Tourism sector sees record growth in 2023, contributing 8.6% to GDP

Apec’s economy grows 3.5 amid strong household spending
SunStar Business

THE country’s tourism sector contributed 8.6 percent to the Philippine economy in 2023, marking a significant contribution to the country’s economic performance.

According to the Philippine Statistics Authority data, the Tourism Direct Gross Value Added (TDGVA) amounted to P2.09 trillion in 2023, representing a substantial 47.9 percent increase from the P1.41 trillion recorded in 2022.

This surge is the highest growth in the tourism sector since data compilation began in 2000, the PSA said.

The Tourism Satellite Account, which tracks various tourism-related products and services such as accommodation, food and beverage, transport, travel agencies, entertainment, recreation, shopping and other miscellaneous services, highlighted remarkable growth across several areas.

Inbound tourism expenditure showed the highest annual growth, soaring by 87.7 percent to P697.46 billion in 2023. Domestic tourism expenditure also saw a significant rise of 72.3 percent, increasing from P1.55 trillion in 2022 to P2.67 trillion in 2023.

Outbound tourism expenditure, on the other hand, grew by 10 percent, from P189.29 billion in 2022 to P208.25 billion in 2023. Combined, inbound and domestic tourism expenditures, referred to as internal tourism expenditure, surged by 75.3 percent from P1.92 trillion in 2022 to P 3.36 trillion in 2023.

Employment in tourism-related industries also saw a positive trend, with an estimated 6.21 million people employed in 2023, a 6.4 percent increase from the 5.84 million employed in 2022. The share of employment in tourism industries to the total employment in the country was recorded at 12.9 percent in 2023. / KOC

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