PH Travel & Tourism Contributes Highest in GDP 2018

As recently reported by the World Travel & Tourism Council, the Travel & Tourism sector had the highest contribution to the Philippines’ Gross Domestic Product or GDP last 2018.

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North Batan Island, Batanes

After comparing the impact of Travel & Tourism against the other economic sectors namely Agriculture, Mining, Health, Automotive Manufacturing, Retail, Financial Services, and Banking and Construction, the benchmarking results of WTTC revealed that it makes up as much as a quarter of the country’s total GDP last year.

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Cloud 9, Siargao

Through its 24.7 percent contribution amounting to at least USD82 billion, it was able to stay ahead of the Financial Services sector (15.4 percent), as well as Agriculture and Retail whose contributions both peak at 14.8 percent.

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Hapao Rice Terraces, Banaue

In terms of employment, though Agriculture amounts to a higher contribution at 31.1 percent, Travel & Tourism still aid largely with a percentage of 26.4.

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Hinagdanan Cave, Bohol

This exemplary contribution of Travel & Tourism is not solely limited to the Philippines, because speaking globally, it accounts for 10.4 percent of the total GDP, rendering it ahead of Agriculture (7.7 percent), Banking (7.1 percent), Automotive Manufacturing (6.8 percent), and Mining (6.0 percent).

Additionally, it was considered as the fastest growing sector in 2018.

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Boracay Island

The World Travel & Tourism Council is comprised of over 170 people taking the highest positions in the world’s foremost Travel & Tourism companies.

 

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Source: World Travel & Tourism Council