Docstoc

Benchmarking Travel Tourism World Travel Tourism Council

Document Sample
Benchmarking Travel Tourism World Travel Tourism Council Powered By Docstoc
					Benchmarking Travel & Tourism
Global summary


How does Travel & Tourism compare to other sectors?
                                               Sponsored by:


Summary of Findings, April 2012
Foreword


                           For over twenty years WTTC has worked to bring the Travel & Tourism private
                           sector together to speak with one voice. Our Members know that progress will
                           only be made with clear, unambiguous and unified messages. From the outset,
                           our Members understood that hard economic facts were the crucial foundation
                           upon which to base these messages.
                           As a result WTTC has invested heavily in developing a methodology to measure
                           the economic impact of Travel & Tourism around the world. In 2011 we
                           accounted for 9% of GDP, a total of 6 trillion dollars. We supported 255 million
                           jobs. That means one in 12 jobs on the planet. However, it is no longer
                           sufficient just to communicate how important we are as an industry. We have to
  David Scowsill           recognise that in government eyes Travel & Tourism is just one activity that sits
  President & CEO          alongside many other sectors. These other sectors are better understood than
  World Travel & Tourism   our industry. When we hit the depths of the last recession, which industries
  Council                  immediately dominated the attention of governments around the world –
                           particularly in the US and Europe? The answer was financial services and
                           automotive manufacturing. Both received billions of dollars of government cash
                           to keep them functioning.
                           With the support of our Founding Member American Express, we have executed
                           this substantial research study, which puts Travel & Tourism in the broader
                           context of other sectors, and the messages emerging are powerful.


                                        World Travel & Tourism Council                                     2
Foreword




                           More than any other, the travel industry drives commerce and
                           business, facilitates connections and enables tourism and
                           adventure. American Express has a proud heritage of more than 160
                           years in travel and we’re pleased to support this new research with
                           WTTC to ensure that travel stays vibrant and vital for many years to
                           come.

                           When American Express helped to establish WTTC more than 20
                           years ago, we started with a firm belief in the value of travel and a
  William Glenn            hope to spread that message across the world. We’re proud that
  President , Global       WTTC has been a driving force in increasing awareness of the
  Corporate Payments and   positive impact of travel and tourism ever since. This new analysis
  Business Travel          gives our industry an important tool at our fingertips to benchmark the
  American Express         role that travel and tourism plays in the global marketplace. In a year
                           when Travel & Tourism is projected to directly contribute $2 trillion and
                           100 million jobs to the world economy, this research from American
                           Express and WTTC is an important addition to the conversation.




                                       World Travel & Tourism Council                              3
Outline




          Introduction……………………………………………................ 5
          Key findings………………………………………………………. 10
          Trade Summary…………….……………………………………. 21
          Linkages summary……………………….…………………….... 24
          Data sources and methodology……………………..…………. 30




                             World Travel & Tourism Council   4
Introduction

 •   The World Travel & Tourism Council (WTTC) has spearheaded global analysis of the
     economic importance of the sector for over 20 years. This research has established
     the contribution of Travel & Tourism on an ongoing basis to over 180 countries in
     absolute size, share of the economy, and growth.

 •   Around the world, WTTC research is referenced as the authoritative source of the
     role of Tourism in generating GDP, income, and employment.

 •   WTTC is now releasing new research on the role that Travel & Tourism plays in the
     world economy in comparison to other economic sectors.

 •   The results of these comparisons provide new perspectives on the relative
     significance of Travel & Tourism as well as some of its unique advantages in driving
     current and future global economic growth.




                                          World Travel & Tourism Council                    5
Introduction: Summary of Research Structure

 •   This new WTTC research benchmarks Travel & Tourism against an assortment of other
     sectors for twenty countries and for each world region.


