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Daily Business News All Daily Business News
26 May 2014
Tourism to contribute 8pc to GDP this year :: WTTC

The World Travel and Tourism Council (WTTC) has forecasted that total contribution of travel and tourism sector to Bangladesh GDP will rise by 7.9 per cent in the 2014, reports BSS. “The total contribution of travel and tourism to GDP was Taka 460.3 billion (4.4 per cent of GDP) in 2013 and is forecast to rise by 7.9 per cent in 2014 and to rise by 6.5 percent per year to Taka 935.5 billion (4.7 per cent of GDP) in 2024,” WTTC said in its recently published Bangladesh Economic Impact Report 2014. In 2013, the report said Bangladesh travel and tourism sector directly supported 13,28,500 jobs that is 1.8 per cent of total employment and it is expected to rise by 4 per cent in 2014.

In Bangladesh, travel and tourism investment in 2013 was Taka 40.5 billion that is 1.5 per cent of total investment, it said adding that the investment should rise by 3.4 per cent in 2014. The report said Expenditure by foreign visitors are expected to grow by 7 per cent in 2014 to Taka 8.9 billion and rise by 5.7 per cent per annum to Taka 15.5 billion in 2024.

The Leisure travel spending by both foreign and domestic tourists generated 73 per cent of direct travel and tourism GDP in 2013 in amount Taka 276.9 billion which is 26.9 per cent more compared with business travel spending of Taka 102 billion in the same period. Leisure travel spending is expected to grow by 6.5 per cent in 2014, it added. The report said business travel spending is expected to grow by 8.6 per cent in 2014 to Taka 110.7 billion and rise by 5.5 per cent per year to Taka 188.4 billion in 2024.

About the Domestic travel spending the report said it generated 97.8 per sent of direct travel and tourism GDP in 2013 compared with 2.2 per cent for foreign visitors. The report said Domestic travel spending is expected to grow by 7 per cent in 2014 to Taka 396.7 billion and rise by 5.8 per cent by per year to Taka 699.9 billion in 2024.

Source :: The Independent