The World Travel and Tourism Council’s recent Economic Impact (EIR) has revealed that Germany’s Travel and Tourism sector over the next year will surpass the pre-pandemic levels by almost 2.5 per cent above the 2019 levels.
The World Travel and Tourism Council (WTTC) forecast has also shown that the sector’s contribution to GDP could reach more than €364 billion by 2023 as well, SchengenVisaInfo.com reports.
According to the report, between 2022 and 2023, the GDP of Travel and Tourism is expected to grow at an average annual rate of 1.3 per cent per year, which means a growth rate of 1.1 per cent for the country’s economy, thus reaching more than €394 billion or 9.7 per cent of the total economy.
The forecast also reveals that the Travel and Tourism sector is expected to create almost half a million jobs in the next ten years, averaging more than 47,000 each year.
Meanwhile, the sector’s contribution to GDP by the end of this year is expected to increase by 52.4 per cent to more than €347 billion, reaching 9.6 per cent of total economic GDP. Moreover, in terms of employment in this sector it is expected to increase by 6.9 per cent to reach 5.5 million jobs.
WTTC President and CEO Julia Simpson said the COVID-19 pandemic has severely affected Germany’s Travel and Tourism sector, millions of livelihoods and the national economy.
“However, our data provide a positive outlook that will provide a massive boost to businesses across Germany as the sector finally begins to recover from the pandemic”, she also pointed out in this regard.
Before the pandemic started, the contribution of Germany’s Travel and Tourism sector to GDP was 9.8 per cent or €355.3 billion, dropping to 2020 at only 6.3 per cent or €217.2 billion, representing a staggering loss of 38.9 per cent.
The sector also supported nearly 5.9 million jobs, ahead of an almost complete ban on international travel that resulted in a decline of almost 800,000 or 13.5 per cent, to reach just over five million by 2020.
According to the latest WTTC EIR report, 2021 saw the start of the recovery for the country’s Travel and Tourism sector.
In 2021, its contribution to GDP increased by five per cent year on year, reaching 228 billion euros. Job recovery was slower, with less than 15,000 jobs created in Travel and Tourism, reaching nearly 5.1 million.
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