Travel & Tourism: Economic Impact 2018 Japan

TRAVEL & TOURISM
ECONOMIC IMPACT 2018

JAPAN
ECONOMIC
IMPACT 2018
“Inclusive growth and ensuring a future

with quality jobs are the concerns of
governments everywhere. Travel &
Tourism, which already supports one in
every ten jobs on the planet, is a dynamic
engine of employment opportunity.”
Gloria Guevara Manzo, President & CEO
World Travel & Tourism Council
For more information, please contact:

ROCHELLE TURNER | Research Director
rochelle.turner@wttc.org
FOREWORD
A
s one of the world’s largest economic sectors, Travel & Tourism
creates jobs, drives exports, and generates prosperity across the
world. In our annual analysis of the global economic impact of
Travel & Tourism, the sector is shown to account for 10.4% of
global GDP and 313 million jobs, or 9.9% of total employment, in 2017.
The right policy and investment decisions are only made with empirical
evidence. For over 25 years, the World Travel & Tourism Council (WTTC) has
been providing this evidence, quantifying the economic and employment
impact of Travel & Tourism. Our 2018 Annual Economic Reports cover 185
countries and 25 regions of the world, providing the necessary data on 2017
performance as well as unique 10-year forecasts on the sector’s potential.
2017 was one of the strongest years of GDP growth in a decade with
robust consumer spending worldwide. This global growth transferred again
into Travel & Tourism with the sector’s direct growth of 4.6% outpacing
THE ECONOMIC IMPACT the global economy for the seventh successive year. As in recent years,
OF GLOBAL TRAVEL & performance was particularly strong across Asia, but proving the sector’s
TOURISM resilience, 2017 also saw countries such as Tunisia, Turkey and Egypt that
had previously been devastated by the impacts of terrorist activity,
recover strongly.
10.4%
Travel & Tourism GDP as a
This power of resilience in Travel & Tourism will be much needed for
the many established Travel & Tourism destinations that were severely
impacted by natural disasters in 2017. While our data shows the extent
of these impacts and rates of recovery over the decade ahead, beyond
percentage of global GDP. just numbers, WTTC and its Members are working hard to support local
communities as they rebuild and recover.
Inclusive growth and ensuring a future with quality jobs are the concerns
of governments everywhere. Travel & Tourism, which already supports
4.6%
Direct Travel & Tourism GDP
one in every ten jobs on the planet, is a dynamic engine of employment
opportunity. Over the past ten years, one in five of all jobs created across
the world has been in the sector and, with the right regulatory conditions
and government support, nearly 100 million new jobs could be created over
growth in 2017. the decade ahead.
Over the longer term, forecast growth of the Travel & Tourism sector will
continue to be robust as millions more people are moved to travel to see
1 /10
the wonders of the world. Strong growth also requires strong management,
and WTTC will also continue to take a leadership role with destinations
to ensure that they are planning effectively and strategically for growth,
accounting for the needs of all stakeholders and using the most advanced
jobs are supported by Travel & technologies in the process.
Tourism. This is 9.9% of global
employment. WTTC is proud to continue to provide the evidence base required in order
to help both public and private bodies make the right decisions for the
future growth of a sustainable Travel & Tourism sector, and for the millions
of people who depend on it.
1 /5
of all global net jobs created in
last decade have been within the
Travel & Tourism sector.
Gloria Guevara Manzo
President & CEO
Cover: Jack Anstey, Unsplash

Inside cover: Derek Thomson, Unsplash
TRAVEL & TOURISM ECONOMIC IMPACT 2018

CONTENTS
THE ECONOMIC IMPACT

OF TRAVEL & TOURISM
MARCH 2018
FOREWORD
2018 ANNUAL RESEARCH: KEY FACTS 1
DEFINING THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM 2
TRAVEL & TOURISM’S CONTRIBUTION TO GDP 3
TRAVEL & TOURISM’S CONTRIBUTION TO EMPLOYMENT 4
VISITOR EXPORTS AND INVESTMENT 5
DIFFERENT COMPONENTS OF TRAVEL & TOURISM 6
COUNTRY RANKINGS: ABSOLUTE CONTRIBUTION, 2017 7
COUNTRY RANKINGS: RELATIVE CONTRIBUTION, 2017 8
COUNTRY RANKINGS: REAL GROWTH, 2018 9
COUNTRY RANKINGS: LONG TERM GROWTH, 2018 - 2028 10
SUMMARY TABLES: ESTIMATES & FORECASTS 11
THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: REAL 2017 PRICES 12
THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: NOMINAL PRICES 13
THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: GROWTH 14
GLOSSARY 15
METHODOLOGICAL NOTE 16
REGIONS, SUB-REGIONS & COUNTRIES 17

JAPAN
2018 ANNUAL RESEARCH: KEY FACTS 1
2018 FORECAST
GDP: DIRECT CONTRIBUTION

The direct contribution of Travel & Tourism to GDP was JPY12,043.2bn (USD107.4bn), 2.2% of total
GDP in 2017 and is forecast to rise by 2.3% in 2018, and to rise by 1.6% pa, from 2018-2028, to JPY14,389.5bn
(USD128.3bn), 2.5% of total GDP in 2028.
GDP: TOTAL CONTRIBUTION

The total contribution of Travel & Tourism to GDP was JPY37,135.9bn (USD331.2bn), 6.8% of GDP in 2017, and is
forecast to rise by 2.0% in 2018, and to rise by 1.3% pa to JPY43,130.7bn (USD384.6bn), 7.4% of GDP in 2028.
EMPLOYMENT: DIRECT CONTRIBUTION

In 2017 Travel & Tourism directly supported 1,098,500 jobs (1.7% of total employment). This is expected to rise
by 0.3% in 2018 and rise by 1.0% pa to 1,213,000 jobs (1.9% of total employment) in 2028.
EMPLOYMENT: TOTAL CONTRIBUTION

In 2017, the total contribution of Travel & Tourism to employment, including jobs indirectly supported by
the industry was 6.4% of total employment (4,171,500 jobs). This is expected to rise by 0.3% in 2018 to 4,186,000
jobs and rise by 0.8% pa to 4,520,000 jobs in 2028 (7.0% of total).
VISITOR EXPORTS
Visitor exports generated JPY3,954.7bn (USD35.3bn), 4.1% of total exports in 2017. This is
forecast to grow by 4.2% in 2018, and grow by 4.2% pa, from 2018-2028, to JPY6,202.5bn (USD55.3bn) in 2028,
4.7% of total.
INVESTMENT
Travel & Tourism investment in 2017 was JPY4,028.6bn, 3.1% of total investment (USD35.9bn). It should rise by
3.8% in 2018, and rise by 2.0% pa over the next ten years to JPY5,104.3bn (USD45.5bn) in 2028, 3.5% of total.
1
All values are in constant 2017 prices & exchange rates
WORLD RANKING (OUT OF 185 COUNTRIES):

