Germany’s Travel & Tourism Sector Poised to Rebound to 95% Pre-pandemic Levels, Report Says - SchengenVisaInfo.com
Germany's Travel and Tourism industry is experiencing a notable rebound, attaining approximately 95 percent of its pre-COVID levels, as stated in the World Travel and Tourism Council's Economic Impact Research 2023 (EIR).
According to SchengenVisaInfo.com, the study has also shown that the industry's significance in stimulating economic progress and creating job prospects is emphasized by its €355 billion contribution to the country's economy, which accounts for 9.3 percent of the total economy.
According to a statement released by the WTTC, the Travel & Tourism industry experienced a significant increase in its GDP contribution last year, soaring by 43.4 percent to surpass the €338BN mark. This accounts for 8.8 percent of the overall economy and gets us closer to the previous peak of €374BN achieved in 2019.
In that very year, the industry had a crucial role in generating employment opportunities, contributing approximately 550,000 additional jobs compared to the prior year. This resulted in a combined national workforce of 5.4 million positions.
According to the study, the Travel and Tourism industry in Germany now accounts for one-eighth of all jobs. Furthermore, it's remarkable how more than half of the one million positions that were lost due to the pandemic have been successfully recovered, highlighting the industry's impressive comeback.
Additional data from WTTC indicate that Germany experienced a notable resurgence in international tourists last year. Furthermore, there was a significant boost in spending by visitors from abroad, with a remarkable increase of 61 percent, totaling an impressive €31 billion.
The organization also disclosed that the amount of money spent by people from within the country is nearly the same as it was before the pandemic, reaching €304.4 billion, just a short distance away from the previous level of €307.8 billion. This demonstrates a significant rise of 49 percent compared to the previous year.
Julia Simpson, the President and CEO of WTTC, stated that the travel and tourism industry in Germany is experiencing a robust resurgence. This sector is expected to make a significant impact on the German economy, with a contribution of €355 billion. Additionally, it will play a vital role in providing employment, accounting for one out of every eight jobs throughout the country.
As per Simpson's analysis, Germany is expected to maintain its position as the fifth most sought-after vacation spot in Europe for the next decade. In addition, she pointed out that this prediction highlights the enduring allure of the country as a beloved place to visit.
According to the 2022 report from WTTC, it was projected that Germany's Travel and Tourism industry would surpass its performance levels before the pandemic by approximately 2.5 percent this year, surpassing the numbers seen in 2019. Additionally, the report suggests that the Travel and Tourism sector could contribute more than €364 billion to the country's GDP by 2023.
