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Tourism in Russia bigger than automotive manufacturing

The Travel & Tourism industry in Russia is bigger than the size of automotive manufacturing industry and directly supports almost as many jobs as the financial sector. This is according to new research from the World Travel & Tourism Council (WTTC) released Sept. 19 during a speech by WTTC president David Scowsill at the Moscow International Travel Forum. The research, undertaken by Oxford Economics, shows that Travel & Tourism’s total contribution to GDP in Russia was $106 billion in 2011, or 5.9% of total GDP, which is larger than the GDP of automotive manufacturing (4.8%). Supporting four million direct, indirect and induced jobs, Travel & Tourism in Russia generates more employment than the chemical industry and nearly as many jobs as the financial services sector. The new research also showed that Travel & Tourism’s contribution to GDP is growing faster than most other sectors in Russia. It will grow by an average of 4% per annum over the next 10 years, a faster growth rate than the total economy. It also highlights that Travel & Tourism is a significant source of export revenue for Russia. WTTC president Scowsill commented, “These numbers are extremely significant. As a driver of economic recovery and growth in a very turbulent time, the industry stands apart for the sheer scale of its ability to create jobs and growth in every part of the globe and especially in Russia as shown by this study. 2013 is an important year for the Russian’s tourism industry as the country hosts the next T20 Tourism Ministers’ meeting and in the lead up to the Winter Olympics due to take place in Sochi in 2014, and of course the FIFA World Cup in 2018. It’s a great time for Russia to take notice of the Travel & Tourism industry as a generator of jobs and growth and ensure that sufficient investment and support is in place to ensure the success of these important events as well as the on-going growth of Russia’s Travel & Tourism.”

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