connect with us
Greece's latest tourism industry news by Greek Travel Pages

International Tourism Revenue Hit $1.7 Trillion in 2018

UNWTO_new logoStrong growth in outbound travel from many source markets around the world fueled revenues from international tourism to reach a total $1.7 trillion in 2018, a 4 percent increase in real terms over the previous year, a recent report from the World Tourism Organization (UNWTO) showed.

Total exports from international tourism include $1,448 billion in international tourism receipts (visitor spending in destinations) and $256 billion in international passenger transport services.

Moreover, international tourism receipts increased 4 percent in real terms (adjusting for exchange rate fluctuations and inflation) to reach $1,448 billion in 2018, about $100 billion more than the previous year.

According to the UNWTO, the amount of receipts is consistent with the 6 percent increase in international tourist arrivals in 2018.

The rise in tourism revenue last year accounts for 29 percent of global service exports and 7 percent of overall exports of goods and services.

“These figures consolidate international tourism among the top five economic sectors in the world, behind chemical manufacturing and the fuel industry but ahead of the food and automotive industries,” the UNWTO said.

By regions, Asia and the Pacific led the way with 7 percent growth in international tourism receipts, followed by Europe with a 5 percent increase. The Middle East saw 3 percent growth, while Africa (+1 percent) and the Americas (0 percent) recorded more modest results. Central and Eastern Europe and North-East Asia (both +9 percent) were the subregions with the strongest growth.

France and Russia lead growth among top spenders

According to the UNWTO’s report, growth in receipts was fueled by strong demand for international travel in the context of a robust global economy.Among the world’s top ten source markets, France and the Russian Federation both recorded 11 percent growth in outbound spending in 2018, while Australia saw a 10 percent increase.

China, the world’s top spender reported $277 billion in international tourism expenditure in 2018, a 5 percent increase in real terms from a year earlier, while the United States, the second largest, spent 7 percent more, to reach $144 billion.

International expenditure from the United Kingdom grew 3 percent in 2018, and 4 percent from Italy, while Germany and the Republic of Korea both reported rather flat results. Further down the ranking, Spain enjoyed 12 percent higher spending on international tourism in 2018.

Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece.
About the Author
This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner.

Add your comment