WTTC Global Summit 2012: Tourism now larger industry than automotive manufacturing

The global Travel & Tourism industry is double the size of automotive manufacturing and roughly one-third larger than chemicals manufacturing, according to the latest research released by the WTTC at the WTTC 12th Global Summit in Japan. 

The travel sector’s direct contribution to world GDP of US$2 trillion (2.8%) is more than double the GDP of automotive manufacturing and one-third larger than the global chemicals industry, according to the research. 

Travel & Tourism generates roughly the same GDP as the global education and communications sectors, and about half that of the global banking and financial services industry. 

The sector’s total contribution to world GDP of US$6.3trillion (9.1%) in 2011 compares with 8% contribution of automotive manufacturing and mining. 

Travel & Tourism directly contributes more to GDP than automotive manufacturing in every region of the world, three times more in the Americas and twice as much in Europe. 

Source Breakingtravelnews.com