International visitor spending in Russia is expected to grow 7% this year

Published on : Wednesday, July 11, 2018

World Cup cities in Russia attractsTravel and tourism revenue in Moscow are anticipated to grow by 6.6% to 2026, according to World Travel & Tourism Council (WTTC) data in association with Oxford Economics.

 
Russia, which is hosting the FIFA 2018 World Cup, has welcomed approximately one million football fans for matches taking place across eleven cities in the country. The country is tipped to increase its international tourism spend by 7% this year, with spending by foreigners expected to rise by 9.6% per year on average over the next decade.

 
To quote Gloria Guevara, President & CEO of the WTTC, “Travel & Tourism creates jobs, drives economic growth and helps build better societies. This is particularly the case in Russia, the 16th largest tourism economy in the world, with Moscow generating more than a quarter of Russia’s tourism revenue. Hosting this World Cup has given Russia the opportunity to showcase cities across the country and bring together millions of travellers, while contributing to the economic growth of the sector and creating jobs.”

 
Guevara said further, “Worldwide, 2017 was one of the strongest years of Travel & Tourism GDP growth in a decade. Our sector now supports one in ten jobs on the planet and contributes 10% of global GDP. Over the past ten years, one in five of all jobs created across the world has been in the sector and, with the right support from Governments, nearly 100 million new jobs could be created over the decade ahead.”

 
WTTC said that Russia’s travel and tourism sector jumped by 3.2% in 2017 – outpacing the 2.2% growth experienced in the country’s wider economy. Travel and tourism revenue account for 4.8% of Russia’s GDP, equal to $76bn, and support over 3.3 million jobs.

 


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