[PDF] The Contribution of Tourism to Economic Growth

Added on - 20 Feb 2021

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The international tourist also provides strong contribution in UK economy, becausethey travel by air which increases the revenue for the airways and travel andtourism industry. Then being from the international countries, they will also doshopping which will contribute in the development and growth of the localeconomy. Furthermore, the franchising and licensing has an immense contributionin developing global hospitality brands in UK. Thus, they will generate higher levelof tax for the country and improves the overall economic condition of the UK.Contribution of the hospitality industryDue to increasing number of tourists and travellers, the hospitality industry isgrowing at a tremendous rate. This brings various benefits to the local, nationaland international economies of the country. The tourism industry contributestowards the growth of the country, GDP and its economy. It generally relates totravelling to a place other than their home country for the purpose of leisure,exploration, vacation, businesses, etc. This generates demands for variousproducts and services.The UK hospitality industry is very immense and it has generated the amplenumber of job and employment opportunities for the local people. It has employedaround 2.4 million people as per the 2017 data and 1.2 million in around 170,000commercial set up. Thus, it is fifth largest industry in UK which is employing themaximum number of people. This industry has generated the revenue of£90billion which contributes in GDP and national income of the company inaround £34billion. Apart from this, VAT rate from the restaurants has also createdthe 53900 jobs in the country.The hospitality industry has a strong contribution in UK economy as due togeneration of employment opportunities, the vast number of people are employedand contributes in per capita income (GDP) of the country. This will help inraising standard of living of the people in the country. Due to the hospitalityindustry, the business of various sectors like sightseeing, shopping, travels, etc. isimmensely increasing which is contributing in overall growth and development ofthe country.CONTEMPORARY HOSPITALITY INDUSTRY
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