Caribbean Travel & Tourism is expected to generate close to US $57 billion in 2008 rising to US $100.5 billion over the next ten years, according to the latest Tourism Satellite Accounting (TSA) research launched today by the World Travel & Tourism Council (WTTC) and its strategic partner Accenture.
Overall the TSA results reveal moderate growth for Travel & Tourism Demand in the Caribbean in 2008, growing at 2.3% Long-term forecasts point to a stable phase of growth between 2009 and 2018 with the rate of growth averaging 3.2% per annum.
Among the largest economies, Puerto Rico leads with Travel & Tourism Demand accounting for US $10.8 billion, followed by Dominican Republic
However, these forecasts are falling below the 2008 world average of 3%, which itself has fallen as a result of the global economic downturn. The long-term forecasts points to a mature but steady phase of growth for world Travel & Tourism between 2009 and 2018, averaging a growth rate of 4.4% per annum.
In comparison to the other 12 regions that the TSA research covers, the Caribbean is the most dependent region on Travel & Tourism in terms of its contribution to the national economy; its GDP in 2008 is expected at 14.8% and export earnings from international visitors and tourism goods are expected to generate 18.2% of total exports. It also contributes to 12.9% of the region’s employment in 2008, approximately 2 million jobs.
Considering these forecasts, WTTC President Jean-Claude Baumgarten explained, “The global economic downturn is having a considerable impact on mature Travel & Tourism economies. With new emerging markets growing rapidly and undertaking massive tourism-related investment programmmes, the Caribbean must focus on its long-term development in order to keep up with the competition of these new tourism destinations.”
On national basis, Trinidad & Tobago will experience the highest level of growth in 2008 at 8.4%, followed by Saint Kitts and Nevis at 5.6% and Saint Lucia at 5.1%.
Among the largest economies, Puerto Rico leads with Travel & Tourism Demand accounting for US $10.8 billion, followed by Dominican Republic.
With a shared annual growth rate of 4.9% Martinique and Guadeloupe are expected to grow the fastest by 2018.
To download the full Caribbean TSA report, please go to (Please copy and paste the following link into a new browser)
www.wttc.travel/eng/Research/Tourism_Satellite_Accounting/TSA_Regional_Reports/Caribbean/; WTTC research covers 176 countries, 13 regions and the world
About WTTC
WTTC is the forum for business leaders in the Travel & Tourism industry. With Chairmen and Chief Executives of one hundred of the world’s leading Travel & Tourism companies as its Members, WTTC has a unique mandate and overview on all matters related to Travel & Tourism.
WTTC works to raise awareness of Travel & Tourism as one of the world’s largest industries, employing approximately 238 million people and generating nearly 10 per cent of world GDP.
For further information please contact Louise Oram at WTTC on +44-20-7481-8007 or email louise@wttc.travel