Tourism in Russia contributes more to GDP than automotive manufacturing
The travel and tourism industry in Russia is bigger than the size of automotive manufacturing industry and directly supports almost as many jobs as the financial sector. This is according to new research from the World Travel&Tourism Council (WTTC) sponsored by American Express and TUI AG, released today during a speech at the “Moscow International Travel Forum” in Russia by David Scowsill, President&CEO of WTTC.
The research, undertaken by Oxford Economics, shows that travel and tourism’s total contribution to GDP in Russia was RUB3.4 trillion (USUS$106 billion) in 2011, or 5.9% of total GDP, which is larger than the GDP of automotive manufacturing and chemical manufacturing. This compares to 4.8% for automotive manufacturing, 2.9% communications services, and 3.3% for chemicals.
Supporting 4 million direct, indirect, and induced jobs, travel and tourism in Russia generates more employment than the chemical industry and nearly as many jobs as the financial services sector.
The new research also showed that travel and tourism’s contribution to GDP is growing faster than most other sectors in Russia. It will grow by an average of 4% per annum over the next 10 years, a faster growth rate than the total economy.
It also highlights that travel and tourism is a significant source of export revenue for Russia.
In 2011, visitor exports totaled RUB517.2 billion (USUS$16 billion). This was 30% of all service exports and 3% of all exports including goods and services.
The research, undertaken by Oxford Economics, shows that travel and tourism’s total contribution to GDP in Russia was RUB3.4 trillion (USUS$106 billion) in 2011, or 5.9% of total GDP, which is larger than the GDP of automotive manufacturing and chemical manufacturing. This compares to 4.8% for automotive manufacturing, 2.9% communications services, and 3.3% for chemicals.
Supporting 4 million direct, indirect, and induced jobs, travel and tourism in Russia generates more employment than the chemical industry and nearly as many jobs as the financial services sector.
The new research also showed that travel and tourism’s contribution to GDP is growing faster than most other sectors in Russia. It will grow by an average of 4% per annum over the next 10 years, a faster growth rate than the total economy.
It also highlights that travel and tourism is a significant source of export revenue for Russia.
In 2011, visitor exports totaled RUB517.2 billion (USUS$16 billion). This was 30% of all service exports and 3% of all exports including goods and services.