PODGORICA (Montenegro), June 14 (SeeNews) – The World Travel & Tourism Council (WTTC) said it expects the direct contribution of the travel and tourism industry to Montenegro's economy to rise by 6.7% in 2017 to a total of 449.5 million euro ($504.7 million).
The direct contribution of the travel and tourism industry to the Montenegrin economy amounted to 421.2 million euro, or 11% of the country's gross domestic product (GDP) in 2016, the WTTC said in its Travel & Tourism Economic Impact 2017 report on Montenegro.
The total contribution of the tourism industry to the Montenegrin economy, including the effects from investment, supply chain and induced income impacts, amounted to 846.4 million euro in 2016, or 22.1% of GDP, and is expected to grow by 6.3% to 900 million euro in 2017, WTTC said.
The direct contribution of Travel & Tourism to GDP is expected to grow by 6.1% to 810.9 million euro, or 15.3% of GDP, while the total contribution is projected to rise by 6.3% to 1.656 billion euro, or 31.2% of GDP, by 2027.
The travel and tourism industry generated 12,000 jobs directly in Montenegro last year, and this is forecast to grow by 3.8% in 2017 to 12,500, or 6.7% of employment. By 2027, travel and tourism will account for 18,000 jobs directly, an increase of 3.5% over the next ten years, according to WTTC.
The industry is expected to have attracted capital investment of 263.6 million euro in 2016 and it is expected to rise by 7.6% in 2017 and by 6.9% over the next ten years to 551.5 million euro in 2027. Travel and tourism’s share of total national investment will rise from 35.2% in 2017 to 51.5% in 2027, the WTTC added.
($ = 0.890614 euro)