Relative importance of Travel & Tourism's total contribution to GDP
4 136 160 184

ABSOLUTE RELATIVE SIZE GROWTH LONG-TERM GROWTH
Size in 2017 Contribution to GDP in 2017 2018 forecast Forecast 2018-2028
TOTAL CONTRIBUTION OF BREAKDOWN OF TRAVEL & TOURISM'S TOTAL

TRAVEL & TOURISM TO GDP CONTRIBUTION TO GDP AND EMPLOYMENT 2017
2017 JPYbn GDP (2017 JPYbn)
50,000
8,186
45,000
40,000
16,907
35,000
30,000
25,000 12,043
20,000 EMPLOYMENT
15,000 1,098 ('000)
10,000 2,090
DIRECT
5,000 983
0 + INDIRECT
2011
2016
2017
2018
2028
2010
2014
2015
2012
2013
2008
2009
2028
+ INDUCED
DIRECT INDIRECT INDUCED
= TOTAL CONTRIBUTION OF TRAVEL & TOURISM
TRAVEL & TOURISM ECONOMIC IMPACT 2018 | 1

DEFINING THE ECONOMIC
CONTRIBUTION OF TRAVEL & TOURISM
Travel & Tourism is an important economic activity in most countries around the world. As well as its direct economic impact, the
industry has significant indirect and induced impacts. The UN Statistics Division-approved Tourism Satellite Accounting
methodology (TSA:RMF 2008) quantifies only the direct contribution of Travel & Tourism. But WTTC recognises that Travel &
Tourism's total contribution is much greater, and aims to capture its indirect and induced impacts through its annual research.
DIRECT
Travel & Tourism contribution
COMMODITIES
● Accommodation
● Transportation
● Entertainment
● Attractions
INDIRECT INDUCED TOTAL
INDUSTRIES Travel & Tourism contribution Travel & Tourism
● Accommodation services contribution (spending of direct and contribution
● Food & beverage services indirect employees)
● Retail Trade ● T&T investment spending
● Transportation services
● Cultural, sports & recreational ● Government collective T&T ● Food and beverages ● To GDP
services spending ● Recreation
● Clothing ● To employment
SOURCES OF SPENDING ● Impact of purchases from ● Housing
● Residents' domestic T&T suppliers ● Household goods
spending
● Businesses' domestic travel
spending
● Visitor exports
● Individual government T&T
spending
DIRECT CONTRIBUTION
The direct contribution of Travel & Tourism to GDP reflects the ‘internal’ spending on Travel & Tourism (total spending within a particular
country on Travel & Tourism by residents and non-residents for business and leisure purposes) as well as government 'individual' spending -
spending by government on Travel & Tourism services directly linked to visitors, such as cultural (eg museums) or recreational (eg national parks).
The direct contribution of Travel & Tourism to GDP is calculated to be consistent with the output, as expressed in National Accounting,
of tourism-characteristic sectors such as hotels, airlines, airports, travel agents and leisure and recreation services that deal directly with
tourists. The direct contribution of Travel & Tourism to GDP is calculated from total internal spending by ‘netting out’ the purchases made
by the different tourism sectors. This measure is consistent with the definition of Tourism GDP, specified in the 2008 Tourism Satellite
Account: Recommended Methodological Framework (TSA: RMF 2008).
The total contribution of Travel & Tourism includes its ‘wider impacts’ (ie the indirect and induced impacts) on the economy. The ‘indirect’
contribution includes the GDP and jobs supported by:
● Travel & Tourism investment spending – an important aspect of both current and future activity that includes investment activity
such as the purchase of new aircraft and construction of new hotels;
● Government 'collective' spending, which helps Travel & Tourism activity in many different ways as it is made on behalf of the
‘community at large’ – eg tourism marketing and promotion, aviation, administration, security services, resort area security services, resort
area sanitation services, etc;
● Domestic purchases of goods and services by the sectors dealing directly with tourists – including, for example, purchases of food and
cleaning services by hotels, of fuel and catering services by airlines, and IT services by travel agents.
The ‘induced’ contribution measures the GDP and jobs supported by the spending of those who are directly or indirectly employed by the
Travel & Tourism industry.
PLEASE NOTE THAT DUE TO CHANGES IN METHODOLOGY BETWEEN 2010 AND 2011, IT IS NOT POSSIBLE TO COMPARE FIGURES PUBLISHED BY WTTC FROM 2011 ONWARDS
WITH THE SERIES PUBLISHED IN PREVIOUS YEARS.
2 | WORLD TRAVEL & TOURISM COUNCIL

TRAVEL & TOURISM'S CONTRIBUTION
TO GDP1
The direct contribution of Travel & Tourism to GDP in 2017 was JPY12,043.2bn (2.2% of GDP). This is forecast to rise by 2.3% to JPY12,321.0bn in 2018.
This primarily reflects the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation
services (excluding commuter services). But it also includes, for example, the activities of the restaurant and leisure industries directly supported by
tourists.
The direct contribution of Travel & Tourism to GDP is expected to grow by 1.6% pa to JPY14,389.5bn (2.5% of GDP) by 2028.
JAPAN: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO GDP
CONSTANT 2017 JPYBN % OF WHOLE ECONOMY GDP

16,000 3.0
14,000
2.5
12,000
2.0
10,000
8,000 1.5
6,000
1.0
4,000
0.5
2,000
0 0.0
2028
2009
2009
2008
2008
2028
2012
2013
2014
2016
2012
2014
2016
2010
2011
2015
2017
2018
2010
2011
2015
2017
2018
2013
2028
The total contribution of Travel & Tourism to GDP (including wider effects from investment, the supply chain and induced income impacts, see
page 2) was JPY37,135.9bn in 2017 (6.8% of GDP) and is expected to grow by 2.0% to JPY37,864.4bn (6.8% of GDP) in 2018.
It is forecast to rise by 1.3% pa to JPY43,130.7bn by 2028 (7.4% of GDP).
JAPAN:TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO GDP

CONSTANT 2017 JPYBN % OF WHOLE ECONOMY GDP
50,000 8.0
45,000 7.0
40,000
6.0
35,000
30,000 5.0
25,000 4.0
20,000 3.0
15,000
2.0
10,000
5,000 1.0
0 0.0
2017 2018 2028
2028
2028 2017 2018 2028
Direct Indirect Induced Direct Indirect Induced
1

TRAVEL & TOURISM'S CONTRIBUTION
TO EMPLOYMENT
Travel & Tourism generated 1,098,500 jobs directly in 2017 (1.7% of total employment) and this is forecast to grow by 0.3% in 2018 to 1,102,000
(1.7% of total employment). This includes employment by hotels, travel agents, airlines and other passenger transportation services
(excluding commuter services). It also includes, for example, the activities of the restaurant and leisure industries directly supported by tourists.
By 2028, Travel & Tourism will account for 1,213,000 jobs directly, an increase of 1.0% pa over the next ten years.
JAPAN: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT
'000 JOBS % OF WHOLE ECONOMY EMPLOYMENT

