The Size and Economic Impact of the Hospitality and Tourism Industry
The Size and Economic Impact of the Hospitality and Tourism industry:
Tourism is a massive industry in New Zealand. It has a major consequence on the rest of the economy from the employment it provides to a major percentage of the workforce (9.6% of the total workforce in New Zealand), thereby contributing to the Gross Domestic Product (GDP).
The tourism growth in New Zealand is the outcome of the numerous of options that the hospitality industry offer visitors from all over the world. Some of the choice of accommodation that NZ offers are Apartments, Beach Houses, Holiday homes, Motels, Backpackers, Holiday Parks, Homestays, Nature retreats, Resorts , Health spas, Vineyard accommodation, Bed and breakfast, Farmstays, Hotels etc
Summary of the performance of tourism industry for the year ended March 2010 are:
Total tourism expenditure was $22.4 billion, an increase of 2.1 percent from the previous year.
International tourism increased 1.6 percent ($149 million) to $9.5 billion and contributed 18.2 percent to New Zealand’s total exports of goods and services.
Domestic tourism expenditure was $12.9 billion, an increase of 2.5 percent from the previous year.
Tourism generated a direct contribution to GDP of $6.5 billion, or 3.8 percent of GDP.
The indirect value added of industries supporting tourism generated an additional $8.6 billion to tourism.
The tourism industry directly employed 92,900 full-time equivalent (FTE) employees (or 4.9 percent of total employment in New Zealand), a decrease of 1.6 percent from the previous year.
Tourists generated $1.7 billion in goods and services tax (GST) revenue (Statistics New Zealand, 2010c).
The instability in the results was contributed by the global financial crisis, swine flu pandemic etc, this demonstrates how tourism industry is dependent on the external factors for its growth.
It is predicted that tourism and hospitality industries would witness an increase in the inbound and outbound
Tourism is a massive industry in New Zealand. It has a major consequence on the rest of the economy from the employment it provides to a major percentage of the workforce (9.6% of the total workforce in New Zealand), thereby contributing to the Gross Domestic Product (GDP).
The tourism growth in New Zealand is the outcome of the numerous of options that the hospitality industry offer visitors from all over the world. Some of the choice of accommodation that NZ offers are Apartments, Beach Houses, Holiday homes, Motels, Backpackers, Holiday Parks, Homestays, Nature retreats, Resorts , Health spas, Vineyard accommodation, Bed and breakfast, Farmstays, Hotels etc
Summary of the performance of tourism industry for the year ended March 2010 are:
Total tourism expenditure was $22.4 billion, an increase of 2.1 percent from the previous year.
International tourism increased 1.6 percent ($149 million) to $9.5 billion and contributed 18.2 percent to New Zealand’s total exports of goods and services.
Domestic tourism expenditure was $12.9 billion, an increase of 2.5 percent from the previous year.
Tourism generated a direct contribution to GDP of $6.5 billion, or 3.8 percent of GDP.
The indirect value added of industries supporting tourism generated an additional $8.6 billion to tourism.
The tourism industry directly employed 92,900 full-time equivalent (FTE) employees (or 4.9 percent of total employment in New Zealand), a decrease of 1.6 percent from the previous year.
Tourists generated $1.7 billion in goods and services tax (GST) revenue (Statistics New Zealand, 2010c).
The instability in the results was contributed by the global financial crisis, swine flu pandemic etc, this demonstrates how tourism industry is dependent on the external factors for its growth.
It is predicted that tourism and hospitality industries would witness an increase in the inbound and outbound