Greece Economic Impact 2012 PDF

The Authority on World Travel & Tourism
Travel
& Tourism
Economic Impact 2012
Greece
WTTC Travel & Tourism Economic Impact 2012
For more information please contact:
Olivia Ruggles-Brise
Director, Policy & Research
olivia.rugglesbrise@wttc.org
Eva Aimable
Manager, Policy & Research
eva.aimable@wttc.org
2012 World Travel & Tourism Council
Foreword
For more than 20 years the World Travel & Tourism Council (WTTC)
has been investing in economic impact research, which assesses
the Travel & Tourism industrys contribution to GDP and jobs. Our
ten-year forecasts are unique in the information they provide to
assist governments and private companies plan for the future.
Travel & Tourism continues to be one of the worlds largest industries. The total impact of the industry means
that, in 2011, it contributed 9% of global GDP, or a value of over US$6 trillion, and accounted for 255 million
jobs. Over the next ten years this industry is expected to grow by an average of 4% annually, taking it to
10% of global GDP, or some US$10 trillion. By 2022, it is anticipated that it will account for 328 million jobs,
or 1 in every 10 jobs on the planet.
2011 was one of the most challenging years ever experienced by the global Travel & Tourism industry.
However, our latest research suggests that, despite political upheaval, economic uncertainty and natural
disasters, the industrys direct contribution to world GDP grew by nearly 3% to US$2 trillion and directly
generated 1.2 million new jobs. This was supported by a 3% increase in visitor exports to US$1.2 trillion,
with almost 3% growth in capital investment, which rose to over US$0.7 trillion.
Moreover, while the macroeconomic environment remains very challenging, our latest projections point to
continuous growth in the contribution of Travel & Tourism to global GDP and employment. Rising household
incomes in emerging economies not only the BRICs (Brazil, Russia, India and China) but increasingly across
the rest of Southeast Asia and Latin America will continue to fuel increased leisure demand. Similarly,
growing international trade particularly from emerging markets will sustain business travel demand.
In developed economies, consumers are likely to remain cautious, especially in European countries where
austerity programmes are being implemented.
This means that we expect growth in Travel & Tourisms direct contribution to GDP to remain stable at 3% in
2012. We expect the industry to generate directly over 2 million new jobs, with a 2% increase in visitor exports
and 3.5% growth in investment over the year.
Rarely over the past 20 years have we been challenged by such economic and political uncertainty as we are
seeing now. Our ongoing research underlines the importance of Travel & Tourism as a stabilising force globally
providing jobs, generating prosperity, and facilitating international trade and investment.
David Scowsill
President & CEO
World Travel & Tourism Council
Contents
The Economic Impact of Travel & Tourism 2012
2012 Annual Research: Key Facts........................................................................................................1
Defining the Economic Contribution of Travel & Tourism.............................2
Travel & Tourisms Contribution to GDP......................................................................................3
Travel & Tourisms Contribution to Employment. .........................................................4
Visitor Exports and Investment...................................................................................................................5
Different Components of Travel & Tourism.............................................................................6
Country Rankings: Absolute Contribution, 2012.........................................................7
Country Rankings: Relative Contribution, 2011............................................................8
Country Rankings: Real Growth, 2012..........................................................................................9
Country Rankings: Long Term Growth, 2012 - 2022....................................... 10
Summary Tables: Estimates and Forecasts.................................................................... 11
The Economic Contribution of Travel & Tourism:
Real 2011 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
USE OF MATERIAL IS AUTHORISED, PROVIDED SOURCE IS ACKNOWLEDGED

1-2 Queen Victoria Terrace, Sovereign Court, London E1W 3HA, UK
2 Tel: +44 (0) 20 7481 8007. Fax: +44 (0) 20 7488 1008. Email: enquiries@wttc.org. www.wttc.org
Greece
2012 ANNUAL RESEARCH: KEY FACTS
2012
forecast
GDP: DIRECT CONTRIBUTION

The direct contribution of Travel & Tourism to GDP was EUR12.4bn (6.4% of total GDP) in 2011,
and is forecast to fall by 2.1% in 2012, and to rise by 3.3% pa, from 2012-2022, to EUR16.8bn in
2022 (in constant 2011 prices).
GDP: TOTAL CONTRIBUTION

The total contribution of Travel & Tourism to GDP was EUR32.2bn (16.5% of GDP) in 2011, and
is forecast to fall by 4.5% in 2012, and to rise by 3.2% pa to EUR42.2bn in 2022.
EMPLOYMENT: DIRECT CONTRIBUTION

In 2011 Travel & Tourism directly supported 349,500 jobs (8.5% of total employment). This is
expected to rise by 0.2% in 2012 and rise by 2.4% pa to 444,000 jobs (10.2% of total
employment) in 2022.
EMPLOYMENT: TOTAL CONTRIBUTION

In 2011, the total contribution of Travel & Tourism to employment, including jobs indirectly
supported by the industry, was 18.4% of total employment (758,500 jobs). This is expected to
fall by 2.3% in 2012 to 741,000 jobs and rise by 2.7% pa to 966,000 jobs in 2022 (22.1% of
total).
VISITOR EXPORTS
Visitor exports generated EUR12.7bn (28.5% of total exports) in 2011. This is forecast to grow
by 0.9% in 2012, and grow by 4.5% pa, from 2012-2022, to EUR20.0bn in 2022 (30.2% of total).
INVESTMENT
Travel & Tourism investment in 2011 was EUR4.0bn, or 14.0% of total investment. It should fall
by 12.6% in 2012, and rise by 2.0% pa over the next ten years to EUR4.2bn in 2022 (14.1% of
total).
WORLD RANKING (OUT OF 181 COUNTRIES):

Relative importance of Travel & Tourism's total contribution to GDP
24
128
179
37
ABSOLUTE
RELATIVE
GROWTH
LONG-TERM GROWTH
Size in 2011
Contribution to GDP in 2011
2012 forecast
Forecast 2012-2022
Total Contribution of
Travel & Tourism to GDP
Breakdown of Travel & Tourism's Total

