Travel, tourism sectors generate 12 pct of Turkey's GDP: Report

Travel and tourism sectors generated, either directly or indirectly, $96 billion of Turkey?s GDP in 2014, making its direct contribution to GDP impact greater than many sectors except for the retail and agriculture sectors, according to a recent report by the World Travel & Tourism Council (WTTC).

?Based on its direct, indirect, and induced GDP impact, travel and tourism generated 12 percent of Turkey?s GDP in 2014, higher than the global average of 9.8 percent. This is nearly twice the size of banking?s GDP impact at 6.4 percent,? according to the Turkey country report, which was published on May 28 along with 25 other leading tourism countries? reports and a global assessment report for 2014. 

The 2015 Benchmarking Report of the WTTC compared the travel and tourism sectors to eight other sectors, which are considered to have similar breadth and global presence, across 26 countries, including automotive manufacturing, chemicals, banking, mining, financial services, retail and agriculture. 

Travel and tourism sectors? direct industry GDP expanded 256 percent in Turkey between 1990 and 2014, while the total economy expanded 110 percent, according to the report, undertaken by Oxford Economics and sponsored by American Express.

Turkish tourism representatives expect to increase this year?s annual income over $35 billion by hosting more than 42 million tourists, despite Europe?s economic problems and conflicts in neighboring countries.

The number of tourists who visited Turkey reached an all-time high of 37 million in 2014, pushing Turkey closer to Italy on the most visited destination chart.

The two sectors? GDP is expected to grow at an annual average of 5.6 percent over the next decade, while the total economy...