Professional Documents
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SINGAPORE
CHAIRMAN: Geoffrey J W Kent Chairman & CEO Abercrombie & Kent VICE CHAIRMEN: Peter R B Armstrong President & CEO Rocky Mountaineer Vacations Edouard Ettedgui Group Chief Executive Mandarin Oriental Hotel Group Maurice Flanagan CBE Executive Vice Chairman Emirates Airline & Group Michael Frenzel Chairman of the Executive Board TUI AG Stephen P Holmes President, Chairman & CEO Wyndham Worldwide David Mongeau Chairman Avington EXECUTIVE COMMITTEE:
Gilles Plisson CEO Accor Stevan Porter President, The Americas InterContinental Hotels Group PLC Christopher Rodrigues CBE Chairman VisitBritain Jeffrey C Rutledge President AIG Travel, Inc Jyotsna Suri Chairperson & Managing Director Bharat Hotels Ltd Jonathan M Tisch Chairman & CEO Loews Hotels Brett Tollman President The Travel Corporation Vincent A Wolfington Chairman Global Alliance Advisors LLC Immediate Past Chairman WTTC GLOBAL MEMBERS:
Naresh Goyal Chairman Jet Airways India Ltd Arthur de Haast Global Chief Executive Officer Jones Lang LaSalle Hotels Sir Stelios Haji-Ioannou Chairman & Founder easyGroup Pansy Ho Managing Director Shun Tak Holdings Limited James Hogan CEO Etihad Airways Raimund Hosch President & CEO Messe Berlin GmbH Larry Kellner Chairman & CEO Continental Airlines Dara Khosrowshahi President & CEO Expedia Inc Tom Klein Group President Sabre Travel Network and Sabre Airline Executive Vice President Sabre Holdings Nigel Knowles Joint CEO DLA Piper Ali Kolaghassi Vice Chairman & CEO Saraya Holdings RK Krishna Kumar Vice Chairman Taj Hotels, Resorts & Palaces
Dionsio Pestana Chairman Group Pestana Charles Petruccelli President Global Travel Services American Express Fernando Pinto CEO TAP Air Portugal Wolfgang Prock-Schauer Chief Executive Officer Jet Airways India Ltd Bob Puccini CEO The Puccini Group Duan Qiang Chairman Beijing Tourism Group David Radcliffe Chief Executive Hogg Robinson plc Jay Rasulo Chairman Walt Disney Parks and Resorts Kurt Ritter President & CEO The Rezidor Hotel Group Marty Salfen General Manager, Global Travel & Transportation Industry IBM Per Setterberg CEO Global Refund Group Sonu Shivdasani Chairman & CEO Six Senses Resorts & Spas Regine Sixt Senior Vice President Sixt rent a car David Stein Chairman The Stein Group Ian Swain President Swain Tours Yassin K Talhouni CEO Zara Investment Holding Co Ltd Robin Tauck President Tauck World Discovery Jaume Tpies President Relais & Chteaux Andrew C Taylor Chairman & CEO Enterprise Rent-A-Car Kathleen Taylor President & Chief Operating Officer Four Seasons Hotels & Resorts Jos Antonio Tazn President & CEO Amadeus IT Group SA John Ueberroth Chairman & CEO Preferred Hotel Group Matthew D Upchurch CEO Virtuoso Willie Walsh Chief Executive British Airways plc
James Wilson Chief Executive Officer Istithmar Real Estate - Africa & Indian Ocean Philip Wolf CEO PhoCusWright, Inc Peter Yesawich Chairman and CEO Ypartnership Mei Yunxin President Beijing Tourism Group Tim Zagat Co-Founder, Co-Chair & CEO Zagat Survey LLC Sarmad Zok Chief Executive Officer Kingdom Hotel Investments HONORARY MEMBERS:
Andr Jordan Chairman Andr Jordan Group Jonathan S Linen Adviser to the Chairman American Express Lord Marshall of Knightsbridge Chairman Pirelli UK plc Sir Frank Moore, AO Chairman FT Moore P/L Frank Olson Chairman of the Board The Hertz Corporation Grard Plisson Co-Chairman, Supervisory Board Accor Carl Ruderman Chairman Universal Media Tommaso Zanzotto President TZ Associates Ltd