Contribution to GDP and Employment 2011
GDP (2011 EURbn)
2011
2011EURbn
EURbn
45
40
35
25
12
20
15
349
265
10
144
Employment
('000)
13
30
Direct
Indirect
Induced
2022
2022
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
= Total contribution of Travel & Tourism

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 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).
TOTAL CONTRIBUTION
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.
Travel & Tourism's

1
contribution to GDP
The direct contribution of Travel & Tourism to GDP in 2011 was EUR12.4bn (6.4% of GDP). This is forecast to fall
by 2.1% to EUR12.2bn in 2012.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 3.3% pa to EUR16.8bn (7.9% of GDP)
by 2022.
GREECE: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO GDP

Constant 2011 EURbn
2022
2022
2012
2011
2010
0.0
2009
2008
1.0
2007
2006
2.0
2005
2004
3.0
2002
2022
2022
4.0
2012
2011
5.0
2010
10
2009
6.0
2008
12
2007
7.0
2006
14
2005
8.0
2004
16
2003
9.0
2002
18
2003
% of whole economy GDP
The total contribution of Travel & Tourism to GDP (including wider effects from investment, the supply chain and
induced income impacts, see page 2) was EUR32.2bn in 2011 (16.5% of GDP) and is expected to grow by
4.5% to EUR30.7bn (16.8% of GDP) in 2012.
It is forecast to rise by 3.2% pa to EUR42.2bn by 2022 (19.8% of GDP).
GREECE: TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO GDP
Constant 2011 EURbn

45
25.0
40
20.0
35
30
15.0
25
20
10.0
15
10
5.0
5
0
0.0
2011
Direct
1
2012
Indirect
2022
2022
2022
Induced
2011
Direct
2012
Indirect
2022
2022
Induced
All values are in constant 2011 prices & exchange rates

Travel & Tourism's

contribution to employment
Travel & Tourism generated 349,500 jobs directly in 2011 (8.5% of total employment) and this is forecast to grow
by 0.2% in 2012 to 350,000 (8.9% 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 2022, Travel & Tourism will account for 444,000 jobs directly, an increase of 2.4% pa over the next ten years.
GREECE: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

'000 jobs
% of whole economy employment

12.0
500.0
450.0
10.0
400.0
350.0
8.0
300.0
6.0
250.0
200.0
4.0
150.0
100.0
2.0
50.0
0.0
The total contribution of Travel & Tourism to employment (including wider effects from investment, the supply
chain and induced income impacts, see page 2) was 758,500 jobs in 2011 (18.4% of total employment). This is
forecast to fall by 2.3% in 2012 to 741,000 jobs (18.7% of total employment).
By 2022, Travel & Tourism is forecast to support 966,000 jobs (22.1% of total employment), an increase of 2.7%
pa over the period.
GREECE: TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT
% of whole economy employment
'000 jobs
1,200.0
25.0
1,000.0
20.0
800.0
15.0
600.0
10.0
400.0
5.0
200.0
0.0
0.0
2011
Direct
Indirect
2012
Induced
2022
2022
2022
2011
Direct
2012
Indirect
Induced
2022
2022
2022
2022
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2022
2022
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
0.0
Visitor Exports and Investment

VISITOR EXPORTS
Visitor exports are a key component of the direct contribution of Travel & Tourism. In 2011,
Greece generated EUR12.7bn in visitor exports. In 2012, this is expected to grow by 0.9%, and the country is
expected to attract 16,984,000 international tourist arrivals.
By 2022, international tourist arrivals are forecast to total 27,055,000, generating expenditure of EUR20.0bn, an
increase of 4.5% pa.
GREECE: VISITOR EXPORTS AND INTERNATIONAL TOURIST ARRIVALS

Constant 2011 EURbn
mn
25
20
Foreign visitor exports as % of total exports
30
35.0
25
30.0
20
25.0
15
20.0
10
15.0
10.0
5.0
15
Foreign tourist arrivals (RHS)
2022
2022
2012
2011
2010
2009
2008
2007
2006
Foreign visitor exports (LHS)
2005
0.0
2002
2022
2022
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2004
2003
10
INVESTMENT
Travel & Tourism is expected to have attracted capital investment of EUR4.0bn in 2011. This is expected to fall
by 12.6% in 2012, and rise by 2.0% pa over the next ten years to EUR4.2bn in 2022.
Travel & Tourisms share of total national investment will rise from 13.9% in 2012 to 14.1% in 2022.
GREECE: CAPITAL INVESTMENT IN TRAVEL & TOURISM
2022
2022
2012
2011
2010
2009
2008
0.0
2007
2006
2.0
2005
2004
4.0
2003
2022
2022
6.0
2012
2011
8.0
2010
2009
10.0
2008
2007
12.0
2006
2005
14.0
2004
2003
16.0
2002
2002
Constant 2011 EURbn

Different components of
Travel & Tourism1
Greece
Travel & Tourism's Contribution to GDP:
Leisure travel spending (inbound and domestic)

generated 94.1% of direct Travel & Tourism GDP
in 2011 (EUR21.2bn) compared with 5.9% for
business travel spending (EUR1.3bn).
Business vs Leisure, 2011
Leisure spending
94.1%
Leisure travel spending is expected to fall by 1.1%

in 2012 to EUR20.9bn, and rise by 3.5% pa to
EUR29.6bn in 2022.
Business spending
5.9%
Business travel spending is expected to fall by

9.4% in 2012 to EUR1.2bn, and rise by 3.5% pa to
EUR1.7bn in 2022.
Greece
Travel & Tourism's Contribution to GDP:
Domestic vs Foreign, 2011
Domestic travel spending generated 44.1% of

direct Travel & Tourism GDP in 2011 compared
with 55.9% for visitor exports (ie foreign visitor
spending or international tourism receipts).
Foreign visitor spending
55.9%
Domestic travel spending is expected to fall by

7.0% in 2012 to EUR9.3bn, and rise by 0.7% pa to
EUR10.0bn in 2022.
Domestic spending
44.1%
Visitor exports are expected to grow by 0.9% in

2012 to EUR12.8bn, and rise by 4.5% pa to
EUR20.0bn in 2022.
Greece
Breakdown of Travel & Tourism's Total Contribution to GDP, 2011
Direct
38.7%
Induced
The total contribution of Travel & Tourism to

