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FINANCIAL CHRONICLE™ » ECONOMIC CHRONICLE™ » France’s tourism sector poised to surpass pre-pandemic levels in 2023

France’s tourism sector poised to surpass pre-pandemic levels in 2023

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target1


Manager - Equity Analytics
Manager - Equity Analytics

The World Travel & Tourism Council (WTTC) has revealed the travel and tourism sector in France will propel the national economic recovery and could even surpass pre-pandemic levels next year, when it is projected to rise 2.2% above 2019 levels.

The forecast from WTTC’s latest Economic Impact Report (EIR) shows the sector’s contribution to GDP could reach more than €216 billion by next year. Employment within the sector could also exceed 2019 levels, creating almost 90,000 additional jobs, representing nearly 2.8 million by the end of next year.

According to the global Tourism body’s latest data, travel and tourism’s GDP is expected to grow at an average of 2.8% annually over the next decade, more than twice the 1.3% growth rate of the country’s overall economy, to reach nearly €264 billion (9% of the total economy).

The forecast also reveals the travel and tourism sector in France, is expected to create more than 385,000 jobs in the next 10 years, averaging over 38,000 new jobs every year, reaching more than three million employed within the sector by 2032.

Additionally, by the end of this year, the sector’s contribution to GDP is expected to grow 24.3% to more than €200 billion, amounting to 7.8% of the total economic GDP, while employment in the sector is set to grow at a slower rate at 3.1%, to reach nearly 2.7 million jobs.

Julia Simpson, WTTC President & CEO, said: “France is the world’s most popular destination, the backbone to the European travel and tourism sector. The pandemic really hit the French economy when international travel came to a standstill. Throughout the pandemic, President Macron and his government recognised the importance of our sector and has shown total commitment to the recovery.”

https://www.traveldailymedia.com/frances-tourism-sector-poised-to-surpass-pre-pandemic-levels-in-2023/

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