647f1fc6e4a6b1effb674603 EIR2023-Montenegro

T R AV E L & T O U R I S M
ECONOMIC
IMPACT 2023
MO NTE N EG RO
ECONOMIC
IMPACT 2023
T H E E CO N O M I C I M PAC T O F G LO BAL T R AVE L & TO U R I S M
2019 2022 2023 Forecast

Travel & Tourism GDP (percentage share of global GDP)
10.4 % 7.6% 9.2%

Change in Travel & Tourism GDP (Year on year)
+22%
+$1.4 trillion GDP gain
+23.3%
+$1.8 trillion GDP gain
Jobs supported by Travel & Tourism
334m
1 in 10 of global employment
295m
320m
2014-2019 Jobs Change in Travel & Tourism Jobs (Year on year)
1/5
of all global net new jobs
+22m New jobs
+24m New jobs
were created by Travel & Tourism
FOREWORD
Global tourism is booming. For years, this growth was something the Travel & Tourism sector
could take for granted; it was a fact of life. Prior to the pandemic, before the words ‘lockdown’
and ‘social distancing’ became part of our vocabulary, Travel & Tourism accounted for 1 in 5 new
jobs created and 10.4% of global GDP. It was an economic lifeline for cities, islands, and villages
alike, supporting 334 million jobs globally. In 2019, international visitor spending amounted to
US$1.86 trillion, and the sector produced 6.8% of the world’s exports.
Since the arrival of COVID-19, however, world travel has been on a journey back to health. Last
year, despite China remaining closed, Travel & Tourism’s contribution to global GDP grew by
22%, meaning the sector is now worth $7.7 trillion. This is still 23% behind the 2019 peak, but a
remarkable recovery, given the challenges of inflation, staff shortages, and ongoing COVID-19
restrictions. The recovery so far has been the strongest in Latin America, North America, and
Europe - all now closely approaching 2019 levels.
2022 was also a good year for employment. The global Travel & Tourism sector created 21.6 million
new jobs, bringing the total to 295 million. This means that last year, our sector supported 1 in 11
of all roles, worldwide. And while the sector’s recovery began with the return of domestic trips,
2022 gave international travellers cause for optimism too. Last year marked the first year of true
recovery for international travel, with spending up 82%. Once they were abroad, international
tourists spent $1.1 trillion around the world – significant growth, albeit still 40% below 2019 levels.
At the World Travel & Tourism Council (WTTC), we keep a keen watch on these economic
indicators – year in, year out. The contributions our sector makes to the global economy, jobs
and visitor spending are immensely important to the health and wealth of people around the
world, including some of the poorest economies on our planet. The economic health of the
sector is also deeply bound up with social and environmental progress. Every penny we create is
another that can be invested in sustainability, new technology and the preservation of the natural
world on which tourism depends. Every new job is one that can provide income to women, young
people, or struggling families where employment is scarce. This is why we monitor the health of
our sector so seriously.
Looking ahead, despite the many challenges on the horizon, we forecast another year of strong
performance in 2023. Travel & Tourism GDP is set to grow by 23.3%, reaching 9.2% of the global
economy. The sector’s value is forecast to grow to $9.5 trillion, only 5% behind the 2019 peak.
This will be partly fuelled by the reopening of China, while Latin and North America are expected
to be the first regions to recover fully. By the end of the year, we forecast that the Travel &
Tourism sector will have created 24 million new roles, bringing the sector’s total to 320 million
jobs. International spending is set to grow 23%, reaching $1.36 trillion.
Despite all this, the year ahead will not be without its challenges. Inflation, economic uncertainty,
labour shortages and the climate crisis are limiting factors. And as travel returns to its pre-
COVID-19 peak, some businesses are struggling to keep pace with demand. Worldwide, we need
strong efforts to increase capacity and connectivity, as well as action from both industry and
governments to resolve staffing problems. And finally, 2023 must be a year in which governments
and the private sector take sustainability seriously. Decarbonising and protecting biodiversity
must be at the top of any boardroom agenda.
If we can get all this right, 2023 promises to be another year of growth and opportunity. We hope
this report will be a resource for policymakers, industry professionals and anyone interested in
the future of travel. This research provides the data. Now, all that remains is action.
Julia Simpson
President & CEO
World Travel & Tourism Council
For more information, please visit:

ResearchHub.WTTC.org/Contact
THE ECONOMIC IMPACT
CONTENTS
OF TRAVEL & TOURISM
MAY 2023
FOREWORD
1 2023 ANNUAL RESEARCH: Key Highlights
3 DEFINING THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM
4 TRAVEL & TOURISM’S CONTRIBUTION TO GDP
5 TRAVEL & TOURISM’S CONTRIBUTION TO EMPLOYMENT
6 VISITOR EXPORTS AND INVESTMENT
7 DIFFERENT COMPONENTS OF TRAVEL & TOURISM
8 COUNTRY RANKINGS: Absolute Contribution, 2022
9 COUNTRY RANKINGS: Relative Contribution, 2022
10 COUNTRY RANKINGS: Real Growth, 2022
11 COUNTRY RANKINGS: Long term Growth, 2023-2033
12 SUMMARY TABLES: Estimates & Forecasts
13 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Real 2022 Prices
14 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Nominal Prices
15 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Real 2022 Prices (USD)
16 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Nominal Prices (USD)
17 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Growth
18 Glossary
19 Methodological Note
20 Regions, Sub-Regions & Countries/Economies

MONTENEGRO
2023 Annual Research: Key Highlights1
Global Data
Total GDP contribution: Total Travel & Tourism jobs:
2
10.4% Change in 2020: 334 MN Change in 2020:
2019 (of Total Economy) -49.4% =10.3% -70.7 MN
USD 10.0 TN (Share of Global Jobs) -21.2%
Annual Change: Annual Change:

2022 7.6%
USD 7.7 TN
+22.0%
(-22.9% vs 2019)
295
=9.0%
MN +7.9%
(-11.4% vs 2019)
Economy Change YoY= 3.1%
2023 9.2% +23.3%
( -5.0% vs 2019)
320 MN +8.2%
( -4.2% vs 2019)
(F) USD 9.5 TN =9.6%
Economy Change YoY= 1.3%
CAGR3 (2023 - 2033):
2033 11.6% 5.1% 430 MN New Jobs (2033 vs 2023):
(F)
USD 15.5 TN Economy CAGR (2023 - 2033): =11.8% 110.1 MN
2.6%
Montenegro Key Data

#
30.8% Change in 2020: 64.8 (000s) Change in 2020:

(of Total Economy)
2019 =31.9%
EUR 1.7BN -78.8% -26.7%
(USD 1.7BN) (Share of Total Jobs)

24.5% +23.9% 50.0 (000s) +11.3%
2022 EUR 1.3BN (-21.3% vs 2019) =22.7% (-22.9% vs 2019)
(USD 1.4BN) Economy Change: +3.6%
26.0% Annual Change: Annual Change:

2023 EUR 1.4BN +10.7% 55.5 (000s) +11.0%
(F)
(USD 1.5BN) (-12.9% vs 2019) =25.6% (-14.4% vs 2019)
CAGR (2023 - 2033):
2033 31.0% +4.5% 74.8 (000s) New Jobs (2033 vs 2023):

Economy CAGR
(F)
EUR 2.2BN
(2023 - 2033):
=34.4% 19.2 (000s)
(USD 2.3BN) +2.7%
WORLD TRAVEL & TOURISM COUNCIL TRAVEL & TOURISM ECONOMIC IMPACT 2023 | 1
MONTENEGRO
2023 Annual Research: Key Highlights1
Montenegro Visitor Spending
2019 2022 2023 (F) 2033 (F)
International Visitor Spending:
EUR1.2BN EUR 0.96BN Annual Change: EUR1.6BN

(USD 1.3BN) (USD 1.00BN) 8.6% (USD 1.7BN)
52.4% of total exports Annual Change: (-15.5% vs 2019) 38.0% of total exports
21.6% CAGR (2023 - 2033):
(-22.2% vs 2019) 4.3%
Domestic Visitor Spending:
EUR0.14BN EUR 0.14 BN Annual Change: EUR0.18BN

(USD 0.15BN) (USD 0.15BN) 0.5% (USD 0.19BN)
Annual Change: (-0.1% vs 2019) CAGR (2023 - 2033):
12.2% 2.3%
(-0.6% vs 2019)
Domestic Spending International Spending Leisure Spending Business Spending

2019 2019
10.5% 89.5% 88.6% 11.4%
2022 2022
13.1% 86.9% 90.1% 9.9%

% share of total spending % share of total spending
Inbound Arrivals4: Outbound Departures4:

2019 2022 2019 2022
1. Serbia 26% 1. Serbia 45% 1. Albania 44% 1. Albania 59%
2. Russian Federation 18% 2. Bosnia-Herzegovina 17% 2. Greece 15% 2. Serbia 12%
3. Bosnia-Herzegovina 9% 3. Russian Federation 6% 3. Serbia 12% 3. Greece 10%
4. Poland 3% 4. Albania 4% 4. Hungary 6% 4. Hungary 3%
5. France 3% 5. Ukraine 3% 5. Türkiye 3% 5. Türkiye 3%
Rest of world 41% Rest of world 26% Rest of world 20% Rest of world 13%
N ote : All figures shown for 2023 and 2033 are forecast projections (F). Data for additional Travel & Tourism indicators are available in the full report. For
more details, visit https://researchhub.wttc.org.
1. All values are in constant 2022 prices & exchange rates. As reported in March 2023.
2. Where the country or region has implemented job support schemes and supported jobs are still recorded as employment by national statistical
job losses exclude those supported jobs (where known)
3. CAGR= Compound Annual Growth Rate
4. Source: Oxford Economics, national sources and UNWTO
WTTC Strategic
Partners:
DEFINING THE ECONOMIC
CONTRIBUTION OF TRAVEL & TOURISM
Travel & Tourism is an important economic activity in most countries around the world. As well as its direct economic impact, the
industry has significant indirect and induced impacts. The UN Statistics Division-approved Tourism Satellite Accounting
methodology (TSA:RMF 2008) quantifies only the direct contribution of Travel & Tourism. But WTTC recognises that Travel &
Tourism's total contribution is much greater, and aims to capture its indirect and induced impacts through its annual research.
DIRECT
Travel & Tourism contribution
COMMODITIES
• Accommodation
• Transportation
• Entertainment
• Attractions
INDIRECT INDUCED TOTAL
INDUSTRIES Travel & Tourism contribution Travel & Tourism
• Accommodation services contribution (spending of direct and contribution
• Food & beverage services indirect employees)
• Retail Trade • T&T investment spending
• Transportation services
• Cultural, sports & recreational • Government collective T&T • Food and beverages •To GDP
services spending • Recreation
• Clothing •To employment
SOURCES OF SPENDING • Impact of purchases from • Housing
• Residents' domestic T&T suppliers • Household goods
spending
• Businesses' domestic travel
spending
• Visitor exports
• Individual government T&T
spending
DIRECT CONTRIBUTION
The direct contribution of Travel & Tourism to GDP reflects the ‘internal’ spending on Travel & Tourism (total spending within a particular
country on Travel & Tourism by residents and non-residents for business and leisure purposes) as well as government 'individual' spending -
spending by government on Travel & Tourism services directly linked to visitors, such as cultural (eg museums) or recreational (eg national parks).
The direct contribution of Travel & Tourism to GDP is calculated to be consistent with the output, as expressed in National Accounting,
of tourism-characteristic sectors such as hotels, airlines, airports, travel agents and leisure and recreation services that deal directly with
tourists. The direct contribution of Travel & Tourism to GDP is calculated from total internal spending by ‘netting out’ the purchases made
by the different tourism sectors. This measure is consistent with the definition of Tourism GDP, specified in the 2008 Tourism Satellite
Account: Recommended Methodological Framework (TSA: RMF 2008).
The total contribution of Travel & Tourism includes its ‘wider impacts’ (ie the indirect and induced impacts) on the economy. The ‘indirect’
contribution includes the GDP and jobs supported by:
● Travel & Tourism investment spending – an important aspect of both current and future activity that includes investment activity
such as the purchase of new aircraft and construction of new hotels;
● Government 'collective' spending, which helps Travel & Tourism activity in many different ways as it is made on behalf of the
‘community at large’ – eg tourism marketing and promotion, aviation, administration, security services, resort area security services, resort
area sanitation services, etc;
● Domestic purchases of goods and services by the sectors dealing directly with tourists – including, for example, purchases of food and
cleaning services by hotels, of fuel and catering services by airlines, and IT services by travel agents.
The ‘induced’ contribution measures the GDP and jobs supported by the spending of those who are directly or indirectly employed by the
Travel & Tourism industry.
PLEASE NOTE THAT DUE TO CHANGES IN METHODOLOGY BETWEEN 2010 AND 2011, IT IS NOT POSSIBLE TO COMPARE FIGURES PUBLISHED BY WTTC FROM 2011 ONWARDS
WITH THE SERIES PUBLISHED IN PREVIOUS YEARS.
TRAVEL & TOURISM'S CONTRIBUTION
TO GDP1
The direct contribution of Travel & Tourism to GDP in 2022 was EUR411.5mn (7.7% of GDP). This primarily reflects the economic activity generated
by industries such as hotels, travel agents, airlines and other passenger transportation services (excluding commuter services). But it also
includes, for example, the activities of the restaurant and leisure industries directly supported by tourists.
The direct contribution of Travel & Tourism to GDP is expected to grow by 4.1% pa to EUR658.4mn (9.1% of GDP) from 2023 to 2033.
Montenegro: Direct Contribution of Travel & Tourism to GDP
Constant 2022 EUR MN % of whole Economy GDP