                    Regions                       Countries
                    •   World                     •     Australia       •   Jamaica
                    •   Americas                  •     Argentina       •   Japan
                    •   Europe                    •     Brazil          •   Republic of Korea
                    •   Asia Pacific              •     Canada          •   Mexico
                    •   Middle East               •     China           •   Russia
                    •   Africa                    •     France          •   South Africa
                                                  •     Germany         •   Turkey
                                                  •     India           •   UAE
                                                  •     Indonesia       •   United Kingdom
                                                  •     Italy           •   USA




                                       World Travel & Tourism Council                           6
Introduction: Summary of Research Structure

 •   The following metrics are analysed by sector for each country and region:

      •   GDP (size and share of economy)

      •   Employment contribution (size and share of economy)

      •   Historic growth

      •   Expected growth

      •   Export contribution

      •   Strength of linkages to the rest of the economy

      •   Job creation potential




                                          World Travel & Tourism Council         7
Introduction: Sectors referenced

 The following sectors have been analysed in comparison to Travel & Tourism.
 They were selected as having a similar breadth and global presence as Travel
 & Tourism.
     •   Mining: includes the extraction of oil, natural gas, coal, metals, and related
         services

     •   Education: includes all levels of educational services

     •   Chemicals manufacturing: includes drugs & medicines, plastics, rubber, paint,
         polishes, ink, perfumes, cosmetics, soap, cleaning materials, fertilizer, pesticides,
         other chemicals

     •   Automotive manufacturing: includes motor vehicles and parts & accessories

     •   Communications: includes post (national and private) and telecommunications

     •   Financial services: includes banking, investment services, insurance




                                           World Travel & Tourism Council                        8
Introduction: Levels of industry impacts


 The analysis examines the economic value of industries on three levels.

 •   Direct: this includes only those
     employees and the related value added
     for the relevant sector. In the case of
     Travel & Tourism, we only count the
     value added of the accommodation,                                           ACCOMMODATION
     recreation, transportation, and other
     related sectors.

 •   Indirect: this measures the supply chain
     impact (also called inter-industry
     linkages) for each sector.

 •   Induced: this measures the impacts of
     incomes earned directly and indirectly
     as they are spent in the local economy.

 •   The sum of direct, indirect, and induced
     impacts equals the total economic
     impact of a sector.




                                                World Travel & Tourism Council                   9
Key findings
How does Travel & Tourism compare to other sectors?



                                                      Sponsored by:




                     World Travel & Tourism Council           10
Key findings: Global Direct GDP ($)


 •   At $2 trillion in 2011, Travel &   Global Direct GDP by Industry in 2011
     Tourism direct industry GDP is     $US billion (2011 prices)
     larger than the automotive          5,000
     and chemicals manufacturing         4,500
     sectors.                            4,000
                                         3,500
 •   Travel & Tourism directly           3,000
     generates more than double          2,500
     the GDP of automotive               2,000
     manufacturing and is one-third      1,500
     larger than the global              1,000
                                           500
     chemicals industry.
                                           -




                                                                                                            Communication
                                                                                     Travel &
                                                     manufacturing

                                                                     Manufacturing



                                                                                     Tourism

                                                                                                Education




                                                                                                                            Mining

                                                                                                                                     Financial
                                                                                                                                     services
                                                                     of chemicals
                                                      Automotive
 •   Travel & Tourism is three-




                                                                                                              services
     quarters the size of the global
     education, communications,
     and mining sectors.




                                        World Travel & Tourism Council                                                                           11
Key findings: Global Total GDP Contribution ($)


 •   At $6.3 trillion in 2011, the      Global GDP Impact by Industry in 2011
     GDP impact of Travel &              $US billion (2011 prices)
     Tourism is larger than that of      14,000
     some of the largest                                              Indirect + Induced
                                         12,000
     manufacturing sectors—
     namely automotive and               10,000                       Direct

     chemicals manufacturing.             8,000

 •   Travel & Tourism’s total             6,000
     economic impact exceeds that         4,000
     of the mining sector and
                                          2,000
     nearly equals that of the
     global education sector.                   0




                                                                                                                          Communication
                                                                                                   Travel &
                                                      manufacturing




                                                                                   Manufacturing



                                                                                                   Tourism
                                                                          Mining




                                                                                                              Education




                                                                                                                                          Financial
                                                                                                                                          services
                                                                                   of chemicals
                                                       Automotive




                                                                                                                            services
                                      World Travel & Tourism Council                                                                                  12
Key findings: Global Total GDP Impact (share)


 •   At 9.1% of global GDP, Travel
     & Tourism generates more         Global GDP by Industry in 2011
     economic output than             Share of World Economy
     automotive manufacturing         20%
     (7.9%), mining (8.0%) and        18%                        Indirect + Induced
     chemicals manufacturing          16%
                                                                 Direct
     (9.0%).                          14%
                                      12%
 •   Travel & Tourism contributes     10%
     roughly the same share of         8%
     global GDP as the global          6%
     education and                     4%
                                       2%
     communications industries.
                                       0%




