Trinidad & Tobago · Etihad Airways Raimund Hosch President & CEO Messe Berlin GmbH Miltos Kambourides Managing Partner ... Retired Chairman of the Board The Hertz Corporation Gérard

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Trinidad & Tobago

Travel & Tourism: economic impacT updaTe

TRIN_Economic Impact.indd 1 13/7/09 09:25:11

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CHAIRMAN:

Geoffrey J W Kent Chairman & CEO Abercrombie & Kent

VICE CHAIRMEN:

Edouard Ettedgui Group Chief Executive Mandarin Oriental Hotel Group

Maurice Flanagan CBE Executive Vice Chairman Emirates Airline & Group

Michael Frenzel Chairman of the Executive Board TUI AG

Mark Harms Chairman & CEO Global Leisure Partners LLP

Stephen P Holmes Chairman & CEO Wyndham Worldwide

Manfredi Lefebvre D’Ovidio Chairman Silversea Cruises

Brett Tollman President The Travel Corporation

EXECUTIVE COMMITTEE:

Marilyn Carlson Nelson Chairman Carlson

Alex Christou Managing Partner Accenture

Jeff Clarke President & CEO Travelport

Andrew Cosslett CEO InterContinental Hotels Group PLC

Qiang Duan Chairman Beijing Tourism Group

Sebastián Escarrer Jaume Co-Vice Chairman & CEO Sol Meliá

Manuel Fernando Espírito Santo Chairman Espírito Santo Tourism

Edward P Gilligan Vice Chairman American Express Company

Pansy Ho Managing Director Shun Tak Holdings Limited

Hubert Joly President & CEO Carlson

Richard R Kelley Chairman Outrigger Enterprises Group

Gerald Lawless Executive Chairman Jumeirah Group

J W Marriott, Jr Chairman & CEO Marriott International, Inc

Alan Parker CBE Chief Executive Whitbread plc

Gilles Pélisson CEO Accor

Charles Petruccelli President Global Travel Services American Express Company

Christopher Rodrigues CBE Chairman VisitBritain

Jeffrey C Rutledge President AIG Travel, Inc

Jyotsna Suri Chairperson & Managing Director Bharat Hotels Ltd

Jonathan M Tisch Chairman & CEO Loews Hotels

Vincent A Wolfington Chairman Global Alliance Advisors LLC Immediate Past Chairman, WTTC

GLOBAL MEMBERS:

Talal Al Bahar Chairman & Managing Director IFA Hotels & Resorts

Mohammed Al Habbai CEO Dubailand

Ted J Balestreri Chairman & CEO Cannery Row Company

Simón P Barceló Chairman & CEO Barceló Hotels & Resorts

Raymond Bickson Managing Director Taj Hotels, Resorts and Palaces

Giorgio Boscolo CEO Boscolo Group

Rattawadee Bualert President lebua Hotels & Resorts Co, Ltd

Gabriele Burgio President & CEO NH Hoteles

Chris J Cahill COO Fairmont Raffles Hotels International

Jim Compton Executve Vice President, Marketing Continental Airlines

Tony Fernandes Group Chief Executive Officer AirAsia

Frank Fiskers President & CEO Scandic Hotels

Mark P Frissora Chairman and CEO The Hertz Corporation

Naresh Goyal Chairman Jet Airways India Ltd

Arthur de Haast Global Chief Executive Officer Jones Lang LaSalle Hotels

James Hogan CEO Etihad Airways

Raimund Hosch President & CEO Messe Berlin GmbH

Miltos Kambourides Managing Partner Dolphin Capital Partners

Larry Kellner Chairman & CEO Continental Airlines

Gary L Kessler President & CEO Carey International Inc

Dara Khosrowshahi President & CEO Expedia Inc

Tom Klein Group President Sabre Travel Network and Sabre Airline Executive Vice President Sabre Holdings

Sir Nigel Knowles Joint CEO DLA Piper

Ali Kolaghassi Vice Chairman & CEO Saraya Holdings

RK Krishna Kumar Vice Chairman Taj Hotels, Resorts & Palaces

Michael Latimer President & CEO Oxford Properties Group

Jabu Mabuza CEO Tsogo Sun Group

Khater Massaad Chairman RAK Investment Authority

Yunxin Mei President Beijing Tourism Group

Richard Mortimore Managing Director Reed Travel Exhibitions

Geoff Muirhead CBE Group Chief Executive The Manchester Airports Group

Christopher J Nassetta President & CEO Hilton Hotels Corporation

Deepak Ohri Chief Executive Officer lebua Hotels & Resorts Co, Ltd

Frits D van Paasschen President & CEO Starwood Hotels & Resorts Worldwide Inc

Jean Gabriel Pérès President & CEO Mövenpick Hotels & Resorts

Dionísio Pestana Chairman Group Pestana

Fernando Pinto CEO TAP Portugal

Wolfgang Prock-Schauer Chief Executive Officer Jet Airways

Bob Puccini CEO The Puccini Group

David Radcliffe Chief Executive Hogg Robinson Group

Jay Rasulo Chairman Walt Disney Parks and Resorts

Marty Salfen General Manager Global Travel & Transportation Industry IBM

Per Setterberg CEO Global Refund Group

Joe Sita CEO Nakheel Hotels

David Stein Chairman Franklyn Hotels & Resorts Stein Group International

Khalid A bin Sulayem Director General Dubai Department of Tourism and Commerce Marketing

Daniel Sullivan President Collette Vacations

Hiromi Tagawa President & CEO JTB Corp

Yassin K Talhouni CEO Zara Investment Holding Co Ltd

Jaume Tàpies President Relais & Châteaux

Robin Tauck President R Tauck & Partners LLC

José Antonio Tazón Chairman of the Board Amadeus IT Group SA

Matthew D Upchurch CEO Virtuoso

Willie Walsh Chief Executive British Airways plc

Philip Wolf CEO PhoCusWright, Inc

Valdimir Yakushev Managing Partner S-Group Capital Management

Tim Zagat Co-Founder, Co-Chair & CEO Zagat Survey LLC

HONORARY MEMBERS:

André Jordan Chairman André Jordan Group

Jonathan S Linen Adviser to the Chairman American Express Company

Lord Marshall of Knightsbridge Chairman Pirelli UK plc

Sir Frank Moore, AO Chairman FT Moore P/L

Frank Olson Retired Chairman of the Board The Hertz Corporation

Gérard Pélisson Co-Chairman, Supervisory Board Accor

Carl Ruderman Chairman Universal Media

Tommaso Zanzotto President TZ Associates Ltd

CHAIRMAN EMERITUS:

James D Robinson III General Partner RRE Ventures WTTC Chairman (1990-1994)

IMMEDIATE PAST CHAIRMAN:

Vincent A Wolfington Chairman Global Alliance Advisors LLC WTTC Chairman (2004-2007)

FORMER CHAIRMEN:

Sir Ian Prosser Retired Chairman InterContinental Hotels Group PLC WTTC Chairman (2001-2003)

Harvey Golub Retired Chairman & CEO American Express Company WTTC Chairman (1996-2001)

Robert H Burns Chairman Robert H Burns Holdings Limited WTTC Chairman (1994-1996)

PRESIDENT & CEO:

Jean-Claude Baumgarten

7 July 2009 USE OF MATERIAL IS AUTHORISED, PROVIDED SOURCE IS ACKNOWLEDGED


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HONORARY MEMBERS:

André Jordan Chairman André Jordan Group

Jonathan S Linen Adviser to the Chairman American Express Company

Lord Marshall of Knightsbridge Chairman Pirelli UK plc

Sir Frank Moore, AO Chairman FT Moore P/L

Frank Olson Retired Chairman of the Board The Hertz Corporation

Gérard Pélisson Co-Chairman, Supervisory Board Accor

Carl Ruderman Chairman Universal Media

Tommaso Zanzotto President TZ Associates Ltd

CHAIRMAN EMERITUS:

James D Robinson III General Partner RRE Ventures WTTC Chairman (1990-1994)

IMMEDIATE PAST CHAIRMAN:

Vincent A Wolfington Chairman Global Alliance Advisors LLC WTTC Chairman (2004-2007)

FORMER CHAIRMEN:

Sir Ian Prosser Retired Chairman InterContinental Hotels Group PLC WTTC Chairman (2001-2003)

Harvey Golub Retired Chairman & CEO American Express Company WTTC Chairman (1996-2001)

Robert H Burns Chairman Robert H Burns Holdings Limited WTTC Chairman (1994-1996)

PRESIDENT & CEO:

Jean-Claude Baumgarten

7 July 2009

CONTENTS

Foreword 3

Key Facts at a Glance 5

Economic Impact 8

Concepts & Structure 10

Satellite Account Tables 12

Economic Impact and Real Growth 14

Ranking & Range 18

General Macroeconomic Indicators 18

USE OF MATERIAL IS AUTHORISED, PROVIDED SOURCE IS ACKNOWLEDGED

THE ECONOMIC IMPACT OF TRAVEL & TOURISM


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Jean-Claude BaumgartenPresident & CEO

World Travel & Tourism Council

Geoffrey J W KentChairman, World Travel & Tourism Council and

Chairman & CEO, Abercrombie & Kent

THE WORLD TRAVEL & TOURISM COUNCIL (WTTC) IS THE BUSINESS LEADERS’ FORUM FOR TRAVEL & TOURISM, WORKING WITH GOVERNMENTS TO RAISE AWARENESS OF THE IMPORTANCE OF ONE OF THE WORLD’S LARGEST GENERATORS OF WEALTH AND JOBS.

With the chairs and chief executives of the world’s 100 foremost companies in membership, WTTC has a unique mandate and overview on all matters related to success in Travel & Tourism.

WTTC is pleased to present this economic impact study on Trinidad & Tobago, as a follow-up to its research conducted in 2005. Commissioned by the Tourism Development Company Limited (TDC), the research has been conducted in co-operation with our research partner Oxford Economics, together with a newly created research team, with the aim of quantifying the economic contribution of Travel & Tourism in the islands of Trinidad, Tobago and Trinidad & Tobago as a whole.

This update, based on the United Nations Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF 2008), quantifies all aspects of Travel & Tourism demand, from personal consumption to business purchases, capital investment, government spending and exports. It then translates this information into economic concepts of production such as GDP and employment that can be compared against other industries and the economy as a whole to provide credible statistical information that can assist in public sector policy and business decision processes. Another primary objective of this project was to build local capacity, by ensuring participation by all major tourism institutions and local specialists from the Travel & Tourism industry.

The message emanating from this report is clear: Travel & Tourism is very important to Trinidad & Tobago, generating an estimated 10.6% of the country’s GDP, or TTD14,116.9 million or (US$2,262.3 million) and nearly 88,000 jobs (14.7% of total employment) in 2009 across the wider Travel & Tourism Economy. For Tobago alone Travel & Tourism has a higher economic significance – 37% of estimated GDP and nearly 50% of all employment is Travel & Tourism related while, for Trinidad, 10% of GDP and 13% of employment are Travel & Tourism related. The research shows that resident spending on Travel & Tourism is at least as important as that of foreign visitors for Trinidad & Tobago as a whole, but ‘foreign’ holidaymakers (including Trinidadians) are dominant in Tobago alone. Although the short-term picture is challenging, the contribution of Travel & Tourism is expected to rebound to almost 13% of GDP for Trinidad & Tobago by 2020 and to 40% for the island of Tobago alone.

The main objective of this study is to measure the contribution of Travel & Tourism to economic activity, taking the view that conventional figures (eg on visitor numbers & spending) underestimate the sector’s overall importance. This results in underinvestment in tourism and inadequate emphasis in policymaking. We hope that this report will raise awareness of the enormous potential of Travel & Tourism in Trinidad & Tobago. Besides raising awareness, WTTC hopes that the recently established research team will receive the necessary support to conduct sound and healthy research in the future.

FOREWORD


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Trinidad & TobagoTravel & Tourism Employment

(’000 jobs)

Trinidad & TobagoTravel & Tourism Gross Domestic Product

(2000 constant US$ mn)

Gross Domestic Product (GDP)The contribution of Travel & Tourism to Gross Domestic Product (GDP) is expected to rise from 10.6% (TTD14,116.9 mn or US$2,262.3 mn) in 2009 to 12.7% (TTD32,854.0 mn or US$5,290.5 mn) by 2019.

EmploymentThe contribution of the Travel & Tourism Economy to employment is expected to rise from 88,000 jobs in 2009, 14.7% of total employment or 1 in every 6.8 jobs, to 124,000 jobs, 17.6% of total employment, or 1 in every 5.7 jobs by 2019.

GrowthReal GDP growth for the Travel & Tourism Economy is expected to be -1.9% in 2009 and to average 5.2% per annum over the coming 10 years.

ExportsExport earnings from international visitors and tourism goods are expected to generate 14.1% of total exports (TTD10,710.6 mn or US$1,716.4 mn) in 2009, growing (nominal terms) to TTD24,719.4 mn or US$3,980.6 mn (19.1% of total) in 2019.

World Ranking (out of 181 countries)

Ranking in the Caribbean (out of 23 countries)

10.6%

14.7%

-1.9%

14.1%

6ABSOLUTE

size

96ABSOLUTE

size

19RELATIVE

contribution to national economy

68RELATIVE


1GROWTH

forecast

50GROWTH

forecast

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2004 2005 2006 2007 2008 2009

COUNTRY

-80

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-80

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1990 1996 2001 2006 2011 2016

REGION

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1990 1996 2001 2006 2011 2016

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2004 2005 2006 2007 2008 20090

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2004 2005 2006 2007 2008 2009

COUNTRY

-80

-60

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0

20

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-80

-60

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0

20

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1990 1996 2001 2006 2011 2016

REGION

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-100

-80

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1990 1996 2001 2006 2011 2016

Travel & Tourism Economy as a whole Direct Industry Travel & Tourism Economy as a whole Direct Industry

2009 10-year trend

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2004 2005 2006 2007 2008 20090

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2004 2005 2006 2007 2008 2009

COUNTRY

-80

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1990 1996 2001 2006 2011 2016

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1990 1996 2001 2006 2011 2016

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2004 2005 2006 2007 2008 20090

50

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2004 2005 2006 2007 2008 2009

COUNTRY

-80

-60

-40

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0

20

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-80

-60

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20

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1990 1996 2001 2006 2011 2016

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-120

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1990 1996 2001 2006 2011 2016

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500

1,000

1,500

2,000

2,5500

3,000

2004 2005 2006 2007 2008 2009 2014 20190

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100

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140

2004 2005 2006 2007 2008 2009 2014 2019

GDP EMPLOYMENT

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1,500

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2,5500

3,000

2004 2005 2006 2007 2008 2009 2014 20190

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2004 2005 2006 2007 2008 2009 2014 2019

GDP EMPLOYMENT

KEY FACTS AT A GLANCE:TRINIDAD & TOBAGO


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Gross Domestic Product (GDP)The contribution of Travel & Tourism to Gross Domestic Product (GDP) is expected to rise from 36.9% (TTD1,163.5 mn or US$186.5 mn) in 2009 to 39.6% (TTD2,406.1 mn or US$387.5 mn) by 2019.

