The World Travel & Tourism Council (WTTC) has released its Economic Impact Research (EIR) 2023, and the data collected points to a strong recovery in the tourism sector, which is gradually approaching pre-pandemic levels.
The forecasts for 2023 indicate that the European tourism industry will not only reach 98% of its peak in 2019 but will also create over 687,000 jobs this year. It can therefore be said that the travel and tourism sector is recovering what was lost during the years of the health crisis, both in terms of revenue and employment.
In more detail, this year the sector is expected to contribute €1.44 billion to the European economy, approaching the pre-pandemic peak of €1.47 billion in 2019. As for employment, the ongoing recovery will result in the restoration of nearly 90% of the jobs lost due to the COVID-19 pandemic. The data suggests the creation of over 687,000 jobs in 2023, with a total of over 22.4 million people employed in the travel and tourism sector, accounting for one in nine workers across the European Union.
Positive trends since 2022
This strong recovery began last year when the contribution of the travel and tourism sector to the GDP grew by 40.5%, reaching over €1.37 billion (8.7% of the economy), approaching the 9.6% recorded in 2019. In 2022, positive signs were also observed in employment, with the creation of an additional 2 million jobs compared to the previous year, totaling 21.8 million jobs (one in ten workers in the EU). This means that 3.1 million jobs out of the 3.6 million lost during the pandemic have been recovered.
2022 also marked the return of international travelers to Europe, with their spending reaching almost €385 billion (an 81% increase compared to the previous year). On the other hand, domestic visitor spending already surpassed the pre-pandemic peak (€809 billion) in 2022, reaching €814 billion.
Outlook for the next decade
“Travel and tourism are key sectors for economic growth and job creation in the EU, given their importance in many countries such as Germany, Italy, Spain, and France,” commented Julia Simpson, President and CEO of WTTC, who also looks to the future with great attention. According to the global tourism organization, by 2033, the sector will increase its contribution to the GDP to nearly €1.9 billion, more than 10% of the EU economy, and will employ over 26.3 million people across the region, with one in eight EU residents working in the sector.
