The amount of money companies in Western Europe spend on business travel is expected to grow this year and next, according to a new report.
The Global Business Travel Association (GBTA) Foundation, the education arm of GBTA, released the forecast at its annual European conference in Berlin.
The study predicted total spend on air travel, rail, accommodation and ground transportation would expand by 4.9% year on year by the end of 2014, and then 6.6% in 2015.
Total business travel spend in the UK, France, Germany, Italy and Spain is expected to reach €147.1 billion by the end of 2014.
That figure could reach €156.8 billion by the end of next year.
“After experiencing many quarters of decline, Europe appears to be stabilising and starting to bounce back,” said Catherine McGavock, regional director for Europe for GBTA.
“We still face many hurdles, but it appears the tides are gradually changing for economies all over Europe. This will contribute to a strong 2014 and 2015 for business travel throughout the region.”
In the first half of this year the UK, Sweden, and Spain experienced growth, while the economies of Italy, France, and Denmark stalled.
Despite a weak second quarter, the German economy continues to remain one of the most robust in all of Europe.