                                                                                                                     Communication
                                                                                              Travel &
                                                 manufacturing




                                                                              Manufacturing




                                                                                              Tourism
                                                                     Mining




                                                                                                         Education




                                                                                                                                     Financial
                                                                                                                                     services
                                                                              of chemicals
 •   Travel & Tourism generates
                                                  Automotive




                                                                                                                       services
     about half what the global
     banking and financial services
     industry contributes.




                                      World Travel & Tourism Council                                                                             13
Key findings: Regional Direct GDP

 •   Travel & Tourism directly
     contributes more to GDP         World Direct GDP for All Sectors
     than automotive                 $US billion (2011 prices)
     manufacturing in every
                                     1,800                                             Travel & Tourism
     region of the world.
                                     1,600                                             Automotive manufacturing
                                                                                       Manufacturing of chemicals
 •   In the Americas, Travel &       1,400                                             Communication services
     Tourism GDP is 3 times          1,200                                             Financial services
     larger than auto                                                                  Mining
                                     1,000
     manufacturing.                                                                    Education
                                       800
 •   In Europe, Travel & Tourism       600
     GDP is twice the size of auto     400
     manufacturing.
                                       200
 •   Travel & Tourism GDP is           -




                                                                             Pacific




                                                                                                        Africa
                                                     Americas




                                                                                       Middle
                                                                    Europe
     larger than the chemicals




                                                                                        East
                                                                              Asia
     industry in every world
     region except Asia, where it
     is only 9% lower.



                                       World Travel & Tourism Council                                               14
Key findings: Global Direct Employment

 •   In terms of employment, the
     importance of Travel & Tourism is        Global Direct Employment by Industry
     even more pronounced.
                                              2011, millions
 •   With 98 million people directly           160
     employed in 2011, Travel &                140
     Tourism directly employs:                 120
                                               100
      •   6 times more than
                                                 80
          automotive manufacturing
                                                 60
      •   5 times more than the global           40
          chemicals industry                     20
                                                -
      •   4 times more than the global




                                                                                                  Communication




                                                                                                                              Travel &
                                                         manufacturing

                                                                         Manufacturing




                                                                                                                              Tourism
                                                                                         Mining




                                                                                                                  Financial




                                                                                                                                         Education
                                                                                                                  services
                                                                         of chemicals
                                                          Automotive
          mining industry




                                                                                                    services
      •   2 times more than the global
          communications industry

      •   A third more than the global
          financial services industry


                                         World Travel & Tourism Council                                                                              15
Key findings: Global Total Employment

•      With a total impact of 8.7% of world                                                                         •        Travel & Tourism sustained 255 million
       employment, Travel & Tourism is one                                                                                   jobs in 2011. This exceeds to the jobs
       of the leading job creators in the                                                                                    impact of auto manufacturing, chemicals
       world.                                                                                                                manufacturing, and mining. It is nearly on
                                                                                                                             par with education.


 Global Employment by Industry                                                                                      Global Employment by Industry
    Share of global employment                                                                                      2011, millions
    12%                                                                                                             350
                           Indirect + Induced                                                                       300                        Indirect + Induced
    10%
                           Direct                                                                                                              Direct
     8%                                                                                                             250
                                                                                                                    200
     6%
                                                                                                                    150
     4%
                                                                                                                    100
     2%                                                                                                                 50
     0%                                                                                                                  0




                                                                                                                                                                                                  Communication
                                                                                                                                                                           Travel &
                                                                                                                               manufacturing
                                                                                Communication
                                                         Travel &
           manufacturing




                                                                                                                                                           Manufacturing




                                                                                                                                                                           Tourism
                                         Manufacturing




                                                                                                                                                                                      Education




                                                                                                                                                                                                                  Financial
                                                                                                                                                  Mining
                                                         Tourism
                                Mining




                                                                    Education




                                                                                                  Financial




                                                                                                                                                                                                                  services
                                                                                                  services




                                                                                                                                                           of chemicals
                                         of chemicals




                                                                                                                                Automotive
            Automotive




                                                                                                                                                                                                    services
                                                                                  services