700 12.0
600 10.0
500
8.0
400
6.0
300
4.0
200
100 2.0
0 0.0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
The total contribution of Travel & Tourism to GDP (including wider effects from investment, the supply chain and induced income impacts, see
page 3) was EUR1,300.9mn in 2022 (24.5% of GDP).
It is forecast to rise by 4.5% pa to EUR2,239.5mn from 2023 to 2033 (31.0% of GDP).
Montenegro: Total Contribution of Travel & Tourism to GDP
Constant 2022 EUR MN % of whole Economy GDP
2,500 35.0
30.0
2,000
25.0
1,500 20.0
15.0
1,000
10.0
500
5.0
0 0.0
2022 2023 2033 2022 2023 2033
Direct Indirect Induced Direct Indirect Induced
1
All values are in constant 2022 prices & exchange rates
TRAVEL & TOURISM'S CONTRIBUTION
TO EMPLOYMENT
Travel & Tourism generated 14,500 jobs directly in 2022 (6.6% of total employment). This includes employment by hotels, travel agents,
airlines and other passenger transportation services (excluding commuter services). It also includes, for example, the activities of the restaurant
and leisure industries directly supported by tourists.
By 2033, Travel & Tourism will account for 20,093 jobs directly (9.3% of total employment), an increase of 2.6% pa from 2023.
Montenegro: Direct Contribution of Travel & Tourism to Employment
'000 jobs % of whole Economy employment

25.0 12.0
10.0
20.0
8.0
15.0
6.0
10.0
4.0
5.0
2.0
0.0 0.0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
The total contribution of Travel & Tourism to employment (including wider effects from investment, the supply chain and induced
income impacts, see page 3) was 50,000 jobs in 2022 (22.7% of total employment).
By 2033, Travel & Tourism is forecast to support 74,757 jobs (34.4% of total employment), an increase of 3.0% pa since 2023.
Montenegro: Total Contribution of Travel & Tourism to Employment
'000 jobs % of whole Economy employment

80 40.0
70 35.0
60 30.0
50 25.0
40 20.0
30 15.0
20 10.0
10 5.0
0 0.0
2022 2023 2033 2022 2023 2033
Direct Indirect Induced Direct Indirect Induced
VISITOR EXPORTS AND INVESTMENT1
VISITOR EXPORTS
Visitor exports are a key component of the direct contribution of Travel & Tourism. In 2022, Montenegro generated EUR958.7mn in visitor exports.
By 2033, international tourist arrivals are forecast to total 3,522,000, generating expenditure of EUR1,589.7mn, an increase of 4.3% pa since 2023.
Montenegro: Visitor Exports and International Tourist Arrivals
Constant 2022 EUR MN mn Foreign visitor exports as % of total exports

1,800 4.0 60.0
1,600 3.6
50.0
1,400 3.1
1,200 2.7
40.0
1,000 2.2
800 1.8 30.0

600 1.3
400 0.9 20.0
200 0.4
10.0
0 0.0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
0.0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
Foreign visitor exports (Left hand side)
International tourist arrivals (Right hand side)
INVESTMENT
Travel & Tourism is expected to have attracted capital investment of EUR311.4mn in 2022.
Travel & Tourism’s share of total national investment is expected to be 44.3% in 2033.
Montenegro: Capital Investment in Travel & Tourism
Constant 2022 EUR MN % of whole Economy investment

