#TravelTourismGrowth

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The World Travel & Tourism Council (WTTC) recently revealed that France experienced unprecedented growth in its Travel & Tourism sector last year. The sector’s contribution to GDP surged by nearly 6% year-on-year, reaching a record-breaking €246 billion. This remarkable growth highlights the sector’s crucial role in France’s economy and its potential for future expansion. France's Tourism Industry Soars Unveiling the Numbers: A Year of Growth GDP Contribution and Economic Impact According to WTTC’s latest research conducted in collaboration with Oxford Economics, the Travel & Tourism sector in France soared 4.3% above its previous peak in 2023. This growth brought the sector's contribution to 8.8% of France’s total economic output. The research underscores the significant impact of Travel & Tourism on the national economy, reinforcing its status as a cornerstone of economic growth. Job Creation and Employment The sector also witnessed substantial job creation, adding over 172,000 new jobs and elevating the total to nearly 2.9 million nationwide. This figure is 4.7% higher than the levels recorded in 2019, highlighting the sector’s role as a major employment driver, representing one in every 11 jobs across the country. The continuous growth of employment opportunities in Travel & Tourism underscores its importance in sustaining the French workforce. The Financial Boost from Tourism International and Domestic Spending International visitors contributed significantly to the French economy, injecting €66.7 billion last year. Meanwhile, spending by domestic travelers rebounded to €135 billion, surpassing the previous 2019 heights by 1% and 3%, respectively. These figures reflect the robust recovery and growth of both international and domestic tourism in France. Paris: The Crown Jewel Paris, the capital city, stood out as the top choice for international visitors, further solidifying its status as a global tourism hotspot. The city’s allure, with its rich cultural heritage, iconic landmarks, and vibrant atmosphere, continues to attract millions of tourists from around the world. Projections for 2024: A Promising Outlook Economic Contributions The French Travel & Tourism sector is poised for even greater heights in 2024, with an expected economic contribution of over a quarter of a trillion Euros (€254.7 billion). This represents an increase of nearly 8% from 2019 levels, affirming the sector’s significant role as a driving economic force, accounting for 9% of the national economy. Job Market Expansion The sector is set to support approximately 2.93 million jobs in France, representing an increase of more than 76,000 jobs compared to its previous highest point. This growth underscores the sector’s potential to continue being a major source of employment and economic stability. Anticipated Tourist Spending Spending by both international and domestic tourists is expected to reach unprecedented levels, with forecasts indicating a total expenditure of €70.3 billion and €138.8 billion, respectively. This surge in tourism spending is bolstered by major upcoming events, including the Olympics and Paralympics Games, which are set to attract a massive influx of visitors. Leadership and Strategic Efforts Government Support and Strategic Initiatives Julia Simpson, WTTC President & CEO, praised President Macron’s steadfast efforts to highlight Travel & Tourism’s economic significance. The government’s strategic initiatives have been instrumental in maintaining France’s position as a premier global destination, ensuring the sector’s continued growth and success. Building on Recent Successes Building on the momentum from the triumphant Rugby World Cup, France continues to captivate visitors’ interest as it prepares for the upcoming Olympic and Paralympic Games. These events are expected to further elevate France’s status on the world stage and drive economic growth. The Decade Ahead: A Bright Future Economic and Employment Projections WTTC forecasts a bright outlook for the next decade. By 2034, the Travel & Tourism sector is expected to contribute an estimated €310.5 billion to France’s economy, accounting for 9.6% of the total economic landscape. This growth is accompanied by a projected increase in employment, with the sector expected to provide jobs for 3.4 million people nationwide, representing one in every 10 workers. Transformative Growth The forthcoming decade promises not just growth but a transformative period for Travel & Tourism in France. The sector is poised to enter an era characterized by prosperity, innovation, and unprecedented connectivity, marking a golden age eagerly anticipated by both consumers and businesses alike.

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The World Travel & Tourism Council's (WTTC) latest Economic Impact Research (EIR) paints a bright picture for Oman's tourism industry in 2024 and the coming decade. With strong government backing and strategic initiatives, the sector is projected to not only recover from the pandemic but achieve record-breaking growth. This article delves into the details of the WTTC report, exploring the current state of Oman's tourism sector, its projected growth trajectory, and the factors contributing to this positive outlook. Oman's Tourism Industry Poised A Robust Recovery and Record-Breaking Projections The WTTC report highlights a significant upswing in Oman's tourism industry in 2023: GDP Contribution Surges: The Travel & Tourism sector's contribution to Oman's GDP saw a remarkable 35% increase in 2023, reaching OMR 2.8 billion. This growth momentum is expected to continue, with projections indicating the sector's GDP contribution surpassing previous records in 2024. Job Growth on the Rise: The sector experienced a robust 15% increase in job creation in 2023, currently employing approximately 191,500 individuals nationwide. This trend is expected to persist, with forecasts predicting further job growth in the coming years. Increased Tourist Spending: International visitor spending in Oman witnessed a dramatic 69% increase in 2023 compared to 2022, injecting OMR 1.1 billion into the economy. Domestic tourism also saw a significant rebound, with spending reaching OMR 1.4 billion. These positive developments solidify Oman's position as a leading tourist destination in the Middle East. Strategic government investments and support are credited with rejuvenating the tourism industry and setting the stage for continued growth. Optimistic Outlook for 2024 and Beyond The WTTC report forecasts a promising future for Oman's tourism industry in 2024 and the coming decade: 2024 Projections: GDP Contribution: The sector's contribution to Oman's GDP is projected to increase to over OMR 3.3 billion in 2024, representing 7.6% of the nation's total economy. Employment: Job creation is expected to continue, with forecasts predicting over 206,000 people employed in the tourism sector, translating to one in fourteen individuals working in this industry. Tourist Spending: Domestic visitor spending is expected to reach OMR 1.5 billion in 2024, surpassing pre-pandemic levels. International visitor spending is also projected to climb steadily, albeit not reaching 2019 figures just yet. Long-Term Outlook (2034): GDP Contribution: By 2034, the sector's annual contribution to Oman's GDP is projected to reach OMR 5.4 billion, translating to 9.8% of the total economy. Employment: The tourism sector is expected to employ over 265,600 people by 2034, with one in thirteen residents working in this industry. These projections paint a promising picture for Oman's economic future, with tourism playing a significant role in driving growth and creating jobs. A Strong Showing in the Middle East The WTTC report also highlights the positive trajectory of the broader Middle Eastern tourism industry: 2023 Growth: The Middle Eastern Travel & Tourism sector experienced impressive growth of over 25% in 2023, reaching nearly $460 billion. Job Creation: The sector saw a significant increase in jobs, with nearly 7.75 million people employed in tourism-related roles. Increased Spending: International visitor spending witnessed a remarkable 50% rise in 2023, reaching $179.8 billion. Domestic tourism spending also climbed by 16.5%, surpassing $205 billion. Looking ahead, the WTTC forecasts continued growth for Middle Eastern tourism in 2024, with projections predicting a rise in GDP contribution, job creation, and visitor spending across the region. Oman's Government and Industry Leaders React to the Report Government Backing: The WTTC report highlights the critical role of the Omani government in supporting the tourism industry's revival. As quoted in the report, Julia Simpson, WTTC President & CEO, acknowledges the government's strong support and its aim to achieve unprecedented economic growth and job creation through tourism.