Travel & Tourism to contribute 8.5% of UAE GDP
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
Total contribution of the travel and tourism sector to the UAE’s gross domestic product (GDP) will reach 8.5% this year with a 4.5%v year-on-year rise to AED122.6 billion, according to a leading tourism industry body.
The increase is driven by growth in UAE’s hotels, travel agents, airlines, restaurants as well as leisure industries directly supported by the travel and tourism sector, as reported by Gulf News.
Total contribution figures are the wider impacts of the industry including investment, government spending and the domestic purchase of goods. Growth figures were released in the World Travel & Tourism Council (WTTC) latest economic impact study of the UAE’s tourism & travel industry.
Direct contribution to GDP of the travel & tourism industry is set to climb by 4.7% to AED59.1 bn this year, according to WTTC. In 2013, the UAE’s travel & tourism sector delivered AED56.5 bn or four per cent of the country’s GDP.
Looking ahead the direct contribution is set to increase by 3.1% a year to AED80.1 bn by 2024, maintaining a four per cent of GDP figure. Total contribution is expected to grow by 3.2% to AED167.4 bn by 2024, 8.5% of GDP.
In 2013, the industry is expected to have attracted AED21 bn of capital investment and is forecasted to rise by 9.7% in 2014. Travel and tourism directly generated 291,500 jobs in 2013, 5.3% of total employment, and is expected to grow by 5.7% to 308,000 in 2014. The total employment contribution in 2013 was 496,500 jobs, 9.1% of total employment, in 2013. This is forecasted to growth by 5.3% to 523,000 jobs this year.
By 2024 international tourist arrivals are forecast to reach 39.9 m and to generate a expenditure of AED105.4 bn.
Comments are closed.