GDP is nearly three times greater than its
direct contribution.
21.1%
Indirect
40.2%
Indirect is the sum of:

(a) Supply chain
22.3%
(b) Investment
11.3%
(c) Government collective
6.6%
1
The Travel & Tourism industry contributes to GDP

and employment in many ways as detailed on
page 2.
Country rankings:
Absolute contribution, 2011
Travel & Tourism's Direct
Contribution to GDP
4 France
2011
(US$bn)
102.8
Travel & Tourism's Total

Contribution to GDP
2011
(US$bn)
4 France
256.9
5 Spain
80.2
5 Spain
222.6
7 Italy
71.6
7 Italy
189.5
13 Turkey
33.0
22 Greece
17.3
World Average
14 Turkey
84.8
World Average
49.6
16.6
24 Greece
44.8
27 Egypt
15.5
27 Portugal
36.5
32 Portugal
12.7
29 Egypt
34.3
61 Tunisia
3.1
67 Tunisia
6.6
81 Cyprus
1.4
78 Cyprus
4.5
86 Malta
1.3
99 Malta
2.5

Contribution to Employment
2011
'000 jobs

2011
'000 jobs
11 Egypt
1352.9
13 Egypt
3079.5
13 France
1154.8
15 France
2793.5
17 Italy
868.7
17 Spain
2304.6
782.4
19 Italy
2231.4
World Average
27 Turkey
509.6
World Average
29 Spain
488.4
21 Turkey
39 Greece
349.3
38 Portugal
866.5
40 Portugal
322.0
42 Greece
758.4
57 Tunisia
128 Cyprus
191.7
25.3
62 Tunisia
124 Cyprus
415.6
74.3
129 Malta
25.2
140 Malta
46.0
1938.8
Travel & Tourism

Capital Investment
2011
(US$bn)
8 France
23.1
2 Spain
65.7
10 Spain
18.5
3 France
55.5
12 Italy
17.5
6 Italy
42.5
14 Turkey
14.3
11 Turkey
27.6
23 Greece
5.5
19 Greece
17.7
26 Egypt
5.3
25 Portugal
14.4
30 Portugal
5.0
33 Egypt
10.0
World Average
4.1
Visitor
Exports
1959.2
World Average
2011
(US$bn)
6.5
65 Tunisia
0.9
62 Cyprus
96 Cyprus
0.3
66 Tunisia
2.3
0.2
82 Malta
1.5
114 Malta
2.7
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 average.
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, 2011
Contribution to GDP

Contribution to GDP
2011
% share
13 Malta
14.5
22 Malta
27.7
35 Egypt
6.7
35 Cyprus
17.7
36 Tunisia
6.6
37 Greece
16.5
40 Greece
6.4
41 Portugal
15.2
47 Cyprus
5.7
45 Spain
14.9
54 Spain
5.4
47 Egypt
14.8
56 Portugal
5.3
52 Tunisia
World Average
5.2
World Average
14.3
14.0
71 Turkey
4.3
72 Turkey
10.9
79 France
3.7
83 France
9.3
94 Italy
3.3
95 Italy
8.6

2011
% share

2011
% share
13 Malta
15.7
20 Malta
28.6
24 Greece
8.5
31 Cyprus
19.1
34 Portugal
6.6
33 Greece
18.4
37 Cyprus
6.5
34 Portugal
43 Tunisia
5.9
45 Egypt
5.8
49 Egypt
13.1
5.3
51 Tunisia
12.9
65 France
4.3
53 Spain
12.7
10.4
World Average
World Average
17.8
13.6
79 Italy
3.8
76 France
116 Spain
2.7
83 Italy
9.7
136 Turkey
2.1
96 Turkey
8.1
Travel & Tourism Investment

Contribution to Total Capital Investment
2011
% share
Visitor Exports
Contribution to Total Exports
2011
% share
27 Malta
15.4
35 Greece
28.5
29 Greece
14.0
36 Cyprus
28.3
32 Egypt
12.0
44 Egypt
21.2
35 Portugal
11.5
52 Malta
18.6
54 Tunisia
8.7
55 Portugal
17.3
55 Turkey
World Average
2011
% share
8.6
World Average
15.9
8.3
60 Turkey
15.0
73 Cyprus
6.8
62 Spain
14.6
10.4
89 Spain
5.7
76 Tunisia
116 France
4.2
94 France
7.5
122 Italy
4.0
99 Italy
6.7
Country rankings:
Real growth, 2012

Contribution to GDP
20 Tunisia
World Average
118 Turkey
2012
% growth
8.0
2.7
1.7

Contribution to GDP
2012
% growth
45 Tunisia
5.5
World Average
2.5
111 Turkey
1.9
138 France
0.7
137 France
0.1
147 Egypt
-0.6
156 Cyprus
-1.0
155 Cyprus
-1.0
158 Egypt
-1.4
161 Spain
-1.5
161 Spain
-1.7
162 Italy
-1.6
166 Portugal
-2.1
168 Greece
-2.1
167 Italy
-2.2
170 Portugal
-2.2
174 Malta
-3.3
176 Malta
-3.8
179 Greece
-4.5

2012
% growth

151 Tunisia
7.2
33 Tunisia
57 Turkey
4.4
61 Turkey
World Average
2.2
World Average
2012
% growth
4.7
3.4
1.9
85 Egypt
0.6
123 Egypt
-0.2
70 Greece
0.2
125 Portugal
-0.3
133 France
0.2
126 Cyprus
-0.3
96 Cyprus
-0.2
130 France
-0.4
129 Portugal
-0.3
154 Greece
-2.3
134 Spain
-1.3
155 Spain
-2.4
114 Italy
-1.3
156 Italy
-2.5
154 Malta
-4.6
176 Malta
-4.3
Travel & Tourism

Investment
2012
% growth
17 Cyprus
12.0
15 Tunisia
10.8
85 Turkey
4.9
46 Egypt
5.7
3.1
94 France
World Average
111 Malta
2.7
112 Portugal
2.7
Visitor
Exports
World Average
114 Greece
2012
% growth
2.7
1.6
0.9
144 Spain
0.2
125 Portugal
0.6
155 France
-1.4
146 Italy
-0.9
158 Tunisia
-2.0
149 Cyprus
-1.1
170 Egypt
-5.9
153 Turkey
-1.6
171 Italy
-6.2
154 Spain
-2.0
178 Greece
-12.6
173 Malta
-4.6
Country rankings:
Long term growth, 2012 - 2022