EmploymentThe contribution of the Travel & Tourism Economy to employment is expected to rise from 14,000 jobs in 2009, 47.6% of total employment or 1 in every 2.1 jobs, to 16,000 jobs, 51.2% of total employment, or 1 in every 2.0 jobs by 2019.

GrowthReal GDP growth for the Travel & Tourism Economy is expected to be -6.1% in 2009 and to average 3.8% per annum over the coming 10 years.

ExportsExport earnings from international visitors and tourism goods are expected to generate 98.4% of total exports (TTD990.0 mn or US$158.7 mn) in 2009, growing (nominal terms) to TTD2,075.2 mn or US$334.2 mn (98.7% of total) in 2019.

World Ranking (out of 181 countries)

Ranking in the Caribbean (out of 23 countries)

36.9%

47.6%

-6.1%

98.4%

20ABSOLUTE

size

164ABSOLUTE

size

9RELATIVE


13RELATIVE


10GROWTH

forecast

120GROWTH

forecast

2009 10-year trend

KEY FACTS AT A GLANCE:TOBAGO


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ECONOMIC IMPACTTRAVEL & TOURISM – ENCOMPASSING TRANSPORT, ACCOMMODATION, CATERING, RECREATION AND SERVICES FOR VISITORS.

GDP

WORLDWIDE – In 2009, the Travel & Tourism Industry should contribute 3.2% directly to worldwide GDP. The broader Travel & Tourism Economy should contribute 9.4% to world GDP in 2009.

CARIBBEAN – The Travel & Tourism Industry is expected to post a direct GDP contribution of 4.3% in 2009, while the Travel & Tourism Economy contribution will be 14.4%.

TRINIDAD & TOBAGO – The Travel & Tourism Industry is expected to contribute directly 4.0% to Gross Domestic Product (GDP) in 2009 (TTD5,403.0 mn or US$865.9 mn), rising in nominal terms to TTD10,801.2 mn or US$1,739.3 mn (4.2% of total) by 2019.

The Travel & Tourism Economy contribution (% of total) should rise from 10.6% (TTD14,116.9 mn or US$2,262.3 mn) to 12.7% (TTD32,854.0 mn or US$5,290.5 mn) in this same period.

TOBAGO – The Travel & Tourism Economy contribution (% of total) should rise from 36.9% (TTD1,163.5 mn or US$186.5 mn) to 39.6% (TTD2,406.1 mn or US$387.5 mn) in this same period.

GROWTH

WORLDWIDE – Travel & Tourism is a high-growth activity, which is forecast to increase its total economic activity by 4.0% worldwide in real terms over the next ten years.

CARIBBEAN – The Travel & Tourism Economy is expected to post average annualised gains of 3.4% between 2010 and 2019.

TRINIDAD & TOBAGO – The Travel & Tourism Economy is expected to grow by 5.2% per annum in real terms between 2010 and 2019.

TOBAGO – The Travel & Tourism Economy is expected to grow by 3.8% per annum in real terms between 2010 and 2019.

EMPLOYMENT

WORLDWIDE – Travel & Tourism is human resource intensive, creating quality jobs across the full employment spectrum. In 2009, one in 13.1 jobs will be generated by the Travel & Tourism Economy.

The Travel & Tourism Economy accounts for 7.6% of global employment.

Today there are 77.3 million Travel & Tourism Direct Industry jobs and 219.8 million jobs in the Travel & Tourism Economy, and these will rise to 97.8 million Travel & Tourism Direct Industry jobs and 275.7 million Travel & Tourism Economy jobs by 2019.

CARIBBEAN – The Travel & Tourism Industry is expected to generate directly 647,000 jobs in 2009 (3.7% of total employment), while the broader Travel & Tourism Economy will account for 2,043,000 jobs (11.8% of total employment).

TRINIDAD & TOBAGO – Travel & Tourism Economy employment is estimated at 88,000 jobs in 2009, 14.7% of total employment, or 1 in every 6.8 jobs. By 2019, this should total 124,000 jobs, 17.6% of total employment or 1 in every 5.7 jobs.

The 33,000 Travel & Tourism Direct Industry jobs account for 5.4% of total employment in 2007 and are forecast to total 41,000 jobs or 5.8% of the total by 2019.

TOBAGO – Travel & Tourism Economy employment is estimated at 14,000 jobs in 2009, 47.6% of total employment, or 1 in every 2.1 jobs. By 2019, this should total 16,000 jobs, 51.2% of total employment or 1 in every 2.0 jobs.

DEMAND

WORLDWIDE – In 2009, it is expected to post US$7,339,688 mn of economic activity (Total Demand) and this is forecast to grow to US$14,381,050 mn by 2019.

CARIBBEAN – Travel & Tourism Demand is expected to reach US$56,440.2 mn in 2009, growing to US$104,719.0 mn in 2019.

TRINIDAD & TOBAGO – In 2009, Travel & Tourism is expected to post TTD18,850.3 mn (US$3,020.9 mn) of economic activity (Total Demand), growing to TTD41,958.6 mn (US$6,756.6 mn) by 2019.

TOBAGO – In 2009, Travel & Tourism is expected to post TTD1,481.0 mn (US$237.3 mn) of economic activity (Total Demand), growing to TTD3,067.8 mn (US$494.0 mn) by 2019.

CAPITAL INVESTMENT

WORLDWIDE – Travel & Tourism is a catalyst for construction and manufacturing. In 2009, the public and private sectors combined are expected to spend US$1,219,981.0 mn worldwide – 9.4% of total investment, rising to US$2,589,604.0 mn or 9.3% of the total, in 2019.

CARIBBEAN – Travel & Tourism Capital Investment is estimated to total US$11,226.6 mn in 2009, or 21.9% of total regional capital investment.

TRINIDAD & TOBAGO – Travel & Tourism Capital Investment is estimated at TTD1,836.5 mn, US$294.3 mn or 10.7% of total investment in year 2009. By 2019, this should reach TTD3,660.6 mn, US$589.5 mn or 10.8% of total.

TOBAGO – Travel & Tourism Capital Investment is estimated at TTD268.2 mn, US$43.0 mn or 80.7% of total investment in year 2009. By 2019, this should reach TTD551.1 mn, US$88.7 mn or 83.4% of total.

VISITOR EXPORTS

WORLDWIDE – Travel & Tourism is a major exporter, with inbound visitors injecting foreign exchange directly into the economy.

CARIBBEAN – Travel & Tourism exports are expected to represent 18.4% of total exports in 2009.

TRINIDAD & TOBAGO – Of Trinidad & Tobago’s total exports, Travel & Tourism is expected to generate 14.1% (TTD10,710.6 mn or US$1,716.4 mn) in 2009, increasing to TTD24,719.4 mn or US$3,980.6 mn (19.1% of total), in 2019.

TOBAGO – Of Tobago’s total exports, Travel & Tourism is expected to generate 98.4% (TTD990.0 mn or US$158.7 mn) in 2009, increasing to TTD2,075.2 mn or US$334.2 mn (98.7% of total), in 2019.


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ECONOMIC IMPACTTRAVEL & TOURISM – ENCOMPASSING TRANSPORT, ACCOMMODATION, CATERING, RECREATION AND SERVICES FOR VISITORS.

The Travel & Tourism Economy accounts for 7.6% of global employment.

Today there are 77.3 million Travel & Tourism Direct Industry jobs and 219.8 million jobs in the Travel & Tourism Economy, and these will rise to 97.8 million Travel & Tourism Direct Industry jobs and 275.7 million Travel & Tourism Economy jobs by 2019.

