{"id":124948,"date":"2015-02-02T00:00:00","date_gmt":"2015-02-01T22:00:00","guid":{"rendered":"https:\/\/rhn.ro\/travel-and-tourism-industry-contributes-9-5-to-global-gdp\/"},"modified":"2026-03-28T23:20:45","modified_gmt":"2026-03-28T21:20:45","slug":"travel-and-tourism-industry-contributes-9-5-to-global-gdp","status":"publish","type":"post","link":"https:\/\/rhn.ro\/en\/travel-and-tourism-industry-contributes-9-5-to-global-gdp\/","title":{"rendered":"Travel and Tourism Industry Contributes 9.5% to Global GDP"},"content":{"rendered":"

The Travel and Tourism Industry Contributes 9.5% to Global GDP<\/p>\n

According to an EY study: Global hospitality insights: Top thoughts for 2015, the travel and tourism industry contributes 9.5% to global GDP, while in Romania, this contribution stands at 5.1% of GDP.<\/div>\n
<\/div>\n
The global hotel industry is experiencing a wave of development, innovation, and increased demand, positioning itself excellently for new gains during 2015. As fresh capital infusions from new geographic areas increase the number of players in this industry, a favorable context for acquisitions is created, according to the EY study.<\/div>\n
<\/div>\n
Currently, the travel and tourism industry provides 266 million jobs globally and contributes 9.5% to global GDP. <\/div>\n
<\/div>\n
Last year, in Romania, tourism had a total contribution of 33.1 billion RON to Romania’s GDP, representing 5.1% of GDP, according to the report by the World Travel & Tourism Council (WTTC).<\/div>\n
<\/div>\n
WTTC estimated a 5.4% increase in the total contribution of tourism to GDP in 2014, followed by an average growth rate of 3.8% per year until 2024, reaching 50.8 billion RON.<\/div>\n
<\/div>\n
With an estimated growth of 3.9% in 2015, the travel and tourism industry will become one of the significant growth engines at local, regional, and global levels.<\/div>\n
<\/div>\n
This year, a significant number of new hotel units will be opened, and the process of ownership changes for existing attractive properties will continue. Overall, the industry currently plans a tranche of approximately 1.3 million new accommodation places.<\/div>\n
<\/div>\n
Globally, transactions recorded a year-on-year increase of 8% up to the third quarter of 2014.<\/div>\n
<\/div>\n
\u201cLess is more\u201d is the approach demanded by Generation Y (\u201cmillennials\u201d) regarding the hospitality industry as well. In 2015, the \u201cmillennials\u201d generation will continue to have a significant influence on how the hotel industry develops its offerings and the types of services hoteliers will propose to their clients.<\/div>\n
<\/div>\n
To respond to these changing demands, hoteliers are looking to provide innovative alternative offers to complement traditional ones.<\/div>\n
<\/div>\n
Elena Badea, Marketing Director at EY Romania, stated that tourists from Generation Y and those who have adopted their behavior do not seek the experiences or hotels preferred by their parents; instead, they are very attentive to the costs they incur. From this perspective, Romania can be an attractive destination for tourists seeking authentic experiences in the midst of traditional communities. <\/div>\n
<\/div>\n
For these tourists, the lack of infrastructure is no longer an impediment but, on the contrary, an attraction, as they seek destinations isolated from the daily bustle of urban areas. However, these tourists are also the most connected to digital information sources, and an important aspect will be the ability of Romanian tourism service providers to have a strong online presence. <\/div>\n

Source: Daily Business<\/a><\/p>\n

Frequently Asked Questions<\/h3>\n

What is the global economic impact of tourism?<\/strong><\/p>\n

The travel and tourism industry contributes 9.5% to global GDP and supports over 266 million jobs worldwide.<\/p>\n

How does Romania compare in terms of tourism’s contribution to GDP?<\/strong><\/p>\n

In Romania, tourism accounts for 5.1% of GDP, valued at approximately 33.1 billion RON, with annual growth prospects of 3.8% through 2024.<\/p>\n

How are Millennials influencing the hospitality industry?<\/strong><\/p>\n

Generation Y travelers seek authentic experiences and optimized costs, preferring isolated destinations and services that offer a strong digital presence.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Travel and Tourism Industry Contributes 9.5% to Global GDP According to an EY study: Global hospitality insights: Top thoughts for 2015, the travel and tourism industry contributes 9.5% to global GDP, while in Romania, this contribution stands at 5.1% of GDP. The global hotel industry is experiencing a wave of development, innovation, and increased…<\/p>\n","protected":false},"author":0,"featured_media":65273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2858],"tags":[],"thb-sponsors":[],"class_list":["post-124948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism"],"article_style_override":"","post-style":"","post_via":"","post-top-image":"https:\/\/rhn.ro\/wp-content\/uploads\/2019\/11\/turism-2.jpg","_links":{"self":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/124948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/comments?post=124948"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/124948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/65273"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=124948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=124948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=124948"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=124948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}