                                                                                                World Travel & Tourism Council                                                                                     16
Key findings: Regional Manufacturing Employment

 •   Travel & Tourism directly sustains
     more jobs than the automotive          Direct Employment in 2011
     and chemicals manufacturing              '000s
     industries combined across every        40,000                        63 mn
     region of the world.                    35,000                                             Travel & Tourism


 •   Travel & Tourism employment in          30,000                                             Automotive
                                                                                                manufacturing
     Europe - reaching 10 million in         25,000
     2011 - exceeds auto                     20,000
                                                                                                Manufacturing of
                                                                                                chemicals
     manufacturing by a factor of 3.
                                             15,000
 •   In Asia, there are 7 times as           10,000
     many Travel & Tourism jobs as
                                               5,000
     auto manufacturing jobs and 5
     times as many chemicals                      -




                                                                                     Pacific




                                                                                                                Africa
                                                               Americas




                                                                                               Middle
                                                                            Europe
     manufacturing jobs.




                                                                                                East
                                                                                      Asia
                                          World Travel & Tourism Council                                                 17
Key findings: Regional Employment in other sectors


 •   In every region of the world,
                                     Direct Employment in 2011
     Travel & Tourism directly
                                      '000s
     sustains more jobs than the
                                     70,000
     financial services,
                                                                                          Travel & Tourism
     communications, and mining      60,000
     industries.                                                                          Financial services
                                     50,000
                                                                                          Communications
                                     40,000
                                                                                          Mining
                                     30,000

                                     20,000

                                     10,000

                                         -




                                                                               Pacific




                                                                                                       Africa
                                                      Americas




                                                                                         Middle
                                                                      Europe




                                                                                          East
                                     World Travel & Tourism Council             Asia                            18
World GDP Growth


 •   The Oxford Economics global    World GDP Forecast by Industry
     industry model projects        CAGR 2012-2022
     Travel & Tourism direct        6%
     industry GDP to grow 4.2%       5%
     per annum (compound
     annual growth) over the next    4%
     decade.                         3%

 •   This is greater growth than     2%
     forecast for the automotive,    1%
     education, and mining
     sectors as well as the total    0%




                                                                                                                          Communication
                                                                                   manufacturing
                                                                                                   Travel &
                                                                   Total economy




                                                                                                                                                         Manufacturing
                                                                                                   Tourism




                                                                                                                                          Construction
                                              Mining

                                                       Education




                                                                                                              Financial
                                                                                                              services




                                                                                                                                                         of chemicals
     global economy, which




                                                                                    Automotive




                                                                                                                            services
     Oxford Economics expects to
     grow 3.6% per annum
     through 2022.




                                    World Travel & Tourism Council                                                                                                       19
World Employment Growth


 •   The Oxford Economics global       World Employment Forecast by Industry
                                      CAGR 2012-2022
     industry model projects
                                      4%
     Travel & Tourism direct
     industry employment to grow       3%
     1.9% per annum (compound
     annual growth) over the next      2%
     decade.
                                       1%
 •   This is greater growth than
     forecast for mining sector as     0%




                                                                                                                Communication
                                                                         Travel &




                                                                                                                                manufacturing
     well as the total global




                                                         Total economy




                                                                                                Manufacturing
                                                                         Tourism
                                                Mining




                                                                                    Education




                                                                                                                                                Construction

                                                                                                                                                               Financial
                                                                                                                                                               services
                                                                                                of chemicals



                                                                                                                                 Automotive
     economy, which Oxford




                                                                                                                  services
                                      -1%
     expects to grow 1.2% per
     annum through 2022.              -2%


                                      -3%




                                     World Travel & Tourism Council                                                                                                        20
Trade Summary
How does Travel & Tourism compare to other sectors?