1,400.0 2.5
1,200.0
2.0
1,000.0
1.5
800.0
600.0 1.0
400.0
0.5
200.0
0.0 0.0
2009
2008
2028
2012
2014
2016
2010
2011
2015
2017
2018
2013
2008
2009
2010
2011
2015
2017
2018
2028
2012
2013
2014
2016
2028
2028
The total contribution of Travel & Tourism to employment (including wider effects from investment, the supply chain and induced
income impacts, see page 2) was 4,171,500 jobs in 2017 (6.4% of total employment). This is forecast to rise by 0.3% in 2018 to 4,186,000 jobs
(6.4% of total employment).
By 2028, Travel & Tourism is forecast to support 4,520,000 jobs (7.0% of total employment), an increase of 0.8% pa over the period.
JAPAN:TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

'000 JOBS % OF WHOLE ECONOMY EMPLOYMENT
5,000.0 8.0
4,500.0
7.0
4,000.0
6.0
3,500.0
3,000.0 5.0
2,500.0 4.0
2,000.0
3.0
1,500.0
2.0
1,000.0
500.0 1.0
0.0 0.0
2017 2018 2028 2017 2018 2028
2028
Direct Indirect Induced Direct Indirect Induced

VISITOR EXPORTS AND INVESTMENT1
VISITOR EXPORTS
Visitor exports are a key component of the direct contribution of Travel & Tourism. In 2017, Japan generated
JPY3,954.7bn in visitor exports. In 2018, this is expected to grow by 4.2%, and the country is expected to attract 29,294,000 international tourist
arrivals.
By 2028, international tourist arrivals are forecast to total 43,456,000, generating expenditure of JPY6,202.5bn, an increase of 4.2% pa.
JAPAN:VISITOR EXPORTS AND INTERNATIONAL TOURIST ARRIVALS
CONSTANT 2017 JPYBN mn FOREIGN VISITOR EXPORTS AS % OF TOTAL EXPORTS

7,000 50 5.0
45 4.5
6,000
40 4.0
5,000 35 3.5
4,000 30
3.0
25
3,000 2.5
20
2,000 15 2.0
10 1.5
1,000
5 1.0
0 0
0.5
2008
2009
2011
2015
2012
2013
2017
2018
2028
2014
2016
2010
2028
0.0
2009
2008
2028
2012
2014
2016
2010
2011
2015
2017
2018
2013
2028
FOREIGN VISITOR EXPORTS (LHS)
FOREIGN TOURIST ARRIVALS (RHS)
INVESTMENT
Travel & Tourism is expected to have attracted capital investment of JPY4,028.6bn in 2017. This is expected to rise by 3.8% in 2018, and rise
by 2.0% pa over the next ten years to JPY5,104.3bn in 2028.
Travel & Tourism’s share of total national investment will rise from 3.1% in 2018 to 3.5% in 2028.
JAPAN:CAPITAL INVESTMENT IN TRAVEL & TOURISM

CONSTANT 2017 JPYBN % OF WHOLE ECONOMY INVESTMENT
6,000 4.0
3.5
5,000
3.0
4,000
2.5
3,000 2.0
1.5
2,000
1.0
1,000
0.5
0 0.0
2009
2008
2028
2012
2014
2016
2010
2011
2015
2017
2018
2013
2008
2009
2016
2010
2011
2015
2017
2018
2028
2012
2013
2014
2028
2028
1

DIFFERENT COMPONENTS OF
TRAVEL & TOURISM1
JAPAN
TRAVEL & TOURISM'S CONTRIBUTION TO GDP:
BUSINESS VS LEISURE, 2017 Leisure travel spending (inbound and domestic)
generated 68.3% of direct Travel & Tourism GDP in
Leisure 2017 (JPY16,715.9bn) compared with 31.7% for business
spending travel spending (JPY7,743.2bn).
68.3%
Leisure travel spending is expected to grow by 2.2% in
Business 2018 to JPY17,079.9bn, and rise by 2.0% pa to
spending JPY20,802.5bn in 2028.
31.7%
Business travel spending is expected to grow by 2.6%
in 2018 to JPY7,942.4bn, and rise by 0.9% pa to
JPY8,682.0bn in 2028.
JAPAN
TRAVEL & TOURISM'S CONTRIBUTION TO GDP:
DOMESTIC VS FOREIGN, 2017 Domestic travel spending generated 83.8% of direct
Travel & Tourism GDP in 2017 compared with 16.2%
Foreign visitor
for visitor exports (ie foreign visitor spending or
spending
international tourism receipts).
16.2%
Domestic
Domestic travel spending is expected to grow by 1.9%
spending
in 2018 to JPY20,899.7bn, and rise by 1.1% pa to
83.8% JPY23,281.9bn in 2028.
Visitor exports are expected to grow by 4.2% in 2018

to JPY4,122.6bn, and rise by 4.2% pa to JPY6,202.5bn in
2028.
JAPAN
BREAKDOWN OF TRAVEL & TOURISM'S
TOTAL CONTRIBUTION TO GDP, 2017 The Travel & Tourism industry contributes to GDP
Direct and employment in many ways as detailed on page 2.
32.4%
Induced
22.0%
The total contribution of Travel & Tourism to GDP
Indirect is three times greater than its direct contribution.
a
45.5%
Indirect is the
sum of:
(a) Supply chain
27.6%
(b) Investment b
7.7% c
(c) Government
collective
10.3%
1

