capital so that the third’s most visited country in the world continues to maximize its tourism potential.”