24.04.2015. The contribution of tourism to world gross domestic product (GDP) is just 3%, and the economies of countries where tourism accounts for a big share of the GDP often perform poorly. The most notorious case is Greece, where in 2011 tourism generated 18% of GDP ($15 billion dollars in absolute terms), and whose economy is, as everyone knows, totally on the skids. Another example is Spain – while being struck disastrously by the European economic crisis, the country can boast the second highest tourism revenues in the world, amounting to $60.4 billion dollars in 2013 (or about 6% of Spanish GDP).
Even if one disregards that tourism-centered economies are often weak, the absolute size of the tourism contributions are not that impressive. Economists typically talk about billions of dollars, sometimes about trillions, like astronomers talk about light years – so what the heck is so exciting about $60.4 billion? In 2012, the Spanish telecommunications provider Telefonica, one single company, generated revenues of about $85 billion, almost $25 billion more than Spain’s entire tourism sector. And this turnover was generated with just 275,000 employees, whereas 2 million Spaniards are working in tourism. Interpreting these numbers is hazy, because we do not know what value is added by the Telefonica personnel (portions of the revenues, both in tourism and in telecommunications, account for preliminary products), but there can be no doubt that production (and hence average incomes) in telecommunications are much higher than in tourism.
Even if one disregards that tourism-centered economies are often weak, the absolute size of the tourism contributions are not that impressive. Economists typically talk about billions of dollars, sometimes about trillions, like astronomers talk about light years – so what the heck is so exciting about $60.4 billion? In 2012, the Spanish telecommunications provider Telefonica, one single company, generated revenues of about $85 billion, almost $25 billion more than Spain’s entire tourism sector. And this turnover was generated with just 275,000 employees, whereas 2 million Spaniards are working in tourism. Interpreting these numbers is hazy, because we do not know what value is added by the Telefonica personnel (portions of the revenues, both in tourism and in telecommunications, account for preliminary products), but there can be no doubt that production (and hence average incomes) in telecommunications are much higher than in tourism.