Contribution to GDP
67 Egypt
82 Cyprus
World Average
4.6
4.2

Contribution to GDP
59 Egypt
World Average
2012 - 2022
% growth pa
4.8
4.1
4.1
99 Cyprus
4.0
124 Tunisia
3.3
118 Tunisia
3.5
125 Greece
3.3
128 Greece
3.2
139 Turkey
2.9
133 Turkey
3.0
147 Malta
2.7
137 Malta
2.8
167 France
1.9
169 Portugal
1.8
169 Italy
1.9
172 France
1.7
172 Portugal
1.7
173 Italy
1.6
176 Spain
1.0
180 Spain
0.7

57 Turkey
2012 - 2022
% growth pa
2.6

51 Greece
2.7
2.4
85 Egypt
2.1
79 Egypt
2.2
1.8
107 Cyprus
1.6
1.8
110 Turkey
1.4
1.2
96 Cyprus
World Average
2012 - 2022
% growth pa
70 Greece
World Average
2.4
114 Italy
1.5
119 Portugal
129 Portugal
1.2
137 Italy
0.9
133 France
1.1
145 France
0.7
134 Spain
1.1
147 Tunisia
0.7
151 Tunisia
0.6
154 Malta
0.5
154 Malta
0.6
156 Spain
0.5
Travel & Tourism Investment

Contribution to Capital Investment
50 Egypt
World Average
10
2012 - 2022
% growth pa
2012 - 2022
% growth pa
Visitor Exports
Contribution to Exports
2012 - 2022
% growth pa
5.8
54 Egypt
4.8
4.5
5.3
60 Greece
71 Malta
5.0
62 Cyprus
75 Turkey
4.9
81 Cyprus
4.8
World Average
126 Tunisia
4.5
3.5
2.7
126 Tunisia
3.5
127 Malta
2.7
131 Portugal
3.4
152 France
1.9
137 France
3.3
163 Portugal
1.6
142 Spain
3.1
170 Spain
1.1
163 Italy
2.0
172 Italy
0.8
164 Greece
2.0
173 Turkey
0.7
Summary tables:
Estimates & Forecasts
2011
EURbn
Greece
EURbn
% of total
Growth
6.4
-2.1
16.8
7.9
3.3
Total contribution to GDP
32.2
16.5
-4.5
42.2
19.8
3.2
Direct contribution to employment
349
8.5
0.2
444
10.2
2.4
Total contribution to employment
758
18.4
-2.3
966
22.1
2.7
Visitor exports
12.7
28.5
0.9
20.0
30.2
4.5
Domestic spending
10.0
5.2
-7.0
10.0
4.7
0.7
Leisure spending
21.2
10.9
-1.1
29.6
13.9
3.5
Business spending
1.3
0.7
-9.4
1.7
0.8
3.5
Capital investment
4.0
14.0
-12.6
4.2
14.1
2.0
2011 constant prices & exchange rates; 22012 real growth adjusted for inflation (%); 32012-2022 annualised real growth adjusted for inflation (%); 4'000 jobs
2011
2012
2022
2
US$bn
% of total
Growth
0.2
791.9
2.8
2.6
7.9
-0.3
2,177.5
7.8
2.4
9,937
2.7
0.4
11,262
3.0
1.2
28,378
7.7
-0.3
30,599
8.1
0.8
Visitor exports
518.7
5.6
0.4
674.9
4.6
2.6
Domestic spending
734.5
3.4
0.4
970.8
3.5
2.8
Leisure spending
996.7
4.6
0.6
1,319.7
4.7
2.8
Business spending
275.6
1.3
-0.5
348.5
1.3
2.4
4.5
0.1
271.9
4.7
3.8
Europe
Direct contribution to GDP
4
Direct contribution to employment

4
Capital investment
US$bn
% of total
Growth
612.8
2.8
1,720.1
187.3
2
2011 constant prices & exchange rates; 2012 real growth adjusted for inflation (%); 2012-2022 annualised real growth adjusted for inflation (%); '000 jobs
2011
1
2011
2012
2022
2
US$bn
% of total
Growth
2.8
3,056.2
3.0
4.2
9.1
2.8
9,939.5
9.8
4.3
Worldwide
US$bn
% of total
Growth
1,972.8
2.8
6,346.1
Direct contribution to employment4
98,031
3.3
2.3
120,470
3.6
1.9
254,941
8.7
2.0
327,922
9.8
2.3
Visitor exports
1,170.6
5.3
1.7
1,694.7
4.3
3.6
Domestic spending
2,791.2
4.0
3.5
4,547.6
4.6
4.6
Leisure spending
3,056.9
4.4
3.1
4,853.8
4.8
4.4
Business spending
968.4
1.4
2.5
1,476.2
1.5
4.0
Capital investment
743.0
4.9
3.5
1,320.4
5.1
5.6
Growth2
12.4
2011
2022
2012
% of total
2011
1
2011 constant prices & exchange rates; 22012 real growth adjusted for inflation (%); 32012-2022 annualised real growth adjusted for inflation (%); 4'000 jobs
11
The economic contribution of

Travel & Tourism: Real 2011 prices
Greece
(EURbn, real 2011 prices)
2006
2007
2008
2009
2010
2011
2012E
2022F
1.
Visitor exports
14.5
15.1
14.5
11.2
11.5
12.7
12.8
20.0
2.
Domestic expenditure
10.3
10.7
11.1
10.8
10.5
10.0
9.3
10.0
24.8
25.8
25.6
22.0
22.0
22.8
22.2
30.0
-11.8
-12.5
-12.4
-10.3
-10.3
-10.3
-10.0
-13.2
13.0
13.3
13.2
11.7
11.6
12.4
12.2
16.8
8.1
8.3
8.2
7.4
7.3
7.8
7.7
10.9
3.
Internal tourism consumption