800 50
45
700
40
600
35
500 30
400 25
20
300
15
200
10
100 5
0 0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2033
1
DIFFERENT COMPONENTS OF
TRAVEL & TOURISM1
Montenegro
Travel & Tourism's contribution to GDP:
Leisure travel spending (inbound and domestic)
Business vs Leisure, 2022
generated 90.1% of total internal spending in 2022
Leisure (EUR993.7mn) compared with 9.9% for business travel
spending spending (EUR109.0mn).
90.1%
Leisure travel spending is expected to rise by 4.0% pa
Business to EUR1,567.1mn from 2023 to 2033.
spending
9.9% Business travel spending is expected to rise by 4.9%
pa to EUR203.6mn from 2023 to 2033.
Montenegro
Travel & Tourism's contribution to GDP:
Domestic vs Foreign, 2022 Domestic travel spending generated 13.1%
(EUR144.0mn) of total internal spending in 2022
Foreign visitor compared with 86.9% (EUR958.7mn) for visitor
spending exports (ie foreign visitor spending or international
86.9% tourism receipts).
Domestic Domestic travel spending is expected to rise by 2.3%

spending pa to EUR181.0mn from 2023 to 2033.
13.1%
Visitor exports are expected to rise by 4.3% pa to
EUR1,589.7mn from 2023 to 2033.
Montenegro
Breakdown of Travel & Tourism's
Total contribution to GDP, 2022 The Travel & Tourism industry contributes to GDP
Direct and employment in many ways as detailed on page 3.
31.6%
Induced
17.6%
The total contribution of Travel & Tourism to GDP
Indirect is three times greater than its direct contribution.
50.8%
a
Indirect is the
sum of:
(a) Supply chain
30.5%
(b) Investment
17.5% c
(c) Government b
collective
2.7%
1
COUNTRY RANKINGS:
ABSOLUTE CONTRIBUTION, 2022
Travel & Tourism's Direct 2022 Travel & Tourism's Total 2022
Contribution to GDP (US$bn) Contribution to GDP (US$bn)
7 Italy 89.1 8 Italy 202.7
21 Russian Federation 23.1 18 Russian Federation 75.0
World Average 12.9 World Average 36.9
Other Europe Average 12.3 Other Europe Average 34.9
33 Poland 11.6 34 Poland 27.0
40 Croatia 8.6 45 Croatia 18.1
55 Czech Republic 4.9 59 Czech Republic 11.6
72 Slovenia 2.4 75 Slovenia 5.6
80 Slovak Republic 2.1 78 Slovak Republic 5.3
118 Bosnia-Herzegovina 0.7 117 Bosnia-Herzegovina 1.9
133 Montenegro 0.4 126 Montenegro 1.4
139 North Macedonia 0.3 142 North Macedonia 0.8
Contribution to Employment '000 jobs Contribution to Employment '000 jobs
14 Italy 1,335.9 14 Russian Federation 3,196.2
World Average 1,156.0 17 Italy 2,712.3
21 Russian Federation 899.2 World Average 1,422.7
36 Poland 352.3 47 Poland 796.8
52 Czech Republic 229.3 69 Croatia 428.6
55 Croatia 216.7 71 Czech Republic 412.3
136 Bosnia-Herzegovina 28.4 135 Bosnia-Herzegovina 83.9
Other Europe Average 16.3 152 Montenegro 50.0
155 Montenegro 14.5 Other Europe Average 45.0
2022 2022
Travel & Tourism Investment (US$bn) Visitor Exports (US$bn)
18 Italy 8.7 5 Italy 44.1
World Average 4.6 22 Croatia 14.6
35 Russian Federation 3.6 24 Poland 14.2
45 Poland 2.4 Other Europe Average 8.5
Other Europe Average 2.4 38 Russian Federation 6.6
51 Czech Republic 1.8 World Average 6.0
59 Croatia 1.4 66 Slovenia 2.9
65 Slovenia 0.9 69 Czech Republic 2.8
99 Montenegro 0.3 96 Bosnia-Herzegovina 1.1
101 Bosnia-Herzegovina 0.3 105 Montenegro 1.0
The tables on pages 8-11 provide brief extracts from the full WTTC Country League Table Rankings, highlighting comparisons with
competing destinations as well as with the world and regional average. Averages are simple cross-country averages.
The competing destinations selected are those that offer a similar tourism product and compete for tourists from the same set of origin markets.
These tend to be, but are not exclusively, geographical neighbours.
COUNTRY RANKINGS:
RELATIVE CONTRIBUTION, 2022
Contribution to GDP % share Contribution to GDP % share
53 Italy 4.5 53 Italy 10.2
81 Bosnia-Herzegovina 2.8 World 7.6
Other Europe 2.6 Other Europe 7.5
World 2.3 82 Bosnia-Herzegovina 7.4
140 Czech Republic 1.7 153 Czech Republic 4.0
Contribution to Employment % share Contribution to Employment % share
47 Italy 5.8 60 Italy 11.7
65 Czech Republic 4.6 81 Bosnia-Herzegovina 10.0
World 3.3 100 Czech Republic 8.2
Travel & Tourism Contribution 2022 Visitor Exports 2022