COUNTRY RANKINGS:
ABSOLUTE CONTRIBUTION,2017
TRAVEL & TOURISM'S DIRECT 2017 TRAVEL & TOURISM'S TOTAL 2017
CONTRIBUTION TO GDP (US$bn) CONTRIBUTION TO GDP (US$bn)
1 United States 509.4 1 United States 1501.9
2 China 402.3 2 China 1349.3
3 Germany 146.3 3 Germany 395.2
4 Japan 107.4 4 Japan 331.2
5 Italy 106.8 Northeast Asia Average 266.3
6 France 93.9 5 United Kingdom 266.1
7 United Kingdom 93.5 6 Italy 253.5
Northeast Asia Average 82.0 8 France 232.0
10 Spain 70.9 9 Spain 196.2
12 Thailand 42.2 12 Australia 151.4
13 Australia 41.7 15 Thailand 95.0
World Average 21.5 World Average 62.9
CONTRIBUTION TO EMPLOYMENT '000 jobs CONTRIBUTION TO EMPLOYMENT '000 jobs
1 China 28250.0 1 China 79900.0
Northeast Asia Average 4355.9 Northeast Asia Average 12423.6
10 Thailand 2336.6 9 Thailand 5834.0
11 United Kingdom 1716.3 10 Japan 4171.6
13 Italy 1490.5 12 United Kingdom 4055.0
15 France 1192.2 14 Italy 3394.7
19 Japan 1098.5 17 Spain 2838.4
World Average 937.5 18 France 2830.5
20 Spain 930.4 World Average 2341.0
33 Australia 531.7 30 Australia 1501.6
2017 2017
TRAVEL & TOURISM INVESTMENT (US$bn) VISITOR EXPORTS (US$bn)
2 China 154.7 2 China 125.3
4 France 40.1 3 Spain 75.4
5 Japan 35.9 4 Thailand 59.6
Northeast Asia Average 31.1 5 Germany 50.4
6 Germany 28.2 6 France 50.3
9 Spain 20.9 Northeast Asia Average 38.1
12 Australia 18.0 9 United Kingdom 35.6
17 Italy 11.6 11 Japan 35.3
20 Thailand 7.7 15 Australia 23.4
World Average 4.8 World Average 8.1
The tables on pages 7-10 provide provide brief extracts from the full WTTC Country League Table Rankings, highlighting comparisons with
competing destinations as well as with the world and regional average. Averages in above tables are simple cross-country averages.
The competing destinations selected are those that offer a similar tourism product and compete for tourists from the same set of origin markets.
These tend to be, but are not exclusively, geographical neighbours.

COUNTRY RANKINGS:
RELATIVE CONTRIBUTION, 2017
CONTRIBUTION TO GDP % share CONTRIBUTION TO GDP % share
54 Italy 5.5 53 Spain 14.9
57 Spain 5.4 64 Italy 13.0
79 Germany 3.9 75 China 11.0
90 United Kingdom 3.7 76 Australia 11.0
92 France 3.6 81 Germany 10.7
102 China 3.3 83 United Kingdom 10.5
World 3.2 World 10.4
112 Australia 3.0 Northeast Asia 9.5
Northeast Asia 2.9 106 France 8.9
149 Japan 2.2 136 Japan 6.8
CONTRIBUTION TO EMPLOYMENT % share CONTRIBUTION TO EMPLOYMENT % share
37 Germany 7.1 48 Thailand 15.5
45 Italy 6.5 50 Spain 15.1
50 Thailand 6.2 51 Italy 14.7
60 Spain 4.9 58 Germany 13.8
61 United Kingdom 4.9 66 Australia 12.2
75 Australia 4.3 70 United Kingdom 11.6
76 France 4.2 80 China 10.3
World 3.8 83 France 10.0
91 China 3.6 World 9.9
100 United States 3.4 Northeast Asia 9.8
Northeast Asia 3.4 100 United States 8.9
166 Japan 1.7 129 Japan 6.4
TRAVEL & TOURISM CONTRIBUTION 2017 VISITOR EXPORTS 2017

TO TOTAL CAPITAL INVESTMENT % share CONTRIBUTION TO EXPORTS % share
66 Spain 7.7 62 Thailand 19.2
73 Thailand 7.3 69 Spain 16.4
77 France 6.9 96 United States 8.6
106 United States 4.6 World 6.5
World 4.5 117 France 6.5
126 Germany 3.7 Northeast Asia 5.3
135 Italy 3.4 131 China 5.2
Northeast Asia 3.1 136 United Kingdom 4.7
142 Japan 3.1 142 Japan 4.1
144 China 3.0 161 Germany 2.9

COUNTRY RANKINGS:
REAL GROWTH, 2018
CONTRIBUTION TO GDP % growth CONTRIBUTION TO GDP % growth
19 China 6.9 21 China 6.6
Northeast Asia 5.5 Northeast Asia 5.4
World 4.0 World 4.0
95 Australia 3.6 115 United States 3.2
105 United States 3.4 116 Australia 3.2
115 Spain 3.2 128 Germany 2.9
126 France 2.9 131 Spain 2.9
147 Japan 2.3 159 United Kingdom 2.0
153 United Kingdom 2.1 160 Japan 2.0
159 Italy 1.9 164 Italy 1.8
CONTRIBUTION TO EMPLOYMENT % growth CONTRIBUTION TO EMPLOYMENT % growth
88 France 2.5 66 China 3.2
World 2.4 World 3.0
98 Germany 2.2 Northeast Asia 3.0
99 Australia 2.1 96 United States 2.3
101 United States 2.1 97 Germany 2.3
103 Spain 2.0 108 Australia 1.7
104 United Kingdom 1.9 109 Spain 1.7
123 China 1.5 116 France 1.5
Northeast Asia 1.5 120 Italy 1.4
127 Italy 1.3 121 United Kingdom 1.4
150 Japan 0 157 Japan 0
2018 2018
TRAVEL & TOURISM INVESTMENT % growth VISITOR EXPORTS % growth
53 China 6.2 10 Thailand 8.9
Northeast Asia 5.6 89 Japan 4.2
78 Thailand 5.2 90 United Kingdom 4.2
World 4.8 92 United States 4.1
101 United Kingdom 4.3 World 3.9
105 Italy 4.2 99 Italy 3.9
115 Spain 3.9 106 Spain 3.7
119 Japan 3.8 112 Germany 3.5
133 France 3.3 Northeast Asia 1.9
164 Australia 1.2 170 China 0.5

COUNTRY RANKINGS:
LONG TERM GROWTH, 2018 - 2028
TRAVEL & TOURISM'S DIRECT 2018 - 2028 TRAVEL & TOURISM'S TOTAL 2018 - 2028
CONTRIBUTION TO GDP % growth pa CONTRIBUTION TO GDP % growth pa
5 China 6.7 6 China 6.6

24 Thailand 5.7 Northeast Asia 5.6
Northeast Asia 5.6 27 Thailand 5.6
World 3.8 World 3.8
160 Spain 2.6 167 United States 2.3
162 United States 2.5 168 Spain 2.3
179 France 2.1 175 United Kingdom 2.0
180 Italy 1.9 179 France 1.8
184 Japan 1.6 184 Japan 1.3
TRAVEL & TOURISM'S DIRECT 2018 - 2028 TRAVEL & TOURISM'S TOTAL 2018 - 2028
CONTRIBUTION TO EMPLOYMENT % growth pa CONTRIBUTION TO EMPLOYMENT % growth pa
14 Thailand 4.0 18 China 3.5

