TRAVEL & TOURISM

ECONOMIC IMPACT
Romania
2010
CHAIRMAN: Tom Klein Jim Compton Deepak Ohri Valdimir Yakushev
Group President Executive Vice President, Marketing Chief Executive Officer Managing Partner
Geoffrey J W Kent Sabre Travel Network & Continental Airlines lebua Hotels & Resorts Co, Ltd S-Group Capital Management
Chairman & CEO Sabre Airline
Abercrombie & Kent Executive Vice President Tony Fernandes Frits D van Paasschen Tim Zagat
Sabre Holdings Group Chief Executive Officer President & CEO Co-Founder, Co-Chair & CEO
AirAsia Starwood Hotels & Resorts Zagat Survey LLC
Gerald Lawless Worldwide Inc
VICE CHAIRMEN: Frank Fiskers
Executive Chairman
Jumeirah Group President & CEO Andy Payne
Edouard Ettedgui Scandic Hotels Managing Director HONORARY MEMBERS:
Group Chief Executive Wilderness Safaris
J W Marriott, Jr André Jordan
Mandarin Oriental Hotel Group Mark P Frissora
Chairman & CEO Chairman
Marriott International, Inc Chairman and CEO Jean Gabriel Pérès
Maurice Flanagan CBE The Hertz Corporation President & CEO André Jordan Group
Executive Vice Chairman Alan Parker CBE Mövenpick Hotels & Resorts
Emirates Airline & Group Jonathan S Linen
Chief Executive Naresh Goyal
Dionísio Pestana Adviser to the Chairman
Whitbread plc Chairman
Michael Frenzel Chairman American Express Company
Jet Airways India Ltd
Chairman of the Executive Board Gilles Pélisson Group Pestana
Lord Marshall of Knightsbridge
TUI AG CEO Arthur de Haast
Chairman
Accor Global Chief Executive Officer Fernando Pinto
Pirelli UK plc
Mark Harms Jones Lang LaSalle Hotels CEO
Chairman & CEO Charles Petruccelli TAP Portugal Sir Frank Moore, AO
Global Leisure Partners LLP President Global Travel Services James Hogan
Chairman
CEO Bob Puccini
American Express Company FT Moore P/L
Stephen P Holmes Etihad Airways CEO
Chairman, President & CEO Christopher Rodrigues CBE The Puccini Group Frank Olson
Wyndham Worldwide Raimund Hosch Retired Chairman of the Board
Chairman
President & CEO David Radcliffe
VisitBritain The Hertz Corporation
Manfredi Lefebvre D’Ovidio Messe Berlin GmbH Chief Executive
Chairman Jeffrey C Rutledge Hogg Robinson Group Gérard Pélisson
Silversea Cruises Miltos Kambourides Co-Chairman, Supervisory Board
Chairman & CEO
Managing Partner Jay Rasulo Accor
Travel Guard Worldwide, Inc
Brett Tollman Dolphin Capital Partners Chairman
President Walt Disney Parks and Resorts Carl Ruderman
Jyotsna Suri
Gary L Kessler Chairman
The Travel Corporation Chairperson & Managing Director
President & CEO Marty Salfen Universal Media
Bharat Hotels Ltd
Carey International Inc General Manager
Global Travel & Tommaso Zanzotto
Jonathan M Tisch
EXECUTIVE COMMITTEE: Dara Khosrowshahi Transportation Industry President
Chairman & CEO
President & CEO IBM TZ Associates Ltd
Loews Hotels
Marilyn Carlson Nelson Expedia Inc
Chairman Per Setterberg
Carlson Sir Nigel Knowles CEO
Joint CEO Global Refund Group CHAIRMAN EMERITUS:
GLOBAL MEMBERS:
Alex Christou DLA Piper
Jasminder Singh James D Robinson III
Managing Partner Talal Al Bahar
Ali Kolaghassi Chairman & CEO General Partner
Accenture Chairman & Managing Director
Vice Chairman & CEO Radisson Edwardian Hotels RRE Ventures
IFA Hotels & Resorts
Saraya Holdings WTTC Chairman (1990-1994)
Jeff Clarke Jeff Smisek
President & CEO Mohammed Al Habbai
RK Krishna Kumar Chairman, President & CEO
Travelport CEO
Vice Chairman Continental Airlines
Dubailand IMMEDIATE PAST CHAIRMAN:
Taj Hotels, Resorts & Palaces
Andrew Cosslett Khalid A bin Sulayem
CEO Ted J Balestreri Vincent A Wolfington
Jabu Mabuza Director General
InterContinental Hotels Chairman & CEO Chairman
CEO Dubai Department of Tourism and
Group PLC Cannery Row Company Global Alliance Advisors LLC
Tsogo Sun Group Commerce Marketing
WTTC Chairman (2004-2007)
Fabio Barbosa
Qiang Duan Luis Maroto Hiromi Tagawa
CEO
Chairman Deputy CEO President & CEO
Grupo Santander Brazil Amadeus IT Group SA
Beijing Tourism Group JTB Corp FORMER CHAIRMEN:
Simón P Barceló Yunxin Mei
Sebastián Escarrer Yassin K Talhouni Sir Ian Prosser
Chairman & CEO President
Vice Chairman & CEO CEO Retired Chairman
Barceló Hotels & Resorts Beijing Tourism Group Zara Investment Holding Co Ltd
Sol Meliá InterContinental Hotels
Raymond Bickson Group PLC
Manuel Fernando Espírito Santo Richard Mortimore Jaume Tàpies
Managing Director WTTC Chairman (2001-2003)
Chairman Managing Director President
Taj Hotels, Resorts and Palaces Reed Travel Exhibitions Relais & Châteaux
Espírito Santo Tourism Harvey Golub
Giorgio Boscolo Non-Executive Chairman
Geoff Muirhead CBE Robin Tauck AIG Inc
Edward P Gilligan CEO Group Chief Executive President WTTC Chairman (1996-2001)
Vice Chairman Boscolo Group The Manchester Airports Group R Tauck & Partners LLC
American Express Company
Robert H Burns
Rattawadee Bualert Hamza Mustafa Matthew D Upchurch
Pansy Ho Chairman
President CEO CEO
Managing Director Robert H Burns Holdings Limited
lebua Hotels & Resorts Co, Ltd Istithmar Hospitality & Real Virtuoso
Shun Tak Holdings Limited WTTC Chairman (1994-1996)
Estate Business
Gabriele Burgio Michel Vauclair
Hubert Joly President & CEO Christopher J Nassetta Senior Vice President
President & CEO NH Hoteles President & CEO Global Asset Management PRESIDENT & CEO:
Carlson Hilton Worldwide Oxford Properties Group
Chris J Cahill Jean-Claude Baumgarten
Richard R Kelley COO Jerry Noonan Philip Wolf
Chairman Fairmont Raffles Hotels Consultant President & CEO
Outrigger Enterprises Group International Spencer Stuart PhoCusWright, Inc 9 February 2010
THE WORLD TRAVEL & TOURISM COUNCIL (WTTC), WHICH
IS THE BUSINESS LEADERS’ FORUM FOR TRAVEL & TOURISM,
HAS SPENT 20 YEARS DEVELOPING ITS ECONOMIC IMPACT
RESEARCH FOR THE BENEFIT OF TRAVEL & TOURISM DECISION-
MAKERS – WHETHER IN THE PRIVATE OR PUBLIC SECTOR.
THIS COMPREHENSIVE RESEARCH USES THE FRAMEWORK OF
TOURISM SATELLITE ACCOUNTS.

