CYPRUS is currently the 71st largest travel and tourism economy, the 25th most tourism-intense country and 78th in growth forecast, according to a report by the World Travel and Tourism Council (WTTC), which surveys 174 countries.
Demand, encompassing all components of consumption, investment, government spending and exports, is expected to generate US$5.445 million of economic activity in 2006, growing to US$10.615 million by 2016.
Total Demand is expected to grow by 5.9 per cent in 2006 and by 4.7 per cent per annum, in real terms, between 2007 and 2016.
Visitor exports are expected to generate 34.6 per cent of total exports (US$2.920 million) in 2006, while the Cyprus travel and tourism industry is expected to contribute 10.7 per cent to Gross Domestic Product (GDP) in 2006 (US$1.844 million).
Travel and tourism economy employment is estimated at 57,000 jobs in 2006, 29.7 per cent of total employment. By 2016, this should total 123,000 jobs and 31 per cent of total employment.
The WTTC recently launched its 2006 forecasts of travel and tourism’s economic performance for 174 countries.
As travel and tourism continues to grow as one of the world’s highest priority industries and employers, WTTC, in partnership with Oxford Economic Forecasting and its global sponsor Accenture, produces annually detailed Tourism Satellite Accounting reports.
The research is based on the UN standard for Satellite Accounting, quantifies the wide-ranging economic impact of travel and tourism and provides solid, credible and professional statistical information that can assist in informing government policy and business decision processes.
WTTC works to raise awareness of travel and tourism as one of the world’s largest industries, employing approximately 230 million people, and generating over 10 per cent of world GDP.
President of the organisation, Jean-Claude Baumgarten said: “We are witnessing the power, speed and vitality of travel and tourism and how they can bring economic opportunity and jobs to people and economies seeking sustainable development.”
Cyprus Tourism Organisation spokesman, Pantelis Ioannides, told the Cyprus Mail: “Obviously, the WTTC is a serious and respected organisation and we will study this report very carefully.
“We would like to point out that tourism is the powerhouse of the Cyprus economy and we will continue to cooperate closely with all our tourism partners towards the implementation of our tourism strategy.”
He added that his organisation was “very happy to see that for the first five months of 2006, there has been an increase in revenue from tourism of four per cent, compared with the same period last year”.
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