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TI News: An information service from Office of Travel & Tourism Industries (OTTI)
July 20, 2010
U.S. Travel and Tourism Satellite Accounts: First Quarter 2010
Growth of Travel and Tourism Spending Outpaced the Growth of U.S. Economy
The U.S. Department of Commerce recently announced that real spending (adjusted for changes in price) on travel and tourism increased at an annual rate of 3.9 percent in Q1 2010, following a decrease of 1.5 percent (revised) in Q4 2009. By comparison, real gross domestic product (GDP) increased 2.7 percent in Q1 2010 after increasing 5.6 percent in Q4 2009.
The Bureau of Economic Analysis, through funding provided by the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce, produces the U.S Travel and Tourism Satellite Accounts (TTSAs) from which these estimates were derived.
Travel and Tourism Satellite Accounts form an indispensable statistical instrument that allows the United States to measure the relative size and importance of the travel and tourism industry, along with its contribution to gross domestic product (GDP).
Approved by the United Nations in March 2002 and endorsed by the U.N. Statistical Commission, TTSAs have become the international standard by which travel and tourism is measured. In fact, more than fifty countries around the world have embraced travel and tourism satellite accounting as the only comprehensive, comparable, and credible measure of travel and tourism and its impact on national economies.
For more information on TTSAs, please visit: < http://www.bea.gov/industry/iedguide.htm#ttsa_ou >.
To view the Q1 2010 release in its entirety, visit: < http://www.bea.gov/newsreleases/industry/tourism/2010/tour110.htm >.
Subscribe to the Bureau of Economic Analysis’ TTSA newsletter: < http://service.govdelivery.com/service/multi_subscribe.html?code=USBEA >.