Philippe Bourguignon Vice Chairman & CEO Revolution Places Marilyn Carlson Nelson Chair & CEO Carlson Alex Christou Managing Partner Accenture Jeff Clarke President & CEO Travelport Andrew Cosslett CEO InterContinental Hotels Group PLC Gabriel Escarrer Jaume Co-Vice Chairman & CEO Sol Meli Manuel Fernando Esprito Santo Chairman Esprito Santo Tourism Edward P Gilligan Vice Chairman & Group CEO Business-to -Business American Express Company Richard R Kelley Chairman Outrigger Enterprises Group Gary L Kessler President & COO Carey International Inc Kuoni Travel Holding Ltd Gerald Lawless Executive Chairman Jumeirah Group Manfredi Lefebvre DOvidio Chairman Silversea Cruises Antonio Lucio Chief Marketing Officer Visa Inc J W Marriott, Jr Chairman & CEO Marriott International, Inc Alan Parker Chief Executive Whitbread plc
Mohammed Al Habbai CEO Dubailand Eric Anderson President & CEO Space Adventures Giovanni Angelini CEO & Managing Director Shangri-La Hotels & Resorts Ted J Balestreri Chairman & CEO Cannery Row Company Paul Brown President Partner Services Group Expedia Inc Simn Barcel Vadell Chairman & CEO Barcel Hotels & Resorts Raymond Bickson Managing Director Taj Hotels, Resorts and Palaces Khalid bin Sulayem Director General Dubai Department of Tourism and Commerce Marketing Giorgio Boscolo CEO Boscolo Group Rattawadee Bualert President lebua Hotels & Resorts Co, Ltd Chris J Cahill President & COO Fairmont Hotels & Resorts Ed Cespedes CEO Tralliance Corporation David Clifton Managing Director, EMEAA Interval International Jim Compton Senior Vice President, Marketing Continental Airlines Laurence Geller President & CEO Strategic Hotels & Resorts
Michael Latimer President & CEO Oxford Properties Group Jabu Mabuza CEO Tsogo Sun Group Andr Martinez Chairman Global Lodging & Managing Director Morgan Stanley Khater Massaad Chairman Al Hamra Hotels Management Est Geoff Muirhead CBE Group Chief Executive The Manchester Airports Group Christopher J Nassetta President & CEO Hilton Hotels Corporation John M Noel President & CEO The Noel Group AIG Travel Guard Tom Nutley Chairman Reed Travel Exhibitions Chris O'Donnell Chief Executive Officer Nakheel Deepak Ohri Managing Director lebua Hotels & Resorts Co, Ltd Jean Gabriel Prs President & CEO Mvenpick Hotels & Resorts
CHAIRMAN EMERITUS: James D Robinson III General Partner RRE Ventures WTTC Chairman (19901994) IMMEDIATE PAST CHAIRMAN: Vincent A Wolfington Chairman Emeritus Carey International, Inc WTTC Chairman (20042007) FORMER CHAIRMEN: Sir Ian Prosser Retired Chairman InterContinental Hotels Group PLC WTTC Chairman (20012003) Harvey Golub Retired Chairman & CEO American Express WTTC Chairman (19962001) Robert H Burns Chairman Robert H Burns Holdings Limited WTTC Chairman (19941996) PRESIDENT: Jean-Claude Baumgarten 1 February 2008
SINGAPORE KEY FACTS AT A GLANCE THE 2008 TRAVEL & TOURISM ECONOMIC RESEARCH
2008
Gross Domestic Product (GDP)
10-year trend
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is expected to decline from 8.6% (SGD22.0 bn or US$15.4 bn) in 2008 to 7.5% (SGD31.7 bn or US$22.2 bn) by 2018.
8.6%
Employment
7.0%
The contribution of the Travel & Tourism Economy to employment is expected to fall to 191,000 jobs in 2008, 7.0% of total employment, or 1 in every 14.4 jobs to 188,000 jobs, 5.9% of total employment or 1 in every 16.9 jobs by 2018.
Growth
8.1% 3.8%
Real GDP growth for the Travel & Tourism Economy is expected to be 8.1% in 2008 and to average 2.9% per annum over the coming 10 years.
Exports
Export earnings from international visitors and tourism goods are expected to generate 3.8% of total exports (SGD23.1 bn or US$16.2 bn) in 2008, growing (nominal terms) to SGD50.5 bn or US$35.3 bn (3.4% of total) in 2018.