World 2.2 23 Thailand 3.4
112 Spain 2.0 Northeast Asia 3.3
119 France 1.9 World 2.5
120 China 1.8 115 United States 1.7
Northeast Asia 1.8 128 Spain 1.5
127 Italy 1.7 135 France 1.4
138 Australia 1.5 143 Italy 1.3
143 Germany 1.5 169 United Kingdom 0.8
167 Japan 1.0 171 Japan 0.8
175 United Kingdom 0.8 177 Germany 0.4
TRAVEL & TOURISM CONTRIBUTION 2018 - 2028 VISITOR EXPORTS 2018 - 2028
TO TOTAL CAPITAL INVESTMENT % growth pa CONTRIBUTION TO TOTAL EXPORTS % growth pa
8 China 6.5 20 Thailand 6.2

Northeast Asia 5.5 110 Japan 4.2
36 Thailand 5.5 World 4.1
World 4.3 136 Spain 3.6
118 Spain 3.3 Northeast Asia 3.5
139 United States 2.9 140 France 3.4
145 France 2.8 144 United States 3.4
152 Germany 2.5 146 Italy 3.3
164 United Kingdom 2.1 161 United Kingdom 2.8
168 Japan 2.0 170 Germany 2.5
173 Italy 1.8 183 China 1.9

SUMMARY TABLES:
ESTIMATES & FORECASTS
2017 2017 2018 2028
11 2 1 3
JAPAN USDbn % of total Growth USDbn % of total Growth
Direct contribution to GDP 107.4 2.2 2.3 128.3 2.5 1.6
Total contribution to GDP 331.2 6.8 2.0 384.6 7.4 1.3
4
Direct contribution to employment 1,098 1.7 0.3 1,213 1.9 1.0
4
Total contribution to employment 4,172 6.4 0.3 4,520 7.0 0.8
Visitor exports 35.3 4.1 4.2 55.3 4.7 4.2
Domestic spending 182.8 3.8 1.9 207.6 4.0 1.1
Leisure spending 149.1 1.5 2.2 185.5 1.7 2.0
Business spending 69.0 0.7 2.6 77.4 0.7 0.9
Capital investment 35.9 3.1 3.8 45.5 3.5 2.0
1 2 3 4
2017constant prices & exchange rates; 2018 real growth adjusted for inflation (%); 2018-2028 annualised real growth adjusted for inflation (%); '000 jobs
2017 2017 2018 2028

NORTHEAST ASIA USDbn1 % of total Growth2 USDbn 1 % of total Growth3
Direct contribution to GDP 573.7 2.9 5.5 1,045.6 3.6 5.6
Total contribution to GDP 1,864.0 9.5 5.4 3,378.5 11.7 5.6
4
4
Visitor exports 266.8 5.3 1.9 381.6 5.1 3.5
Domestic spending 1,102.0 5.6 6.4 2,151.8 7.6 6.3
Leisure spending 1,082.0 2.3 5.6 2,035.6 2.9 5.9
Business spending 286.8 0.6 5.2 497.8 0.7 5.1
Capital investment 217.8 3.1 5.6 394.6 3.9 5.5
1
2017constant prices & exchange rates; 22018 real growth adjusted for inflation (%); 32018-2028 annualised real growth adjusted for inflation (%); 4'000 jobs
2017 2017 2018 2028

1 2
WORLDWIDE USDbn % of total Growth USDbn 1
% of total Growth3
Direct contribution to GDP 2,570.1 3.2 4.0 3,890.0 3.6 3.8
Total contribution to GDP 8,272.3 10.4 4.0 12,450.1 11.7 3.8
4
4
Visitor exports 1,494.2 6.5 3.9 2,311.4 6.9 4.1
Domestic spending 3,970.5 5.0 4.1 6,051.5 5.8 3.9
Leisure spending 4,233.3 2.5 4.1 6,605.3 2.8 4.1
Business spending 1,230.6 0.7 3.8 1,756.1 0.8 3.2
Capital investment 882.4 4.5 4.8 1,408.3 5.1 4.3
1
2017constant prices & exchange rates; 22018 real growth adjusted for inflation (%); 32018-2028 annualised real growth adjusted for inflation (%); 4'000 jobs
% of total refers to each indicator's share of the relevant whole economy indicator such as GDP and employment. Visitor exports is shown relative to total exports of goods and services.
Domestic spending is expressed relative to whole economy GDP. For leisure and business spending, their direct contribution to Travel & Tourism GDP is calculated as a share of
whole economy GDP (the sum of these shares equals the direct contribution). Investment is relative to whole economy investment.

THE ECONOMIC CONTRIBUTION OF
TRAVEL & TOURISM: REAL 2017 PRICES
JAPAN
(JPYbn, real 2017 prices) 2012 2013 2014 2015 2016 2017 2018E 2028F
1. Visitor exports 1238.7 1602.5 2132.6 3175.6 3491.8 3954.7 4122.6 6202.5
Domestic expenditure
2. 21,515 22,336 20,241 20,087 19,970 20,504 20,900 23,282
(includes government individual spending)
3. Internal tourism consumption

22,754 23,939 22,374 23,263 23,462 24,459 25,022 29,484
(= 1 + 2 )
4. Purchases by tourism providers,

including imported goods -11,586 -12,178 -11,366 -11,797 -11,897 -12,416 -12,701 -15,095
(supply chain)
5. Direct contribution of
Travel & Tourism to GDP 11,168 11,760 11,008 11,466 11,565 12,043 12,321 14,390
(= 3 + 4)
Other final impacts

(indirect & induced) 10,252 10,699 10,014.2 10,431 10,521 10,956 11,209 13,091
6 Domestic supply chain
7. Capital investment 3,287.0 3,614.3 3,788.1 3,691.1 3,814.5 4,028.6 4,179.8 5,104.3
8. Government collective spending 3,764.9 3,866.2 3,887.6 3,898.3 3,978.3 4,082.1 4,152.3 4,799.5
Imported goods from indirect

9. -1,505.3 -1,819.8 -1,906.2 -1,979.9 -1,953.9 -2,160.2 -2,308.8 -3,417.4
spending
10. Induced 7,666.1 7,850.2 7,365.7 7,688.2 7,999.8 8,185.9 8,311.0 9,163.9
11. Total contribution of

(= 5 + 6 + 7 + 8 + 9 + 10)
Employment impacts ('000)
12. Direct contribution of Travel & 1,058.7 1,087.8 1,030.5 1,076.1 1,083.9 1,098.5 1,102.2 1,212.7
Tourism to employment
Total contribution of Travel &

13. 4,108.8 4,192.3 4,041.2 4,046.1 4,134.3 4,171.6 4,185.9 4,519.8
Other indicators
3,285.3 3,154.9 2,959.0 2,683.3 2,642.5 2,668.9 2,742.8 3,262.6
14. Expenditure on outbound travel

TRAVEL & TOURISM: NOMINAL PRICES
JAPAN
(JPYbn, nominal prices) 2012 2013 2014 2015 2016 2017 2018E 2028F
1. Visitor exports 1196.8 1542.8 2089.5 3175.3 3501.2 3954.7 4147.4 6799.2
2. 20,786 21,504 19,832 20,086 20,024 20,504 21,026 25,522