Since full Tourism Satellite Accounts (TSAs) take considerable time and resources to develop,
WTTC produces simulated TSAs on an annual basis, covering 181 countries, in order to provide
reliable and comparable information to assess Travel & Tourism’s current and likely future
contribution to economic activity and employment. Timeliness is one of the main strengths of
our research. In the critical post-crisis recovery phase currently underway, it can inform and help
drive urgent policy-making and investment decisions.

Our 2010 research, again produced in co-operation with Oxford Economics, assesses the economic impact of
Travel & Tourism for the 181 countries, as well as for the world overall. It measures spending on Travel & Tourism
by households, businesses, governments, overnight and same-day visitors, in order to capture fully the economic
contribution of both domestic and international tourism, thereby quantifying Travel & Tourism’s contribution to
gross domestic product (GDP) and employment.
In line with the trend in other sectors in 2009, Travel & Tourism activity was hit hard by the credit and housing
market collapses experienced in many countries, with households cutting back on leisure travel and corporations
reducing business travel budgets.The impact on Travel & Tourism investment was also significant.Yet even though
Travel & Tourism activity was so depressed, it still employed over 235 million people across the world last year,
generating 9.4% of global GDP.
Although there are signs that the global economy has moved into a recovery phase, we are expecting the pick-up
in developed economies – a key source of Travel & Tourism Demand in the short term – to be gradual, with both
corporations and households continuing to reconsider travel plans and to limit expenditure.
Nevertheless, despite the current blip in growth trends, our research confirms that prospects for the longer term
remain positive. Over the next ten years, Travel & Tourism will continue to grow in importance as one of the
world’s highest-priority sectors and employers.
Emerging economies will of course be the main engines of our forecast growth, both in terms of domestic and
international Travel & Tourism. But an increasing focus on leisure in developed economies should stimulate
travel demand, even in mature markets, boosted by industry innovation in creating new sustainable products and
services.
In anticipation of these better times ahead, we are delighted to present you with the 2010 Executive Summary
of WTTC’s Travel & Tourism: Economic Impact.