31 ABSOLUTE
size SINGAPORE
Travel & Tourism Gross Domestic Product (2000 constant US$ bn)
18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0
2003 2004 2005 2006 2007 2008 2013 2018
104 RELATIVE
contribution to national economy SINGAPORE
Travel & Tourism Employment ('000 jobs)
250 200 150 100 50 0 2003 2004 2005 2006 2007 2008
21 GROWTH
forecast
2013
2018
Direct Industry
Direct Industry
THE WORLD TRAVEL & TOURISM COUNCIL (WTTC) IS THE BUSINESS LEADERS' FORUM FOR TRAVEL & TOURISM WORKING WITH GOVERNMENTS TO RAISE AWARENESS OF THE IMPORTANCE OF THE WORLD'S LARGEST GENERATOR OF WEALTH AND JOBS 2008 World Travel & Tourism Council 1-2 QUEEN VICTORIA TERRACE, SOVEREIGN COURT, LONDON E1W 3HA, UNITED KINGDOM TEL: +44 (0) 870 727 9882 or +44 (0) 207 481 8007 . FAX: +44 (0) 870 728 9882 or + 44 (0) 207 488 1008 . enquiries@wttc.travel . www.wttc.travel
CONTENTS
TRAVEL & TOURISM THE WINDS OF CHANGE
Introduction
USE OF MATERIAL IS AUTHORISED, PROVIDED SOURCE IS ACKNOWLEDGED 1-2 Queen Victoria Terrace, Sovereign Court, London E1W 3HA, United Kingdom,
TEL:+44 (0) 870 727 9882 FAX:+44 (0) 870 728 9882 EMAIL: enquiries@wttc.travel www.wttc.travel
THE WORLD TRAVEL & TOURISM COUNCIL (WTTC) IS THE BUSINESS LEADERS' FORUM FOR TRAVEL & TOURISM, WORKING WITH GOVERNMENTS TO RAISE AWARENESS OF THE IMPORTANCE OF THE WORLD'S LARGEST GENERATOR OF WEALTH AND JOBS. Measurement of that importance is best achieved through the construction of Travel & Tourism Satellite Accounts, analogous to the national income accounts routinely published by government statistical offices worldwide. The 2008 Tourism Satellite Accounting research sponsored by Accenture and produced by Oxford Economics constructs such accounts for 176 countries and follows the standardised United Nations methodology for measurement of Travel & Tourisms economic impact on personal consumption, business spending, capital investment, government expenditures, exports and imports, culminating in quantification of the contribution to gross domestic product and employment.
Globally, this research shows that Travel & Tourism currently employs nearly 240 million people and creates 10% of world GDP. Recent years have seen rapid growth in Travel & Tourism and last year was no exception, with the broad-based expansion continuing. International tourist arrivals surged again, reaching nearly 900 million, and visitor spending more than matched that growth. New destinations are emerging as investment in fresh facilities continues and overseas travel is becoming both a feasible and an affordable choice for an increasing proportion of the worlds population.
This expansion is expected to continue in 2008, although the deterioration in economic conditions means that growth in Travel and Tourism GDP and employment will slow moderately. Challenges come from the US slowdown and the weak dollar, higher fuel costs and concerns about climate change. But the continued strong expansion in emerging countries both as tourism destinations and an increasing source of international visitors means that the industrys prospects remain bright into the medium term. WTTC is very proud, with Accenture and Oxford Economics, to build on the success of its tourism research of these past 17 years and therefore welcomes you to the 2008 edition of WTTCs Travel & Tourism Satellite Accounting Research, Travel &
Geoffrey J W Kent Chairman, World Travel & Tourism Council Chairman & CEO, Abercrombie & Kent
ECONOMIC IMPACT
IN 2008 SINGAPORE'S TRAVEL & TOURISM IS EXPECTED TO GENERATE SGD22 BN (US$15 BN) OF ECONOMIC ACTIVITY (GDP). THE INDUSTRY'S DIRECT IMPACT INCLUDES:
6
(US$4 bn) equivalent to 2.3% of total GDP
64,000
jobs representing 2.3% of total employment
HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. SINGAPORE'S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:
Economy GDP
SGD
Economy Employment
bn
22
(US$15 bn) equivalent to 8.6% of total GDP
191,000
jobs representing 7.0% of total employment
Capital Investment
bn SGD
23
(US$16 bn) equivalent to 3.8% of total exports
11
(US$8 bn) equivalent to 16.6% of total investment
bn
Government Expenditure
SGD
3
(US$2 bn) equivalent to a 10.2% share
bn
REAL GROWTH
IN 2008, TRAVEL & TOURISM IN SINGAPORE IS FORECAST TO SEE REAL GROWTH OF:
Direct Industry GDP Direct Industry Employment
8.0
Economy GDP
8.2
to 64,000 jobs
Economy Employment
8.1
8.0
to 191,000 jobs
OVER THE NEXT TEN YEARS, SINGAPORE'S TRAVEL & TOURISM IS EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:
1.6
Economy GDP
Economy Employment
ECONOMIC IMPACT
TRAVEL & TOURISM (T&T) ENCOMPASSING TRANSPORT, ACCOMMODATION, CATERING, RECREATION AND SERVICES FOR VISITORS IS ONE OF THE WORLDS HIGHEST PRIORITY INDUSTRIES AND EMPLOYERS.
GDP
Singapore - The Travel &Tourism Industry is expected to contribute directly 2.3% to Gross Domestic Product (GDP) in 2008 (SGD5.9 bn or US$4.1 bn), rising in nominal terms to SGD7.5 bn or US$5.3 bn (1.8% of total) by 2018. The T&T Economy contribution (% of total) should decline from 8.6% (SGD22.0 bn or US$15.4 bn) to 7.5% (SGD31.7 bn or US$22.2 bn) in this same period. Southeast Asia - The Travel & Tourism Industry is expected to post a direct GDP contribution of 3.8% in 2008, while the Travel & Tourism Economy contribution will be 10.2%. Worldwide - In 2008, the Travel & Tourism Industry should contribute 3.4% directly to worldwide GDP. The broader Travel & Tourism Economy should contribute 9.9% to world GDP in 2008.
