Top

BEA: Prices On Tourism Goods/Service’s Decrease

September 13, 2017 by   - () Leave a Comment

Real spending (output) on travel and tourism accelerated in the second quarter of 2017, growing at an annual rate of 4.9% after increasing 4.4% in the first quarter, according to new statistics released by the U.S. Bureau of Economic Analysis (BEA). Real gross domestic product (GDP) for the nation also accelerated, increasing 3.0% in the second quarter after increasing 1.2% in the first quarter of 2017.

The leading contributors to the acceleration in real spending were passenger air transportation and all other transportation-related commodities. Passenger air transportation accelerated, growing 19.2%, after increasing 5.4% in the first quarter. All other transportation-related services also accelerated, growing 3.2%, after increasing 1.1% in the first quarter of 2017.

Prices for travel and tourism goods and services turned down in the second quarter of 2017, decreasing 3.2% following growth of 2.6% in the first quarter. The downturn was attributable to price decreases for all other transportation-related commodities, passenger air transportation and recreation and entertainment.

Prices for all other transportation-related goods and services, which includes gasoline, decreased 10.5% in the second quarter after increasing 8.2% in the previous quarter. Prices for passenger air transportation turned down as international air capacity continued to grow. In the second quarter, passenger air transportation prices decreased 4.0% after increasing 1.1% in the first quarter of 2017.

Employment in the travel and tourism industries decelerated, increasing 1.6% in the second quarter of 2017, after increasing 2.4% in the previous quarter. Overall U.S. employment also decelerated slightly, increasing 1.3% in the second quarter after increasing 1.5% in the first quarter.

Traveler accommodations was the leading contributor to the deceleration, adding approximately 500 employees in the second quarter of 2017, after adding 6,300 employees in the first quarter. Food and beverage services also contributed to the deceleration, adding approximately 10,400 employees in the second quarter, after adding 13,900 employees in the first quarter of 2017.

Total tourism-related output was $1.6 trillion in the second quarter of 2017, comprising $930.3 billion (58%) of direct tourism spending and $671.7 billion (42%) of indirect tourism-related spending.

Total tourism-related employment was 7.9 million jobs in the second quarter of 2017, comprising 5.5 million (70%) of direct tourism jobs and 2.4 million (30%) of indirect tourism-related jobs.

Comments

Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!





Bottom