Real spending (output) on travel and tourism accelerated in the second quarter of 2015, increasing at an annual rate of 6.5 percent after increasing 2.2 percent (revised) in the first quarter of 2015. Real gross domestic product (GDP) also accelerated, increasing 3.7 percent (second estimate) in the second quarter after increasing 0.6 percent.
The leading contributors to the acceleration in the second quarter were “traveler accommodations” and “passenger air transportation.” Real spending on “traveler accommodations” accelerated, increasing 13.2 percent in the second quarter after increasing 3.5 percent (revised) in the first quarter, partly reflecting higher hotel occupancy rates. Real spending on “passenger air transportation” increased 11.6 percent, after increasing 2.5 percent, reflecting increased capacity and decreasing fares.
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