Jean-Claude Baumgarten Geoffrey J W Kent

President & CEO Chairman, World Travel & Tourism Council and
World Travel & Tourism Council Chairman & CEO, Abercrombie & Kent
1
 CONTENTS
THE ECONOMIC IMPACT OF TRAVEL & TOURISM

Key Facts at a Glance 3

Summary Economic Impact and Real Growth 4

Summary Tables 6

Concepts & Structure 7

Travel & Tourism Satellite Account

Gross Domestic Product 8

Employment 9

Satellite Account Tables 10

Ranking and Range 12

General Macroeconomic Indicators 12

USE OF MATERIAL IS AUTHORISED, PROVIDED SOURCE IS ACKNOWLEDGED

1-2 Queen Victoria Terrace, Sovereign Court, London E1W 3HA, UK

2 Tel: +44 (0) 20 7481 8007. Fax: +44 (0) 20 7488 1008. Email: enquiries@wttc.org. www.wttc.org
 ROMANIA
KEY FACTS AT A GLANCE
2010 TRAVEL & TOURISM ECONOMIC RESEARCH
2010 10-year
trend
Gross Domestic Product (GDP)
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is
5.1% expected to rise from 5.1% (RON25.9bn or US$9,005.9mn) in 2010 to 6.4%
(RON78.8bn or US$22,825.7mn) by 2020.

Growth
Real GDP growth for the Travel & Tourism Economy is expected to be -5.4% in
-5.4% 2010 and to average 7.3% per annum over the coming 10 years.

Employment
The contribution of the Travel & Tourism Economy to employment is expected to
6.1% rise from 6.1% of total employment, 519,000 jobs or 1 in every 16.3 jobs in 2010, to
7.7% of total employment, 670,000 jobs, or 1 in every 13.0 jobs by 2020.

Visitor Exports
Export earnings from international visitors are expected to generate 2.4% of total
2.4% exports (RON4.5bn or US$1,570.4mn) in 2010, growing (nominal terms) to
RON16.3bn or US$4,729.4mn (2.6% of total) in 2020.

Investment
Travel & Tourism investment is estimated at RON10.3bn, US$3,577.7mn or 7.4%
7.4% of total investment in 2010. By 2020, this should reach RON38.4bn,
US$11,126.2mn or 7.8% of total investment.
World ranking (out of 181 countries)

59 155 11
ABSOLUTE RELATIVE GROWTH
size contribution to national economy forecast

Ranking in European Union (out of 27 countries)

19 26 1
ABSOLUTE RELATIVE GROWTH
size contribution to national economy forecast

ROMANIA ROMANIA
Travel & Tourism Gross Domestic Product Travel & Tourism Employment
(2000 constant US$mn) ('000 jobs)

7 800

700
6
600
5
500
4
400
3
300
2 200
1 100

0 0
2005 2006 2007 2008 2009 2010 2015 2020 2005 2006 2007 2008 2009 2010 2015 2020

Direct Industry T&T Economy as a whole Direct Industry T&T Economy as a whole

© 2010 World Travel & Tourism Council

1-2 QUEEN VICTORIA TERRACE, SOVEREIGN COURT, LONDON E1W 3HA, UK
TEL: +44 (0) 20 7481 8007 . FAX: +44 (0) 20 7488 1008 . enquiries@wttc.org . www.wttc.org

3
 ECONOMIC IMPACT
IN 2010 ROMANIA'S TRAVEL & TOURISM IS EXPECTED TO GENERATE
RON26BN (US$9,006MN) OF ECONOMIC ACTIVITY (GDP). THE INDUSTRY'S
DIRECT IMPACT INCLUDES:

Direct Industry GDP Direct Industry Employment

RON
10 bn
267,000
(US$3,405mn) jobs, representing 3.2%
equivalent to 1.9% of total GDP of total employment

HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE

ECONOMY, ITS REAL IMPACT IS EVEN GREATER. ROMANIA'S TRAVEL &
TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:

Economy GDP Economy Employment

RON
26 bn
519,000
(US$9,006mn) jobs, representing 6.1%
equivalent to 5.1% of total GDP of total employment

Exports, Services & Merchandise Capital Investment

RON
9 bn RON
10 bn

(US$2,984mn) (US$3,578mn)
equivalent to 4.5% of total exports equivalent to 7.4% of total investment

Government Expenditure

RON
1 bn

(US$511mn)
equivalent to a 4.4% share

4
REAL GROWTH
IN 2010, TRAVEL & TOURISM IN ROMANIA IS FORECAST TO SEE REAL
DECLINE/GROWTH OF:

Direct Industry GDP Direct Industry Employment

-3.5 % -2.1 %

to RON10bn (US$3,405mn) to 267,000 jobs

Economy GDP Economy Employment

-5.4 % -4.7 %
to RON26bn (US$9,006mn) to 519,000 jobs

OVER THE NEXT TEN YEARS, ROMANIA'S TRAVEL & TOURISM IS

EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:

Direct Industry GDP Direct Industry Employment

8.2 % 2.6 %

to RON32bn (US$9,365mn) in 2020 to 346,459 jobs in 2020

Economy GDP Economy Employment

7.3 % 2.6 %
to RON79bn (US$22,826mn) in 2020 to 670,000 jobs in 2020

Demand - Travel & Tourism Visitor Exports - Travel & Tourism

7.1 % 9.2 %

to RON105bn (US$30,453mn) in 2020 to RON16,333bn (US$4,729mn) in 2020

Capital Investment - Travel & Tourism Government Expenditure - Travel & Tourism

9.5 % 3.4 %

to RON38,425bn (US$11,126mn) in 2020 to RON3,092bn (US$895mn) in 2020

5
 SUMMARY TABLES

ESTIMATES AND FORECASTS

2010 2020
ROMANIA RONbn % of total Growth1 RONbn % of total Growth2
Personal Travel & Tourism 12.8 3.8 -6.1 28.8 4.5 4.2
Business Travel 2.2 0.4 -7.1 5.2 0.4 4.8
Government Expenditures 1.5 4.4 -5.3 3.1 4.6 3.4
Capital Investment 10.3 7.4 -7.1 38.4 7.8 9.5
Visitor Exports 4.5 2.4 -5.8 16.3 2.6 9.2
Other Exports 4.1 2.1 1.6 13.2 2.1 8.0
T&T Demand 35.2 5.0 -5.6 105.2 5.7 7.1
Direct Industry GDP 9.8 1.9 -3.5 32.3 2.6 8.2
T&T Economy GDP 25.9 5.1 -5.4 78.8 6.4 7.3
Direct Industry Employment3 267.1 3.2 -2.1 346.5 4.0 2.6
T&T Economy Employment3 518.6 6.1 -4.7 670.1 7.7 2.6
1 2 3
2010 real growth adjusted for inflation (%); 2011-2020 annualised real growth adjusted for inflation (%); '000 jobs

2010 2020
EUROPEAN UNION US$bn % of total Growth1 US$bn % of total Growth2
Personal Travel & Tourism 1,008.5 9.7 0.1 1,478.6 10.3 2.8
Business Travel 225.9 1.3 -3.5 338.9 1.4 3.1
Government Expenditures 130.1 3.3 1.0 169.5 3.4 1.5
Capital Investment 289.8 8.8 -4.8 458.3 9.0 3.5
Visitor Exports 418.2 6.2 -2.0 698.4 5.6 4.1
Other Exports 341.7 5.1 3.4 625.1 5.0 5.3
T&T Demand 2,414.2 9.9 -0.7 3,768.8 10.1 3.4
Direct Industry GDP 610.0 3.4 -1.2 887.6 3.5 2.7
T&T Economy GDP 1,699.0 9.5 -1.3 2,528.0 10.1 2.9
Direct Industry Employment3 8,381.8 3.9 -2.9 9,408.4 4.2 1.2
T&T Economy Employment3 22,211.0 10.3 -3.8 25,042.8 11.1 1.2
1 2 3
2010 real growth adjusted for inflation (%); 2011-2020 annualised real growth adjusted for inflation (%); '000 jobs

2010 2020
WORLDWIDE US$bn % of total Growth1 US$bn % of total Growth2
Personal Travel & Tourism 3,111 8.4 1.6 5,793 8.8 4.1
Business Travel 819 1.3 -1.8 1,589 1.4 4.3
Government Expenditures 436 3.8 2.6 744 4.0 3.1
Capital Investment 1,241 9.2 -1.7 2,757 9.4 5.3
Visitor Exports 1,086 6.1 0.9 2,160 5.2 5.2
Other Exports 850 4.8 5.9 1,908 4.5 6.5
T&T Demand 7,543 9.4 1.1 14,950 9.5 4.7
Direct Industry GDP 1,986 3.2 0.7 3,650 3.2 4.0
T&T Economy GDP 5,751 9.2 0.5 11,151 9.6 4.4
Direct Industry Employment3 81,913 2.8 -0.1 104,740 3.2 2.5
T&T Economy Employment3 235,758 8.1 -0.3 303,019 9.2 2.5
1 2 3
2010 real growth adjusted for inflation (%); 2011-2020 annualised real growth adjusted for inflation (%); '000 jobs

6
CONCEPTS & STRUCTURE
In order to quantify the economic impact of Travel & Tourism, we use the framework of a Tourism Satellite Account
(TSA). Our estimates are based on ‘demand-side’ analysis of Travel & Tourism's impact on economic activity, since
the sector does not produce or supply a homogeneous product or service like traditional industries (agriculture, electronics,
steel, etc).

ROMANIA

Romania's Travel & Tourism Demand in 2010

Travel & Tourism Demand of

RON35.2bn in 2010…

… less imported goods and services Personal T&T - 36.18% Business T&T - 6.16%

(including Travel & Tourism Gov't Expenditures - 4.17% Capital Investment - 29.17%

spending abroad) of RON9.4bn... Visitor Exports - 12.80% Other Exports - 11.52%

ROMANIA

...equals Travel & Tourism Economy Travel & Tourism Economy GDP in 2010

GDP of RON25.9bn...

