Sweden shows how to make money from Tourism. Revenue from the sector increased in 2010


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Wednesday, 22 June 2011
Sweden made more money from tourism in 2010 that the year before. Evidence from the Swedish Agency for Economic and Regional Growth, or Tillv�xtverket show that Sales revenue generated from tourism in Sweden increased by 3.2 percent in 2010 - to Skr255 billion.

Cash flow from tourists has been increasing for the eighth consecutive year as foreign visitors' consumption, the export value of tourism, rose by 1.7 percent. More than 162,000 people worked in the tourism sector in Sweden last year.

Tourism's export value, foreign visitors' consumption in Sweden has increased by 115 percent since 2000. Tourism value of exports as a share of Sweden's total exports has increased from 3.9 percent to 5.3 percent during the same period.

Last year, the value of foreign tourists' consumption was 50 percent higher than the Swedish iron and steel exports, double the value of car exports, according Swedish Agency for Economic and Regional Growth or Tillv�xtverket.

Tourism is growing faster than Sweden's total exports and the foreign tourists' consumption has increased twice as much as the Swedish tourists spend. Where the tourists mainly put money on is in shopping, followed by accommodation and restaurants.

It is mostly leisure travel, which increased over the past ten years, while the value of business travel is stationary following the international trend.

“According to international estimates, global travels will grow by around five percent per year until 2020. Sweden is well placed to take advantage of this growth. We have attractive tourist destinations and facilities, and nature and culture in processed form is what both leisure and business travellers are expected to demand,” said Christina Lugnet of Tillv�xtverket.

Tourism is also labour intensive. Over the past ten years, the sector contributed nearly 31,300 new jobs, representing an increase of about 24 percent. This compares with total employment in Sweden which has increased by about five percent during the same period. In 2010, the sector employs over 162,000 people as a result of tourism.

Number of hours worked in the tourism sector has increased by 19 percent over the past ten years more than in most other sectors.
By Team

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