                                                      Sponsored by:




                     World Travel & Tourism Council           21
Trade summary: Total Exports

 •   Foreign visitor exports         Travel & Tourism share of total exports (2011)
     represent a substantial
     share of exports around the          Japan
                                          China
     world, forming an essential          Brazil
     component of global trade.       Germany
                                       S Korea
 •   Tourism generated 10% of           Russia
                                        Canada
     all UAE exports (including          Mexico
     oil) and 15% of Turkey’s              India
                                     Indonesia
     exports in 2011.                        UK
                                      Australia
 •   In industrialised economies            Italy
     such as the UK, Australia,      Argentina
                                             US
     Italy, US, and France,             France
     Tourism still generated more       S Africa
                                           UAE
     than 5% of total exports last       Turkey
                                                                                  49% -->
     year.                             Jamaica

                                                    0%           5%   10%   15%        20%




                                     World Travel & Tourism Council                         22
Trade summary: Service Exports

 •   Visitor receipts represent a
     substantial share of national   Travel & Tourism share of service exports (2011)
     service exports around the           Japan
     world, generating foreign             India
     exchange and financial                  UK
                                          Brazil
     stability – especially for       Germany
     emerging economies.                Canada
                                          South
 •   For example, more than half             US
                                          China                              Average =
     of all service exports are         Russia                                 26%
     generated by Travel &            Australia
     Tourism in the UAE,                    Italy
                                     Argentina
     Jamaica, Turkey, South          Indonesia
     Africa, Mexico, and France.        France
                                         Mexico
 •   Between 25% and 50% of               South
                                         Turkey
     service exports are               Jamaica
     generated by Travel &                 UAE
     Tourism in the US, China,                      0%       20%       40%   60%         80%   100%
     Russia, Australia, Italy,
     Argentina, and Indonesia.


                                      World Travel & Tourism Council                              23
Linkages Summary
How does Travel & Tourism compare to other sectors?



                                                      Sponsored by:




                     World Travel & Tourism Council           24
Linkages: Travel & Tourism Outperforms the Economy

•   By analysing input-output data across           Comparing T&T and total economy multipliers
    all 20 countries, we have identified            Travel & Tourism
    the linkages between Travel &                   4.5
    Tourism and the rest of the economy.
                                                    4.0

•   This identifies the ways in which the           3.5




                                                                   T&T outperforms the
                                                                    economy average
    rest of the economy benefits from the
                                                    3.0
    injection of Tourism dollars.
                                                    2.5
•   The adjacent chart compares the
                                                    2.0
    GDP multiplier for Tourism and the
    average of the entire economy. A                1.5

    multiplier of 2 implies that for every          1.0
                                                                                               T&T underperforms against the
    new dollar a total of 2 dollars is                                                              economy average
                                                    0.5
    generated including indirect and
    induced impacts.                                0.0
                                                          0.0         0.5                1.0     1.5      2.0       2.5        3.0       3.5        4.0
                                                                                                                                     Total Economy
•   In 18 out of the 20 economies
    analysed, a new dollar in Travel &
                                                                Global average GDP multipliers
    Tourism generates more total
    economic output than the average                                        Travel & Tourism:            3.2
    new dollar in the economy.                                              Total economy:               2.7

                                             World Travel & Tourism Council                                                                    25
Linkages: Travel & Tourism Outperforms the Economy

•   Travel & Tourism also outperforms the
    majority of the key sectors we
    analysed in terms of generating GDP
                                                    World Average GDP Multipliers
                                                    Total GDP / Direct GDP
    across the entire economy.
                                                     6.0
•   The industry multiplier measures the             5.0
    impact across the entire economy as
    a share of the direct industry impact            4.0
    alone. At 3.2, Travel & Tourism’s                3.0
    broader impact per unit of direct GDP
    exceeds that of communications,                  2.0
    financial services, education,                   1.0
    agriculture, and mining.
                                                     0.0




                                                                                                                             Communication

                                                                                                                                             Travel &




                                                                                                                                                                         manufacturing
                                                                                                 Total economy




                                                                                                                                                        Manufacture of
                                                                                                                                             Tourism
                                                              Mining




                                                                                     Education




                                                                                                                 Financial
                                                                       Agriculture




                                                                                                                 services
•   Only chemicals and auto




                                                                                                                                                                          Automotive
                                                                                                                                                         chemicals
                                                                                                                               services
    manufacturing have higher multipliers
    across the 20 countries analysed.




