Record: One In Every $10 Spent Worldwide Is On Travel

by THEFUTURE.TEAM

September 4, 2024

A record $1 in every $10 spent globally in 2024 will be on travel, according to the World Travel and Tourism Council’s (WTTC) annual report.

KEY FACTS

The travel and tourism industry’s contribution to global gross domestic product is expected to reach a new record as consumers view travel as an increasingly essential part of their budget.
The WTTC forecasts that the industry’s contribution to global GDP this year will increase by 12.1% year-on-year to $11.1 trillion. dollars, which represents 10 percent of the world’s gross domestic product.
Travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.
The sector will support nearly 348 million jobs in 2024, or 13.6 million positions more than in 2019 – the previous record before the pandemic. The industry is still hiring to fill positions in the fast-growing field.

IMPORTANT QUOTE

“Despite some concerns last year about us entering a global recession and accelerating inflation, this year we believe travel and tourism are a real economic force globally,” said the NGO’s chief executive Julia Simpson, quoted by Reuters.

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Cyprus Services Sector Shows Robust Performance In 2025 As Tourism, Digital Innovation, And Shipping Surge

by THEFUTURE.TEAM

April 6, 2026

The Employers and Industrialists Federation (OEV) reported growth across Cyprus’ services sector in 2025, with increases recorded in tourism, professional services and administrative activities. Data show continued expansion across multiple sub-sectors, reinforcing the role of services in economic output and employment.

Service Sector Leadership

Accommodation and food services grew by 9.5%, while administrative and support activities increased by 7.4%. Professional, scientific and technical activities rose by 4.6%, followed by information and communication at 4.3%. Transport and storage recorded growth of 2.8%, while real estate activity increased by 0.4%. These figures indicate broad-based expansion across service industries.

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A Remarkable Tourism Surge

Tourist arrivals reached 4,534,073 in 2025, marking a 12.2% increase year-on-year. December arrivals totaled 156,959, up 18% compared with the same period a year earlier. Tourism continues to support revenue generation and seasonal demand across the economy. Growth in visitor numbers contributes to activity in hospitality and related sectors.

Driving Digital Transformation

OEV is supporting digital adoption through initiatives such as the DiGiNN Cyprus Digital Innovation Hub. The program focuses on improving business processes, skills development and technology integration. Additional efforts include the establishment of a Digital Transformation and Innovation Committee and international engagement through business missions. These actions support the adoption of digital tools across sectors.

Resilient Shipping Sector

Shipping accounted for about 7% of Cyprus’s GDP in 2025, remaining a key component of the economy. The Cyprus Registry recorded its highest tonnage in 20 years, with an increase of nearly 20%. Fleet growth strengthens Cyprus’ position within European Union shipping registries and global maritime markets. The sector continues to contribute to economic stability.

Strengthening The Economic Foundation

OEV is organizing conferences, workshops and exhibitions to support business development across sectors. These initiatives focus on improving operational practices and industry collaboration. Continued investment in services and digital infrastructure is expected to support economic performance.

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