14 December 2016

Travel and Tourism Spending Accelerated in the Third Quarter

Real spending (output) on travel and tourism accelerated in the third quarter of 2016, increasing at an annual rate of 5.0 percent after increasing 4.5 percent (revised) in the second quarter according to new statistics released by the Bureau of Economic Analysis. By comparison, real gross domestic product (GDP) increased 3.2 percent in the third quarter after increasing 1.4 percent in the second.The leading contributors to the third-quarter growth in travel and tourism were “traveler accommodations” and “passenger air transportation.”  “Traveler accommodations” increased 8.3 percent after increasing 13.6 percent (revised) in the second quarter.  In the third quarter “passenger air transportation” increased 12.4 percent after increasing 5.6 percent in the previous quarter.
[From original source http://bea.gov/newsreleases/industry/tourism/tournewsrelease.htm
The leading contributors to the third-quarter growth in travel and tourism were “traveler accommodations” and “passenger air transportation.”  “Traveler accommodations” increased 8.3 percent after increasing 13.6 percent (revised) in the second quarter.  In the third quarter “passenger air transportation” increased 12.4 percent after increasing 5.6 percent in the previous quarter.
Chart 1. Quarterly Growth in Real Tourism Spending
Tourism Prices – Prices for travel and tourism goods and services decreased in the third quarter of 2016 by 0.5 percent following an increase of 1.4 percent (revised) in the second quarter. The downturn was mainly attributable to price declines for “traveler accommodations.” Prices for “food and beverage services” rose, but at a slower pace.
Chart 2. Tourism Prices
Tourism EmploymentEmployment in the travel and tourism industries accelerated in the third quarter, increasing 1.8 percent after increasing 1.3 percent (revised) in the second quarter. “Food services and drinking places” was the most significant contributor to travel and tourism employment growth, adding 9,100 employees. “Transportation” added 6,200 employees.
Chart 3. Tourism Employment
Total Tourism-Related Output was $1.6 trillion in the third quarter of 2016. It consisted of $944.2 billion (57 percent) of direct tourism spending and $699.2 billion (43 percent) of indirect tourism-related spending.
Total Tourism-Related Employment was 7.7 million jobs in the third quarter of 2016, and consisted of 5.4 million (70 percent) direct tourism jobs and 2.3 million (30 percent) indirect tourism-related jobs.

These statistics are from BEA’s Travel and Tourism Satellite Accounts (TTSAs), which are supported by funding from the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce. The current-price statistics of direct tourism output were derived from BEA’s annual TTSAs and from current-price quarterly statistics of personal consumption expenditures from the National Income and Product Accounts (NIPAs). The real statistics of direct tourism output were developed using price indexes from the Bureau of Labor Statistics (BLS) and real quarterly statistics of personal consumption expenditures from the NIPAs. The statistics of direct tourism employment were derived from the annual TTSAs from BEA, the Quarterly Census of Employment and Wages (QCEW), and Current Employment Statistics (CES) from BLS.





No comments:

5 Generous Jonathan Pie Portions All-At-Once

Top Best Vids in January