DEMAND
Singapore - In 2008, Travel & Tourism is expected to post SGD59.6 bn (US$41.6 bn) of economic activity (Total Demand), growing to SGD116.8 bn (US$81.7 bn) by 2018. Southeast Asia - Travel & Tourism Demand is expected to reach US$221.1 bn in 2008, growing to US$509.2 bn in 2018. Worldwide - In 2008, it is expected to post US$7,892 bn of economic activity (Total Demand) and this is forecast to grow to US$14,838 bn by 2018.
VISITOR EXPORTS
Singapore - Exports make up a very important share of Travel & Tourism's contribution to GDP. Of Singapore's total exports, Travel & Tourism is expected to generate 3.8% (SGD23.1 bn or US$16.2 bn) in 2008, increasing to SGD50.5 bn or US$35.3 bn (3.4% of total), in 2018.
GROWTH
Singapore - The Travel & Tourism Economy is expected to grow by 2.9% per annum in real terms between 2009 and 2018.
Southeast Asia - The Travel & Tourism Economy is expected to post average annualised gains of 5.3% between 2009 and 2018. Worldwide - Travel & Tourism is a high-growth activity, which is forecast to increase its total economic activity by 4.% worldwide in real terms over the next ten years.
Southeast Asia - Travel & Tourism exports are expected to represent 7.7% of total exports in 2008. Worldwide - Travel & Tourism is a major exporter, with inbound visitors injecting foreign exchange directly into the economy.
EMPLOYMENT
Singapore - Travel &Tourism Economy employment is estimated at 191,000 jobs in 2008, 7.0% of total employment, or 1 in every 14.4 jobs. By 2018, this should total 188,000 jobs, 5.9% of total employment or 1 in every 16.9 jobs. The 64,000 T&T Direct Industry jobs account for 2.3% of total employment in 2007 and are forecast to total 55,000 jobs or 1.7% of the total by 2018. Southeast Asia - The Travel & Tourism Industry is expected to generate directly 8,503,000 jobs in 2008 (3.2% of total employment), while the broader Travel & Tourism Economy will account for 22,431,000 jobs (8.5% of total employment). Worldwide - Travel & Tourism is human resource intensive, creating quality jobs across the full employment spectrum. In 2008, one in 11.9 jobs will be generated by the Travel & Tourism Economy. The Travel & Tourism Economy accounts for 8.4% of global employment. Today there are 80.7 million Travel & Tourism Direct Industry jobs and 238.3 million jobs in the Travel & Tourism Economy, and these will rise to 98. million Travel & Tourism Direct Industry jobs and 296.3 million Travel & Tourism Economy jobs by 2018.
CAPITAL INVESTMENT
Singapore - Travel & Tourism Capital Investment is estimated at SGD10.8 bn, US$7.6 bn or 16.6% of total investment in year 2008. By 2018, this should reach SGD24.6 bn, US$17.2 bn or 18.7% of total. Southeast Asia - Travel & Tourism Capital Investment is estimated to total US$39.9 bn in 2008, or 11.7% of total regional capital investment. Worldwide - Travel & Tourism is a catalyst for construction and manufacturing. In 2008, the public and private sectors combined are expected to spend US$1,353.5 bn worldwide - 9.4% of total investment, rising to US$3,145.5 bn or 9.8% of the total, in 2018.
GOVERNMENT
Singapore - Government Travel & Tourism operating expenditures in Singapore in 2008 are expected to total SGD2.7 bn (US$1.9 bn), or 10.2% of total government spending. In 2018, this spending is forecast to total SGD4.5 bn (US$3.1 bn), or a 10.3% share. Southeast Asia - Government Travel & Tourism operating expenditures are estimated to total US$7.5 bn in 2008, or a 5.3% share. Worldwide - Travel & Tourism is both a generator and receiver of government funds. Globally, in 2008, Travel & Tourism is expected to garner US$380.8 bn of government expenditures, or 3.8% of total expenditures. By 2018, government spending on Travel & Tourism should increase to US$616.3 bn - 4.0% of total government expenditure.