21,983 23,047 21,921 23,261 23,525 24,459 25,173 32,321
(= 1 + 2 )

including imported goods -11,193 -11,725 -11,136 -11,796 -11,929 -12,416 -12,778 -16,547
(supply chain)
(= 3 + 4)
Other final impacts

(indirect & induced) 9,905.0 10,300 9,811.9 10,431 10,549 10,956 11,277 14,350
6. Domestic supply chain
7. Capital investment 3,175.7 3,479.7 3,711.5 3,690.8 3,824.7 4,028.6 4,205.0 5,595.4
8. Government collective spending 3,637.3 3,722.2 3,809.1 3,898.0 3,989.0 4,082.1 4,177.3 5,261.3

9. -1,454.3 -1,752.1 -1,867.7 -1,979.8 -1,959.1 -2,160.2 -2,322.7 -3,746.2
spending
10. Induced 7,406.3 7,557.8 7,216.9 7,687.6 8,021.2 8,185.9 8,361.0 10,045.5

(= 5 + 6 + 7 + 8 + 9 + 10)
12. Direct contribution of Travel & 1,058.7 1,087.8 1,030.5 1,076.1 1,083.9 1,098.5 1,102.2 1,212.7

13. 4,108.8 4,192.3 4,041.2 4,046.1 4,134.3 4,171.6 4,185.9 4,519.8
Other indicators
3,174.0 3,037.4 2,899.2 2,683.1 2,649.6 2,668.9 2,759.3 3,576.5
*Concepts shown in this table align with the standard table totals as described in the 2008 Tourism Satellite Account: Recommended Methodological
Framework (TSA: RMF 2008) developed by the United Nations Statistical Division (UNSD), the Statistical Office of the European Communities (EUROSTAT),
the Organisation for Economic Co-operation and Development (OECD) and the World Tourism Organization (UNWTO).
Historical data for concepts has been benchmarked to match reported TSA data where available.

TRAVEL & TOURISM: GROWTH
JAPAN
Growth1 (%) 2012 2013 2014 2015 2016 2017 2018E 2028F 2
1. Visitor exports 34.0 29.4 33.1 48.9 10.0 13.3 4.2 4.2
2. -0.1 3.8 -9.4 -0.8 -0.6 2.7 1.9 1.1

1.3 5.2 -6.5 4.0 0.9 4.2 2.3 1.7
(= 1 + 2 )

including imported goods 3.3 5.1 -6.7 3.8 0.9 4.4 2.3 1.7
(supply chain)
Travel & Tourism to GDP -0.7 5.3 -6.4 4.2 0.9 4.1 2.3 1.6
(= 3 + 4)
Other final impacts

(indirect & induced) 2.6 4.4 -6.4 4.2 0.9 4.1 2.3 1.6
6. Domestic supply chain
7. Capital investment 13.9 10.0 4.8 -2.6 3.3 5.6 3.8 2.0
8. Government collective spending 3.1 2.7 0.6 0.3 2.1 2.6 1.7 1.5

9. 43.0 20.9 4.7 3.9 -1.3 10.6 6.9 4.0
spending
10. Induced 0.4 2.4 -6.2 4.4 4.1 2.3 1.5 1.0

Travel & Tourism to GDP 0.8 3.9 -5.0 3.0 2.1 3.4 2.0 1.3
(= 5 + 6 + 7 + 8 + 9 + 10)
12. Direct contribution of Travel & -7.5 2.7 -5.3 4.4 0.7 1.3 0.3 1.0

13. -3.0 2.0 -3.6 0.1 2.2 0.9 0.3 0.8
Other indicators
4.2 -4.0 -6.2 -9.3 -1.5 1.0 2.8 1.8
1 2
2012-2017 real annual growth adjusted for inflation (%); 2018-2028 annualised real growth adjusted for inflation (%)

GLOSSARY
KEY DEFINITIONS
TRAVEL & TOURISM INTERNAL TOURISM CONSUMPTION
Relates to the activity of travellers on trips outside their Total revenue generated within a country by industries that deal
usual environment with a duration of less than one year. directly with tourists including visitor exports, domestic spending
Economic activity related to all aspects of such trips is and government individual spending. This does not include
measured within the research. spending abroad by residents. This is consistent with total internal
tourism expenditure in table 4 of the TSA: RMF 2008.
DIRECT CONTRIBUTION TO GDP
GDP generated by industries that deal directly with BUSINESS TRAVEL & TOURISM SPENDING
tourists, including hotels, travel agents, airlines and other Spending on business travel within a country by residents and
passenger transport services, as well as the activities of international visitors.
restaurant and leisure industries that deal directly with
tourists. It is equivalent to total internal Travel & Tourism LEISURE TRAVEL & TOURISM SPENDING
spending (see below) within a country less the purchases Spending on leisure travel within a country by residents and
made by those industries (including imports). In terms international visitors.
of the UN’s Tourism Satellite Account methodology it is
consistent with total GDP calculated in table 6 of the TSA: INDIRECT AND INDUCED IMPACTS
RMF 2008.
INDIRECT CONTRIBUTION
DIRECT CONTRIBUTION TO EMPLOYMENT The contribution to GDP and jobs of the following three factors:
The number of direct jobs within Travel & Tourism. This is
consistent with total employment calculated in table 7 of • CAPITAL INVESTMENT: Includes capital investment
the TSA: RMF 2008. spending by all industries directly involved in Travel &
Tourism. This also constitutes investment spending by other
TOTAL CONTRIBUTION TO GDP industries on specific tourism assets such as new visitor
GDP generated directly by the Travel & Tourism sector plus accommodation and passenger transport equipment, as
its indirect and induced impacts (see below). well as restaurants and leisure facilities for specific tourism
use. This is consistent with total tourism gross fixed capital
TOTAL CONTRIBUTION TO EMPLOYMENT formation in table 8 of the TSA: RMF 2008.
The number of jobs generated directly in the Travel
& Tourism sector plus the indirect and induced • GOVERNMENT COLLECTIVE SPENDING: Government
contributions (see below). spending in support of general tourism activity. This can
include national as well as regional and local government
DIRECT SPENDING IMPACTS spending. For example, it includes tourism promotion, visitor
information services, administrative services and other public
VISITOR EXPORTS services. This is consistent with total collective tourism
Spending within the country by international tourists consumption in table 9 of TSA: RMF 2008.
for both business and leisure trips, including spending
on transport, but excluding international spending on • SUPPLY-CHAIN EFFECTS: Purchases of domestic goods
education. This is consistent with total inbound tourism and services directly by different industries within Travel &
expenditure in table 1 of the TSA: RMF 2008. Tourism as inputs to their final tourism output.
DOMESTIC TRAVEL & TOURISM SPENDING INDUCED CONTRIBUTION

Spending within a country by that country’s residents for The broader contribution to GDP and employment of spending by
both business and leisure trips. Multi-use consumer durables those who are directly or indirectly employed by Travel & Tourism.
are not included since they are not purchased solely for
tourism purposes. This is consistent with total domestic OTHER INDICATORS
tourism expenditure in table 2 of the TSA: RMF 2008.
Outbound spending by residents abroad is not included OUTBOUND EXPENDITURE
here, but is separately identified according to the TSA: RMF Spending outside the country by residents on all trips abroad.
2008 (see below). This is fully aligned with total outbound tourism expenditure in
table 3 of the TSA: RMF 2008.
GOVERNMENT INDIVIDUAL SPENDING
Spending by government on Travel & Tourism services FOREIGN VISITOR ARRIVALS
directly linked to visitors, such as cultural services (eg The number of arrivals of foreign visitors, including same-day and
museums) or recreational services (eg national parks). overnight visitors (tourists) to the country.

