News Article | World Travel & Tourism Council (WTTC)
News Article World Travel & Tourism Council
sdgtalks
Sector to surpass 2019 GDP contribution by the end of 2023
London, UK: The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals the Portuguese Travel & Tourism sector is projected to exceed the 2019 peak this year.
Sustainable Development Goals (SDGs)
- No Poverty
- Decent Work and Economic Growth
- Industry, Innovation, and Infrastructure
- Sustainable Cities and Communities
- Responsible Consumption and Production
- Climate Action
- Life Below Water
- Life on Land
- Partnerships for the Goals
Key Findings:
- The Portuguese Travel & Tourism sector is projected to contribute €40.4 billion to the economy by the end of 2023, surpassing the pre-pandemic high of €40.1 billion in 2019.
- The sector is expected to create around 30,000 jobs this year, reaching a total of 950,000 employed by Travel & Tourism.
A look back on last year
- In 2022, the Travel & Tourism sector’s GDP contribution grew 61.6% to nearly €38 billion, representing 15.8% of the Portuguese economy.
- The sector created 83,000 more jobs compared to the previous year, reaching a total of 921,000 jobs nationally.
- The sector has now recovered to more than 90% of the pre-pandemic level of jobs.
International Travel
- Last year saw the return of international travelers heading to Portugal, with Spain (16%), France (12%), UK (11%), and Germany and U.S. (both 8%) leading as source markets for international arrivals in Portugal.
- In 2022, international visitor spend contributed €21.7 billion to the national economy, representing a year-on-year growth of 80.4%, and just 7.7% behind 2019 levels.
Julia Simpson, WTTC President & CEO, said: “The Travel & Tourism sector in Portugal is recovering strongly with high visitor demand. The future for the sector is very optimistic. By the end of this year, the sector’s contribution will surpass 2019 levels, and over the next decade, growth will outstrip the national GDP and create 248,000 new jobs over the decade, representing one in four jobs.”
What does the next decade look like?
- The global tourism body forecasts that the sector will grow its GDP contribution to €56.4 billion by 2033, representing more than one fifth (21.1%) of the Portuguese economy.
- Over the next decade, Travel & Tourism could employ more than 1.2 million people across the country, with one in four people working in the sector.
Europe
- In 2022, the European Travel & Tourism sector contributed €1.9 trillion to the regional economy, just 7% below the 2019 peak. WTTC forecasts the regional sector’s GDP contribution will reach €2.04 trillion in 2023 and be within touching distance of the 2019 highpoint.
- The sector employed 34.7 million people across the region in 2022, an increase of 2.9 million from the previous year, but still 3.2 million behind the 2019 peak. WTTC forecasts the sector will fully recover the jobs lost during the pandemic by the end of 2024.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries | – GDP contribution of the Portuguese Travel & Tourism sector reaching €40.4 billion by the end of 2023, surpassing the 2019 pre-pandemic high of €40.1 billion – Travel & Tourism jobs reaching 950,000 by this year |
| SDG 8: Decent Work and Economic Growth | 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value-added and labor-intensive sectors | – Contribution of the Portuguese Travel & Tourism sector to the national economy growing by 61.6% to reach nearly €38 billion in 2022, representing 15.8% of the Portuguese economy – Recovery of the sector to more than 90% of the pre-pandemic level of jobs |
| SDG 8: Decent Work and Economic Growth | 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises (MSMEs) | – Creation of 83,000 more jobs in the Travel & Tourism sector in Portugal from the previous year, reaching 921,000 jobs nationally in 2022 |
| SDG 8: Decent Work and Economic Growth | 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value | – Forecast of the sector employing more than 1.2 million people across Portugal over the next decade, with one in four people working in the sector |
| SDG 8: Decent Work and Economic Growth | 8.9: By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products | – Forecast of the Portuguese Travel & Tourism sector growing its GDP contribution to €56.4 billion by 2033, representing more than one fifth (21.1%) of the Portuguese economy |
| SDG 8: Decent Work and Economic Growth | 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all | N/A |
| SDG 8: Decent Work and Economic Growth | 8.a: Increase Aid for Trade support for developing countries, particularly least developed countries, including through the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Developed Countries | N/A |
| SDG 8: Decent Work and Economic Growth | 8.b: By 2020, develop and operationalize a global strategy for youth employment and implement the Global Jobs Pact of the International Labour Organization | N/A |
| SDG 8: Decent Work and Economic Growth | 8.c: By 2030, substantially reduce the proportion of youth not in employment, education, or training | N/A |
| SDG 12: Responsible Consumption and Production | 12.2: By 2030, achieve the sustainable management and efficient use of natural resources | – Recovery of international visitor spend in Portugal to contribute €21.7 billion to the national economy in 2022, representing a year-on-year growth of 80.4%, and just 7.7% behind 2019 levels |
| SDG 12: Responsible Consumption and Production | 12.8: By 2030, ensure that people everywhere have the relevant information and awareness for sustainable development and lifestyles in harmony with nature | N/A |
| SDG 12: Responsible Consumption and Production | 12.b: Develop and implement tools to monitor sustainable development impacts for sustainable tourism that creates jobs and promotes local culture and products | N/A |
1. Which SDGs are addressed or connected to the issues highlighted in the article?
SDG 8: Decent Work and Economic Growth
The article primarily addresses SDG 8, as it discusses the projected growth and recovery of the Portuguese Travel & Tourism sector, its contribution to the national economy, and the creation of jobs in the sector.
SDG 12: Responsible Consumption and Production
The article also touches upon SDG 12, as it mentions the recovery of international visitor spend in Portugal and its contribution to the national economy.
2. What specific targets under those SDGs can be identified based on the article’s content?
SDG 8: Decent Work and Economic Growth
– Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7% GDP growth per annum in the least developed countries.
– Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value-added and labor-intensive sectors.
– Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises (MSMEs).
– Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
– Target 8.9: By
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: wttc.org
Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.
