Tuesday, June 27, 2006

THE Cayman Islands is rated as the 15th most tourism intense country in the world in the latest report by the World Travel & Tourism Council (WTTC), which monitored 174 countries.

The Islands are expected to generate US$918.8 million in economic activity in 2006, the WTTC reported last week.

In nominal terms, Cayman's tourism activity is forecast to be growing to US$1,875.3 million by 2016, while total demand is expected to rise by 9.7 percent this year.

Next year, the real term growth is put at 4.2 percent per year between 2007 and 2016, the WTTC said.

The WTTC President Jean-Claude Baumgarten said the travel and tourism sector continues to be a major economic boost to many countries. 

"We're witnessing the power, speed and vitality of travel and tourism and how they can bring economic opportunity and jobs to people and economies seeking sustainable development," he said.

The Islands' 4,000 jobs account for 13.7 percent of the total employment in 2006 and are forecast to reach 5,000 jobs or 16.9 percent in 2016.

Visitor exports is expected to rake in US$447.4 million or 31.2 percent of total exports with estimated growth in nominal terms put at US$1,028.3 million in 2016.

Travel and Tourism's contribution will contribute US$209.7 million or 9.8 percent of the gross domestic product (GDP) in 2006, rising to US$474.7 million ten years later.

The report was done in partnership the Oxford Economic Forecasting (OEF) and intended to provide solid, credible and professional statistical information to assist government policy and business decision processes.

The WTTC, which recently launched their economic performance report for 174 countries, is the forum for business leaders in the travel and tourism industry.

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