Metrics 2.0: $1.2 Trillion Tourism Output Grew 1.4% in 2Q 2006; GDP Grew at 2.9%

Growth in real tourism output slowed to an annual rate of 1.4% in the second quarter of 2006, according to data released today by the U.S. Bureau of Economic Analysis. In the first quarter of 2006, real tourism output grew 5.0% (revised). By comparison, real gross domestic product (GDP) grew at an annual rate of 2.9% in the second quarter of 2006, and 5.6% in the first quarter of 2006.

Prices for tourism goods and services rose 7.4% in the second quarter of 2006, while the overall GDP price index rose 3.3% in the second quarter. In the second quarter of 2006, total current-dollar tourism-related output increased to $1.2 trillion:

$661.4 billion of direct tourism output (output of goods and services sold directly to visitors)
$504.5 billion of indirect tourism-related output (output of goods and services used to produce what visitors buy)

Tourism employment rose 3.1% in the first quarter of 2006, the largest quarterly increase in direct tourism employment in two years. By comparison, overall U.S. employment grew 1.7% in the first quarter of 2006. In the first quarter of 2006 (the most recent period for which data are available), total tourism-related employment of 8.3 million consisted of 5.7 million direct tourism jobs and 2.6 million indirect tourism-related jobs.

Business & Market Intelligence

$1.2 Trillion Tourism Output Grew 1.4% in 2Q 2006; GDP Grew at 2.9%