WTTC is delighted to have collaborated with the Serbian Ministry of Economy and the National Tourism Organisation of Serbia to produce this report, which presents analysis of the economic impact of tourism in Serbia using the UN-approved Tourism Satellite Accounting (TSA) methodology.
Researched by WTTC, together with our partner Oxford Economics, this report quantifies all aspects of Travel & Tourism demand and translates this information into economic concepts of production, such as gross domestic product (GDP) and employment, which can be compared with other industries and the economy as a whole to provide credible statistical information that will assist in policy- and business decision-making.
In 2011, Travel & Tourism directly contributed 1.8% of Serbia’s GDP and accounted for 32,100 jobs directly in Travel & Tourism, representing 2.4 per cent of total employment. Taking the wider impacts of the sector into account, Travel & Tourism contributed 5.4% of GDP and 80,100 jobs in 2011 (6% of total employment). Furthermore, over the next ten years and with the right policies in place, Travel & Tourism in Serbia is forecast to achieve growth of 4.8% per annum, in terms of its contribution to GDP compared to 4.5% per annum growth in Travel & Tourism in Eastern Europe and 4.3% in the world as a whole. This would take the total contribution of Travel & Tourism in Serbia to GDP to 6.8% of the economy in 2023.
There is evidence that things are moving along the right track yet with continued investment and favourable government policies, Serbia’s Travel & Tourism could do even better than the baseline forecasts suggest.
Economic impact analysis conducted by the World Travel & Tourism Council (WTTC) and its research partner, Oxford Economics, shows that if Serbian Travel & Tourism continues to grow as predicted, by 2023 it will provide a 6.8% total contribution to GDP and 7.7% total contribution to formal employment. But Serbia could do even better than this if the country manages to address some of the challenges that are highlighted later in this report.