(= 1 + 2 + government individual spending)
4.
Purchases by tourism providers,

including imported goods
(supply chain)
5.
Direct contribution of
(= 3 + 4)
Other final impacts

(indirect & induced)
6.
Domestic supply chain
7.
Capital investment
6.7
7.0
6.5
5.8
4.8
4.0
3.5
4.2
8.
Government collective spending
2.4
2.7
2.7
3.0
2.7
2.3
2.0
2.0
9.
Imported goods from indirect spending
-0.9
-1.1
-1.1
-0.9
-1.1
-1.2
-1.1
-0.4
10. Induced
7.6
7.8
7.6
7.2
6.8
6.8
6.5
8.8
11. Total contribution of

36.9
38.0
37.1
34.1
32.1
32.2
30.7
42.2
366.6
365.1
357.6
325.9
328.9
349.3
349.9
444.2
877.7
877.5
847.4
787.6
754.4
758.4
741.0
965.7
1.9
2.4
2.2
1.7
1.6
1.4
1.4
1.7
(= 5 + 6 + 7 + 8 + 9 + 10)
Employment impacts ('000)

12. Direct contribution of Travel & Tourism to
employment
13.
Total contribution of Travel & Tourism

to employment
Other indicators
14. Expenditure on outbound travel
12

Travel & Tourism: Nominal prices
Greece
(EURbn, nominal prices)
2006
2007
2008
2009
2010
2011
2012E
2022F
1.
Visitor exports
12.2
12.8
13.0
10.2
10.6
12.7
13.0
25.6
2.
9.4
10.1
10.7
10.6
10.6
10.0
9.3
11.9
21.6
22.9
23.8
20.8
21.2
22.8
22.3
37.5
-9.6
-10.3
-10.8
-9.1
-9.3
-10.1
-10.0
-17.3
11.8
12.5
12.8
11.5
11.7
12.4
12.1
20.0
7.4
7.8
8.0
7.2
7.4
7.8
7.7
12.9
3.

4.

(supply chain)
5.
(= 3 + 4)
Other final impacts

6.
7.
Capital investment
6.7
7.2
6.8
6.0
5.0
4.0
3.5
5.0
8.
2.4
2.7
2.8
3.1
2.7
2.3
1.9
2.3
9.
-1.6
-1.7
-1.8
-1.4
-1.3
-1.2
-1.1
-0.4
10. Induced
6.9
7.3
7.4
7.1
6.9
6.8
6.5
10.4

33.6
35.7
36.0
33.5
32.4
32.2
30.6
50.2
366.6
365.1
357.6
325.9
328.9
349.3
349.9
444.2
877.7
877.5
847.4
787.6
754.4
758.4
741.0
965.7
1.7
1.7
1.7
1.6
1.5
1.4
1.5
2.1
(= 5 + 6 + 7 + 8 + 9 + 10)

employment
13.

to employment
Other indicators
*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.
13

Travel & Tourism: Growth
Greece
Growth 1 (%)
2006
2007
2008
2009
2010
2011
2012E
2022F
1.
Visitor exports
4.1
4.1
-3.8
-23.0
2.8
11.1
0.9
4.5
2.
6.1
4.3
3.2
-2.2
-3.2
-4.3
-7.0
0.7
4.9
4.2
-0.9
-14.0
-0.2
3.7
-2.6
3.1
9.7
6.7
2.7
-17.6
-1.2
10.0
-2.7
3.8
6.2
2.5
-1.0
-10.9
-0.7
6.9
-2.1
3.3
6.4
2.8
-0.8
-10.7
-0.5
7.1
-1.9
3.5
3.

4.

(supply chain)
5.
(= 3 + 4)
Other final impacts

6.
7.
Capital investment
10.4
4.9
-7.2
-11.8
-17.4
-16.5
-12.6
2.0
8.
0.1
9.0
0.9
10.8
-9.1
-14.3
-15.2
0.0
9.
8.6
7.2
-0.6
-9.2
1.0
0.9
-6.8
0.6
10. Induced
7.1
2.7
-2.3
-5.0
-5.8
0.0
-4.5
3.1

6.4
3.1
-2.3
-8.1
-6.0
0.2
-4.5
3.2
3.2
-0.4
-2.0
-8.9
0.9
6.2
0.2
2.4
3.9
0.0
-3.4
-7.1
-4.2
0.5
-2.3
2.7
-17.5
25.7
-8.4
-22.7
-6.4
-11.5
3.9
1.5
(= 5 + 6 + 7 + 8 + 9 + 10)

employment
13.

to employment
Other indicators
2005-2011 real annual growth adjusted for inflation (%);
14
2011-2021 annualised real growth adjusted for inflation (%)
Glossary
Key Definitions
Internal tourism consumption total revenue generated
Travel & Tourism relates to the activity of travellers on
within a country by industries that deal directly with
trips outside their usual environment with a duration of less
tourists including visitor exports, domestic spending and
than one year. Economic activity related to all aspects of
government individual spending. This does not include
such trips is measured within the research.
spending abroad by residents. This is consistent with
Direct contribution to GDP GDP generated by

industries that deal directly with tourists, including hotels,
total internal tourism expenditure in table 4 of the TSA:

RMF 2008.
travel agents, airlines and other passenger transport
Business Travel & Tourism spending spending
services, as well as the activities of restaurant and leisure
on business travel within a country by residents and
industries that deal directly with tourists. It is equivalent to
international visitors.
total internal Travel & Tourism spending (see below) within
Leisure Travel & Tourism spending spending on leisure
a country less the purchases made by those industries
travel within a country by residents and international visitors.
(including imports). In terms of the UNs Tourism Satellite

Account methodology it is consistent with total GDP
Indirect and Induced Impacts
calculated in table 6 of the TSA: RMF 2008.
Indirect contribution the contribution to GDP and
Direct contribution to employment the number
jobs of the following three factors:
of direct jobs within the Travel & Tourism industry. This is
Capital investment includes capital investment spending
consistent with total employment calculated in table 7 of the
by all sectors directly involved in the Travel & Tourism
TSA: RMF 2008.
industry. This also constitutes investment spending by other
Total contribution to GDP GDP generated directly by
industries on specific tourism assets such as new visitor
the Travel & Tourism industry plus its indirect and induced
accommodation and passenger transport equipment, as
impacts (see below). Total contribution to employment
well as restaurants and leisure facilities for specific tourism
the number of jobs generated directly in the Travel &
use. This is consistent with total tourism gross fixed capital
Tourism industry plus the indirect and induced contributions

(see below).
formation in table 8 of the TSA: RMF 2008.

