Published on : Monday, March 27, 2017
Tourism is one of the most vital areas of European economy. It is extremely important for economic development of the region, fetching continued prosperity and growth for the European Union. According to governmental data, tourism is the third most important socioeconomic activity in the EU, contributing to more than 5% of the GDP of the European economy and employing 5.2% of the total workforce in the region.
Europe is among the most popular tourist destinations in the world with rich cultural heritage, vibrant cities, advanced economies and great tourist infrastructure. There is a considerable government spending and interest to promote and develop tourism, both domestic and international, in the region. However, major external factors and challenges in the region like terrorism have adversely affected tourist inflow in Europe in recent times.
However, with increasing economic prosperity in the world and rising disposable income, there is bound to be an increase in the tourism sector, with Europe benefiting the most. The direct contribution of travel and tourism to the GDP of European Union is expected to rise by 2.7% per annum from 2015-2025, reaching a value of US$ 898.7 Bn in the year 2025. By 2025, international tourists’ arrivals are expected to be around 611,952,000 in the EU.