                                            World Travel & Tourism Council                                                                                                           26
Linkages: Key findings

                                                                        Performance against economy
 •   In terms of employment generation, we
     found Travel & Tourism to also be potent.                                              Output     Jobs
                                                                    Argentina                1.1315942 1.0867687
                                                                    Australia                1.3685288 1.5809815
 •   The adjacent table illustrates the strength                    Brazil                   1.0388657 1.0006292
     of a dollar of spending in Travel &                            Canada                    1.712968 1.5050483
     Tourism versus a dollar of spending in                         China                    1.0829755 0.8902444
                                                                    France                   0.9280567 1.1316037
     the average of the national economy.                           Germany                  1.1464106 1.3758862
                                                                    India                    1.5561394 0.6787127
 •   As shown earlier, in 18 out of the 20                          Indonesia                1.4448595 0.9398877
     economies, a new dollar in Travel &                            Italy                    1.0692845 1.5290552
     Tourism generates more total economic                          Jamaica                  1.5412745 1.1752168
                                                                    Japan                    1.1475533 1.4511417
     output than the average across all other                       Korea                    1.0928706 1.2838761
     sectors.                                                       Mexico                   1.1962775 1.5728657
                                                                    Russia                   2.0457252 1.4023303
 •   In terms of job creation, a dollar of                          South Africa             1.1191491 1.3325836
                                                                    Turkey                   1.2260842 1.0258898
     spending in Travel & Tourism is more
                                                                    UAE                      1.3516755 1.0042186
     powerful than the average of the                               UK                       1.0644809 1.2229058
     economy in 17 out of 20 countries. The                         USA                      0.9589748   1.053587
     only countries where this is not the case                      Cross-country            1.0661999 1.3319932
     are ones in which agriculture remains a                        Legend:
     significant employer (China, India,                            Greater than economy average             1.06
     Indonesia).                                                    Within 10% below economy average            1
                                                                    More than 10% below economy average      0.91

                                           World Travel & Tourism Council                                           27
Linkages: Job creation

 •   To illustrate this point further, we
     compared Travel & Tourism to           Employment impact of $1m spending
     six other sectors of the economy       Jobs
     to determine the total job impact      70
     per $1 million in spending.
                                            60

 •   This analysis calculates not only      50
     direct industry jobs, but also         40
     those generated through the
                                            30
     supply chain and incomes.
                                            20
 •   Travel & Tourism is one of the
                                            10
     top two job creators with an
     average of 50 jobs generated            0




                                                               Chemicals




                                                                                                                     Education
                                                     Mining




                                                                           Manufacture



                                                                                         Communications



                                                                                                          Financal
                                                                                                          Services




                                                                                                                                            Whole Economy
                                                                                                                                 Travel &
                                                                                                                                 Tourism
                                                                           Automobile
     per $1 million in spending across
     the 20 countries we analysed.

 •   $1 million in Travel & Tourism
     generates twice as many jobs as
     $1 million financial services,
     communications, and auto
     manufacturing.

                                            World Travel & Tourism Council                                                                           28
Linkages: Households and the local economy

 •   Industries can also be evaluated on the
     basis of how spending flows to                         Retained expenditure and income generation
     households and to other parts of the
                                                         Income ($000) from
     economy.
                                                         $1m spend
                                                          1,200
 •   The best sectors for economic




                                                                        Household gains
                                                                                                                                          Education
     development tend to be those that
     generate the most household income and               1,000
     retain the maximum share of expenditure
                                                                                                                                    Financial Svcs
     within the local economy after accounting
     for imports.                                          800
                                                                                          Auto Mauf                  Travel &
                                                                                                                     Tourism
 •   For every $1 million in Travel & Tourism                                                                                        Communications
                                                           600
     spending, $701,000 in income is
     generated. This exceeds the income                                                       Chemicals                                  Agriculture
     proportions for auto, communications,                 400                                                                  Mining
     chemicals, and mining.                                                                               Local economy gains

 •   In terms of money retained in the local               200
                                                                  75%                          80%           85%          90%             95%          100%
     economy, 91% of each dollar spent                                                                                     Share of expenditure retained
     remains, while just 9% is leaked out as
     imports. This is better than the mining,
     chemicals, and auto manufacturing                                                    (Average of 20 Countries Analysed)
     sectors.


                                                 World Travel & Tourism Council                                                                          29
Data Sources & Methodology



                                             Sponsored by:




            World Travel & Tourism Council           30
Data sources and methodology: GDP and Employment

 •   Main data sources for comparative sectors:

      •   United Nations International Labour Organization

      •   OECD STAN STructural ANalysis Database

      •   Oxford Economics Global Industry Model

      •   CEIC Data Manager

      •   Statistical Institute of Jamaica

      •   UAE National Accounts

 •   Travel & Tourism GDP and employment figures are drawn from Oxford Economics
     analysis for WTTC using the Tourism Satellite Account framework.