CARIBBEAN – The Travel & Tourism Industry is expected to generate directly 647,000 jobs in 2009 (3.7% of total employment), while the broader Travel & Tourism Economy will account for 2,043,000 jobs (11.8% of total employment).

TRINIDAD & TOBAGO – Travel & Tourism Economy employment is estimated at 88,000 jobs in 2009, 14.7% of total employment, or 1 in every 6.8 jobs. By 2019, this should total 124,000 jobs, 17.6% of total employment or 1 in every 5.7 jobs.

The 33,000 Travel & Tourism Direct Industry jobs account for 5.4% of total employment in 2007 and are forecast to total 41,000 jobs or 5.8% of the total by 2019.

TOBAGO – Travel & Tourism Economy employment is estimated at 14,000 jobs in 2009, 47.6% of total employment, or 1 in every 2.1 jobs. By 2019, this should total 16,000 jobs, 51.2% of total employment or 1 in every 2.0 jobs.

DEMAND

WORLDWIDE – In 2009, it is expected to post US$7,339,688 mn of economic activity (Total Demand) and this is forecast to grow to US$14,381,050 mn by 2019.

CARIBBEAN – Travel & Tourism Demand is expected to reach US$56,440.2 mn in 2009, growing to US$104,719.0 mn in 2019.

TRINIDAD & TOBAGO – In 2009, Travel & Tourism is expected to post TTD18,850.3 mn (US$3,020.9 mn) of economic activity (Total Demand), growing to TTD41,958.6 mn (US$6,756.6 mn) by 2019.

TOBAGO – In 2009, Travel & Tourism is expected to post TTD1,481.0 mn (US$237.3 mn) of economic activity (Total Demand), growing to TTD3,067.8 mn (US$494.0 mn) by 2019.

CAPITAL INVESTMENT

WORLDWIDE – Travel & Tourism is a catalyst for construction and manufacturing. In 2009, the public and private sectors combined are expected to spend US$1,219,981.0 mn worldwide – 9.4% of total investment, rising to US$2,589,604.0 mn or 9.3% of the total, in 2019.

CARIBBEAN – Travel & Tourism Capital Investment is estimated to total US$11,226.6 mn in 2009, or 21.9% of total regional capital investment.

TRINIDAD & TOBAGO – Travel & Tourism Capital Investment is estimated at TTD1,836.5 mn, US$294.3 mn or 10.7% of total investment in year 2009. By 2019, this should reach TTD3,660.6 mn, US$589.5 mn or 10.8% of total.

TOBAGO – Travel & Tourism Capital Investment is estimated at TTD268.2 mn, US$43.0 mn or 80.7% of total investment in year 2009. By 2019, this should reach TTD551.1 mn, US$88.7 mn or 83.4% of total.

VISITOR EXPORTS

WORLDWIDE – Travel & Tourism is a major exporter, with inbound visitors injecting foreign exchange directly into the economy.

CARIBBEAN – Travel & Tourism exports are expected to represent 18.4% of total exports in 2009.

TRINIDAD & TOBAGO – Of Trinidad & Tobago’s total exports, Travel & Tourism is expected to generate 14.1% (TTD10,710.6 mn or US$1,716.4 mn) in 2009, increasing to TTD24,719.4 mn or US$3,980.6 mn (19.1% of total), in 2019.

TOBAGO – Of Tobago’s total exports, Travel & Tourism is expected to generate 98.4% (TTD990.0 mn or US$158.7 mn) in 2009, increasing to TTD2,075.2 mn or US$334.2 mn (98.7% of total), in 2019.

GOVERNMENT EXPENDITURES

WORLDWIDE – Travel & Tourism is both a generator and receiver of government funds. Globally, in 2009, Travel & Tourism is expected to garner US$404,155.3 mn of government expenditures, or 3.9% of total expenditures. By 2019, government spending on Travel & Tourism should increase to US$709,278.7 mn - 4.0% of total government expenditure.

CARIBBEAN – Government Travel & Tourism operating expenditures are estimated to total US$3,309.0 mn in 2009, or a 9.7% share.

TRINIDAD & TOBAGO – Government Travel & Tourism operating expenditures in Trinidad & Tobago in 2009 are expected to total TTD727.6 mn (US$116.6 mn), or 4.4% of total government spending.

TOBAGO – Government Travel & Tourism operating expenditures in Tobago in 2009 are expected to total TTD72.1 mn (US$11.6 mn), or 4.5% of total government spending.


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CONCEPTS & STRUCTURE

DEMAND-SIDE ACCOUNTS

In order to quantify the economic impact of Travel & Tourism, we use the framework of a Tourism Satellite Account (TSA). The TSA is based on a ‘demand-side’ economic activity, because the industry does not produce or supply a homogeneous product or service as traditional industries (agriculture, electronics, steel, etc) do.

More formally known as Travel & Tourism Personal Consumption, this category includes all personal spending by an economy’s residents on Travel & Tourism services (lodging, transportation, entertainment, meals, financial services, etc) and goods (durable and non-durable) used for Travel & Tourism activities. Spending may occur before, during or after a trip. Spending covers all Travel & Tourism, outbound and domestic.

PERSONAL TRAVEL & TOURISM 4,334.3

TRAVEL & TOURISMCONSUMPTION

Total Travel & Tourism expenditures made by

and on behalf of visitors (goods and services) in the

resident economy.

Formally known as Intermediate Consumption of Travel & Tourism or more simply business travel, this category of expenditures by government and industry includes spending on goods and services (transportation, accommodation, meals, entertainment, etc) for employee business travel purposes.

BUSINESS TRAVEL 1,241.4

Formally known as Non-Market Services (Individual), this category includes expenditures (transfers or subsidies) made by government agencies to provide Travel & Tourism services directly linked to individual visitors such as cultural (eg art museums), recreational (eg national park) or clearance (eg immigration/customs) etc to visitors.

GOVERNMENT EXPENDITURES – Individual 111.1

Expenditures by international visitors on goods and services within the resident economy.

VISITOR EXPORTS 15.0

Formally known as Non-Market Services (Collective), this category includes operating expenditures made by government agencies on services associated with Travel & Tourism, but not directly linked to any individual visitor, instead these expenditures are generally made on behalf of the ‘community at large’, such as tourism promotion, aviation, administration, security services and resort area sanitation services, etc.

GOVERNMENT EXPENDITURES – Collective 616.5

TRAVEL & TOURISMDEMAND

The nominal aggregate of tourism activity in the

resident economy.Formally known as Capital Formation, this category includes capital expenditures by direct Travel & Tourism industry service providers and government agencies to provide facilities, equipment and infrastructure to visitors.

CAPITAL INVESTMENT 1,836.5

Consumer goods (such as clothing, electronics or petrol) exported for ultimate sale to visitors, or capital goods (such as aircraft or cruise ships) exported for use by Travel & Tourism industry providers.

EXPORTS (Non-Visitor) 6,578.4

4,132.2

9,818.9

18,850.3

Instead, Travel & Tourism is an industrial activity defined by the diverse collection of products (durables and non-durables) and services (transport, accommodation, food and beverage, entertainment, government services, etc) that are delivered to visitors. There are two basic aggregates of demand (Travel & Tourism Consumption and Total Demand) and, by employing input/output modelling separately (large arrows) to these two aggregates, the Tourism Satellite Account is able to produce two different and complementary aggregates of Travel & Tourism Supply: the Travel & Tourism Industry and the Travel & Tourism Economy. The first captures the explicitly defined production-side ‘industry’ contribution (ie direct impact only), for comparison with all other industries, while the second captures the broader ‘economy-wide’ impact, direct and indirect, of Travel & Tourism.

