Tourism now Mexico’s largest industry sector
A new study by the World Travel & Tourism Council (WTTC) that benchmarks nine sector contributions in terms of GDP and employment to 27 countries, shows that Travel & Tourism in Mexico ranks first for GDP and second in terms of job creation.
In 2016, the total impact of business and leisure travel was USD$166 billion to Mexico’s GDP, which is 16% of the country’s GDP, making Travel & Tourism sector the largest out of the eight sectors studied in the research.
According to the study, Travel & Tourism is nearly four times bigger than mining (USD$46 billion), and contributes significantly more than agriculture (USD$59 billion) and automotive manufacturing (USD$77 billion) combined.
In addition, tourism for business and leisure purposes is the second largest provider of jobs out of the eight sector, according to this research. Travel & Tourism supported a total of 8.7 million direct, indirect, and induced jobs in Mexico in 2016, which is nearly 17% of all jobs in the country.
Catalyst for economic growth
David Scowsill, WTTC’s president & CEO, said: “Mexico is a great example of where Travel & Tourism is recognised as one of the key catalysts of economic growth and job creation, enhancing livelihoods and boosting communities.
“Travel & Tourism GDP is expected to grow at an annual average of 2.9% over the next decade, which is 0.5 percentage points ahead of the total economy, and significantly higher than six of the other sectors, including agriculture (1.9%) and mining (2.0%).
“Sector growth is stimulated by the commitment of the Mexican government, which has prioritised Travel & Tourism for many years now. There is even further scope for growth as Mexico continues to expand the country’s tourism infrastructure, connectivity and sustainable practices. I am looking forward to see how far the country’s Travel & Tourism sector can further grow in a sustainable manner.”
To view the full report, click here.