What's Happening?
The World Travel & Tourism Council (WTTC), in collaboration with Oxford Economics, projects that Peru's tourism sector will contribute over $23 billion to the national economy by the end of 2025. This represents a 6.9% increase from the previous year, accounting for 7.8% of Peru's GDP. The sector is expected to support 1.17 million jobs, marking an 8.4% increase in employment compared to 2019. Domestic tourism spending is projected to reach $12 billion, while international tourism is expected to generate over $5 billion, reflecting a 9.4% increase from the previous year.
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Why It's Important?
The growth of Peru's tourism sector is significant for the country's economic development, providing substantial contributions to GDP and employment. As tourism continues to expand, it can lead to increased foreign exchange earnings, infrastructure development, and cultural exchange. The sector's growth also highlights the importance of sustainable tourism practices to ensure long-term benefits. The projected increase in international and domestic tourism spending underscores the sector's resilience and potential as a key driver of economic growth in Peru.
What's Next?
Looking ahead, the WTTC forecasts that by 2035, Peru's travel and tourism sector will contribute $34.3 billion to the national economy, representing 8.5% of GDP. Employment in the sector is expected to reach 1.4 million jobs, with the creation of 278,500 new positions over the next decade. International visitor spending is anticipated to reach $9.4 billion by 2035, while domestic spending is projected to exceed $16 billion. These projections indicate a robust future for Peru's tourism industry, with significant opportunities for growth and development.
