Bogotá´s tourism GDP accounts for 2.5% of the city´s economy, a total of US$1.8bn, revealed a new report by the World Travel & Tourism Council (WTTC), Latin America City Travel & Tourism Impact. Bogotá`s tourism economy represents 29.1% of Colombia’s tourism activity.
Latin America City Travel & Tourism Impact is one of a series of reports by WTTC which looks at the contribution of Travel & Tourism to city economies and job creation. The study covers 65 cities, six of which are in Latin America.
International spend accounts for 41% of Bogotá’s tourism revenue, highlighting the importance of international visitors for the city. Most trips are for leisure rather than business purposes. The top international markets are United States (27%), Mexico (10%), Spain (5%), Brazil (5%) and Argentina (4%). Domestic demand is still responsible for 59% of tourism revenue, and spending from Colombian arrivals is forecast to double by 2026.
The total contribution of Colombia’s Travel & Tourism sector to GDP is COP51,05bn (US$16.7bn), or 5.8% of GDP. The total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry, was 6.1% of total employment (1.3 million jobs). Over the next ten years the sector is forecast to generate 219,500 jobs.
About WTTC: The World Travel & Tourism Council is the global authority on the economic and social contribution of Travel & Tourism. It promotes sustainable growth for the sector, working with governments and international institutions to create jobs, to drive exports and to generate prosperity. Every year WTTC, together with Oxford Economics, produces its flagship Economic Impact Report, which looks at the socioeconomic benefits of Travel & Tourism on global, regional and country level. This year the report shows data on 25 regional groupings and 185 countries.
Travel & Tourism is a key driver for investment and economic growth globally. The sector contributes US$7.6 trillion or 10.2% of global GDP, once all direct, indirect and induced impacts are take into account. The sector also accounts for 292 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.
WTTC’s annual Global Summit brings together over 900 delegates to discuss the opportunities, challenges and issues facing the industry, while its Tourism for Tomorrow Awards recognise the industry’s power to be a positive force in sustainability. The Summit will take place in Buenos Aires, Argentina, 18 -19 April 2018.