World Travel & Tourism is expected to generate in excess of US$7 trillion in 2007, rising to over US$13 trillion over the coming decade according to the World Travel & Tourism Council’s (WTTC) Tourism Satellite Account (TSA) research, sponsored by Accenture and prepared by Oxford Economics.

The new TSA results show strong performance for Travel & Tourism Demand in 2007, growing at a rate of 3.9 per cent. This forecast points to a mature but steady phase of growth for World Travel & Tourism in the short and medium term, averaging 4.3 per cent per annum, between 2008 and 2017.

WTTC’s latest findings reveal that the world’s largest Travel & Tourism Economies are holding strong in the top 10 list for 2007. The United States continues in its pole position with Travel & Tourism Demand accounting for more than US$1,689.3 billion this year.

Over the next ten years considerable ground will be gained by China which currently stands in third position behind Japan and is forecast to move up to second position by 2017. This progression is buoyed by a percentage growth in real terms of 9.6 per cent, per annum, over the next 10 years.

Notably, by 2017 the Russian Federation will enter the top 10 list of countries expected to total the largest amount (in absolute terms) on Travel & Tourism Demand, where it has not figured previously.

The 2007 Tourism Satellite Accounting Research is available at:
Tourism

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This entry was posted on Wednesday, June 6th, 2007 at 8:54 am and is filed under Travel. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.