TTD mn


11

In order to quantify the economic impact of Travel & Tourism, we use the framework of a Tourism Satellite Account (TSA). The TSA is based on a ‘demand-side’ economic activity, because the industry does not produce or supply a homogeneous product or service as traditional industries (agriculture, electronics, steel, etc) do.

Instead, Travel & Tourism is an industrial activity defined by the diverse collection of products (durables and non-durables) and services (transport, accommodation, food and beverage, entertainment, government services, etc) that are delivered to visitors. There are two basic aggregates of demand (Travel & Tourism Consumption and Total Demand) and, by employing input/output modelling separately (large arrows) to these two aggregates, the Tourism Satellite Account is able to produce two different and complementary aggregates of Travel & Tourism Supply: the Travel & Tourism Industry and the Travel & Tourism Economy. The first captures the explicitly defined production-side ‘industry’ contribution (ie direct impact only), for comparison with all other industries, while the second captures the broader ‘economy-wide’ impact, direct and indirect, of Travel & Tourism.

SUPPLY-SIDE ACCOUNTS

Direct Gross Domestic Product (also know as Value-Added) and Employment associated with Travel & Tourism Consumption. This is the explicitly defined Supply-side Industry contribution of Travel & Tourism that can be compared one-for-one with the GDP and Employment contribution of other industries in the economy. Establishment in this category include traditional Travel & Tourism providers such as airlines, hotels, car rental companies, etc.

PERSONAL TRAVEL & TOURISM GDP – Direct5,403.0

TRAVEL & TOURISMINDUSTRY SUPPLY Indirect Gross Domestic Product associated with Travel & Tourism

Consumption. This is the upstream resident economy contribution which comes about from suppliers to the traditional Travel & Tourism industry. Establishments in this category include fuel and catering companies, laundry services, accounting firms, etc.

TRAVEL & TOURISM GDP – Indirect2,498.0

The value of goods imported by direct and indirect Travel & Tourism Industry establishments.

TRAVEL & TOURISM IMPORTS1,917.9

Direct and Indirect Gross Domestic Product (also know as Value-Added) and Employment associated with Travel & Tourism Demand. This is the broadest measure of Travel & Tourism’s contribution to the resident economy. Establishments in this category include those described above as well as manufacturing, construction, government, etc, that are associated with Capital Investment, Government Services and Non-Visitor Exports.

TRAVEL & TOURISM ECONOMY GDP – Direct and Indirect

14,116.9

TRAVEL & TOURISMECONOMY SUPPLY

The value of goods imported by direct and indirect Travel & Tourism Economy establishments.

TRAVEL & TOURISM ECONOMY IMPORTS4,733.4

9,818.9

18,850.3

’000 jobs32.6

’000 jobs88.2

TTD mn


12

Travel & Tourism – TTD mn 2004 2005 2006 2007 2008E 2009F 2019F

Personal Travel & Tourism 3,203.0 3,662.1 3,076.4 4,408.5 4,393.2 4,334.3 9,589.3

Business Travel & Tourism 1,001.8 1,031.0 846.2 1,128.6 1,262.4 1,241.4 2,494.2

Corporate 812.0 848.8 667.4 893.5 979.8 960.3 2,064.9

Government 189.8 182.2 178.8 235.1 282.6 281.1 429.2

Government Expenditure – Individual 14.9 23.6 20.6 27.0 47.6 111.1 228.2

Visitor Exports 3,599.1 3,747.9 3,273.2 3,943.3 4,361.6 4,132.2 7,579.4

Travel & Tourism Consumption 7,818.7 8,464.7 7,216.4 9,507.4 10,064.9 9,818.9 19,891.1

Government Expenditures – Collective 355.3 335.1 470.1 632.9 641.6 616.5 1,266.9

Capital Investment 1,509.7 1,615.2 1,688.8 1,833.3 1,914.7 1,836.5 3,660.6

Exports (Non-Visitor) 4,467.4 8,578.7 11,683.0 7,590.7 9,223.9 6,578.4 17,140.0

Travel & Tourism Demand 14,151.1 18,993.7 21,058.4 19,564.4 21,845.1 18,850.3 41,958.6

Travel & Tourism Direct Industry

Employment (’000) 29.9 30.4 30.8 31.6 32.9 32.6 40.6

Gross Domestic Product 4,262.0 4,242.1 3,692.6 5,139.6 5,503.2 5,403.0 10,801.2

Travel & Tourism Economy

Employment (’000) 85.2 86.3 87.6 89.8 90.5 88.2 123.9


SATELLITE ACCOUNT TABLES

Travel & Tourism Accountsas % of National Accounts 2004 2005 2006 2007 2008E 2009F 2019F

Personal Travel & Tourism 6.8 6.8 6.8 6.8 6.5 6.2 6.3

Government Expenditures 3.7 3.1 3.7 4.3 4.3 4.4 4.5

Capital Investment 11.3 11.3 11.3 11.3 11.3 10.7 10.8

Visitor & Other Exports 17.7 20.1 16.1 12.8 13.0 14.1 19.1

Travel & Tourism Imports 11.1 11.1 10.1 10.0 9.6 9.7 9.6


Employment (’000) 5.3 5.3 5.2 5.3 5.4 5.4 5.8

Gross Domestic Product 5.1 4.2 3.0 3.7 3.6 4.0 4.2


Employment (‘000) 15.2 15.0 14.9 15.0 14.9 14.7 17.6

Gross Domestic Product 13 14.3 13.6 10.6 10.8 10.6 12.7

Travel & Tourism Real Growth(per annum except 2019 = 10yr annualised) 2004 2005 2006 2007 2008E 2009F 2019F

Personal Travel & Tourism 27.8 0.4 -21.8 34.3 -7.0 12.9 4.7

Business Travel & Tourism 16.6 -9.6 -23.6 25.0 4.4 12.5 3.7

Government Expenditures 38.5 -14.9 27.4 26.1 -2.5 20.8 3.9

Capital Investment -29.2 -6.1 -2.6 1.8 -2.5 9.7 3.6

Visitor Exports 19.0 -8.6 -18.7 12.9 3.3 8.4 2.8

Other Exports -9.6 68.6 26.8 -39.1 13.4 -18.4 6.4

Travel & Tourism Consumption 22.0 -4.9 -20.6 23.5 -1.2 11.6 3.8

Travel & Tourism Demand 3.1 17.9 3.3 -12.9 4.2 -1.3 4.8


Employment (’000) 5.1 1.6 1.2 2.7 4.0 -0.8 2.2

Gross Domestic Product 27.5 -12.6 -18.9 30.5 0.0 12.3 3.7


Employment (’000) 6.2 1.3 1.4 2.6 0.8 -2.6 3.5

Gross Domestic Product -1.3 20.6 7.2 -17.7 5.7 -1.9 5.2

TRINIDAD & TOBAGO Travel & Tourism – US$ mn 2004 2005 2006 2007 2008E 2009F 2019F

