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WTTC: Travel & tourism’s direct contribution to Azerbaijani GDP to rise 7% in 2017

WTTC: Travel & tourism’s direct contribution to Azerbaijani GDP to rise 7% in 2017

Direct contribution of travel and tourism to Azerbaijan’s GDP was 2,285.3 million manats ($1,437.3 million), 4.1 percent of total GDP in 2016, according to the March report of the World Travel and Tourism Council (WTTC).

The WTTC forecasts that this figure will rise by 7 percent in 2017 and by 6.5 percent per annum from 2017 to 2027 to hit 4,581.9 million manats ($2,881.7 million) in 2027 (5.9 percent of total GDP). In 2016, travel and tourism directly supported 171,000 jobs (3.7 percent of total employment), says the report. This is expected to rise by 6 percent in 2017 and by 3.5 percent by 2027 to 256,000 jobs (5.6 percent of total employment).

Visitor exports generated 4,552.2 million manats ($2,863.0 million) in 2016, according to WTTC. The WTTC forecasts that visitor exports will rise by 8.1 percent in 2017 and by 6.5 percent per annum from 2017 to 2027 to hit 9,205.3 million manats ($5,789.5 million) in 2027 (18.5 percent of total visitor exports). Travel and tourism investment in Azerbaijan in 2016 was 479.5 million manats ($301.6 million), 2.8 percent of total investment, says the report. This is forecast to rise by 6.2 percent in 2017 and by 4.9 percent per annum over the next 10 years to hit 825.1 million manats ($518.9 million) in 2027 (3.3 percent of total investment). The share of national investments in tourism will exceed 2.9 percent in 2017 and reach 3.3 percent in 2027.