                                              World Travel & Tourism Council       31
Data sources and methodology: Exports

 •   Main data sources:

      •   OECD STAN

      •   World Trade Organization (WTO)

      •   UN COMTRADE

      •   IMFBOPA

      •   Oxford Economics.

 •   Total exports, total service exports and total goods/merchandise exports are sourced
     originally to national accounts and central bank balance of payments data.

 •   Merchandise exports taken from OECD STAN where possible, and from
     UNCOMTRADE and WTO for Jamaica and UAE.

 •   Service exports taken from IMFBOPA database for all countries where possible.

 •   2000 figures taken from above, 2011 estimated using 2010 shares of total and
     applied to totals for 2011.



                                           World Travel & Tourism Council                   32
Data sources and methodology: Linkages

 •   Main data sources: OECD, National Statistical Offices, Oxford Economics

 •   Input-output tables for all countries were sourced from either the OECD or, when not available,
     National Statistical Offices. From the input-output tables, multiplier matrices were developed for
     each economy, detailing the flow of spending in an economy that occurs as a consequence of
     spending in a given industry.

 •   For each of the comparator sectors, a spending shock of $1 million was simulated, with the
     resulting spending impacts in every industry in the economy recorded.

 •   These spending outcomes were translated into gross value added (GVA) using the GVA/output
     ratios available in the input-output tables, and employment, using productivity level data
     developed from the GDP and employment figures derived elsewhere in the study.

 •   Travel & Tourism multipliers are drawn from Oxford Economics / WTTC ongoing Tourism Satellite
     Account analysis.

 •   Global and regional multipliers were calculated as the weighted average of all relevant nations,
     with weightings assigned according to sector GDP.




                                                World Travel & Tourism Council                            33
About WTTC and Oxford Economics




 •   The World Travel & Tourism Council (WTTC)                  •     Oxford Economics is one of the world’s
     is the forum for business leaders in the                         leading providers of economic analysis,
     Travel & Tourism industry. With Chief                            forecasts and consulting advice. Founded in
     Executives of some one hundred of the                            1981 as a joint venture with Oxford
     world's leading Travel & Tourism companies                       University’s business college, Oxford
     as its Members, WTTC has a unique                                Economics enjoys a reputation for high
     mandate and overview on all matters related                      quality, quantitative analysis and evidence-
     to Travel & Tourism.                                             based advice.

 •   WTTC works to raise awareness of Travel &                  •     For this, its draws on its own staff of over 70
     Tourism as one of the world's largest                            highly-experienced professional economists;
     industries, supporting 255 million jobs and                      a dedicated data analysis team; global
     generating 9 per cent of world GDP.                              modeling tools, and a range of partner
                                                                      institutions in Europe, the US and in the
 •   WTTC advocates partnership between the                           United Nations Project Link. Oxford
     public and private sectors, delivering results                   Economics has offices in New York,
     that match the needs of economies, local                         Philadelphia, San Francisco, Chicago,
     and regional authorities and local                               London, Oxford, Belfast, Dubai, and
     communities with those of business.                              Singapore.

                                                 World Travel & Tourism Council                                         34
About American Express


                American Express is a global services company, providing customers with
                access to products, insights and experiences that enrich lives and build
                business success.

                American Express Global Business Travel is a global industry leader in
                business travel and meetings management committed to helping businesses
                succeed through cost-effective program management, world-class customer
                service, and enhanced traveler productivity support worldwide. Through
                leading online, offline and on-the-go solutions, consulting services, business
                insights and research, supplier negotiation expertise, and meetings and
                events capabilities, innovative services are delivered to clients to maximize
                the return on their travel and meetings investments.

                American Express Corporate Payment Solutions provides the Corporate
                Card, Corporate Purchasing Solutions, and other expense management
                services to mid-size companies and large corporations worldwide. In the
                U.S., American Express is a leading issuer of commercial cards, serving
                more than 70% of the Fortune 500, as well as tens of thousands of mid-size
                companies.


                                World Travel & Tourism Council                            35

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:3
posted:10/9/2012
language:English
pages:35