World travel and tourism GDP
While the overall world economy grew 3.1%, travel and tourism GDP increased marginally by 4.7% to $7.7 trillion in 2022, according to CRISIL.
This Indian analyst firm reports that travel and tourism GDP is expected to continue to rise, 23.3%, approaching almost 9.2% of global GDP in 2023 ($9.5 trillion).
As of 2022, domestic travel continued to generate the largest share of global travel and tourism spending (accounting for 78% of total global spending in 2022, up from 72% in 2019), with the remaining 22% coming from international visitors (up from 28% in 2019).
Domestic visitor spending increased 20.4% in 2022, while international spending rebounded significantly with a rise of 81.9% in 2022, resulting in a higher share of total spending.
Nations around the world announced closures to contain the spread of the Covid-19 pandemic, the measures implemented worldwide shattered the travel and tourism sector.
While the overall global economy fell 3.3%, travel and tourism GDP retreated by a significant 50.4%, to $4 trillion 855 billion in 2020.
One further point of comparison: in 2019, domestic travel continued to generate the largest share of global travel & tourism spending (accounting for 71.7% of total global spending), with the remaining 28.3% accounted for by international visitors.
Travel GDP
CRISIL explains that the continued increase in the number of middle class households, sustained low unemployment rates and visa relaxation in several countries globally enabled the sector to grow, outpacing global economic growth by 202
Travel & Tourism’s share of global GDP increased from 5.5% in 2020 to 7.6% in 2022 due to the global economic recovery.
Travel & Tourism’s share of GDP in the Caribbean, Europe, Middle East, Latin America, North America and Africa regions has grown between 30 and 47 percent in 2022, while Asia-Pacific‘s share of GDP has grown significantly between 80 and 115 percent.