Direct industry GDP T&T Economy GDP

ROMANIA

...and supports 519,000 jobs Travel & Tourism Employment in 2010

across Romania

Direct industry Employment T&T Economy Employment

7
 GROSS DOMESTIC PRODUCT
Romania's T&T Direct Industry is expected to contribute 1.9% to Gross Domestic Product (GDP) in 2010 (RON9.8bn or
US$3,404.5mn), rising in nominal terms to RON32.3bn or US$9,364.8mn (2.6% of total) by 2020. The T&T Economy
contribution (% of total) should rise from 5.1% (RON25.9bn or US$9,005.9mn) to 6.4% (RON78.8bn or
US$22,825.7mn) in this same period.
TRAVEL & TOURISM SATELLITE ACCOUNT

ROMANIA ROMANIA
Travel & Tourism Gross Domestic Product Travel & Tourism Economy GDP
(2000 constant US$mn) (real growth, %)

4
4 20
COUNTRY

3 15
3 10
2 5
2 0
-5
1
-10
1
-15
0
-20
2005 2006 2007 2008 2009 2010
-25
1990 1995 2000 2005 2010 2015 2020
Direct Industry GDP T&T Economy GDP

EUROPEAN UNION ROMANIA v REGION

Travel & Tourism Gross Domestic Product Travel & Tourism Economy GDP
(2000 constant US$bn) (real growth variance, %)

1,200 20
15
1,000
10
5
REGION

800
0
600 -5
-10
400
-15
200 -20
-25
0 -30
2005 2006 2007 2008 2009 2010 1990 1995 2000 2005 2010 2015 2020

Direct Industry GDP T&T Economy GDP

WORLDWIDE ROMANIA v WORLDWIDE

Travel & Tourism Gross Domestic Product Travel & Tourism Economy GDP
(2000 constant US$bn) (real growth variance, %)

4,500 20
4,000 15
3,500 10
5
3,000
WORLD

0
2,500
-5
2,000
-10
1,500
-15
1,000 -20
500 -25
0 -30
2005 2006 2007 2008 2009 2010 1990 1995 2000 2005 2010 2015 2020

Direct Industry GDP T&T Economy GDP

WTTC League Table Extract 2010 WTTC League Table Extract 10-Yr Real Growth
Travel & Tourism Economy GDP % of total GDP Travel & Tourism Economy GDP Annualised, %
1 21 Croatia 24.8 11 Romania 7.3
2 27 Albania 20.7 26 Slovakia 6.3
3 37 Greece 15.5 43 Croatia 5.9
4 53 Austria 12.5 64 Czech Republic 5.4
5 60 Bulgaria 11.9 77 Albania 5.0
6 70 Czech Republic 10.4 113 Bulgaria 4.4
7 73 Slovakia 9.9 128 Austria 4.1
8 79 Italy 9.4 145 Hungary 3.5
9 116 Hungary 7.4 149 Greece 3.5
10 155 Romania 5.1 170 Italy 2.4

8
EMPLOYMENT
Romania's 267,000 T&T Direct Industry jobs account for 3.2% of total employment in 2010 and are forecast to total
346,000 jobs or 4.0% of the total by 2020.The contribution of the Travel & Tourism Economy to employment is
expected to rise from 6.1% of total employment, 519,000 jobs or 1 in every 16.3 jobs in 2010, to 7.7% of total
employment, 670,000 jobs, or 1 in every 13.0 jobs by 2020.

TRAVEL & TOURISM SATELLITE ACCOUNT

ROMANIA ROMANIA
Travel & Tourism Employment Travel & Tourism Economy Employment
('000 Jobs) (real growth, %)

700 10
8
600
6

COUNTRY
500 4
2
400 0
-2
300
-4
200 -6
-8
100
-10
0 -12
2005 2006 2007 2008 2009 2010 1990 1995 2000 2005 2010 2015 2020

Direct Industry jobs T&T Economy jobs

EUROPEAN UNION ROMANIA v REGION

Travel & Tourism Employment Travel & Tourism Economy Employment
('000 Jobs) (real growth variance, %)

25,000 10

20,000 5

REGION
15,000 0

10,000 -5

5,000 -10

0 -15
2005 2006 2007 2008 2009 2010 1990 1995 2000 2005 2010 2015 2020

Direct Industry jobs T&T Economy jobs

WORLDWIDE ROMANIA v WORLDWIDE

Travel & Tourism Employment Travel & Tourism Economy Employment
('000 Jobs) (real growth variance, %)

300,000 10

250,000
5
200,000
WORLD

0
150,000
-5
100,000

50,000 -10

0
-15
2005 2006 2007 2008 2009 2010
1990 1995 2000 2005 2010 2015 2020

Direct Industry jobs T&T Economy jobs

WTTC League Table Extract 2010 WTTC League Table Extract 10-Yr Real Growth
Travel & Tourism Economy Employment % of total emp Travel & Tourism Economy Employment Annualised, %
20 Croatia 27.3 45 Austria 3.0
30 Greece 18.8 71 Slovakia 2.6
36 Albania 16.7 76 Romania 2.6
48 Austria 13.4 101 Croatia 2.2
62 Italy 10.9 123 Albania 1.8
67 Bulgaria 10.2 129 Greece 1.6
76 Czech Republic 9.8 150 Italy 1.1
85 Slovakia 8.8 162 Czech Republic 0.8
107 Hungary 7.0 173 Hungary -0.4
125 Romania 6.1 178 Bulgaria -1.8

