Unsurprisingly, the tourism industry is a major contributor to the country’s economy. As of the first quarter of 2020, the tourism industry was estimated to directly contribute 5.65 percent to the gross domestic product (GDP) in Thailand. Tourism is also one of Thailand’s largest sector of employment.
How much of Thailand’s economy is based on tourism?
In 2020, the tourism industry contributed around 6.78 percent to Thailand’s GDP, which drastically decreased form the previous year due to the coronavirus (COVID-19) pandemic. In that same period, the total value of Thailand’s GDP was around 15 trillion Thai baht.
How important is tourism to Thailand?
Tourism is an economic contributor to the Kingdom of Thailand. Estimates of tourism revenue directly contributing to the GDP of 12 trillion baht range from one trillion baht (2013) 2.53 trillion baht (2016), the equivalent of 9% to 17.7% of GDP. … Tourism success is measured by the number of visitors.
How big is the tourism industry in Thailand?
Thailand saw foreign tourist arrivals plunge to 73,932 in the first eight months of this year, from almost 40 million visitors in 2019 who generated more than $60 billion in revenue.
What percentage of Thailand GDP is tourism in 2019?
In 2019, contribution of travel and tourism to GDP (% of GDP) for Thailand was 21.9 %. Though Thailand contribution of travel and tourism to GDP (% of GDP) fluctuated substantially in recent years, it tended to increase through 2000 – 2019 period ending at 21.9 % in 2019.
What is Thailand’s economy based on?
The economy of Thailand is dependent on exports, which accounted in 2019 for about sixty per cent of the country’s gross domestic product (GDP). Thailand itself is a newly industrialized country, with a GDP of 16.316 trillion baht (US$505 billion) in 2018, the 8th largest economy of Asia, according to the World Bank.
Why is tourism very important to Thailand’s economy?
The tourism industry is an important sector in Thailand since it is considered by the Thai government as one of the most important industries for income generation. … Furthermore, according to Brida and Pulina (2010), growth in the tourism sector stimulates investment in new infrastructure and generates employment.
How many people are employed in the tourism industry in Thailand?
In 2020, around 4.37 million people worked in the tourism sector in Thailand. In that same period, the total size of employment in Thailand amounted to approximately 37.68 million.
What percentage of GDP is tourism?
WTTC works to raise awareness of Travel & Tourism as one of the world’s largest sectors, supporting 292 million jobs and generating 10.2% of global GDP.