Share of travel and tourism in Montenegrin GDP about 14 per cent
Total share of travel and tourism industry in Montenegro GDP will amount to 14.1 per cent, according to the new estimations of the World Travel & Tourism Council, which brings Montenegro to the first place on the list with 184 countries.
It is expected that the share of tourism and connected activities in GDP will grow in the following 10-year period.
According to the WTTC data, total share of travels and tourism in GDP which includes tourism and connected activities, amounted last year to EUR 663.8 million, or 19.5 per cent of GDP.
It is expected that the overall share of tourism and connected activities in GDP will grow in the next 10 years by 8.6 per cent a year to EUR 1.72 million which puts Montenegro on the second place on the list which includes WTTC member countries, Mina Business reports.
A direct contribution of travel and tourism, which includes only the sector of tourism, last year amounted to EUR 335.9 million or 9.9 per cent of GDP. Its growth of 13.2 per cent is expected this year and by 2023 to EUR 827.1 million or 8.1 per cent a year.
According to the WTTC data, which were made available to the MINA-business agency, Montenegro is on the first place according to the share of tourism and connected activities in the employment this year, which is expected to grow by 15.9 per cent to 33.5 thousand jobs. In the following ten year period share of tourism and connected activities was estimated to grow by 5.8 per cent a year to 59,000 jobs in 2023.
Last year tourism and travel industry produced 14.5 thousand jobs, that is, 8.7 per cent of the total employment. Growth of employment in tourism industry of 15.3 per cent is expected this year, and growth of 5.3 per cent a year by 2023, to 28 thousand jobs or 15 per cent of the total employment.
Tourist spending in Montenegro last year was EUR 609.1 million or 43.3 per cent of the total spending. This encompasses growth of 16.1 per cent this year and in the following ten years 8.6 per cent a year, to EUR 1.62 billion in 2023.
Investment in travel and tourism industry last year amounted to 173.4 million or 24.6 per cent of the total investment. The investment increase of 15.7 per cent is expected in 2013.
Montenegro is first on the WTTC list also for the investment in travel and tourism industry in the following ten years, which is estimated to 10 percent a year to EUR 518.7 million in 2023, that is, 49.6 per cent of the total investment.