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Published on : Saturday, August 12, 2017
As per the latest PwC analysis, tourism is predominantly essential in terms of peripheral economies of the Eurozone like Malta and Cyprus. Tourist expenditure in Malta was recorded 13 percent of the total GDP, as per the latest Global Economy Watch in comparison to 5 percent in Spain and 2 percent in Italy respectively.
More than 109 million jobs were generated by the travel and tourism sector last year with $2.3 trillion worldwide, approximately representing the same size as the Indian economy, according to data from The World Travel & Tourism Council (WTCC). The global economic output in tourism rose to more than 3 percent in 2016.
Barret Kupelian, senior economist at PwC, commented:
“Despite political instability in numerous parts of the world, the tourism industry’s resilience is clear – it has outpaced global GDP growth for the sixth consecutive year.
“For many of us holiday season means airports, hotels and hopefully sunshine, but it’s also a crucial part of the economy and can generate big business. This is particularly true for some of the peripheral Eurozone economies like Greece, Spain and Cyprus.”