SUMMARY TABLES
ESTIMATES AND FORECASTS
2008 SINGAPORE Personal Travel & Tourism Business Travel Government Expenditures Capital Investment Visitor Exports Other Exports T&T Demand Direct Industry GDP T&T Economy GDP Direct Industry Employment3 T&T Economy Employment 3
1
2018 Growth1 2.5 4.7 2.9 8.6 5.9 4.5 4.9 8.0 8.1 8.2 8.0 SGD bn 26.0 11.2 4.5 24.6 25.3 25.3 116.8 7.5 31.7 55.1 187.6 % of Total 15.3 2.7 10.3 18.7 1.7 1.7 6.1 1.8 7.5 1.7 5.9 Growth2 3.8 4.7 4.3 7.6 5.8 8.9 6.1 1.6 2.9 -1.5 -0.2 16.7 2.5 10.2 16.6 2.2 1.6 7.5 2.3 8.6 2.3 7.0
SGD bn 16.4 6.5 2.7 10.8 13.2 9.9 59.6 5.9 22.0 63.9 190.5
3
% of Total
'000 jobs
2008 SOUTHEAST ASIA Personal Travel & Tourism Business Travel Government Expenditures Capital Investment Visitor Exports Other Exports T&T Demand Direct Industry GDP T&T Economy GDP Direct Industry Employment3 T&T Economy Employment 3
1
2018 Growth1 5.4 4.8 7.0 7.2 3.2 5.7 5.1 2.9 4.1 -1.6 -0.4 US$ bn 134,117.0 57,900.1 17,437.5 91,181.3 142,011.0 66,514.3 509,161.0 116,078.0 317,650.0 10,164.6 27,369.0 % of Total 9.4 1.4 4.0 9.8 5.0 2.3 10.3 3.2 10.5 3.1 9.2 Growth2 5.9 5.1 5.0 6.0 6.1 7.7 6.1 5.1 5.3 1.8 2.0
US$ bn 57,242.1 26,463.4 7,499.2 39,907.6 63,152.8 26,877.0 221,142.0 54,092.0 145,426.0 8,503.3 22,430.8
3
% of Total 7.1 1.9 5.3 11.7 5.4 2.3 8.8 3.8 10.2 3.2 8.5
'000 jobs
2008 WORLDWIDE Personal Travel & Tourism Business Travel Government Expenditures Capital Investment Visitor Exports Other Exports T&T Demand Direct Industry GDP T&T Economy GDP Direct Industry Employment
3
2018 Growth1 3.0 3.0 2.2 3.7 3.1 5.1 3.3 2.7 3.0 2.0 2.4 US$ bn 5,459,650 1,443,210 616,307 3,145,530 2,189,140 1,984,470 14,838,300 3,362,390 10,855,200 97,983 296,252 % of Total 9.4 1.4 4.0 9.8 5.4 4.9 10.3 3.2 10.5 3.1 9.2 Growth2 3.5 3.5 3.0 5.6 5.3 6.0 4.4 3.3 4.0 2.0 2.2
US$ bn 3,211,550 843,190 380,817 1,353,510 1,118,220 984,727 7,892,010 2,007,630 5,889,770 80,749 238,277
3
% of Total 9.2 1.4 3.8 9.4 5.8 5.1 10.1 3.4 9.9 2.8 8.4
'000 jobs
DEMAND-SIDE ACCOUNTS
SGD bn PERSONAL TRAVEL & TOURISM
More formally known as Travel & Tourism Personal Consumption, this category includes all personal spending by an economy's residents on Travel & Tourism services (lodging, transportation, entertainment, meals, financial services, etc) and goods (durable and non-durable) used for Travel & Tourism activites. Spending may occur before, during or after a trip. Spending covers all Travel & Tourism, outbound and domestic.
16.4
BUSINESS TRAVEL
Formally know as Intermediate Consumption of Travel & Tourism or more simply business travel, this category of expenditures by government and industry includes spending on goods and services (transportation, accommodation, meals, entertainment, etc) for employee business travel purposes.
6.5
Total Travel & Tourism expenditures made by and on behalf of visitors (goods and services) in the resident economy.
0.8
VISITOR EXPORTS
Expenditures by international visitors on goods and services within the resident economy.
13.2 36.9
1.9
CAPITAL INVESTMENT
Formally known as Capital Formation, this category includes capital expenditures by direct Travel & Tourism industry service providers and government agencies to provide facilities, equipment and infrastructure to visitors.
10.8
The nominal aggregate of tourism activity in the resident economy.
OTHER EXPORTS
Consumer goods (such as clothing, electronics or petrol) exported for ultimate sale to visitors, or capital goods (such as aircraft or cruise ships) exported for use by Travel & Tourism industry providers.
9.9
59.6
Instead, Travel & Tourism is an industrial activity defined by the diverse collection of products (durables and non-durables) and services (transportation, accommodation, food and beverage, entertainment, government services, etc) that are delivered to visitors. There are two basic aggregates of demand (Travel & Tourism Consumption and Total Demand) and, by employing input/output modelling separately (large arrows) to these two aggregates, the Satellite Account is able to produce two different and complementary aggregates of Travel & Tourism Supply: the Travel & Tourism Industry and the Travel & Tourism Economy. The first captures the explicitly defined production-side industry contribution (ie direct impact only), for comparison with all other industries, while the second captures the broader economy-wide impact, direct and indirect, of Travel & Tourism.
