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News from the Caribbean as of
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Grenada receives good rating from WTTC
Thursday, June 29, 2006
by Kishawn Thomas
Caribbean Net News Grenada Correspondent
Email: kishawn@caribbeannetnews.com
ST GEORGE’S, Grenada: As travel and tourism continues to be one of the world’s fastest growing industries and employers, the World Travel & Tourism Council (WTTC), in partnership with Oxford Economic Forecasting (OEF) and its global sponsor Accenture, produces detailed annual Tourism Satellite Accounting reports.
The research is based on the UN standard for Satellite Accounting, quantifies the wide-ranging economic impact of travel and tourism and provides solid, credible and professional statistical information that can assist in informing government policy and business decision processes.
WTTC President Jean-Claude Baumgarten says “We are witnessing the power, speed and vitality of travel and tourism and how they can bring economic opportunity and jobs to people and economies seeking sustainable development”.
WTTC reports that Grenada is currently the 161st largest travel and tourism economy, the 20th most tourism-intense country and 158th in growth forecast.
In 2006, WTTC is forecasting:
Demand: Encompassing all components of travel and tourism consumption, investment, government spending and exports, Grenada is expected to generate US$191.7mn of economic activity (Total Demand) in 2006, growing (nominal terms) to US$321.5mn by 2016. Total Demand is expected to grow by 6.4 per cent in 2006 and by 3.4 per cent per annum, in real terms, between 2007 and 2016.
Visitor Exports: Travel and tourism is expected to generate 35.1 per cent of total exports (US$75.1mn) in 2006, growing (nominal terms) to US$147.3mn (34.0 per cent of total) in 2016.
GDP: Grenada travel and tourism industry is expected to contribute 7.5 per cent to Gross Domestic Product (GDP) in 2006 (US$36.6mn), rising in nominal terms to US$70.2mn (8.4 per cent total) by 2016. The travel and tourism economy contribution (per cent of total) should rise from 29.9 per cent (US$146.6mn) to 28.3 per cent (US$237.3mn) in this same period.
Employment: Grenada travel and tourism economy employment is estimated at 12,000 jobs in 2006, 27.6 per cent of total employment. By 2016, this should total 15,000 jobs, 26.6 per cent of total employment. The 3,000 travel and tourism industry jobs account for 7.5 per cent of total employment in 2006 and are forecast to total 5,000 jobs or 8.4 per cent of the total by 2016.
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