Tourism contributed 8.9 percent to the Philippine economy in 2024

The Philippine Statistics Authority (PSA) reviews that the tourism sector contributed about 8.9 percent to the nation’s 2024 gross home product (GDP).

In its Philippine Tourism Satellite Account (PTSA) report launched yesterday, nineteenth June, the PSA identified that the tourism’s share in 2024 was up from the 8.7 percent proven in 2023.

Released yearly, the PTSA reviews all customer spending in lodging providers, meals and beverage serving providers, transport providers, journey businesses and different reservation providers, leisure and recreation providers, and purchasing, amongst others.

The Tourism Direct Gross Value Added (TDGVA), an indicator that measures the worth added of the tourism business, amounted to PHP2.35 trillion final 12 months, 11.2 percent greater in contrast with the PHP2.12 trillion in 2023.

Tourism generated extra employment in 2024

Employment in the tourism sector additionally posted a 6.1 percent enhance to 6.75 million, in contrast with the 6.37 million in 2023.

According to a PSA spokesperson: “The share of employment in tourism industries to the total employment in the country was recorded at 13.8 percent in 2024.”

The report additionally confirmed that home tourism expenditure grew by 16.4 percent from PHP2.71 trillion in 2023 to PHP3.16 trillion final 12 months.

Inbound tourism expenditure posted a decrease development of 0.4 percent to PHP699.98 billion final 12 months from year-ago’s PHP697.49 billion.

Outbound tourism expenditure, or spendings of Filipinos overseas, posted the highest annual development of 37.5 percent final 12 months at PHP345.68 billion.