Wednesday, August 04, 2021

Tourism’s contribution to GDP in 2020 hit P973B, down 61.2%

THE country’s tourism sector has contributed 5.4 percent to the gross domestic product in 2020, the latest report from the Philippine Statistics Authority (PSA) said.

The tourism direct gross value added to the Philippine economy amounted to P973.31 billion in 2020, which is 61.2 percent lower than its P2.51 trillion contribution in 2019.

According to the PSA, all forms of tourism expenditures posted downturns in 2020.

Inbound tourism expenditure declined by 77.9 percent, while domestic tourism expenditure was down by 82.3 percent and outbound tourism expenditure dropped by 73.2 percent.

Internal tourism expenditure, comprising inbound and domestic tourism expenditure, decreased by 81.6 percent.

Inbound tourism expenditure, which refers to the expenditure of non-resident visitors (foreign visitors and Filipinos permanently residing abroad) within the Philippines, shared 2.9 percent to the country’s total exports in 2020.

On the other hand, domestic tourism expenditure, which covers expenditures of resident visitors within the country either as domestic trip or part of an international trip, contributed 4.1 percent of the household final consumption expenditure.

Employment in tourism also declined by 18.1 percent.

Employment in tourism characteristic industries was estimated at 4.68 million in 2020 compared with 5.72 million in 2019.

The share of employment in tourism industries to total employment in the country was recorded at 11.9 percent. (KOC)


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