SUPPLY-SIDE ACCOUNTS
SGD bn 5.9 TRAVEL & TOURISM INDUSTRY GDP (Direct)
Direct Gross Domestic Product (also know as Value-Added) and Employment associated with Travel & Tourism Consumption. This is the explicitly defined Supply-side Industry contribution of Travel & Tourism that can be compared one-for-one with the GDP and Employment contribution of other industries in the economy. Establishment in this category include traditional Travel & Tourism providers such as airlines, hotels, car rental companies, etc.
4.0
27.1
36.9
22.0
37.6
59.6
SINGAPORE Travel & Tourism Gross Domestic Product (2000 constant US$ bn)
14,000 12,000
COUNTRY
10,000 8,000 6,000 4,000 2,000 0 2003 2004 2005 2006 2007 2008
SOUTHEAST ASIA Travel & Tourism Gross Domestic Product (2000 constant US$ bn)
120 100 15 10 5 0 -5 40 20 0 2003 2004 2005 2006 2007 2008 -10 -15 -20 1990
SINGAPORE v REGION Travel & Tourism Economy GDP (real growth variance, %)
REGION
80 60
1995
2000
2005
2010
2015
T&T Economy GDP SINGAPORE v WORLDWIDE Travel & Tourism Economy GDP (real growth variance, %)
25 20 15 10 5 0 -5 -10 -15 -20
WORLDWIDE Travel & Tourism Gross Domestic Product (2000 constant US$ bn)
4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008
WORLD
1990
1995
2000
2005
2010
2015
Direct Industry GDP WTTC League Table Extract Travel & Tourism Economy GDP 1 2 3 4 5 6 7 8 9 10 44 51 54 57 92 101 104 125 135 163 Hong Kong Thailand Vietnam Malaysia Japan Philippines Singapore Indonesia Korea Chinese Taipei
T&T Economy GDP 2008 % of total GDP 15.7 14.1 13.6 13.2 9.2 8.8 8.6 7.2 6.6 4.7 WTTC League Table Extract Travel & Tourism Economy GDP 6 12 18 25 30 34 76 148 155 159 Vietnam Hong Kong Thailand Indonesia Korea Malaysia Philippines Chinese Taipei Singapore Japan 10-Yr Real Growth Annualised, % 7.5 6.4 5.9 5.6 5.4 5.3 4.5 3.0 2.9 2.7
10
EMPLOYMENT
Singapore's 64,000 T&T Direct Industry jobs account for 2.3% of total employment in 2008 and are forecast to total 55,000 jobs or 1.7% of the total by 2018.The contribution of the Travel & Tourism Economy to employment is expected to fall to 191,000 jobs in 2008, 7.0% of total employment, or 1 in every 14.4 jobs to 188,000 jobs, 5.9% of total employment or 1 in every 16.9 jobs by 2018.
SINGAPORE v REGION Travel & Tourism Economy Employment (real growth variance, %)
0 -5 -10 -15 -20 -25 1990 1995 2000 2005 2010 2015
T&T Economy jobs SINGAPORE v WORLDWIDE Travel & Tourism Economy Employment (real growth variance, %)
25 20 15 10 5 0 -5 -10 -15 -20 -25 1990 1995 2000 2005 2010 2015
Direct Industry jobs WTTC League Table Extract Travel & Tourism Economy Employment 46 63 66 70 71 73 108 113 133 147 Hong Kong Malaysia Vietnam Japan Thailand Philippines Korea Singapore Indonesia Chinese Taipei
T&T Economy jobs 2008 % of total emp 15.3 11.6 10.8 10.6 10.6 10.3 7.2 7.0 6.0 5.2 WTTC League Table Extract Travel & Tourism Economy Employment 32 45 59 79 109 114 117 131 164 168 Hong Kong Vietnam Malaysia Thailand Korea Indonesia Philippines Japan Chinese Taipei Singapore 10-Yr Real Growth Annualised, % 3.1 2.9 2.6 2.2 1.7 1.6 1.5 1.2 0.0 -0.1
WORLD
REGION
10 5
COUNTRY
20
TOTAL DEMAND
Singapore Travel & Tourism is expected to generate SGD59.6 bn (US$41.6 bn) of economic activity (Total Demand) in 2008, growing (nominal terms) to SGD116.8 bn (US$81.7 bn) by 2018. Total Demand is expected to grow by 4.9% in 2008 and by 6.1% per annum, in real terms, between 2009 and 2018. 2008 Total Demand represents 0.60% of world market share.