Personal Travel & Tourism 508.5 581.3 487.4 696.7 699.1 694.6 1,544.2

Business Travel & Tourism 159.0 163.7 134.1 178.3 200.9 198.9 401.6

Corporate 128.9 134.7 105.7 141.2 155.9 153.9 332.5

Government 30.1 28.9 28.3 37.2 45.0 45.0 69.1


Visitor Exports 571.4 595.0 518.5 623.1 694.0 662.2 1,220.5


Government Expenditures – Collective 56.4 53.2 74.5 100.0 102.1 98.8 204.0


Other Exports 709.2 1,361.8 1,850.8 1,199.5 1,467.7 1,054.2 2,760.1



Employment (’000) 29.9 30.4 30.8 31.6 32.9 32.6 40.6

Gross Domestic Product 676.6 673.4 585.0 812.2 875.7 865.9 1,739.3


Employment (’000) 85.2 86.3 87.6 89.8 90.5 88.2 123.9


Travel & Tourism2000 Constant US$ bn 2004 2005 2006 2007 2008E 2009F 2019F



Government Expenditures – Individual 2.0 2.8 2.3 2.8 4.6 12.3 18.1

Visitor Exports 487.3 445.6 362.5 409.4 422.7 458.2 601.9

Travel & Tourism Consumption 1,058.7 1,006.4 799.2 987.0 975.4 1,088.7 1,579.7



Other Exports 604.9 1,020.0 1,293.9 788.0 893.9 729.4 1,361.2


Gross Domestic Product

Travel & Tourism Industry 577.1 504.4 408.9 533.5 533.3 599.1 857.8

Travel & Tourism Economy 1,418 1,711.2 1,833.8 1,509.1 1,594.9 1,565.3 2,609.1

NOTE ON METHODOLOGY

This economic impact study of Travel & Tourism on Trinidad & Tobago is based on the methodology for Tourism Satellite Accounts (TSAs), which is analogous to that used for the production of national income accounts. It follows the key concepts of Tourism Satellite Accounting contained in the 2008 United Nations Recommended Methodological Framework (RMF).

The RMF’s Tourism Direct Gross Domestic Product measure is broadly equivalent to the Travel & Tourism Direct Industry measures given by WTTC/Oxford Economics. Building on this direct industry measure – ie taking into account the value added created indirectly in the industry’s supply chain, plus investment and collective government and non-visitor export spending – one arrives at the broadest measure of the economic impact of Travel & Tourism, which is Travel & Tourism Economy GDP.

This comprehensive study, commissioned by the Tourism Development Company Limited, has been produced in close partnership with the major tourism organisation and statistical organisations in Trinidad and Tobago.

The aim was to try to assess the true economic impact of Travel & Tourism using existing tourism data, the latest statistical information and updated and new surveys. At the same time, a main objective was to build local capacity and empower the developed TSA team with the tools to update and refine the measurement of Travel & Tourism’s economic impact in the future. Full details of the methodology used by WTTC/Oxford Economics for the Trinidad & Tobago and other TSAs are available on WTTC’s website at: www.wttc.org/eng/Tourism_Research/Tourism_Economic_Research


13

Travel & Tourism – TTD mn 2004 2005 2006 2007 2008E 2009F 2019F

Personal Travel & Tourism 3,203.0 3,662.1 3,076.4 4,408.5 4,393.2 4,334.3 9,589.3

Business Travel & Tourism 1,001.8 1,031.0 846.2 1,128.6 1,262.4 1,241.4 2,494.2

Corporate 812.0 848.8 667.4 893.5 979.8 960.3 2,064.9

Government 189.8 182.2 178.8 235.1 282.6 281.1 429.2


Visitor Exports 3,599.1 3,747.9 3,273.2 3,943.3 4,361.6 4,132.2 7,579.4


Government Expenditures – Collective 355.3 335.1 470.1 632.9 641.6 616.5 1,266.9

Capital Investment 1,509.7 1,615.2 1,688.8 1,833.3 1,914.7 1,836.5 3,660.6

Exports (Non-Visitor) 4,467.4 8,578.7 11,683.0 7,590.7 9,223.9 6,578.4 17,140.0



Employment (’000) 29.9 30.4 30.8 31.6 32.9 32.6 40.6



Employment (’000) 85.2 86.3 87.6 89.8 90.5 88.2 123.9


SATELLITE ACCOUNT TABLES

Travel & Tourism Accountsas % of National Accounts 2004 2005 2006 2007 2008E 2009F 2019F


Government Expenditures 3.7 3.1 3.7 4.3 4.3 4.4 4.5


Visitor & Other Exports 17.7 20.1 16.1 12.8 13.0 14.1 19.1

Travel & Tourism Imports 11.1 11.1 10.1 10.0 9.6 9.7 9.6


Employment (’000) 5.3 5.3 5.2 5.3 5.4 5.4 5.8

Gross Domestic Product 5.1 4.2 3.0 3.7 3.6 4.0 4.2


Employment (‘000) 15.2 15.0 14.9 15.0 14.9 14.7 17.6

Gross Domestic Product 13 14.3 13.6 10.6 10.8 10.6 12.7

Travel & Tourism Real Growth(per annum except 2019 = 10yr annualised) 2004 2005 2006 2007 2008E 2009F 2019F

Personal Travel & Tourism 27.8 0.4 -21.8 34.3 -7.0 12.9 4.7

Business Travel & Tourism 16.6 -9.6 -23.6 25.0 4.4 12.5 3.7

Government Expenditures 38.5 -14.9 27.4 26.1 -2.5 20.8 3.9

Capital Investment -29.2 -6.1 -2.6 1.8 -2.5 9.7 3.6

Visitor Exports 19.0 -8.6 -18.7 12.9 3.3 8.4 2.8

Other Exports -9.6 68.6 26.8 -39.1 13.4 -18.4 6.4

Travel & Tourism Consumption 22.0 -4.9 -20.6 23.5 -1.2 11.6 3.8

Travel & Tourism Demand 3.1 17.9 3.3 -12.9 4.2 -1.3 4.8


Employment (’000) 5.1 1.6 1.2 2.7 4.0 -0.8 2.2

Gross Domestic Product 27.5 -12.6 -18.9 30.5 0.0 12.3 3.7


Employment (’000) 6.2 1.3 1.4 2.6 0.8 -2.6 3.5

Gross Domestic Product -1.3 20.6 7.2 -17.7 5.7 -1.9 5.2

Travel & Tourism – US$ mn 2004 2005 2006 2007 2008E 2009F 2019F

Personal Travel & Tourism 508.5 581.3 487.4 696.7 699.1 694.6 1,544.2


Corporate 128.9 134.7 105.7 141.2 155.9 153.9 332.5

Government 30.1 28.9 28.3 37.2 45.0 45.0 69.1


Visitor Exports 571.4 595.0 518.5 623.1 694.0 662.2 1,220.5




Other Exports 709.2 1,361.8 1,850.8 1,199.5 1,467.7 1,054.2 2,760.1



Employment (’000) 29.9 30.4 30.8 31.6 32.9 32.6 40.6

Gross Domestic Product 676.6 673.4 585.0 812.2 875.7 865.9 1,739.3


Employment (’000) 85.2 86.3 87.6 89.8 90.5 88.2 123.9


Travel & Tourism2000 Constant US$ bn 2004 2005 2006 2007 2008E 2009F 2019F



Government Expenditures – Individual 2.0 2.8 2.3 2.8 4.6 12.3 18.1

Visitor Exports 487.3 445.6 362.5 409.4 422.7 458.2 601.9

Travel & Tourism Consumption 1,058.7 1,006.4 799.2 987.0 975.4 1,088.7 1,579.7



Other Exports 604.9 1,020.0 1,293.9 788.0 893.9 729.4 1,361.2


Gross Domestic Product

Travel & Tourism Industry 577.1 504.4 408.9 533.5 533.3 599.1 857.8

Travel & Tourism Economy 1,418 1,711.2 1,833.8 1,509.1 1,594.9 1,565.3 2,609.1

E = Estimate; F = Forecast

NOTE ON METHODOLOGY

This economic impact study of Travel & Tourism on Trinidad & Tobago is based on the methodology for Tourism Satellite Accounts (TSAs), which is analogous to that used for the production of national income accounts. It follows the key concepts of Tourism Satellite Accounting contained in the 2008 United Nations Recommended Methodological Framework (RMF).

