Tourism Stimulates Economic Development Worldwide

A study by the Economist has found that just a 1% increase in overnight stays can boost the real GDP of a region by as much as 0.5% in Europe and 0.22% in North America. This increase is not just from accommodation revenue alone, it takes into account the fact that visitors not only spend money on an overnight stay, but they also stimulate the demand for goods and services at the destination which in turn generates income for local businesses beyond accommodation sector.