Saturday, June 22, 2024
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The World Travel & Tourism Council (WTTC) today announced the impressive growth of the travel and tourism sector in France last year, with its contribution to GDP increasing by nearly 6% year-on-year to an unprecedented €246 billion. WTTC’s latest findings, developed in partnership with Oxford Economic, show that in 2023, the sector expanded by 4.3%, reaching 8.8% of France’s total economic output and marking a significant year of growth.
The research further indicates that the sector, rich in opportunities, created over 172,000 new jobs, raising the total employment to almost 2.9 million nationwide, a 4.7% increase from 2019. This growth cements travel and tourism’s role as a key driver of employment, accounting for one in every 11 jobs in France.
In 2023, international tourists contributed €66.7 billion to the economy, while domestic travel spending rose to €135 billion, exceeding 2019 levels by 1% and 3%, respectively.
This robust performance underscores the pivotal role of travel and tourism in France’s economic expansion and job creation, with Paris remaining the top destination for international visitors.
Looking ahead to 2024
The French travel and tourism sector is on track to achieve an historic economic contribution exceeding a quarter of a trillion Euros (€254.7 billion). This represents an increase of nearly 8% from 2019, reinforcing the sector’s critical impact on the national economy, now accounting for 9% of GDP.
Employment in the sector is expected to reach 2.93 million, an increase of over 76,000 jobs from its previous peak. As the world’s premier travel destination, France is poised for record-breaking spending by both international and domestic tourists, projected to total €70.3 billion and €138.8 billion respectively.
These projections come as France prepares for an influx of visitors for the upcoming Olympic and Paralympic Games.
What does the next decade hold?
Forecasts by the World Travel & Tourism Council paint a highly optimistic future for the next decade. By 2034, the travel and tourism sector is anticipated to substantially boost France’s economy, contributing an estimated €310.5 billion, which would account for 9.6% of the total economic output.
This thriving sector is also expected to be a significant source of employment, providing jobs for 3.4 million people nationwide, which represents 11% of the workforce or one in every ten workers.
The coming decade is not just expected to bring growth but a transformative era for travel and tourism. France stands on the cusp of a period marked by prosperity, innovation, and connectivity on a scale never seen before, heralding a golden age for the industry that is eagerly awaited by both consumers and businesses.
