Outbound travel adds £37.1 billion to U.K. economy: ABTA

Tuesday, February 5, 2019

Outbound travel’s economic contribution to the U.K. stands at 37.1 billion pound in Gross Value Added (GVA). It comprises 1.8 per cent of the U.K. Gross Domestic Product (GDP).  It provides 221,000 jobs which is higher than that of wholesale and retail distribution of motor vehicles and motorcycles, or UK’s iron and steel or electrical equipment manufacturing industries.

The U.K. tourism industry is a strategically important national asset. Total expenditure within the U.K. by residents engaged in outbound travel reached 45.7 billion pound in 2017. Spending by UK travellers here, before departure, exceeds the amount spent in every overseas holiday destination combined. Outbound travel is a positive for the UK economy. The revenue generated from specific travel services, such as flights, and package holidays – is 15.9 billion pound and 0.8 per cent of GDP.

With the right policy and tax frameworks, travel and tourism can be a catalyst for further growth and job creation right across the UK.

As per Mark Tanzer, chief executive of ABTA, too often the contribution of the UK outbound travel industry is overlooked in favour of a myth that overseas travel creates a ‘tourism deficit’ with money going overseas which could be spent in the UK.

However, the benefits of the outbound sector are being felt by the wider economy in terms of jobs, support for other businesses and tax contributions to the Treasury.

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