METHODOLOGICAL NOTE
WTTC has an on-going commitment to align its economic impact research with the UN Statistics Division-approved 2008 Tourism Satellite
Account: Recommended Methodological Framework (TSA:RMF 2008). This involves the benchmarking of country reports to official,
published TSAs, including for countries which are reporting data for the first time, as well as existing countries reporting an additional
year’s data. New country TSAs incorporated this year include Bulgaria, Hungary, Portugal and Vietnam, bringing our total of countries in our
benchmarking dataset to 58. Furthermore, we have sourced updated TSAs for 26 countries.
WTTC coverage includes data on 185 countries and reports on 25 other regions, sub-regions and economic and geographic groups. This
year, there are 10 reports for special economic and geographic groups.
ECONOMIC AND GEOGRAPHIC GROUPS
APEC (ASIA-PACIFIC ECONOMIC COOPERATION) (OIC) ORGANISATION FOR ISLAMIC COOPERATION**

Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei
South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Darussalam, Burkina Faso, Cameroon, Chad, Comoros, Egypt,
Peru, Philippines, Russian Federation, Singapore, Taiwan, Thailand, Gabon, Gambia, Guinea, Guyana, Indonesia, Iran, Iraq, Ivory
USA, Vietnam. Coast, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya,
Malaysia, Maldives, Mali, Morocco, Mozambique, Niger, Nigeria,
FORMER NETHERLANDS ANTILLES Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Sierra Leone, Sudan,
Bonaire, Curacao, Sint Maarten, Saba and Sint Eustatius. Suriname, Syria, Tajikistan, Togo, Tunisia, Turkey, UAE, Uganda,
Uzbekistan, Yemen.
G20
Argentina, Australia, Brazil, Canada, China, European Union, OTHER OCEANIA
France*, Germany*, India, Indonesia, Italy*, Japan, Mexico, Russian American Samoa, Cook Islands, French Polynesia, Guam, Marshall
Federation, Saudi Arabia, South Africa, South Korea, Turkey, UK*, Islands, Micronesia (Federated States of), New Caledonia, Niue,
USA. Northern Mariana Islands, Palau, Samoa, Tuvalu.
GCC (GULF COOPERATION COUNCIL) PACIFIC ALLIANCE

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE. Chile, Colombia, Mexico, Peru.
OAS (ORGANIZATION OF AMERICAN STATES) SADC (SOUTHERN AFRICAN DEVELOPMENT COMMUNITY)

Argentina, Antigua and Barbuda, Bahamas, Barbados, Belize, Bolivia, Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho,
Brazil, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles,
Republic, Dominica, Ecuador, El Salvador, Grenada, Guatemala, South Africa, Swaziland, Tanzania, Zambia, Zimbabwe.
Guyana, Haiti, Honduras, Jamaica, Mexico, St Kitts and Nevis,
Nicaragua, Panama, Paraguay, Peru, St Lucia, St Vincent and the
Grenadines, Suriname, Trinidad and Tobago, USA, Uruguay.
OECD (ORGANISATION FOR ECONOMIC CO-OPERATION AND

DEVELOPMENT)
Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Israel, Italy, Japan, South Korea, Luxembourg, Mexico, Netherlands,
New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia,
Spain, Sweden, Switzerland, Turkey, UK, USA.
* included in European Union

** no data for Afghanistan, Djibouti, Guinea-Bissau, Mauritania, Palestine, Somalia or Turkmenistan

ECONOMIC IMPACT REPORTS
REGIONS, SUB REGIONS &COUNTRIES
WORLD
SUB-REGION
SUB REGION
SUB REGION
SUB REGION
REGION
REGION
REGION
REGION
COUNTRY COUNTRY COUNTRY COUNTRY
Algeria Anguilla China Hungary

NORTH AFRICA
Egypt Antigua and Barbuda Hong Kong Ireland
NORTHEAST ASIA
Libya Aruba Japan Italy
Morocco Bahamas South Korea
Latvia
Tunisia Macau
Barbados Lithuania
Angola Mongolia
Bermuda Luxembourg
Taiwan
EUROPEAN UNION
Benin
British Virgin Islands Malta
Kazakhstan
CENTRAL ASIA
Botswana
Cayman Islands Netherlands
Burkina Faso Kyrgyzstan
Cuba Poland
Burundi Tajikistan
Dominica Portugal
Cameroon Uzbekistan
CARIBBEAN
Dominican Republic Romania

Australia
Cape Verde
Former Netherland Antillies Fiji Slovakia
Central African Republic
Grenada Kiribati Slovenia
Chad
Guadeloupe New Zealand Spain
OCEANIA
Comoros
Haiti Papua New Guinea Sweden
Congo
EUROPE
ASIA-PACIFIC
Jamaica Solomon Islands UK

Cote d'Ivoire
Martinique Tonga Albania
Democratic Republic of Congo
Puerto Rico Vanuatu Armenia
Ethiopia
Other Oceanic States
Gabon St Kitts and Nevis Azerbaijan
Bangladesh
Gambia St Lucia Belarus
India
SOUTH ASIA
Ghana St Vincent and the Grenadines Bosnia and Herzegovina

Maldives
AMERICAS
Guinea Trinidad and Tobago Georgia

AFRICA
Nepal
Kenya US Virgin Islands Iceland
OTHER EUROPE
Pakistan
Lesotho
SUB-SAHARAN
Argentina Macedonia
Sri Lanka
Madagascar Belize Moldova
Brunei Darussalam
Malawi Bolivia Montenegro
Cambodia
Mali
SOUTHEAST ASIA (ASEAN)
Brazil Indonesia Norway

