Spending by international visitors to Russia is expected to grow by 7% this year, according to research by the World Travel & Tourism Council (WTTC).
According to the findings, the country’s travel and tourism sector grew by 3.2% in 2017 –supporting 3.3 million jobs (4.5% of total Russian employment), compared to growth of 2.2% in the wider Russian economy. By 2028, over 3.8 million jobs in Russia are forecast to rely on travel and tourism.
4.8% of Russia’s GDP are generated by the sector, equivalent to $76 billion, the WTCC researchers found.
This year’s FIFA World Cup in Russia, the 16th largest travel economy in the world, highlights the country’s potential for travel and tourism, and International tourism spend in Russia is expected to grow 7% in 2018, the research findings said.
Data produced by WTTC, in conjunction with Oxford Economics, has shown Travel & Tourism revenues in Moscow are set to grow at an increasing pace of 6.6% per year in the years to 2026, with tourism spending purely by foreigners set to rise by 9.6% per year on average over the next decade.
With less than two weeks to go before the 21st FIFA World Cup championship match, Russian Federation has played host to an estimated one million fans attending matches in eleven cities across the country. Over a period of 4th June to 15th July 2018, data produced by ForwardKeys has shown +50.5% Y-o-Y increase of forward bookings for international arrivals in Russian Federation.
“Travel & Tourism creates jobs, drives economic growth and helps build better societies. This is particularly the case in Russia, the 16th largest tourism economy in the world, with Moscow generating more than a quarter of Russia’s tourism revenue. Hosting this World Cup has given Russia the opportunity to showcase cities across the country and bring together millions of travellers, while contributing to the economic growth of the sector and creating jobs,” said Gloria Guevara, WTTC’s President & CEO.