The World Travel & Tourism Council (WTTC) estimated that the travel & tourism (T&T) industry’s direct contribution to the Lebanese economy would reach US$ 4.1 billion in 2013, up by 1.8% from 2012. When measured against the nominal GDP, it accounted for 9.3% of the economy’s size in 2012, a share that would slightly drop to 9.0% in 2013, as per WTTC. This primarily reflects the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation services, as well as the activities of the restaurant and leisure industries directly supported by tourists.
Tourism’s direct industry employment in the activities mentioned above will reach 117,500 representing 8.7% of total employment in Lebanon this year, down by 2.1% from 120,000 jobs (9.0% of total employment) in 2012.
The total contribution of travel and tourism to Lebanon’s GDP , including wider effects from investment, the supply chain, and induced income impacts, was at US$ 11.1 billion in 2012 (25.1% of GDP) and is expected to grow by 2.3% to US$ 11.4 billion (24.5% of GDP) in 2013. The total contribution of travel and tourism in the above mentioned category will reach 317,000 jobs in 2013 (23.5 % of total employment), down by 1.8% from 322,500 jobs in 2012 (24.0% of total employment).
On a longer term basis, the direct contribution of travel and tourism to GDP is expected to grow by 5.8% per annum to US$ 7.4 billion (9.6% of GDP) by 2023. Regarding the total contribution, it is forecasted to grow by 6.1% per annum to US$ 20.5 billion by 2023, equivalent to 26.8% of GDP.
Lebanon Weekly Monitor – Bank Audi
2 March
