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April 11, 2012
U.S. Travel and Tourism Satellite Accounts: Fourth Quarter 2011
The U.S. Department of Commerce recently announced that real U.S. travel and tourism output (adjusted for changes in price) increased at an annual rate of 4.6 percent in the fourth quarter of 2011, following an increase of 0.6 percent (revised) in the third quarter of 2011. By comparison, real gross domestic product (GDP) increased 3.0 percent during the fourth quarter.
“Travel and tourism is an important service export and the growth in this industry touches communities across America,” said Under Secretary for International Trade Francisco Sánchez. “This ongoing growth of international visitors coming to see America means more jobs and more economic prosperity.”
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 Q4 2011 release in its entirety, visit: < http://www.bea.gov/newsreleases/industry/tourism/2012/pdf/tour411.pdf >.
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