With over millions of European citizens completing their vaccination, next year, international spending is hoped to rebound by almost 80%.
Recent research from the World Travel & Tourism Council (WTTC) pinpoints the fact that the Travel & Tourism sector of Europe and its year-on-year recovery in 2021 may only achieve a growth of 23.9%.
The data from WTTC highlights that this slow revival is because of the restrictions in travel implied all through the year, mainly in the first half, which continued to hold back the sector’s recovery.
The Travel & Tourism sector of Europe contributed to GDP represented €1.92 trillion (9.5% of the total economy) before the pandemic struck.
As per the research, and based on the current rate of recovery, the contribution of the sector to the GDP could witness a rise of less than a quarter (23.9%) in 2021, falling behind the expected growth of the global sector of 30.7%.
Also, the data shows that in next year, contribution of Travel & Tourism to the European economy has a chance see a further year on year rise of 38%, representing an increase of €439 billion.
Tags: Europe, Europe’s travel sector