Government collective spending general government
spending in support of general tourism activity. This can
Direct Spending Impacts
include national as well as regional and local government
Visitor exports spending within the country by international
spending. For example, it includes tourism promotion, visitor
tourists for both business and leisure trips, including
information services, administrative services and other public
spending on transport. This is consistent with total inbound
services. This is consistent with total collective tourism
tourism expenditure in table 1 of the TSA: RMF 2008.
consumption in table 9 of TSA: RMF 2008.
Domestic Travel & Tourism spending spending within

a country by that countrys residents for both business and
leisure trips. Multi-use consumer durables are not included
Supply-chain effects purchases of domestic goods

and services directly by different sectors of the Travel &
Tourism industry as inputs to their final tourism output.
since they are not purchased solely for tourism purposes.
Induced contribution the broader contribution to
This is consistent with total domestic tourism expenditure
GDP and employment of spending by those who are
in table 2 of the TSA: RMF 2008. Outbound spending by
directly or indirectly employed by Travel & Tourism.
residents abroad is not included here, but is separately
Other Indicators
identified according to the TSA: RMF 2008 (see below).
Outbound expenditure spending outside the country by
Government individual spending government spending
residents on all trips abroad. This is fully aligned with total
on individual non-market services for which beneficiaries
outbound tourism expenditure in table 3 of the TSA:
can be separately identified. These social transfers are
RMF 2008.
directly comparable to consumer spending and, in certain

cases, may represent public provision of consumer
services. For example, it includes provision of services in
national parks and museums.
Foreign visitor arrivals the number of arrivals of foreign

visitors, including same-day and overnight visitors (tourists)
to the country.
15
Methodological note
In 2011, WTTC refined its methodology for estimating the direct contribution of Travel & Tourism to be
fully consistent with the UN Statistics Division-approved 2008 Tourism Satellite Account: Recommended
Methodological Framework (TSA:RMF 2008). Some further revisions to the research have been made
in 2012 as part of WTTCs ongoing commitment to align the research with the TSA:RMF 2008. This has
involved further benchmarking of country reports to official, published TSAs, including for countries which
are reporting data for the first time as well as updates to earlier years. As part of the alignment process we
are now also able to isolate and exclude international travel flows related to education.
In addition to 181 individual country reports, one world report and 17 covering world regions and
sub-regions, we also provide reports with combined results for special economic groupings including,
for the first time in 2012, the G20 and SADC.
Special economic groups

G20
Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia,
Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea,Turkey, UK, USA.
SADC (Southern African Development Community)

Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius,
Mozambique, Namibia, Seychelles, South Africa, Swaziland, United Republic of Tanzania, Zambia,
Zimbabwe.
BRIC
Brazil, Russia, India, China.
APEC (Asia-Pacific Economic Cooperation)

Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia,
Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russian Federation, Singapore,
Taiwan, Thailand, USA, Vietnam.
OECD (Organisation for Economic Co-operation and Development)

Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece,
Hungary, Iceland, Ireland, Italy, Japan, South Korea, Luxembourg, Mexico, Netherlands,
New Zealand, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, Turkey, UK, USA.
16
Economic impact reports:

Regions, sub-regions and countries
WORLD
Algeria
Anguilla
Egypt
Antigua &
Barbuda
Libya
Aruba
Morocco
Bahamas
Tunisia
Barbados
Angola
Bermuda
Benin
Caribbean
China
Luxembourg
Hong Kong
Malta
South Korea
Macau
Taiwan
Netherlands
Poland
Portugal
Romania
Slovakia
Slovenia
Fiji
Spain
Kiribati
Sweden
Other Oceania
UK
Guadeloupe
Solomon Islands
Albania
Chad
Haiti
Tonga
Armenia
Democratic
Republic of Congo
Martinique
Jamaica
Puerto Rico
Gabon
St Kitts & Nevis
Ghana
St Vincent & the

Grenadines
Guinea
St Lucia
Americas
Gambia
Bangladesh
South Asia
Ethiopia
Vanuatu
Asia
Comoros
Azerbaijan
Belarus
Bosnia
Herzegovina
India
Nepal
Croatia
Pakistan
Other Europe
Central African
Republic
Grenada
Country
Lithuania
Europe
Cape Verde
Dominican
Republic
Subregion
Japan
New Zealand
Dominica
Cameroon
Region
Australia
Former
Netherlands
Antilles
Burundi
Country
Mongolia
Cuba
Burkina Faso
Sri Lanka
Trinidad &
Tobago
Maldives
US Virgin Islands
Cambodia
Iceland
Kazakhstan
Kyrgyzstan
Brunei
Lesotho
Argentina
Indonesia
Montenegro
Madagascar
Belize
Laos
Norway
Mali
Brazil
Myanmar
Serbia
Malawi
Bolivia
Chile
Mozambique
Colombia
Namibia
Niger
Nigeria
Republic of Congo
Reunion
Rwanda
Latin America
Mauritius
Sao Tome &