9
 SATELLITE ACCOUNT TABLES
ROMANIA

Travel & Tourism - RONbn 2005 2006 2007 2008 2009E 2010F 2020F
Personal Travel & Tourism 8.6 10.1 11.3 13.5 12.5 12.8 28.8
Business Travel & Tourism 1.3 1.6 2.0 2.4 2.2 2.2 5.2
Corporate 1.2 1.4 1.8 2.2 1.9 2.0 4.8
Government 0.2 0.2 0.2 0.2 0.2 0.2 0.4
Government Expenditures - Individual 0.1 0.2 0.2 0.2 0.2 0.2 0.5
Visitor Exports 2.5 3.1 3.7 4.7 4.4 4.5 16.3
Travel & Tourism Consumption 12.5 14.9 17.2 20.9 19.4 19.7 50.9
Government Expenditures - Collective 0.7 0.8 1.0 1.2 1.2 1.2 2.6
Capital Investment 4.7 6.2 8.9 12.1 10.2 10.3 38.4
Other Exports 2.4 2.8 3.0 3.8 3.7 4.1 13.2
Travel & Tourism Demand 20.5 24.7 30.1 37.9 34.5 35.2 105.2
Travel & Tourism Direct Industry
Employment ('000) 262.0 267.8 270.9 276.9 272.9 267.1 346.5
Gross Domestic Product 5.3 6.4 7.7 9.5 9.4 9.8 32.3
Travel & Tourism Economy
Employment ('000) 484.2 506.5 541.3 582.0 544.3 518.6 670.1
Gross Domestic Product 13.5 16.5 20.8 26.8 25.3 25.9 78.8

Travel & Tourism Accounts

as % of National Accounts 2005 2006 2007 2008 2009E 2010F 2020F
Personal Travel & Tourism 3.8 3.8 3.6 3.6 3.7 3.8 4.5
Government Expenditures 4.3 4.4 4.4 4.4 4.4 4.4 4.6
Capital Investment 7.1 7.2 7.3 7.4 7.4 7.4 7.8
Visitor & Other Exports 5.1 5.3 5.5 5.5 4.9 4.5 4.7
Travel &Tourism Imports 5.6 5.4 5.1 5.1 5.1 4.7 4.3
Travel & Tourism Direct Industry
Employment 3.1 3.1 3.1 3.1 3.2 3.2 4.0
Gross Domestic Product 1.9 1.9 1.9 1.9 2.0 1.9 2.6
Travel & Tourism Economy
Employment 5.8 5.9 6.2 6.6 6.3 6.1 7.7
Gross Domestic Product 5 4.9 5.2 5.5 5.3 5.1 6.4

Travel & Tourism Real Growth

(per annum except 2020 =
10-year annualised) 2005 2006 2007 2008 2009E 2010F 2020F
Personal Travel & Tourism 4.7 5.5 1.8 5.5 -12.7 -6.1 4.2
Business Travel & Tourism 1.5 8.1 11.4 9.4 -16.5 -7.1 4.8
Government Expenditures 12.2 1.7 2.7 9.5 -4.6 -5.3 3.4
Capital Investment 12.7 17.4 30.9 20.1 -20.6 -7.1 9.5
Visitor Exports 1.1 13.1 8.4 12.1 -11.4 -5.8 9.2
Other Exports -7.1 1.9 -1.8 12.2 -8.8 1.6 8.0
Travel & Tourism Consumption 3.7 7.3 4.2 7.4 -12.7 -6.1 5.6
Travel & Tourism Demand 4.4 8.8 10.2 11.7 -14.6 -5.6 7.1
Travel & Tourism Direct Industry
Employment 1.1 2.2 1.1 2.2 -1.4 -2.1 2.6
Gross Domestic Product 6.0 8.3 8.8 9.1 -7.1 -3.5 8.2
Travel & Tourism Economy
Employment 2.9 4.6 6.9 7.5 -6.5 -4.7 2.6
Gross Domestic Product 7.6 9.9 14.5 13.9 -11.4 -5.4 7.3
E - Estimate; F - Forecast

