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Travel and Tourism Exports Help Drive UK Growth

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Travel and Tourism Exports Help Drive UK Growth

Travel and Tourism Exports Help Drive UK Growth

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UKHospitality

  • Outlook for 2024 Remains Positive for the UK Hospitality Industry

Travel was the single greatest modification in exports in the very first quarter of 2024, assisting add to GDP development.

Trade data from the Office for National Statistics reveal that both import and export of travel services increase in Q1 2024. Travel exports was the biggest development classification, increasing by ₤ 700 million.

Kate Nicholls, Chief Executive of UKHospitality, stated: “Today's GDP figures are a sign that we are starting to see the light at the end of a long tunnel for the larger economy, which will ideally push customer self-confidence and, in turn, enhance the fortunes of hospitality organizations.

“These figures likewise explain the significance of travel and tourist as an export item, which was the single greatest favorable modification in this information.

“However, hospitality GDP stayed flat in the very first quarter which is reflective of the expense challenges the sector continues to deal with. We require to see the expense problem for the sector rebalanced and lowered so organizations have the capability to buy their service and grow.

“Harnessing the capacity of hospitality, tourist and travel, both in your home and abroad, can truly provide on the financial aspirations of the country, and it's essential the Government identifies the tactical significance of our sector.

“All of this can integrate to provide services the self-confidence and monetary headroom they require to purchase their services, which will drive financial development, develop tasks and motivate regrowth of our towns and cities.”

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