June 14 (SeeNews) - Macedonia's tourism and travel sector is expected to increase its direct contribution to the country's gross domestic product (GDP) by 5.9% in 2017, The World Travel&Tourism Council (WTTC) said.
In 2016, tourism generated 10.4 billion denars ($189.6 million/169.2 million euro), equivalent to 1.8% of total GDP, the WTTC said in its Travel&Tourism Economic Impact 2017 report on Macedonia.
WTTC ranks Macedonia 164th out of 185 countries in terms of the sector's direct contribution to GDP in 2016, as percentage share, far below other SEE countries like Montenegro and Croatia which came in the first thirty in the ranking, or Bulgaria, which was 97th.
In 2027, contribution of Macedonia's tourism sector to the GDP is projected to reach 16.7 billion denars, equivalent to 2.1% of the country's GDP.
Investments in the tourist sector are seen rising 6.9% in 2017 from 4.5 billion denars in 2016. WTTC foresees over the next ten years investments in the sector to continue to grow, reaching 7.6 billion denars in 2027.
WTTC expects Macedonia to attract 529,000 foreign tourists in 2017, up 6.4% compared to 2016. According to the report, in 2027 the country will welcome 754,000 international visitors.
|
2016 (% of total) |
2017 (annual growth) |
2027 (% of total) |
GDP: direct contribution |
1.8% |
5.9% |
2.1% |
GDP: total contribution |
6.7% |
5.2% |
7.8% |
employment:direct contribution |
1.6% |
4.5% |
2% |
employment: total contribution |
6.1% |
3.6% |
7.2% |
visitor exports |
5.4% |
6.4% |
4.7% |
investment |
2.4% |
6.9% |
2.8% |
Macedonia's economy is expected to expand by 2.8% in 2017, according to the World Bank's latest Global Economic Prospects report, published earlier in June.
(1 euro = 61.45 denars)