Impact of Hospitality Industry on Local and National Economies Report

This report provides a comprehensive analysis of the hospitality industry's economic contributions. It examines the direct and indirect impacts on various sectors, including tourism, transportation, and retail. The report highlights the industry's significant role in generating revenue, creating employment opportunities, and boosting local and national economies. It emphasizes the positive effects on GDP, national income, and per capita income, as well as the development of public infrastructure. Furthermore, the report discusses the industry's growth trends and its influence on the international, national, and local economic landscapes. The hospitality industry, which includes sectors like shopping, travel, and adventure sports, significantly contributes to the UK's economic growth. The industry provides a large number of employments to people of UK. In 2017, alone 2.4 million people were employed in the hospitality industry making it the fifth largest industry in the country. The revenue generated by this industry was in the ballpark of 90 billion pounds, which has completely contributed to the GDP, and the gross national income of the country.

Contemporary Hospitality Industry
Contribution of Hospitality in Economy
The hospitality industry is booming at an accelerated
pace which results in massive growth in international,
national and local economies. This sector contributes
majorly in the gross domestic product, employment,
economic development our national income. Increase
cash flow is generated when a tourist spend the money
at hotels, restaurants and places of entertainment along
with indirect effects on the pharmaceutical industry,
retail goods industry and local craft industry.
Local and National Economy
. These also lead to development of public
infrastructure such as public transportation and roads
Hospitality industry provides a large number of
employments to people of UK. In 2017, alone 2.4
million people were employed in the hospitality
industry making it the fifth largest industry in the
country. The revenue generated by this industry was
in the ballpark of 90 billion pounds, which has
completely contributed to the GDP, and the gross
national income of the country. Apart from this,
around 53900 jobs were created in the restaurant
industry. The total contribution of this sector to the
GDP and the national income has been around 34
billion Euros in the year 2017. The hospitality
industry also helps in increasing the per capita
income of the country by providing such huge
number of jobs to the people. This raises the standard
of living of people in the country thus increasing the
other sectors growth by increasing cash flow.
International Economy
Sectors, which are directly or
indirectly affected by hospitality industry,
include various business sectors like
shopping travelling adventure sports etc.
resulting overall and economic
development of the country. International
tourism also helps the country in a great
way. The value of pound is kept constant
by intensive foreign exchange provided by
the international tourist moreover air travel
is intensively expensive and provides
money to the Airways, travel and tourist
industry. International shoppers also uplift
the local economy, as they tend to shop
more extensively does increasing the
revenue generated by the local economy.