Mauritius
Chile Laos Russian Federation
Mozambique
Colombia Malaysia Serbia
Namibia
Costa Rica Myanmar Switzerland
Niger
Ecuador Philippines Turkey
LATIN AMERICA
Nigeria
El Salvador Singapore Ukraine
Reunion
Guatemala Thailand Bahrain
Rwanda
Vietnam
Guyana Iran
Sao Tome and Principe Austria
Honduras Iraq
Senegal Belgium
Nicaragua Israel
Seychelles Bulgaria
Panama Jordan
Sierra Leone
MIDDLE EAST
Croatia
Paraguay
EUROPEAN UNION
Kuwait
South Africa Cyprus
EUROPE
Peru Lebanon
Sudan and South Sudan Czech Republic
Swaziland Suriname Oman
Denmark
Tanzania Uruguay Qatar
Estonia
Togo Venezuela Finland Saudi Arabia
Uganda Canada France Syria

AMERICA
NORTH
Zambia Mexico Germany United Arab Emirates
Zimbabwe USA Greece Yemen

The World Travel & Tourism Council is the global authority on the economic and social contribution of
Travel & Tourism.
WTTC promotes sustainable growth for the Travel & Tourism sector, working with governments and international institutions to create jobs, to
drive exports and to generate prosperity. Council Members are the Chairs, Presidents and Chief Executives of the world’s leading private sector
Travel & Tourism businesses.
Together with Oxford Economics, WTTC produces annual research that shows Travel & Tourism to be one of the world’s largest sectors,
supporting over 307 million jobs and generating 10.4% of global GDP in 2017. Comprehensive reports quantify, compare and forecast the
economic impact of Travel & Tourism on 185 economies around the world. In addition to the individual country reports, WTTC produces a
world report highlighting global trends and 24 further reports that focus on regions, sub-regions and economic and geographic groups.
To download reports or data, please visit www.wttc.org
Assisting WTTC to Provide Tools for Analysis, Benchmarking, Forecasting and Planning.
Oxford Economics is a leader in global forecasting and quantitative analysis. Our worldwide client base comprises more than 1,500 international
corporations, financial institutions, government organisations, and universities. Headquartered in Oxford, with offices around the world, we
employ 300 people, including 200 economists and analysts. Our best-of-class global economic and industry models and analytical tools give us
an unmatched ability to forecast external market trends and assess their economic, social and business impact.
For more information, visit www.oxfordeconomics.com
Contributing data to the WTTC Economic Impact Model
STR is the source for premium hotel data benchmarking, analytics and marketplace insights. STR provides data that is reliable, confidential,
accurate and actionable, and their comprehensive solutions empower clients to strategize and compete within their markets. The company’s
range of products includes data-driven solutions, thorough analytics and unrivalled marketplace insights, all built to fuel business growth and
help clients make better operational and financial decisions. STR maintains a presence in 15 countries and collects data for over 59,000 hotels
across 180 countries.
ForwardKeys analyses more than 17m flight booking transactions a day, drawing data from all the major global air reservation systems and
selected airlines and tour operators. This information is enhanced with further independent data sets, including flight search and official
government statistics, plus data science to paint a picture of who is travelling where and when. ForwardKeys’ analytics are used by traveller-
focussed businesses worldwide to monitor and anticipate traveller arrivals from a particular origin market at a specific time. This analysis
enables parties to anticipate the impact of events, better manage their staffing levels, fine tune supply requirements, adjust and measure the
effectiveness of their marketing efforts and anticipate future market trends.

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TRAVEL & TOURISM

ECONOMIC IMPACT 2018

“Inclusive growth and ensuring a future

For more information, please contact:

Cover: Jack Anstey, Unsplash

TRAVEL & TOURISM ECONOMIC IMPACT 2018

THE ECONOMIC IMPACT

2018 ANNUAL RESEARCH: KEY FACTS 1

DEFINING THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM 2

TRAVEL & TOURISM’S CONTRIBUTION TO GDP 3

TRAVEL & TOURISM’S CONTRIBUTION TO EMPLOYMENT 4

VISITOR EXPORTS AND INVESTMENT 5

DIFFERENT COMPONENTS OF TRAVEL & TOURISM 6

COUNTRY RANKINGS: ABSOLUTE CONTRIBUTION, 2017 7

COUNTRY RANKINGS: RELATIVE CONTRIBUTION, 2017 8

COUNTRY RANKINGS: REAL GROWTH, 2018 9

COUNTRY RANKINGS: LONG TERM GROWTH, 2018 - 2028 10

SUMMARY TABLES: ESTIMATES & FORECASTS 11

THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: REAL 2017 PRICES 12

THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: NOMINAL PRICES 13

THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: GROWTH 14

REGIONS, SUB-REGIONS & COUNTRIES 17

GDP: DIRECT CONTRIBUTION

GDP: TOTAL CONTRIBUTION

EMPLOYMENT: DIRECT CONTRIBUTION

EMPLOYMENT: TOTAL CONTRIBUTION

WORLD RANKING (OUT OF 185 COUNTRIES):

4 136 160 184

TOTAL CONTRIBUTION OF BREAKDOWN OF TRAVEL & TOURISM'S TOTAL

TRAVEL & TOURISM ECONOMIC IMPACT 2018 | 1

2 | WORLD TRAVEL & TOURISM COUNCIL

JAPAN: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO GDP

CONSTANT 2017 JPYBN % OF WHOLE ECONOMY GDP

It is forecast to rise by 1.3% pa to JPY43,130.7bn by 2028 (7.4% of GDP).

JAPAN:TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO GDP

Direct Indirect Induced Direct Indirect Induced

TRAVEL & TOURISM ECONOMIC IMPACT 2018 | 3

JAPAN: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

'000 JOBS % OF WHOLE ECONOMY EMPLOYMENT

JAPAN:TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

4 | WORLD TRAVEL & TOURISM COUNCIL

JAPAN:VISITOR EXPORTS AND INTERNATIONAL TOURIST ARRIVALS

CONSTANT 2017 JPYBN mn FOREIGN VISITOR EXPORTS AS % OF TOTAL EXPORTS

JAPAN:CAPITAL INVESTMENT IN TRAVEL & TOURISM

TRAVEL & TOURISM ECONOMIC IMPACT 2018 | 5

Visitor exports are expected to grow by 4.2% in 2018

6 | WORLD TRAVEL & TOURISM COUNCIL

TRAVEL & TOURISM ECONOMIC IMPACT 2018 | 7

TRAVEL & TOURISM CONTRIBUTION 2017 VISITOR EXPORTS 2017

8 | WORLD TRAVEL & TOURISM COUNCIL

TRAVEL & TOURISM ECONOMIC IMPACT 2018 | 9

5 China 6.7 6 China 6.6

14 Thailand 4.0 18 China 3.5

8 China 6.5 20 Thailand 6.2

10 | WORLD TRAVEL & TOURISM COUNCIL

2017 2017 2018 2028

2017 2017 2018 2028

TRAVEL & TOURISM ECONOMIC IMPACT 2018 | 11

3. Internal tourism consumption