Travel & Tourism sector will be critical to powering the Greek economic recovery, says WTTC

Publish Time:2020-05-09 11:36:30Source:traveldailynews

【Introduction】:The publication by the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, of its annual Economic Impact Report (EIR), shows how significant the sector was in driving the Greek economy in 2019.

A major new report has revealed Greece continued to be one of the strongest European countries in terms of Travel & Tourism growth last year, and that its T&T sector will be key to the country’s economic recovery, once the COVID-19 pandemic has been combatted.

The publication by the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, of its annual Economic Impact Report (EIR), shows how significant the sector was in driving the Greek economy in 2019.

According to the 2020 EIR, during 2019, Travel & Tourism supported almost 850,000 jobs, or more than one in five (21.7%) of the country’s total workforce.

It also generated €39.1BN to GDP, or 20.8% to the Greek economy, growing by an incredible 12.1% from the previous year, outpacing the growth of the overall economy for the third consecutive year.

The comprehensive report shows this growth significantly outpaced the overall GDP growth in 2019 of 2.2% in the same year.

Analysis in the WTTC EIR report also showed international visitor spend totaled a staggering 21.3bn. euros, representing almost one third (30.1%) of the country’s total exports.

The report also demonstrates the nation’s need for a swift recovery due to its strong reliance on leisure spending, accounting for 94% of all spend, compared to 6% for business spend. Furthermore, international spend accounted for 68% compared to 32% domestic.

Gloria Guevara, President & CEO, said: “WTTC’s 2020 Economic Impact Report (EIR) shows how fundamental the Travel & Tourism sector was last year to the Greek economy, supporting almost 850,000 jobs, equating to more than one in five of all those in employment.

“Strong growth in the country followed the Governments successful policy which focused on extending the season beyond summer, which led to a rise in visitor numbers outside of the traditional summer season.

“The government must also be applauded for its incredibly swift response to COVID-19, which saw restrictions in place even before the virus reached the country. Since then, the government has worked closely with the public and private sector, ensuring protocols and standards are in place that will not only see the country through to a fast recovery, it could be one of the first countries in Europe to welcome tourists back to its shores.

“Our analysis highlights how vital the Travel & Tourism sector will be in driving the recovery of the Greek economy, generating new jobs and driving visitors back to the country, having a positive economic domino effect on suppliers large and small throughout this fast-growing industry.

“Until then, it is crucial that all governments help to protect this sector – the backbone of the global economy – which is currently in a fight for survival, with more than 100 million jobs being lost in 2020.”

WTTC’s EIR revealed that, between 2016 and 2018, Germany accounted for 14% of all visitors to Greece, with the UK reaching 11%. Visitors from Bulgaria accounted for 10% of all travellers, with Italy and North Macedonia level pegging at 5%.

The Global Picture

On a global level, the Travel & Tourism sector outperformed the 2.5% rate of global GDP growth for the ninth consecutive year in a row, thanks to an annual GDP growth rate of 3.5%. This made it the global economy’s third highest sector in terms of GDP growth.

The EIR shows the sector supporting one in 10 jobs (330 million), making a 10.3% contribution to global GDP and generating one in four of all new jobs.

A breakdown by WTTC shows Asia Pacific to be the top performing region worldwide with a growth rate of 5.5%, followed by the Middle East at 5.3%. The US and EU both demonstrated a growth rate of 2.3%.

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