Europe's Tourism Industry on the Rise as a Potential Major Economic Sector
The tourism industry has proven to be a significant driver of economic growth across Europe, contributing substantially to the advancement of most European countries. According to preliminary estimates conducted by the European Travel Commission (ETC), this trend continued in 2024.
In Spain, the tourism industry's direct and indirect contribution to GDP outperformed that of manufacturing, with a 14.5% share compared to 10.9% for manufacturing. This remarkable performance was underlined by Spain attracting a record-breaking 95 million visitors in 2024, a testament to the country's allure for tourists.
France, Europe's other leading tourist destination, also saw the tourism industry's contribution to GDP maintain parity with manufacturing, with both sectors accounting for around 8.8% and 9.7% of the GDP, respectively. The country welcomed a significant number of tourists in 2024, contributing to Europe's total of 747 million tourists, making it the most visited continent.
In contrast, the tourism industry's contribution to GDP in Italy and Germany was lower than that of manufacturing. Italy's tourism sector accounted for 10.5% of GDP, while manufacturing contributed 15.4%, and in Germany, the figures were 11% for tourism and 18.5% for manufacturing.
Notably, countries such as Albania and Serbia experienced a surge in visitor numbers and revenue between 2023 and 2024. Albania recorded a 128% increase in revenue, while Serbia saw a 126% growth, indicating a growing interest in lesser-known European destinations.
Tourism employment accounts for nearly 9.1% of total employment at the European level. However, the sector is facing a higher vacancy rate for jobs compared to the EU average, at 3.3%. The urgent need for skilled labor is crucial to sustain the sector's growth and meet the demands of the ever-increasing number of tourists.
The study by the European Travel Commission also revealed that the tourism sector in France and Spain has regained levels equivalent or slightly higher than pre-pandemic levels, offering a glimmer of hope for the industry's recovery. With Europe being the most visited continent in 2024, it is clear that the tourism industry continues to play a vital role in the continent's economy.
