ME Travel Sector’s Contribution to GDP Plummets 51 Percent In 2020
- Date: 08-Jul-2021
- Source: Al Bawaba
- Sector:Tourism
- Country:Saudi Arabia
ME Travel Sector’s Contribution to GDP Plummets 51 Percent In 2020
While domestic spending declined by 42.8%, international receipts saw a much steeper fall of 70.3%, added the new annual Economic Trends Report from WTTC.
The region, which was highly reliant on international tourism in 2019, saw international spending as a share of total Travel & Tourism spending decline from 62% of the total in 2019 to 46% in 2020.
Meanwhile, domestic spending grew in share, from 38% of the total in 2019 to 54% in 2020. In 2020, travel & tourism employment fell by 17.4%, equating to 1.2 million jobs. In Saudi Arabia, employment decreased by 10.1%, while the drop in the Kingdom's domestic travel spending was 30.9%.
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