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Travel and tourism in Europe generates more income than automotive manufacturing, chemicals manufacturing, banking, agriculture and mining, new research reveals.
The sector made a contribution of €1.8 trillion in 2014, according to the study by the World Travel & Tourism Council.
Travel and tourism’s contribution to Europe’s GDP, including its indirect and induced impacts, accounted for 9.2% of the continent’s GDP, making it the fourth largest sector of eight studied in the WTTC Benchmarking Europe Report.
The report compares travel and tourism to other sectors, which are considered to have similar breadth and global presence, across 26 countries.
It shows that the sector also sustained 9% of total employment in Europe last year, exceeding that of the financial services, banking, automotive manufacturing, chemicals manufacturing and mining.
Travel and tourism supported a total of 35 million jobs.
WTTC president and chief executive, David Scowsill, said: “This research demonstrates the huge importance of travel and tourism as an economic generator in Europe.
“Not only does the sector account for 9.2% of GDP, but it also supports one in 11 jobs in Europe.
“With the growth of the European economy, it is critical that governments and private companies step up together to ensure that the sector is able to build the infrastructure capacity to meet the future forecast volume of people.”
He added: “Travel and tourism is the second-fastest growing sector in Europe in terms of direct GDP after banking.
“Forecast to grow at 2.8% per annum over the next 10 years, the sector’s growth will outpace the global economy, which is estimated to increase by 1.9% per annum over the next decade.”