Principe
Costa Rica
Malaysia
Papua New
Guinea
Philippines
Turkey
Thailand
Bahrain
Austria
Israel
Ecuador
Vietnam
Guyana
Belgium
Guatemala
Honduras
Bulgaria
Cyprus
Panama
Czech Republic
Sierra Leone
Peru
Paraguay
South Africa
Suriname
Sudan
Uruguay
Swaziland
Tanzania
Togo
Uganda
Zambia
Zimbabwe
Venezuela
Canada
Mexico
USA
European Union
Nicaragua
Senegal
Seychelles
Moldova
Switzerland
Singapore
El Salvador
Macedonia
Russia
Denmark
Estonia
Finland
France
Germany
Greece
Ukraine
Iran
Jordan
Middle East
Kenya
SouthEast Asia
UK Virgin Islands
Ivory Coast
North
America
SUB-SAHARAN
Subregion
Cayman Islands
Botswana
Africa
Region
European Union
Subregion Country
NORTHEAST Asia
Region
Oceania
Country
Europe
Subregion
North Africa
Region
Kuwait
Lebanon
Oman
Qatar
Saudi Arabia
Syria
UAE
Yemen
Hungary
Ireland
Italy
Latvia
17
The World Travel & Tourism Council

is the forum for business leaders in the
Travel & Tourism industry.
With the Chairs and Chief Executives of the 100 foremost Travel & Tourism companies as its
Members, WTTC has a unique mandate and overview on all matters related to Travel & Tourism.
WTTC works to raise awareness of Travel & Tourism as one of the worlds largest industries,
supporting some 255 million jobs and generating 9% of global GDP in 2011.
Together with its research partner, Oxford Economics, WTTC produces comprehensive reports
on an annual basis with updates whenever required to quantify, compare and forecast the
economic impact of Travel & Tourism on 181 economies around the world. It also publishes a
World report highlighting global trends, as well as reports on regions, sub-regions and special
economic groupings.
To download one-page summaries, the full reports or spreadsheets, visit www.wttc.org
Assisting WTTC to provide tools for analysis,

benchmarking, forecasting and planning.
Over the last 30 years Oxford Economics has built a diverse and loyal client base of over 300
organisations worldwide, including international organisations, governments, central banks,
and both large and small businesses. Headquartered in Oxford, England, with offices in
London, Belfast, Paris, the UAE, Singapore, Philadelphia, New York and San Francisco,
Oxford Economics employs over 70 full-time, highly qualified economists and data specialists,
while maintaining links with a network of economists in universities worldwide.
For more information please take advantage of a free trial on our website,
www.oxfordeconomics.com, or contact John Gaster, Oxford Economics, Abbey House,
121 St Aldates, Oxford, OX1 1HB, UK.
Tel: +44 (0) 1865 268 900; email: jtholstrup@oxfordeconomics.com
18
CHAIRMAN
ABERCROMBIE & KENT
Geoffrey J W Kent
Founder, Chairman & CEO
PRESIDENT & CEO

WORLD TRAVEL &
TOURISM COUNCIL
OUTRIGGER ENTERPRISES
GROUP
DOLPHIN CAPITAL
INVESTORS
RIOFORTE INVESTMENTS SA
DUBAILAND
Dr Richard R Kelley
Chairman Emeritus
Manuel Fernando Esprito Santo

Chairman
SABRE HOLDINGS
David Scowsill
Tom Klein
President
VICE CHAIRMEN
SHUN TAK HOLDINGS
GLOBAL LEISURE PARTNERS

Mark Harms
Chairman & CEO
MANDARIN ORIENTAL
Edouard Ettedgui
Group Chief Executive
SILVERSEA CRUISES
Manfredi Lefebvre dOvidio di

Balsorano de Clunieres
Chairman
THE TRAVEL CORPORATION
Brett Tollman
President & Chief Executive
TUI AG
Dr Michael Frenzel
Chairman of the Executive Board
Pansy Ho
Managing Director
TRAVEL GUARD WORLDWIDE

Jeffrey C Rutledge
Chairman & CEO
TRAVELPORT
Gordon Wilson
President & CEO
TSOGO SUN GROUP

Jabu Mabuza
Deputy Chairman
VISITBRITAIN
Christopher Rodrigues, CBE

Chairman
GLOBAL MEMBERS
WORLD TRAVEL & TOURISM

COUNCIL
ALTOUR
Jean-Claude Baumgarten
Alexandre Chemla
President
WYNDHAM WORLDWIDE
AMADEUS IT GROUP SA
Stephen P Holmes
Chairman & CEO
EXECUTIVE COMMITTEE
ACCOR
Denis Hennequin
Chairman & CEO
AMERICAN EXPRESS
COMPANY
William Glenn
President, Global Merchant
Network Group
BEIJING TOURISM GROUP

Qiang Duan
Chairman
BHARAT HOTELS
Jyotsna Suri
Chairperson & Managing Director
CARLSON
Hubert Joly
President, CEO & Director
EMIRATES
Gary Chapman
President Group Services &
Dnata, Emirates Group
ETIHAD AIRWAYS
James Hogan
CEO
HILTON WORLDWIDE
Christopher J Nassetta
President & CEO
INTERCONTINENTAL HOTELS
GROUP PLC
Richard Solomons
Chief Executive
Luis Maroto
President & CEO
Jose Antonio Tazn

Chairman of the Board
AVIS BUDGET GROUP

Ronald L Nelson
Chairman & CEO
BEIJING CAPITAL
INTERNATIONAL AIRPORT CO
Zhiyi Dong
Chairman
Guanghui Zhang
President & CEO
BEIJING TOURISM GROUP

Yi Liu
President
Sebastin Escarrer
Vice Chairman
EAST JAPAN RAILWAY

COMPANY
Satoshi Seino
President & CEO
EXPEDIA INC
Dara Khosrowshahi
President & CEO
FAIRMONT RAFFLES HOTELS

INTERNATIONAL
Chris J Cahill
COO
GLOBAL BLUE GROUP

Per Setterberg
President & CEO
HERTZ CORPORATION
Mark Frissora
Chairman & CEO, Hertz
Corporation
Michel Taride
President, Hertz International &
Executive Vice President, Hertz
Corporation
HNA GROUP
Feng Chen
Chairman of the Board
HOGG ROBINSON GROUP

David Radcliffe
Chief Executive
MGM RESORTS
INTERNATIONAL
Jim Murren
CEO
MISSION HILLS GROUP
Ted J Balestreri
Chairman & CEO
CHINA INTERNATIONAL
TRAVEL SERVICE, HEAD
OFFICE (CITS)
Rong Chen
CEO
Jean Gabriel Prs

President & CEO
NH HOTELS
Mariano Prez Claver

Chairman
ORBITZ WORLDWIDE
Barney Harford
CEO
PAN PACIFIC HOTEL GROUP

Patrick Imbardelli
President & CEO
PHOCUSWRIGHT
Philip C Wolf
President & CEO
QUNAR
Chenchao Zhuang
Co-Founder & CEO
RADISSON EDWARDIAN
HOTELS
Jasminder Singh
Chairman & CEO
REED TRAVEL EXHIBITIONS