10
SATELLITE ACCOUNT TABLES
ROMANIA

Travel & Tourism - US$ mn 2005 2006 2007 2008 2009E 2010F 2020F
Personal Travel & Tourism 2,947.1 3,586.8 4,644.4 5,356.8 4,114.9 4,438.0 8,353.5
Business Travel & Tourism 457.2 569.9 807.4 965.7 708.8 756.1 1,514.0
Corporate 400.0 505.2 724.5 875.1 639.0 681.8 1,402.9
Government 57.2 64.7 82.9 90.5 69.8 74.3 111.2
Government Expenditures - Individual 49.5 58.0 75.8 90.7 76.1 82.8 145.0
Visitor Exports 846.2 1,103.8 1,521.5 1,864.4 1,452.8 1,570.4 4,729.4
Travel & Tourism Consumption 4,299.9 5,318.5 7,049.0 8,277.6 6,352.7 6,847.3 14,742.0
Government Expenditures - Collective 256.2 300.3 392.2 469.3 393.9 428.5 750.3
Capital Investment 1,622.8 2,197.4 3,659.3 4,804.9 3,355.8 3,577.7 11,126.2
Other Exports 839.9 986.9 1,232.2 1,511.6 1,212.5 1,413.6 3,834.8
Travel & Tourism Demand 7,018.8 8,803.1 12,332.8 15,063.5 11,314.8 12,267.1 30,453.3
Travel & Tourism Direct Industry
Employment ('000) 262.0 267.8 270.9 276.9 272.9 267.1 346.5
Gross Domestic Product 1,826.6 2,281.4 3,155.8 3,762.5 3,072.8 3,404.5 9,364.8
Travel & Tourism Economy
Employment ('000) 484.2 506.5 541.3 582.0 544.3 518.6 670.1
Gross Domestic Product 4,633.9 5,874.0 8,551.0 10,642.4 8,288.8 9,005.9 22,825.7

Travel & Tourism

2000 Constant US$ mn 2005 2006 2007 2008 2009E 2010F 2020F
Personal Travel & Tourism 1,496.8 1,579.7 1,608.4 1,697.3 1,482.5 1,392.8 2,093.1
Business Travel & Tourism 232.2 251.0 279.6 306.0 255.4 237.3 379.4
Government Expenditures - Individual 25.1 25.6 26.2 28.7 27.4 26.0 36.3
Visitor Exports 429.8 486.1 526.9 590.7 523.4 492.8 1,185.0
Travel & Tourism Consumption 2,183.9 2,342.4 2,441.1 2,622.7 2,288.7 2,148.9 3,693.8
Government Expenditures - Collective 130.1 132.3 135.8 148.7 141.9 134.5 188.0
Capital Investment 824.2 967.8 1,267.3 1,522.4 1,209.0 1,122.8 2,787.8
Other Exports 426.6 434.7 426.7 478.9 436.8 443.6 960.8
Travel & Tourism Demand 3,564.7 3,877.1 4,271.0 4,772.7 4,076.4 3,849.8 7,630.4
Gross Domestic Product
Travel & Tourism Industry 927.7 1,004.8 1,092.9 1,192.1 1,107.0 1,068.4 2,346.5
Travel & Tourism Economy 2,353 2,587.0 2,961.3 3,372.0 2,986.2 2,826.3 5,719.3
E - Estimate; F - Forecast

Methodological Note

Recent years have provided a clear demonstration of the complex environment in which Travel & Tourism operates, confirming the critical
importance of timely information for policy- and decision-makers. And future developments will no doubt serve to reinforce this argument. This
explains why the economic impact research developed by WTTC and its partner Oxford Economics, which was designed to adapt to the changing
needs of the Travel & Tourism industry and government leaders in the light of the fast-changing operating environment, is therefore an
essential tool – whether for private- or public-sector decision-makers.
This comprehensive and comparative measure of the economic impact of Travel & Tourism developed by WTTC, which is highlighted in the
Executive Summary and in the accompanying 181 individual country reports, is based on simulated Tourism Satellite Accounting (TSA)
methodology. The methodology is analogous to that used for the production of national income accounts, following the key concepts of
Tourism Satellite Accounting contained in the latest (2008) United Nations' Recommended Methodological Framework (RMF).
The RMF’s Tourism Direct Gross Domestic Product (TDGDP) measure is broadly equivalent to the Travel & Tourism Direct Industry measures
given by WTTC/Oxford Economics. Adding to this direct industry measure the value-added created indirectly in the industry's supply chain,
plus investment and collective government and non-visitor export spending, one arrives at the broadest measure of the economic impact of
Travel & Tourism – Travel & Tourism Economy GDP.

11
 RANKING AND RANGE
Year 2010 country rankings for Romania within world countries' list
2010 2020
Romania Absolute Size Relative Size Growth 1 Absolute Size Relative Size Growth 2
Personal Travel & Tourism 54 149 175 57 141 112
Business Travel 66 --- 173 64 --- 58
TRAVEL & TOURISM SATELLITE ACCOUNT

Government Expenditures 57 69 176 61 69 118

Capital Investment 46 134 158 33 133 6
Visitor Exports 74 154 160 64 144 8
Other Exports 57 80 114 53 81 28
Travel & Tourism Demand 62 --- 178 58 --- 15
Direct Industry GDP 54 125 159 45 110 6
T&T Economy GDP 59 155 171 53 135 11
Direct Industry Employment 41 77 119 40 69 76
T&T Economy Employment 50 125 157 51 100 76
1 2
2010 real growth adjusted for inflation (%); 2011-2020 annualised real growth adjusted for inflation (%)

Total 181 countries or 13 regions (largest/highest/best is number 1; smallest/lowest/worst is number 181 or 13; 0 is aggregate region no ranking

GENERAL MACROECONOMIC INDICATORS

The following charts illustrate how Travel & Tourism growth follows or varies from general macroeconomic growth
for various indicators. The bottom three charts illustrate information related to international visitor arrivals.

