Major research conducted by World Travel and Tourism Council (WTTC) has revealed Travel and Tourism was the fastest growing sector in Turkey last year at 15 per cent, contributing $96bn to the nation’s economy.
The benchmarking study from WTTC, compares the industry’s economic impact to eight other key sectors (Agriculture, Mining, Health, Automotive Manufacturing, Retail, Financial Services, Banking and Construction), across 26 countries and 10 world regions.
The report, sponsored by American Express, reveals that in Turkey, of the sectors studied and driven by improvements in safety following a difficult period, Travel and Tourism is the second largest sector in terms of GDP contribution (12.1 per cent), ahead of Agriculture (10.2 per cent) and Financial Services (7.8 per cent), just behind Construction (19.6 per cent).
Travel and Tourism’s contribution to employment during 2018 was 7.7 per cent, ahead of both Financial Services and Banking at 3.3 per cent and 2 per cent respectively.
The Global Picture Accounting for 10.4 per cent (US$ 8.8 trillion) of total global GDP in 2018, Travel and Tourism’s contribution to GDP was 1.4 times higher than Agriculture (7.7 per cent contribution), 1.5 times higher than Banking (7.1 per cent contribution) and Automotive Manufacturing (6.8 per cent contribution) and 1.7 times higher than Mining (6 per cent contribution).
Among those analysed, Travel and Tourism was the fastest growing sector in 2018, increasing 3.9 per cent, ahead of Automotive manufacturing (3.7 per cent) and Health (3.3 per cent), and higher than the global economy growth rate (3.2 per cent) for the eighth consecutive year.
Strong growth in Travel andTourism is driven by the continued rise in the number of middle-class households, solid growth in global consumer spending, low unemployment rates, continued rebound from security threats, currency depreciation and visa relaxation in several countries around the world.
Meanwhile, Travel and Tourism contributes 319 million jobs (10 per cent of all jobs) to global employment, ahead of Financial Services (9.1 per cent) and Health (7.4 per cent).
Gloria Guevara, president and chief executive officer, WTTC, said: “After a difficult period, Turkey is firmly back on the map and is once again attracting millions of international visitors to its shores each year.
“Travel and Tourism is an incredibly important sector in Turkey, not only for its contribution to GDP but also to employment.”