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Travel & Tourism in Hong Kong to grow 3.9% during 2014

March 20, 2014 Destination Global No Comments Email Email

The World Travel & Tourism Council (WTTC)releases its 2014 annual economic impact data today. The Economic Impact Report underlines the economic and social relevance of the Travel & Tourism industry as well as its potential over the next decade.
In 2013 in Hong Kong:

– The total contribution of Travel & Tourism to GDP was HKD464.1bn, (21.8% of GDP).
– The total contribution of Travel & Tourism to employment, including jobs indirectly supported by the sector was 716,571 jobs (19.1% of total employment).
– Travel & Tourism investment was HKD48.6bn, or 9.4% of total investment. It is projected to rise by 0.7% in 2014.UHR 2 Article-Banners-250-x-250-pixels

Each year, WTTC undertakes an economic analysis of the impact of the Travel & Tourism sector in 184 countries.

In 2013, globally:

– Travel & Tourism’s total contribution to the global economy rose to 9.5% (nearly US $7 trillion)
– Travel & Tourism continues to outperform the wider economy in terms of economic growth (3% vs. 2%)
– Travel & Tourism not only outpaced the wider economy, but also grew faster than other significant industries such as financial and business services, retail and distribution, public services, transport and manufacturing.
– 4.7 million new jobs were created as a result of tourism activity
– The industry supported nearly 266 million jobs – so 1 in 11 of all jobs in the world.
– Visitor exports, the measure of money spent by international tourists, exceeded expectations rose by 4% to US$1.3trillion and by more than 10.2% within South East Asia.
– T&T investment grew by 2.9%.
– South East Asia leads the pack in terms of both total Travel & Tourism economic and employment growth at 7.9% and 4.1% respectively.
– In Europe, both total Travel & Tourism GDP and employment growth have exceeded expectations, boosted by strong demand from long-haul markets.
– There was particularly strong expenditure growth from travellers of China, Russia, Brazil, Indonesia, Turkey and Egypt in 2013 to other destinations.
– Economies which benefited from expanded revenues from hosting international travellers included the US, UK, Thailand, Hong Kong, Turkey, Japan, Greece, Russia and Indonesia.

In 2014, globally:

– Travel & Tourism growth is expected to outpace growth in the whole economy (4.3% vs. 2.8%)
– T&T investment is forecast to increase by 5.6% increase
– It is anticipated that there will be a 4.8% increase in visitor exports.
– At 8.3%, China is expected to grow the most of any G20 country in 2014.
– The sector is expected to generate around 6.5 million new jobs.

David Scowsill, President & CEO of WTTC, says 2013 proved another successful year for the sector; “Travel & Tourism’s contribution to the world economy grew for the fourth consecutive year in 2013, helped especially by strong demand from international travellers. Visitor exports, the measure of money spent by these international tourists, rose by 3.9% at a global level year on year, to US$1.3 trillion, and by over 10% within South East Asia. It is clear that the growth in Travel & Tourism demand from emerging markets continues with pace, as the burgeoning middle-classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders.”

However, Mr Scowsill reminds governments that they need to take action; “The outlook for Travel & Tourism for the next ten years looks extremely favourable, with growth forecast of more than 4% annually. This will require Governments to implement more open visa regimes and to adopt intelligent rather than punitive taxation policies. It is also critical that public and private partnerships ensure that long term infrastructure and human resource needs are planned responsibly and sustainably, to absorb the inevitable growth that we are forecasting. If the right steps are taken, Travel & Tourism can be a true force for good.”

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