Richard Mortimore
Managing Director
Jaume Tpies
President
HOTELPLAN HOLDING
R TAUCK & PARTNERS
Hans Lerch
Vice Chairman & CEO
Robin Tauck
President
HUANGSHAN TOURISM
GROUP
S-GROUP CAPITAL
MANAGEMENT
CHOICE HOTELS
INTERNATIONAL
Stephen P Joyce
President & CEO
COSTA CRUISES
Pier Luigi Foschi
Chairman & CEO
CTRIP.COM INTERNATIONAL
Khalid A bin Sulayem

Director General
DIAMOND RESORTS
Stephen J Cloobeck
Chairman & CEO
DLA PIPER
Sir Nigel Knowles

Co-CEO
RK Krishna Kumar
Vice Chairman
JONES LANG LASALLE

HOTELS
Arthur de Haast
Global CEO
JTB CORP
Hiromi Tagawa
President & CEO
LEBUA HOTELS & RESORTS

CO LTD
Rattawadee Bualert
President
Deepak Ohri
CEO
LOEWS HOTELS
Jonathan M Tisch
Chairman & CEO
LOS ANGELES WORLD

AIRPORTS
Gina Marie Lindsey
Executive Director
Andy Payne
CEO
ZAGAT SURVEY LLC
Tim Zagat
Co-Founder, Co-Chair & CEO
Adam Weissenberg
Global Segment Lead - Travel
Hospitality and Leisure
RELAIS & CHTEAUX
INDIAN HOTELS COMPANY LTD
WILDERNESS SAFARIS
MVENPICK HOTELS &

RESORTS
Clement Kwok
CEO & MD
Marty Salfen
General Manager, Global Travel &
Transportation Industry
Matthew D Upchurch CTC

CEO
INDUSTRY PARTNERS
HONG KONG & SHANGHAI

HOTELS
IBM
VIRTUOSO
Dr Ken Chu
Chairman & CEO
Vladimir Yakushev
Managing Partner
CANNERY ROW COMPANY
MARRIOTT INTERNATIONAL
MELI HOTELS
INTERNATIONAL
Paul Denis Griffiths

CEO
Raimund Hosch
President & CEO
HYATT HOTELS CORPORATION SHANGRI-LA

INTERNATIONAL HOTEL
Mark S Hoplamazian
MANAGEMENT
President and CEO
Giorgio Boscolo
CEO
DEPARTMENT OF TOURISM &

COMMERCE MARKETING,
GOVERNMENT OF DUBAI
Arne M Sorenson
President & CEO
DUBAI AIRPORTS
INTERNATIONAL
MESSE BERLIN GMBH
Jiwei Xu
Chairman
Min Fan
CEO
JW Marriott, Jr
Chairman & CEO
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BOSCOLO GROUP
JUMEIRAH GROUP
Gerald Lawless
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LOTTE
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Sizakele Mzimela
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SPENCER STUART
Jerry Noonan
Co-leader, Global Hospitality &
Leisure Practice
STARWOOD HOTELS &

RESORTS WORLDWIDE, INC
Frits D van Paasschen
President & CEO
TAJ HOTELS RESORTS &

PALACES
Raymond Bickson
Managing Director & CEO
TAP PORTUGAL
Fernando Pinto
CEO
TRANSAERO AIRLINES
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Mario Ferreira
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Jonathan S Linen
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ANDR JORDAN GROUP

Andr Jordan
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FT MOORE P/L
Sir Frank Moore, AO

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Frank Olsen
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Knightsbridge
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UNIVERSAL MEDIA
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Non-Executive Chairman
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LTD
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The Authority on World Travel & Tourism

WTTC Travel & Tourism Economic Impact 2012

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USE OF MATERIAL IS AUTHORISED, PROVIDED SOURCE IS ACKNOWLEDGED

GDP: DIRECT CONTRIBUTION

GDP: TOTAL CONTRIBUTION

EMPLOYMENT: DIRECT CONTRIBUTION

EMPLOYMENT: TOTAL CONTRIBUTION

WORLD RANKING (OUT OF 181 COUNTRIES):

Contribution to GDP in 2011

Breakdown of Travel & Tourism's Total

= Total contribution of Travel & Tourism

Defining the economic

WTTC Travel & Tourism Economic Impact 2012

Travel & Tourism's

GREECE: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO GDP

% of whole economy GDP

Constant 2011 EURbn

All values are in constant 2011 prices & exchange rates

Travel & Tourism's

GREECE: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

% of whole economy employment

WTTC Travel & Tourism Economic Impact 2012

Visitor Exports and Investment

GREECE: VISITOR EXPORTS AND INTERNATIONAL TOURIST ARRIVALS

Foreign visitor exports as % of total exports

Foreign tourist arrivals (RHS)

Foreign visitor exports (LHS)

% of whole economy GDP

Constant 2011 EURbn

All values are in constant 2011 prices & exchange rates

Leisure travel spending (inbound and domestic)

Business vs Leisure, 2011

Leisure travel spending is expected to fall by 1.1%

Business travel spending is expected to fall by

Domestic travel spending generated 44.1% of

Foreign visitor spending

Domestic travel spending is expected to fall by

Visitor exports are expected to grow by 0.9% in

The total contribution of Travel & Tourism to

Indirect is the sum of:

The Travel & Tourism industry contributes to GDP

All values are in constant 2011 prices & exchange rates

WTTC Travel & Tourism Economic Impact 2012

Travel & Tourism's Total

Travel & Tourism's Direct

Travel & Tourism's Total

Travel & Tourism

Travel & Tourism's Total

Travel & Tourism's Direct

Travel & Tourism's Total

Travel & Tourism Investment

WTTC Travel & Tourism Economic Impact 2012

Travel & Tourism's Direct

Travel & Tourism's Total

Travel & Tourism's Direct

Travel & Tourism's Total

Travel & Tourism

WTTC Travel & Tourism Economic Impact 2012

Travel & Tourism's Direct

Travel & Tourism's Total

Travel & Tourism's Direct

Travel & Tourism's Total