The European Union (EU) travel and tourism industry is anticipated to achieve 98% of the high seen in 2019 prior to the COVID-19 pandemic, according to the 2023 Economic Impact Research from the World Travel & Tourism Council (WTTC). In line with the pre-pandemic high of €1.47 billion reached in 2019, it is anticipated to contribute €1.44 billion to the EU GDP this year.
Additionally, according to WTTC, the sector will add more than 687,000 employment in 2023, replacing almost 90% of the positions lost due to the pandemic. With nearly one in nine individuals employed in the sector, the overall number of jobs in the EU travel and tourist business would rise to around 22.4 million.
Looking back at 2022, the travel and tourism industry contributed 8.7% of the EU’s GDP, or more than €1.37 billion, a growth of 40.5%. This was not far from the high point of 2019. Additionally, the industry added 2 million employment from the previous year, bringing the overall number of jobs in the EU up to 21.8 million, or one in every ten workers.
Out of the 3.6 million jobs lost due to the pandemic, the data shows that 3.1 million have been recovered in the travel and tourist industry. Spending by visitors from other countries climbed by 81% in 2022 compared to the previous year, totaling approximately €385 billion. When compared to 2019, domestic visitor spending fully rebounded and surpassed the pre-pandemic record, reaching €814 billion in 2022.
Julia Simpson, President & CEO of the WTTC, emphasised the robust recovery of the travel and tourism industry in the EU, which has been fueled by strong tourist demand. By the end of 2023, she pointed out, the sector is predicted to have added roughly 22.5 million jobs, a little 2% less than in 2019. In nations like Germany, Italy, Spain, and France, the sector is a key contributor to economic growth and the generation of jobs, according to Simpson.
According to WTTC, the EU’s travel and tourism industry will contribute about €1.9 billion to the GDP by 2033, or over 10% of the EU economy. Over 26.3 million people are expected to be employed in the sector, with one in eight EU citizens working in the travel and tourist sector.
Source: travelbizmonitor