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THE
contribution of the local travel and tourism industry to
the country’s gross domestic product (GDP) may decline
in the next 10 years, according to the latest industry
report of the World Travel and Tourism Council (WTTC).
The
WTTC’s 2008 Tourism Satellite Accounting research showed
the local tourism industry’s contribution to GDP would
be 8.8 percent, or $15.1 billion, in 2008; and decline
to 8.7 percent, or $25.7 billion, by 2018.
This is
expected to trail the performance of the world tourism
industry, which the report expects to post a moderate
slowdown.
“[The]
expansion [of world tourism] is expected to continue in
2008, although the deterioration in economic conditions
means that growth in travel and tourism GDP and
employment will slow moderately. Challenges come from
the US slowdown and the weak dollar, higher fuel costs
and concerns about climate change,” the report stated.
The
report also sees a decline in the share of the local
tourism industry in employment and exports in 2008, but
expects these and the growth of the industry to increase
in the next 10 years.
The
WTTC’s report said the contribution of travel and
tourism to employment is expected to fall to 3.54
million jobs in 2008, or 10.3 percent of total
employment. This means that one in every 9.7 jobs will
be accounted for by the tourism industry.
However,
the report said that by 2018, the industry would provide
as much as 4.12 million jobs, or 9.7 percent of the
country’s total employment. This means that one in every
10.4 jobs will be accounted for by the industry by 2018.
In terms
of the industry’s share in total exports, the report
said export earnings from international visitors and
tourism goods are expected to generate 9.9 percent of
total exports, or $6.2 billion in 2008.
The
report also expects the country’s tourism industry to
account for 7 percent of total exports, or $11.8
billion, by 2018.
The
local tourism and travel industry is expected to grow by
2 percent in 2008. It is also expected to grow faster to
an average of 4.5 percent every year over the next 10
years.
“The
study largely confirms our positive outlook for the
local tourism industry as a major contributor of
employment and livelihood,” Tourism Secretary Ace Durano
said in a statement.
He also
said the Department of Tourism intends to sustain the
momentum that the industry has gained last year by
focusing on high-value products to encourage tourists to
stay longer and spend more.
The 2008
Tourism Satellite Accounting research is conducted
yearly by the WTTC to measure the contribution of travel
and tourism activities to a country’s economy. The
report covers 176 countries and follows the standard
methodology of the United Nations. |