COUNTRY
SINGAPORE v REGION Travel & Tourism Total Demand (real growth variance, %)
REGION
SINGAPORE v WORLDWIDE Travel & Tourism Total Demand (real growth variance, %)
30 25 20
WORLD
15 10 5 0 -5 -10 -15
Singapore - 0.60% Rest of World - 99.40%
1990
1995
2000
2005
2010
2015
WTTC League Table Extract Travel & Tourism Total Demand 1 2 3 4 5 6 7 8 9 10 11 14 20 29 39 42 59 115 121 132 Indonesia Hong Kong Vietnam Korea Chinese Taipei Malaysia Singapore Philippines Thailand Japan
2008 Real Growth % 8.4 8.3 7.3 6.5 6.0 5.9 4.9 2.6 2.4 1.8
WTTC League Table Extract Travel & Tourism Total Demand 4 13 16 20 21 22 28 35 45 155 Vietnam Hong Kong Chinese Taipei Thailand Singapore Indonesia Malaysia Korea Philippines Japan
10-Yr Real Growth Annualised, % 8.1 6.6 6.3 6.1 6.1 6.0 5.8 5.6 5.4 3.3
12
20 10
1995
2000
2005
2010
2015
Visitor Exports
Other Exports
SOUTHEAST ASIA Travel & Tourism Exports (2000 constant US$ bn)
70 60 50 40 30 20 10 0 2003 2004 2005 2006 2007 2008 15 10
SINGAPORE v REGION Travel & Tourism Visitor Exports (real growth variance, %)
Visitor Exports
Other Exports SINGAPORE v WORLDWIDE Travel & Tourism Visitor Exports (real growth variance, %)
25 20 15 5
0 -5 -10 -15 -20 -25 1990 1995 2000 2005 2010 2015
Visitor Exports WTTC League Table Extract Travel & Tourism Visitor Exports 84 91 93 108 127 128 152 153 157 163 Thailand Philippines Malaysia Vietnam Hong Kong Indonesia Chinese Taipei Singapore Korea Japan
Other Exports 2008 % of total exports 9.5 8.2 7.8 5.9 4.0 4.0 2.2 2.2 1.9 1.6 WTTC League Table Extract Travel & Tourism Visitor Exports 19 21 26 27 31 54 62 99 115 118 Vietnam Indonesia Japan Hong Kong Thailand Singapore Malaysia Chinese Taipei Philippines Korea 10-Yr Real Growth Annualised, % 7.1 7.0 6.8 6.7 6.6 5.8 5.6 4.9 4.6 4.5
WORLD
10
REGION
COUNTRY
30
Travel & Tourism Accounts as % of National Accounts Personal Travel & Tourism Government Expenditures Capital Investment Visitor & Other Exports Travel &Tourism Imports Travel & Tourism Direct Industry Employment Gross Domestic Product Travel & Tourism Economy Employment Gross Domestic Product Travel & Tourism Real Growth (per annum except 2018 = 10-year annualised) Personal Travel & Tourism Business Travel & Tourism Government Expenditures Capital Investment Visitor Exports Other Exports Travel & Tourism Consumption Travel & Tourism Demand Travel & Tourism Direct Industry Employment Gross Domestic Product Travel & Tourism Economy Employment Gross Domestic Product
2004 17.3 10.1 16.0 3.4 7.4 2.1 2.3 5.8 7.9
2005 17.8 10.1 20.4 3.7 7.6 2.0 2.2 6.5 8.6
2006 17.2 10.2 19.1 3.8 7.2 2.2 2.2 6.7 8.6
2007E 17.1 10.2 16.7 3.8 7.2 2.2 2.2 6.6 8.3
2008F 16.7 10.2 16.6 3.8 7.0 2.3 2.3 7.0 8.6
2018F 15.3 10.3 18.7 3.4 5.7 1.7 1.8 5.9 7.5
2003 -0.6 -7.2 -0.6 4.3 -16.0 7.9 -6.6 -2.3 -38.2 -24.0 -27.2 -14.7
2004 8.6 13.0 -2.0 -31.7 29.3 5.3 14.9 1.6 29.5 25.3 -2.4 -0.5
2005 5.3 4.2 7.9 27.5 10.9 45.7 6.9 15.3 4.6 3.9 18.0 15.9
2006 -0.1 2.2 13.9 4.4 14.1 12.3 5.2 6.5 12.1 10.2 9.3 8.2
2007E 1.9 8.3 0.0 -0.4 2.6 0.6 3.2 2.0 8.7 7.1 5.5 4.4
2008F 2.5 4.7 2.9 8.6 5.9 4.5 4.1 4.9 8.2 8.0 8.0 8.1
2018F 3.8 4.7 4.3 7.6 5.8 8.9 4.7 6.1 -1.5 1.6 -0.1 2.9
E - Estimate; F - Forecast
14
Travel & Tourism 2000 Constant US$ bn Personal Travel & Tourism Business Travel & Tourism Government Expenditures - Individual Visitor Exports Travel & Tourism Consumption Government Expenditures - Collective Capital Investment Other Exports Travel & Tourism Demand Gross Domestic Product Travel & Tourism Industry Travel & Tourism Economy
2003 7.4 2.5 0.4 4.0 14.2 0.8 5.9 2.9 23.9 1.9 8
2004 8.0 2.9 0.3 5.1 16.4 0.8 4.0 3.1 24.3 2.4 8.3
2005 8.4 3.0 0.4 5.7 17.5 0.9 5.1 4.5 28.0 2.5 9.6
2006 8.4 3.1 0.4 6.5 18.4 1.0 5.4 5.1 29.8 2.7 10.4
2007E 8.6 3.3 0.4 6.7 19.0 1.0 5.3 5.1 30.4 2.9 10.9
2008F 8.8 3.5 0.4 7.1 19.8 1.0 5.8 5.3 31.9 3.2 11.8
2018F 12.8 5.5 0.7 12.4 31.4 1.5 12.1 12.4 57.5 3.7 15.6
E - Estimate; F - Forecast
15
2018 Growth1
129 67 120 33 38 68 59 15 16 5 5
Absolute Size
34 32 26 30 34 25 31 46 44 90 90
2
Relative Size
