Canada’s tourism receipts to grow to USD 182 billion in 2024: WTTC

Tourism to generate one in every USD 15 of economic activity
2024-05-27
/
/ New Delhi
Canada’s tourism receipts to grow to USD 182 billion in 2024: WTTC
Canada’s tourism receipts to grow to USD 182 billion in 2024: WTTC

The travel and tourism sector’s GDP contribution last year grew by almost 25 pc year-on-year to reach almost USD 172 billion

Canada's tourism sector is expected to see a boom in 2024, reaching USD 182 billion this year, a growth of 4.6 pc over the previous peak registered in 2019. WTTC forecasts that the sector will support 1.84 million Canadian jobs, another new high.
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Canada is set to receive an all-time high economic contribution of almost USD 182 billion from its travel and tourism sector this year, says a report by the World Travel and Tourism Council (WTTC).

According to a press statement by WTTC, Canada’s travel receipts will reach USD 182.1 billion in 2024, representing an additional USD 8.1 billion over its previous peak recorded in 2019.

This affirms the sector’s significant role as an economic force, responsible for generating one in every USD 15 of economic activity.

In partnership with Oxford Economics, WTTC’s latest research highlights a sector abundant with opportunities, supporting 1.84 million Canadian jobs, with an increase of 120,000 jobs compared to the previous high point in 2019.

The statement adds that spending by both international and domestic tourists is also expected to reach unprecedented levels, with forecasts indicating a total expenditure of USD 43.7 billion and USD 95.2 billion respectively, highlighting the robust demand and vibrant growth within the sector.

WTTC says that the travel and tourism sector’s GDP contribution last year grew by almost 25 pc year-on-year to reach almost USD 172 billion. This represented 6 pc of Canada’s total economic output, demonstrating the sector’s integral contribution to the national economy.

The sector proved to be a significant source of employment, creating 85,000 new jobs, and elevating the total to 1.7 million nationwide. This positioned it as a major employment driver, representing one in every 12 jobs across the country, the statement adds.

It says that the resurgence of international visitors to Canada has been notably strong, with international spending increasing by 42 pc to reach USD 41.3 billion, highlighting Canada’s appeal as a premier global destination.

Julia Simpson

Julia Simpson

“Travel and tourism is set to break all records in Canada. The government backed Tourism Growth Programme, with its USD 108 million in federal funding, will further boost both the economy and jobs over the coming year. The travel and tourism sector is very strong and creating economic value and jobs. Vancouver, Toronto, and Montreal stand out as popular destinations amongst international visitors,” says Julia Simpson, WTTC President and CEO.

WTTC predicts that the outlook for the next decade is exceptionally bright. By 2034, the sector is expected to dramatically enhance Canada’s economy, contributing an estimated USF 248 billion and comprising 7.1 pc of the total economic landscape.

According to the report, this burgeoning industry is also projected to be a major source of job creation, expected to provide employment for 2.3 million people nationwide. This indicates that 10 pc of the workforce will be engaged in the sector, highlighting the essential role of travel and tourism in fostering Canadian employment.

The statement adds that the forthcoming decade promises not just growth, but a transformative period for travel and tourism. Canada is on the threshold of an era characterised by prosperity, innovation, and connectivity on an unprecedented scale, marking a golden age for the sector that is eagerly anticipated by both consumers and businesses alike.

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