#gdpcontribution

📌 Role of Service Sector in the Growth of the Indian Economy The service sector plays a crucial role in driving India’s economic growth by contributing significantly to GDP, employment, foreign exchange earnings, and innovation. From IT & ITES, finance, healthcare, education to tourism and legal services, this sector fuels modernization and global integration of the Indian economy. . 🌏 Read the complete analysis on: https://www.globaljurix.com/blog/role-of-service-sectors-in-the-growth-of-indian-economy.php

The Qatari travel and tourism industry is experiencing a golden age, shattering records and solidifying its position as a key economic driver. This surge in success is illuminated by the World Travel & Tourism Council's (WTTC) 2024 Economic Impact Research (EIR) report. Qatar Tourism Soars 2023: A Year of Remarkable Achievements The past year witnessed a phenomenal upswing in Qatar's travel and tourism sector. Here's a breakdown of the key milestones achieved: GDP Contribution: The sector's contribution to Qatar's GDP skyrocketed by 31%, reaching a historic QAR 81.2 billion. This translates to a staggering 10.3% of the nation's total economic output, emphasizing tourism's crucial role in the country's financial well-being. Job Creation Engine: The industry emerged as a significant source of employment, generating over 20,300 new jobs. This impressive growth pushed the total number of jobs in the sector to nearly 286,000, representing one in eight jobs across Qatar. Domestic Tourism Strength: Domestic visitor spending witnessed a significant uptick, reaching QAR 1.4 billion, indicating a growing interest in exploring the country amongst Qatari residents. However, despite hosting the highly anticipated FIFA World Cup in 2022 and witnessing a nearly 40% increase in visitor spending from abroad (reaching QAR 60.4 billion), international visitor spending still fell short of the previous peak by QAR 1.2 billion. Gearing Up for an Even Brighter 2024 The future looks incredibly promising for Qatar's travel and tourism industry. Here's a glimpse into what 2024 holds: Record-Breaking Projections: The sector is poised to contribute a staggering QAR 90.8 billion to the Qatari economy this year, representing the highest level ever recorded. This translates to a significant 11.3% of the nation's total GDP. Employment Boom: The industry is expected to be a major job creator, supporting more than 334,500 jobs across the country. This growth signifies that over 15.8% of the total workforce will be employed in the travel and tourism sector. International Tourism on the Rise: International visitor spending is projected to rise significantly, reaching a record-breaking QAR 69.6 billion this year. Coupled with a projected domestic spend of QAR 12 billion, the overall tourism revenue is poised for a historic high. These remarkable achievements are a testament to the government's dedication to fostering collaboration between the public and private sectors. This commitment focuses on enhancing Qatar's tourism offerings by creating diverse and immersive experiences that cater to a wide range of visitor preferences. Collaborative efforts include dedicated working groups across various industries. These groups hold regular meetings to identify challenges and leverage the expertise of the private sector to further propel tourism growth. Industry Leaders Express Optimism Julia Simpson, President & CEO of WTTC, is optimistic about the future of Qatar's tourism industry. "Qatar's Travel & Tourism sector is poised to break records this year, highlighting its significance as a leading destination in the Middle East," she stated. Simpson acknowledges the current gap in international visitor spending compared to the previous peak. However, she emphasizes the government's efforts to strengthen collaboration as a catalyst for propelling tourism growth. She concludes by expressing confidence in Qatar's tourism industry playing a crucial role in shaping a national economic landscape defined by prosperity and abundant opportunities. Beyond 2024: A Look at the Next Decade The global tourism body forecasts a robust upward trajectory for the Qatari tourism sector over the next decade. By 2034, the sector's annual GDP contribution is projected to exceed QAR 135 billion, representing nearly 13% of the nation's economy. Furthermore, the industry is expected to employ a staggering 458,000 individuals, with one in five residents working within the travel and tourism sector. A Thriving Tourism Landscape Across the Middle East The positive trend isn't limited to Qatar. The entire Middle Eastern travel and tourism sector witnessed an impressive growth of over 25% in 2023, reaching close to $460 billion. Job creation also saw a significant upswing, with the number of jobs reaching nearly 7.75 million.

The emirate of Abu Dhabi has embarked on a bold mission to solidify its position as a premier global tourism destination. With the recent approval of the Tourism Strategy 2030 by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has charted a course for significant growth and strategic development within the emirate's travel and tourism sector. This comprehensive strategy outlines a series of ambitious goals, aiming to nearly double visitor numbers and substantially elevate the tourism industry's contribution to the UAE's GDP by 2030. Let's delve deeper into the details of this transformative initiative. Abu Dhabi Sets Sights A Vision for Exponential Growth The Tourism Strategy 2030 paints a picture of exponential growth for Abu Dhabi's tourism sector. Key objectives include: Surge in Visitor Numbers: The strategy targets a significant increase in visitor arrivals, aiming to attract 39.3 million visitors by 2030 (a nearly 64% increase from the 24 million visitors recorded in 2023). This ambitious target signifies a projected 7% year-on-year growth rate. Economic Powerhouse: The strategy envisions the tourism industry playing a more prominent role in the UAE's economy. By 2030, the sector aims to contribute AED 90 billion annually to the GDP, a substantial increase from the AED 49 billion recorded in 2023. Job Creation Engine: The anticipated tourism boom is projected to generate an estimated 178,000 new jobs by 2030. This significant job creation will empower local communities and contribute to the overall economic development of Abu Dhabi. A Multi-Pronged Approach to Success The Tourism Strategy 2030 is built upon four strategic pillars, each designed to address specific aspects of tourism development: Offering and City Activation: This pillar focuses on elevating the overall visitor experience in Abu Dhabi. This includes: Unveiling new cultural sites and theme parks. Expanding retail offerings and introducing new hotel chains. Diversifying the emirate's events calendar with year-round concerts, festivals, and family-friendly events. Enhancing the dining scene through the introduction of culinary schools, training programs, and a wider variety of restaurants. Promotion & Marketing: This pillar emphasizes intensifying marketing efforts to reach a wider global audience. Key initiatives include: More than doubling international reach, expanding from 11 markets to 26. Establishing strategic partnerships with media outlets and prominent brands. Creating compelling, market-specific content across various touchpoints. Infrastructure & Mobility: This pillar prioritizes infrastructure development to seamlessly accommodate the anticipated influx of visitors. The strategy focuses on: Increasing hotel room availability across various categories, including accessible and luxury options, glamping sites, and farm stays. Collaborating with stakeholders to improve roads, public transportation, and overall infrastructure within the emirate. Working with local and international airlines to increase flight seat capacity. Visa, Licensing, and Regulations: This pillar aims to streamline visa, licensing, and regulation processes, ultimately enhancing the visitor experience and attracting tourism businesses. The strategy includes: Collaborating with relevant government agencies to expedite application and permit processing times. Implementing user-friendly platforms to improve the ease of doing business for tourism-related enterprises. Building Upon a Strong Foundation The Tourism Strategy 2030 leverages the success achieved by Abu Dhabi's tourism sector in 2023. Key achievements from the previous year include: Remarkable Visitor Influx: Abu Dhabi welcomed nearly 24 million visitors in 2023, a significant increase compared to previous years. Economic Boost: The tourism industry contributed approximately AED 49 billion to the UAE's GDP in 2023. Surge in Hotel Guests: The number of hotel guests rose by 27% in 2023, indicating a growing interest in Abu Dhabi as a travel destination. International Appeal: International visitors increased by 54% in 2023, highlighting Abu Dhabi's global reach. Vibrant Events Scene: Over 150 events, including concerts, festivals, and cultural celebrations, attracted visitors in 2023.