11 --28 40 153 109 --119 104 118 113
Absolute Size
34 30 24 25 31 22 31 53 49 100 94
Relative Size
15 --28 33 158 105 --141 118 137 134
Growth2
119 44 67 10 54 15 21 171 155 172 168
Total 176 countries or 13 regions (largest/highest/best is number 1; smallest/lowest/worst is number 176 or 13; 0 is aggregate region no ranking
25 20 15 10 5 0 1988
20 18 16 14 12 10 8 6 4 2 0
2016
1988 1992 1996 2000 2004 2008 2012 2016 T&T Employment Total Employment
1988 1992 1996 2000 2004 2008 2012 2016 T&T Exports Total Exports
Total GDP
SINGAPORE
20 18 16 14 12 10 8 6 4 2 0 1988 1992 1996 2000 2004 2008 2012 2016 T&T Personal Consumption Total Personal Consumption 60 40 20 0
SINGAPORE
140 120 100 80 20 18 16 14 12 10 8 6 4 2 0 1988 1992 1996 2000 2004 2008 2012 2016
SINGAPORE
100 90 80 70 60 50 40 30 20 10 0 4 3 3 2 2 1 1 0 1988 1992 1996 T&T Government Expenditure 2000 2004 2008 2012 2016 Total Government Expenditure
35 30 25 20 15 10 5 0
SINGAPORE
800 700 600 500 400 300 200 100 0 1988 1992 1996 2000 2004 2008 2012 2016
SINGAPORE
18000 16000 14000 12000 10000 8000 6000 4000 2000 0 1988 1992 1996 2000 2004 2008 2012 2016 200 0 600 400 1000 800
SINGAPORE
1200
16
The World Travel & Tourism Council is the forum for business leaders in the Travel & Tourism industry.
With 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% of world GDP.
Each year WTTC, together with its research partner, Oxford Economics, produces comprehensive reports that quantify and forecast the economic impact of Travel & Tourism for 176 economies and the world. To download one-page summaries, the full reports or spreadsheets, visit www.wttc.travel
The rapid growth of emerging economies, closer economic integration across geographies, and unparalleled advances in information and communications technologies are converging - and at Accenture we call this fast-evolving economic geography the "multi-polar world". Never before have travelers enjoyed such a range of destinations at such affordable cost. Never before has travel and tourism contributed so much to so many national economies in terms of employment, tax and GDP. But despite continued forecasts of steady growth, the industry is continually challenged to address unexpected crises, to be environmentally sustainable and to achieve high performance. The changing, dynamic world we currently live in has been brought on by the complexities of globalization and with it the demand to provide increasingly personalized services to customers or, in the case of governments, citizens. Some organizations have limited their ability to grow by focusing on eliminating cost to the exclusion of innovation, customer centricity and addressing the increasing demand of green travel as a differentiating factor. The winners are taking a more balanced view. Within this context, Accenture proactively helps clients in travel and tourism to navigate the opportunities and challenges of a multi-polar world in their quest to achieve high performance.
Assisting WTTC to provide tools for analysis, benchmarking, forecasting and planning
An elite provider of economic analysis, forecasting and modelling, Oxford Economics possesses the skills and experience to assist you to get to grips with the drivers of your business. Over the last 25 years Oxford Economics has built a diverse and loyal client base of over 300 organisations worldwide, including international organisations, governments, central banks, and both large and small businesses. Headquartered in Oxford, England, with offices in London, Belfast, Philadelphia and Basel, Oxford Economics employs over 40 full-time, highly qualified, economists and data specialists, while maintaining links with a network of economists in universities worldwide. For more information please take advantage of a free trial on our website, www.oxfordeconomics.com, or contact John Gaster, Oxford Economics, Abbey House, 121 St Aldates, Oxford, OX1 1HB, United Kingdom.Tel 44 1865 268900; E-mail: jrgaster@oxfordeconomics.com
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