The RMF’s Tourism Direct Gross Domestic Product measure is broadly equivalent to the Travel & Tourism Direct Industry measures given by WTTC/Oxford Economics. Building on this direct industry measure – ie taking into account the value added created indirectly in the industry’s supply chain, plus investment and collective government and non-visitor export spending – one arrives at the broadest measure of the economic impact of Travel & Tourism, which is Travel & Tourism Economy GDP.

This comprehensive study, commissioned by the Tourism Development Company Limited, has been produced in close partnership with the major tourism organisation and statistical organisations in Trinidad and Tobago.

The aim was to try to assess the true economic impact of Travel & Tourism using existing tourism data, the latest statistical information and updated and new surveys. At the same time, a main objective was to build local capacity and empower the developed TSA team with the tools to update and refine the measurement of Travel & Tourism’s economic impact in the future. Full details of the methodology used by WTTC/Oxford Economics for the Trinidad & Tobago and other TSAs are available on WTTC’s website at: www.wttc.org/eng/Tourism_Research/Tourism_Economic_Research


14

ECONOMIC IMPACT: TRINIDAD & TOBAGO

HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. TRINIDAD & TOBAGO’S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:

TTD 5,403 mn(US$866 mn) equivalent to 4.0% of total GDP

Direct Industry GDP

33,000jobs, representing 5.4% of total employment

Direct Industry Employment

TTD 14,117 mn(US$2,262 mn) equivalent to 10.6% of total GDP

Economy GDP


Economy Employment

TTD 10,711 mn(US$1,716 mn) equivalent to 14.1% of total exports

Exports, Services & Merchandise

TTD 1,836 mn(US$294 mn) equivalent to 10.7% of total investment

Capital Investment

TTD 728 mn(US$117 mn) equivalent to a 4.4% share

Government Expenditure

IN 2009, TRAVEL & TOURISM IN TRINIDAD & TOBAGO IS FORECAST TO SEE A REAL GROWTH/DECLINE OF:

REAL GROWTH:TRINIDAD & TOBAGO

12.3 %to TTD5,403 mn (US$866 mn)

OVER THE NEXT TEN YEARS, TRINIDAD & TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:

-1.9 %to TTD14,117 mn (US$2,262 mn)

3.7 %to TTD10,801 mn (US$1,739 mn) in 2019

5.2 %to TTD32,854 mn (US$5,291 mn) in 2019

4.8 %to TTD41,959 mn (US$6,757 mn) in 2019

3.6 %to TTD3,661 mn (US$589 mn) in 2019

Direct Industry GDP

Economy GDP

Direct Industry GDP

Economy GDP

Demand - Travel & Tourism

Capital Investment - Travel & Tourism

IN 2009 TRINIDAD & TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO GENERATE TTD14,117 MN (US$2,262 MN) OF ECONOMIC ACTIVITY (GDP). THE INDUSTRY’S DIRECT IMPACT INCLUDES:


15

ECONOMIC IMPACT: TRINIDAD & TOBAGO

HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. TRINIDAD & TOBAGO’S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:




Economy Employment

TTD 1,836 mn(US$294 mn) equivalent to 10.7% of total investment

Capital Investment

IN 2009, TRAVEL & TOURISM IN TRINIDAD & TOBAGO IS FORECAST TO SEE A REAL GROWTH/DECLINE OF:

REAL GROWTH:TRINIDAD & TOBAGO

12.3 %to TTD5,403 mn (US$866 mn)

OVER THE NEXT TEN YEARS, TRINIDAD & TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:

-1.9 %to TTD14,117 mn (US$2,262 mn)

-0.8 %to 33,000 jobs

-2.6 %to 88,000 jobs

Economy Employment

3.7 %to TTD10,801 mn (US$1,739 mn) in 2019

5.2 %to TTD32,854 mn (US$5,291 mn) in 2019

2.2 %to 40,588 jobs in 2019

3.5 %to 124,000 jobs in 2019

4.8 %to TTD41,959 mn (US$6,757 mn) in 2019

2.8 %to TTD7,579 mn (US$1,221 mn) in 2019

3.6 %to TTD3,661 mn (US$589 mn) in 2019

3.9 %to TTD1,495 mn (US$241 mn) in 2019

Direct Industry GDP

Economy GDP


Direct Industry GDP

Economy GDP


Economy Employment

Demand - Travel & Tourism Visitor Exports - Travel & Tourism

Capital Investment - Travel & Tourism Government Expenditure - Travel & Tourism

IN 2009 TRINIDAD & TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO GENERATE TTD14,117 MN (US$2,262 MN) OF ECONOMIC ACTIVITY (GDP). THE INDUSTRY’S DIRECT IMPACT INCLUDES:


16

HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. TOBAGO’S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:



TTD 1,164 mn(US$186 mn) equivalent to 36.9% of total GDP

Economy GDP


Economy Employment

TTD 382 mn(US$61 mn) equivalent to 98.4% of total exports

Exports, Services & Merchandise

TTD 268 mn(US$43 mn) equivalent to 80.7% of total investment

Capital Investment

TTD 72 mn(US$12 mn) equivalent to a 4.5% share

Government Expenditure

IN 2009, TRAVEL & TOURISM IN TOBAGO IS FORECAST TO SEE A REAL GROWTH/DECLINE OF:

OVER THE NEXT TEN YEARS, TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:

-6.1 %to TTD1,164 mn (US$186 mn)

3.8 %to TTD2,406 mn (US$387 mn) in 2019

3.9 %to TTD3,068 mn (US$494 mn) in 2019

3.8 %to TTD551 mn (US$89 mn) in 2019

Economy GDP

Economy GDP

Demand - Travel & Tourism

Capital Investment - Travel & Tourism

IN 2009 TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO GENERATE TTD1,164 MN (US$186 MN) OF ECONOMIC ACTIVITY (GDP).

ECONOMIC IMPACT: TOBAGO

REAL GROWTH:TOBAGO


17

HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. TOBAGO’S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:


Economy Employment

TTD 268 mn(US$43 mn) equivalent to 80.7% of total investment

Capital Investment

IN 2009, TRAVEL & TOURISM IN TOBAGO IS FORECAST TO SEE A REAL GROWTH/DECLINE OF:

OVER THE NEXT TEN YEARS, TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:

-6.1 %to TTD1,164 mn (US$186 mn)

-8.4 %to 14,000 jobs

Economy Employment

3.8 %to TTD2,406 mn (US$387 mn) in 2019

1.2 %to 16,000 jobs in 2019

3.9 %to TTD3,068 mn (US$494 mn) in 2019

2.0 %to TTD660 mn (US$106 mn) in 2019

3.8 %to TTD551 mn (US$89 mn) in 2019

3.8 %to TTD148 mn (US$24 mn) in 2019

Economy GDP

Economy GDP Economy Employment

Demand - Travel & Tourism Visitor Exports - Travel & Tourism

Capital Investment - Travel & Tourism Government Expenditure - Travel & Tourism

IN 2009 TOBAGO’S TRAVEL & TOURISM IS EXPECTED TO GENERATE TTD1,164 MN (US$186 MN) OF ECONOMIC ACTIVITY (GDP).

ECONOMIC IMPACT: TOBAGO

REAL GROWTH:TOBAGO


18

120 350

300

250

200

150

100

50

0

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01988 1992 1996 2000 2004 2008 2012 2016

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3,000

4,000

1,000

0

400

500

300

200

100

01988 1992 1996 2000 2004 2008 2012 2016

1,600

1,400

1,200

1,000

800

600

400

200

01988 1992 1996 2000 2004 2008 2012 2016

300

250

200

150

100

50

01988 1992 1996 2000 2004 2008 2012 2016

700

500

600

400

300

200

100

01988 1992 1996 2000 2004 2008 2012 2016

RANKING AND RANGEYear 2009 country rankings for Trinidad & Tobago within world countries’ list.

