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Published on : Thursday, June 29, 2017
Real spending (output) on travel and tourism turned up in the first quarter of 2017, increasing at an annual rate of 0.4 percent after decreasing 2.7 percent (revised) in the fourth quarter of 2016. In contrast, real gross domestic product (GDP) for the nation decelerated, increasing 1.2 percent in the first quarter (second estimate) after increasing 2.1 percent in the fourth quarter of 2016.
The important factors to the improvement in real spending were traveler accommodations and passenger air transportation. Traveler accommodations turned up, increasing 5.3 percent after decreasing 5.9 percent (revised) in the fourth quarter of 2016.
Prices for travel and tourism goods and services also went down in the first quarter of 2017, increasing 3.2 percent following an increase of 9.4 percent (revised) in the fourth quarter of 2016.
Total tourism-related output was $1.6 trillion in the first quarter of 2017, comprising $919.0 billion of direct tourism spending and $662.6 billion of indirect tourism-related spending.
Total tourism-related employment was 7.8 million jobs in the first quarter of 2017, comprising 5.5 million (70 percent) direct tourism jobs and 2.3 million (30 percent) indirect tourism-related jobs.
Tags: travel and tourism