ROMANIA ROMANIA ROMANIA

Gross Domestic Product (US$mn) Employment ('000 of jobs) Exports (US$mn)
25000 400000 800 12000 5000 180000

350000 700 4500 160000

10000
20000 4000 140000
300000 600
3500
8000 120000
15000 250000 500 3000
100000
200000 400 6000 2500
80000
10000 150000 300 2000
4000 60000
1500
100000 200 40000
5000 1000
2000
50000 100 500 20000

0 0 0 0 0 0
1988 1992 1996 2000 2004 2008 2012 2016 2020 1988 1992 1996 2000 2004 2008 2012 2016 2020 1988 1992 1996 2000 2004 2008 2012 2016 2020

T&T Economy GDP Total GDP T&T Employment Total Employment T&T Exports Total Exports

ROMANIA ROMANIA ROMANIA

Personal Consumption (US$mn) Capital Investment (US$mn) Government Expenditure (US$mn)
9000 200000 12000 160000 1000 25000

8000 180000 140000

900
160000 10000 800 20000
7000 120000
140000 700
6000 8000
120000 100000 600 15000
5000
100000 6000 80000 500
4000
80000 400 10000
60000
3000 4000
60000 300
2000 40000
40000 200 5000
2000
1000 20000 20000 100
0 0 0 0 0 0
1988 1992 1996 2000 2004 2008 2012 2016 2020 1988 1992 1996 2000 2004 2008 2012 2016 2020 1988 1992 1996 2000 2004 2008 2012 2016 2020
T&T Personal Total Personal T&T Government Total Government
Consumption Consumption T&T Capital Investment Total Capital Investment Expenditure Expenditure

ROMANIA ROMANIA ROMANIA

Visitor Markets Index (1988=100) International Visitor Arrivals ('000) International Visitor Average Spend (US$)
180 10000 350
160 9000
300
140 8000
7000 250
120
6000 200
100
5000
80 150
4000
60 3000 100
40 2000
50
20 1000
0 0
0
1988 1992 1996 2000 2004 2008 2012 2016 2020 1988 1992 1996 2000 2004 2008 2012 2016 2020
1988 1992 1996 2000 2004 2008 2012 2016 2020

12
 WTTC CONTACTS

Jean-Claude Baumgarten
President & CEO
pamela.priest@wttc.org

The World Travel & Tourism Council is the forum for Ufi Ibrahim
business leaders in the Travel & Tourism industry. Chief Operations Officer
ufi.ibrahim@wttc.org
With the Chairs and Chief Executives of the 100 foremost Travel &
Eva Aimable
Tourism companies as its Members, WTTC has a unique mandate and
Policy Analyst
overview on all matters related to Travel & Tourism.
eva.aimable@wttc.org

WTTC works to raise awareness of Travel & Tourism as one of the world’s Sarieu Caramba-Coker
largest industries, employing over 235 million people and generating Office Manager
9.4% of global GDP in 2009. sarieu.caramba-coker@wttc.org

Together with its research partner, Oxford Economics, WTTC produces Nancy Cockerell
comprehensive reports on an annual basis – with updates whenever Adviser, Policy and Research
required – to quantify, compare and forecast the economic impact of nancy.cockerell@wttc.org
Travel & Tourism on 181 economies around the world. It also publishes
Anja Eckervogt

2010
an Executive Summary highlighting global trends. To download one-page
Communications Co-ordinator
summaries, the full reports or spreadsheets, visit www.wttc.org
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Manager, e-Strategy and
Tourism for Tomorrow Awards
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Director, Finance & Company Secretary
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Assisting WTTC to provide tools for analysis, benchmarking,
Alison Osborne
forecasting and planning Manager, Council Membership
alison.osborne@wttc.org
Over the last 25 years Oxford Economics has built a diverse and loyal
client base of over 300 organisations worldwide, including international Pamela Priest
organisations, governments, central banks, and both large and small Executive Assistant
businesses. Headquartered in Oxford, England, with offices in London, pamela.priest@wttc.org
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Economics employs over 70 full-time, highly qualified economists and Paulina Tomczyk
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universities worldwide. paulina.tomczyk@wttc.org

Zheng Yan
For more information please take advantage of a free trial on our website, China Marketing Representative
www.oxfordeconomics.com, or contact John Gaster, Oxford Economics, zheng.yan@wttc.org
Abbey House, 121 St Aldates, Oxford, OX1 1HB, UK.
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