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Suitland,
MD – February 2023 / Newsmaker Alert: The
travel and tourism industry—as measured by the real output of goods and
services sold directly to visitors—increased 64.4 percent in 2021 after
decreasing 50.7 percent in 2020, the first year of the COVID-19 pandemic,
according to the most
recent statistics from the Travel and Tourism Satellite Account (TTSA)
of the U.S. Bureau of Economic Analysis.
By
comparison, the broader economy, as measured by real gross domestic product
(GDP), increased 5.9 percent in 2021 after decreasing 2.8 percent in 2020.
Revised statistics on travel and tourism reflect the incorporation of the
annual update of the National Economic Accounts, which was released on
September 29, 2022.
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Highlights
from the TTSA include the following:
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Travel
and tourism's share of GDP increased from 1.54 percent in 2020 to 2.15
percent in 2021.
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The travel
and tourism industry's real output increased $362.0 billion in 2021 but
has not fully recovered from the pandemic. Travel and tourism’s real output
for 2021 was 81.1 percent of its 2019 level.
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The increase
in 2021 is the largest expansion in real output since BEA began measuring
these statistics in 1998.
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In 2021,
real output increased for 21 of 24 commodities. The largest contributors
to the increase were food and beverage services and shopping.
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Prices
for travel and tourism goods and services increased 7.7 percent in 2021
after decreasing 5.0 percent in 2020. The largest contributors to the increase
were gasoline, traveler accommodations, and automotive rental and leasing.
Read
complete release here.
The
full set of TTSA data, along with an article in the Survey of Current Business,
is available on the BEA website at www.BEA.gov/data/special-topics/travel-and-tourism.
Media
Contacts:
U.S.
Bureau of Economic Analysis
Connie
O'Connell
Thomas
Dail
301-278-9003 |
