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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Statistics on what Americans and foreigners spent on travel and tourism in the United States in the first quarter of 2015 will be released Tuesday, June 23 by the Bureau of Economic Analysis (BEA).
The statistics, part of BEA’s Travel and Tourism Satellite Accounts, provide a breakdown of the various components of travel and tourism spending, including lodging, meals, air travel, and shopping. The statistics will also provide data on employment in the tourism industry.
These statistics, which will be available at 8:30 a.m. eastern time on BEA’s website (www.bea.gov) and by email subscription, can be used for the following purposes:
- To assess the effects of travel and tourism on the U.S. economy
- To compare national trends to locally observed trends
- To examine the relationship among the travel and tourism industries
- To compare travel and tourism industries to other industries.
Real spending on travel and tourism accelerated in the fourth quarter of 2014, increasing at an annual rate of 4.5 percent after increasing 3.4 percent (revised) in the third quarter. By comparison, real gross domestic product (GDP) decelerated, increasing 2.2 percent (second estimate) in the fourth quarter after increasing 5.0 percent. For the year, real spending on travel and tourism increased 2.5 percent in 2014 after increasing 3.6 percent in 2013. By comparison, real GDP increased 2.4 percent in 2014 after increasing 2.2 percent in 2013.
The leading contributors to the acceleration in the fourth quarter were “passenger air transportation” and “recreation and entertainment.” “Passenger air transportation” turned up, increasing 1.7 percent in the fourth quarter after decreasing 4.5 percent in the third quarter. “Recreation and entertainment” also turned up, increasing 6.2 percent after decreasing 0.9 percent. Partially offsetting these upturns, “traveler accommodations” turned down, decreasing 1.5 percent in the fourth quarter after increasing 8.3 percent.