GENERAL MACROECONOMIC INDICATORSThe following charts illustrate how Travel & Tourism growth follows or varies from general macroeconomic growth for various indicators. The bottom three charts illustrate information related to international visitor arrivals.

TRINIDAD & TOBAGOGross Domestic Product

(US$ mn)

TRINIDAD & TOBAGOPersonal Consumption

(US$ mn)

TRINIDAD & TOBAGOVisitor Markets Index

(1988=100)

TRINIDAD & TOBAGOExports

(US$ mn)

TRINIDAD & TOBAGOGovernment Expenditure

(US$ mn)

TRINIDAD & TOBAGOInternational Visitor Average Spend

(US$)

TRINIDAD & TOBAGOEmployment (’000 of jobs)

TRINIDAD & TOBAGOCapital Investment

(US$ mn)

TRINIDAD & TOBAGOInternational Visitor Arrivals

(’000)

Total GDP

Total Personal Consumption

Total Exports

Total Government Expenditure

Total Employment

Total Capital Investment

Travel & Tourism Economy GDP

Travel & Tourism Personal Consumption

Travel & Tourism Exports

Travel & Tourism Government Expenditure

Travel & Tourism Employment

Travel & Tourism Capital Investment

2009 2019TRINIDAD & TOBAGO Absolute Size Relative Size Growth1 Absolute Size Relative Size Growth2

Personal Travel & Tourism 101 88 10 103 97 90

Business Travel 114 – 1 111 – 97

Government Expenditures 96 71 1 94 71 92

Capital Investment 121 98 6 115 92 92

Visitor Exports 101 114 7 106 109 160

Other Exports 66 13 164 61 1 45

Travel & Tourism Demand 101 – 79 98 – 81

Travel & Tourism Industry GDP 88 59 1 89 61 126

Travel & Tourism Economy GDP 96 68 79 93 62 50

Travel & Tourism Industry Employment 11 53 97 11 50 100

Travel & Tourism Economy Employment 14 58 83 13 52 84

1 2009 real growth adjusted for inflation (%); 2 2010-2019 annualised real growth adjusted for inflation (%)

Total 181 countries or 13 regions (largest/highest/best is number 1; smallest/lowest/worst is number 181 or 13; 0 is aggregate region no ranking


19

120 350

300

250

200

150

100

50

0

100

80

60

40

20

01988 1992 1996 2000 2004 2008 2012 2016

400 1,000900800

700

600

500400

100200300

0

350

250

300

200

150

100

50

01988 1992 1996 2000 2004 2008 2012 2016

20 35

25

30

10

15

20

5

0

14

18

16

8

1012

64

201988 1992 1996 2000 2004 2008 2012 2016

25 600

500

400

300

200

100

0

20

15

10

5

01988 1992 1996 2000 2004 2008 2012 2016

30 500

450400

150

350300250200

10050

0

25

20

15

10

5

01988 1992 1996 2000 2004 2008 2012 2016

90

60

70

80

120

100

40

60

80

20

0

40

50

30

20

10

01988 1992 1996 2000 2004 2008 2012 2016

140

100

120

80

60

40

20

01988 1992 1996 2000 2004 2008 2012 2016

1,200 2,500

2,000

1,500

1,000

500

0

1,000

800

600

400

200

01988 1992 1996 2000 2004 2008 2012 2016

6,000 4,500

4,000

3,500

3,000

2,500

2,000

1,500

500

1,000

0

5,000

4,000

3,000

2,000

1,000

01988 1992 1996 2000 2004 2008 2012 2016

140 800

600

700

500

200

300

400

100

0

100

120

80

60

40

20

01988 1992 1996 2000 2004 2008 2012 2016

250 6,000

5,000

4,000

3,000

2,000

1,000

0

200

150

100

50

01988 1992 1996 2000 2004 2008 2012 2016

1,600 25,000

20,000

15,000

10,000

5,000

0

1,400

1,200

1,000

800

400

600

200

01988 1992 1996 2000 2004 2008 2012 2016

600 6,000

5,000

2,000

3,000

4,000

1,000

0

400

500

300

200

100

01988 1992 1996 2000 2004 2008 2012 2016

1,600

1,400

1,200

1,000

800

600

400

200

01988 1992 1996 2000 2004 2008 2012 2016

300

250

200

150

100

50

01988 1992 1996 2000 2004 2008 2012 2016

700

500

600

400

300

200

100

01988 1992 1996 2000 2004 2008 2012 2016

RANKING AND RANGEYear 2009 country rankings for Trinidad & Tobago within world countries’ list.

GENERAL MACROECONOMIC INDICATORSThe following charts illustrate how Travel & Tourism growth follows or varies from general macroeconomic growth for various indicators. The bottom three charts illustrate information related to international visitor arrivals.

TOBAGOGross Domestic Product

(US$ mn)

TOBAGOPersonal Consumption

(US$ mn)

TOBAGOExports

(US$ mn)

TOBAGOGovernment Expenditure

(US$ mn)

TRINIDAD & TOBAGOInternational Visitor Average Spend

(US$)

TOBAGOEmployment (’000 of jobs)

TOBAGOCapital Investment

(US$ mn)

TOBAGOInternational Visitor Arrivals

(’000)

Total GDP

Total Personal Consumption

Total Exports Total Exports



Total Employment

Total Capital Investment

Travel & Tourism Economy GDP

Travel & Tourism Personal Consumption

Travel & Tourism Exports

Travel & Tourism Government Expenditure

Travel & Tourism Employment

Travel & Tourism Capital Investment

2009 2019TRINIDAD & TOBAGO Absolute Size Relative Size Growth1 Absolute Size Relative Size Growth2

Personal Travel & Tourism 101 88 10 103 97 90

Business Travel 114 – 1 111 – 97

Government Expenditures 96 71 1 94 71 92

Capital Investment 121 98 6 115 92 92

Visitor Exports 101 114 7 106 109 160

Other Exports 66 13 164 61 1 45

Travel & Tourism Demand 101 – 79 98 – 81

Travel & Tourism Industry GDP 88 59 1 89 61 126

Travel & Tourism Economy GDP 96 68 79 93 62 50

Travel & Tourism Industry Employment 11 53 97 11 50 100

Travel & Tourism Economy Employment 14 58 83 13 52 84

1 2009 real growth adjusted for inflation (%); 2 2010-2019 annualised real growth adjusted for inflation (%)

Total 181 countries or 13 regions (largest/highest/best is number 1; smallest/lowest/worst is number 181 or 13; 0 is aggregate region no ranking


20


21

© 2009 World Travel & Tourism Council

WTTC would like to express its appreciation to the following organisations and agencies that contributed to this report:

Airports Authority of Trinidad & Tobago

Board of Inland Revenue

Central Statistical Office of Trinidad & Tobago

Immigration Department, Government of Trinidad & Tobago

Ministry of Planning, Housing and the Environment, Government of Trinidad & Tobago

Ministry of Tourism, Government of Trinidad & Tobago

Port Authority of Trinidad & Tobago

Research Department, Central Bank of Trinidad & Tobago

Tobago House of Assembly:Division of TourismDivision of Planning

Policy Research & Development Institute

Tourism Development Company Limited

Yacht Services Association of Trinidad & Tobago

All pictures were made available by the Tourism Development Company Limited


22

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Tel: +44 (0) 20 7481 8007Fax: +44 (0) 20 7488 1008email: [email protected]

www.wttc.org


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