Sunday, July 14, 2024

Türkiye’s travel & tourism sector reached record-breaking heights last year

The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Türkiye’s Travel & Tourism sector broke all records last year, reaching new milestones across four key metrics.

In 2023, the sector contributed TRY 3.11 trillion to the economy, accounting for 12 percent of total GDP. This is a significant increase of almost 30 percent from the previous peak in 2019.

The sector also supported more than 3.2 million jobs, representing one in 10 jobs across the country, and more than 18 percent above the 2019 high point.

International and domestic visitor spending also exceeded their previous records, reaching TRY 1.68 trillion and TRY 761.3 billion respectively.

International visitor spending has surpassed its 2019 record by almost 36 percent and domestic visitor spending broke its previous record, from 2018, by almost 24 percent.

Looking AheadtnThe sector is forecast to continue breaking records in 2024, with GDP contribution set to reach almost 12.5 percent of the country’s economy.

Jobs supported by Travel & Tourism are projected to surpass 3.3 million and spend from international and domestic visitors is also anticipated to set new records.

According to WTTC’s latest research, spending from international visitors could reach more than TRY 1.7 trillion next year, and spending from domestic visitors could reach almost TRY 799 billion.

In an effort to continue growing its crucial Travel & Tourism sector, Türkiye’s Government is considering introducing nomad visas, aimed at expanding its potential for longer stays and in turn increasing visitor spending.

Julia Simpson, WTTC President & CEO, said; “As the world’s fifth most popular destination, Travel & Tourism in Türkiye is more than just a sector, it’s an integral part of the nation’s economy, fuelling growth, investment, and new jobs.

“We congratulate the national government’s efforts to place Travel & Tourism at the heart of decision-making, recognising its critical role in the country’s economy.”

What does the next decade look like?

The outlook for the next ten years forecasts a decade of growth. By 2034, the sector is expected to contribute more than TRY 4 trillion to the economy annually, whilst jobs are projected to reach almost 3.75 million. The next decade is poised to be a period of remarkable growth and transformation for Türkiye’s Travel & Tourism sector.

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