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Benefits of Tourism

Corthwright Marshall Research & Development Officer Ministry of Tourism & Civil Aviation. Benefits of Tourism. Tourism enriches. Individual Families Communities All the World. Tourism. 2005 Tourism Satellite Accounting Highlights:. In 2005, Travel & Tourism is expected to generate:

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Benefits of Tourism

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  1. Corthwright Marshall Research & Development Officer Ministry of Tourism & Civil Aviation Benefits of Tourism

  2. Tourism enriches • Individual • Families • Communities • All the World

  3. Tourism

  4. 2005 Tourism Satellite Accounting Highlights: • In 2005, Travel & Tourism is expected to generate: • US$ 6,201.49 billion of economic activity • 10.6% of total GDP • 221,568,000 jobs or 8.3% of total employment

  5. Caribbean Highlights: • 14.8 per cent of the Caribbean’s GDP (2004) • 2.4 million jobs representing 15.5 per cent of total employment • 4.1 per cent GDP annual growth over the next 10 years • 2.8 per cent annual growth in Travel & Tourism employment over 10 year period • share of GDP and employment to 16.5 and 17.1 per cent respectively by 2014

  6. INDIRECTLY ACCOUNTS FOR: • 2,416,500 jobs representing 15.5 percent of total employment • US$28.4 billion of Gross Domestic Product (GDP) equivalent to 14.8 percent of total GDP • US$7.4 billion of Capital Investment or 21.7 percent of total investment • US$1.9 billion of Government Expenditures or an 8.2 percent share.

  7. Benefits of Tourism to local economy • Travel & Tourism is without question the foremost export sector in Antigua and Barbuda and possesses the inherent ability to • diversify the Caribbean economy • stimulate entrepreneurship • catalyze investment • create large numbers of sustainable jobs • help social development in local communities.

  8. ECONOMIC IMPACT • IN 2005, ANTIGUA AND BARBUDA'S TRAVEL & TOURISM IS EXPECTED TO GENERATE XCD2,259.1 MN (US$836.7 MN) OF ECONOMIC ACTIVITY (TOTAL DEMAND) • THE INDUSTRY'S DIRECT IMPACT INCLUDES: • 10,573 jobs representing 35.0 percent of total employment • UD$218.6 million (or XCD 590.2 million) of Gross Domestic Product equivalent to 25.) percent of total GDP.

  9. ECONOMIC IMPACT cont’d SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. ANTIGUA AND BARBUDA'S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR: • 28,662 jobs representing 95.0 percent of total employment • US$751.0 million of Gross Domestic Product (GDP) equivalent to 86.0 percent of total GDP; • US$231.4 million of Capital Investment or 51.8 percent of total Investment; and • US$61.8 million of Government Expenditures or 27.8 percent share.

  10. Economic Forecast • Contribution of Antigua and Barbuda’s Travel & Tourism by 2015 • 3.40% per annum, in real terms, between 2006 and 2015 • 32,454 jobs, one in every 1.1 jobs • US$12,481 or 37.1% of GDP • 52% of Capital Investment

  11. Capital Investment

  12. Travel & Tourism Government Expenditure

  13. Market Share of Caribbean Total Demand

  14. Market Share of World Total Demand

  15. To maximize the benefits and ensure regional spread • Greater co-operation between all leading policy-makers – and the private sector • Better management of tourism growth • Long-term planning • Tourism Strategic Plan or Master Plan

  16. REALIZING THE POTENTIAL • Factors to ensure the sustainability of future growth include: • A favorable government fiscal policy • A climate that is conducive to business – offering attractive incentives for investment • Sustained and effective marketing and promotion • Environmentally friendly policies • Clearly defined, long-term development plan • Create Linkages • Safety and Security

  17. Strategic Signals • Creates new and diversified products/ markets/ services • Incorporate local communities in planning and operation • Develop partnership between administrators and operators • Create value • Invest in the environment • Improve host-tourist awareness • More focused and increased marketing and promotion

  18. “ It is the objective of my Ministry and the Government of Antigua and Barbuda to create the environment where we do not only teach our people to smile but given them a reason to smile. We intent to make this ideal the bedrock of our new tourism policy” Tourism Minister – Hon. Harold Lovell

  19. Antigua & Barbuda The Best Brand in Caribbean Tourism

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