to Total Capital Investment % share Contribution to Exports % share
46 Slovenia 7.0 70 Bosnia-Herzegovina 9.1
66 Bosnia-Herzegovina 5.3 88 Italy 6.0
93 Slovak Republic 3.7 90 Slovenia 5.8
World 3.2 Other Europe 5.0
Other Europe 2.5 104 North Macedonia 4.6
140 Czech Republic 2.2 World 3.6
145 Italy 2.1 157 Czech Republic 1.3
147 North Macedonia 2.0 160 Russian Federation 1.1
179 Russian Federation 0.8 161 Slovak Republic 1.1
COUNTRY RANKINGS:
REAL GROWTH, 2022
Contribution to GDP % growth Contribution to GDP % growth
108 Italy 34.0 108 Italy 33.4
115 Czech Republic 32.1 126 Slovak Republic 26.3
World 30.1 129 Czech Republic 25.4
126 Slovak Republic 30.1 135 Montenegro 23.9
141 North Macedonia 24.0 World 22.0
144 Bosnia-Herzegovina 23.3 147 North Macedonia 20.9
181 Russian Federation 0.8 181 Russian Federation -1.8
Contribution to Employment % growth Contribution to Employment % growth
Other Europe 16.4 69 Italy 13.1
101 Italy 13.7 96 Montenegro 11.3
World 12.8 114 Slovenia 9.9
122 Slovenia 11.1 World 7.9
158 Montenegro 7.1 Other Europe 7.4
160 North Macedonia 6.9 153 Czech Republic 5.7
169 Slovak Republic 5.3 167 North Macedonia 4.0
177 Bosnia-Herzegovina 4.4 173 Slovak Republic 2.5
183 Russian Federation -15.2 184 Russian Federation -17.5
2022 2022
Travel & Tourism Investment % growth Visitor Exports % growth
9 Montenegro 49.3 71 Italy 99.3
25 Italy 36.5 Other Europe 85.7
85 Slovak Republic 17.3 World 81.9
World 11.1 88 Poland 74.0
Other Europe 9.2 115 Slovenia 55.1
138 Poland 8.3 118 Czech Republic 52.1
150 Slovenia 6.5 152 Slovak Republic 27.9
153 Bosnia-Herzegovina 5.6 158 Montenegro 21.6
171 North Macedonia 1.5 162 Bosnia-Herzegovina 17.5
177 Czech Republic -2.1 163 North Macedonia 17.3
184 Russian Federation -34.7 176 Russian Federation -2.7
COUNTRY RANKINGS:
LONG TERM GROWTH, 2023 - 2033
Travel & Tourism's Direct 2023 - 2033 Travel & Tourism's Total 2023 - 2033
Contribution to GDP % growth Contribution to GDP % growth
54 Bosnia-Herzegovina 6.0 60 Czech Republic 5.9
84 Russian Federation 4.9 World 5.1
World 4.9 97 Russian Federation 4.8
181 Italy 1.8 184 Italy 1.9
Travel & Tourism's Direct 2023 - 2033 Travel & Tourism's Total 2023 - 2033
Contribution to Employment % growth Contribution to Employment % growth
World 3.4 93 Montenegro 3.0
150 Italy 1.8 143 Slovenia 1.9
156 Slovak Republic 1.7 146 Croatia 1.8
160 Croatia 1.6 151 Italy 1.8
171 Czech Republic 1.3 159 North Macedonia 1.6
173 North Macedonia 1.2 162 Slovak Republic 1.6
177 Slovenia 1.0 174 Czech Republic 1.3
2023 - 2033 2023 - 2033

Travel & Tourism Investment % growth Visitor Exports % growth
37 North Macedonia 8.3 16 Russian Federation 12.2
72 Russian Federation 6.5 44 Czech Republic 8.8
World 6.1 45 Slovak Republic 8.5
87 Poland 6.1 World 6.5
103 Slovak Republic 5.7 97 Bosnia-Herzegovina 5.8
106 Bosnia-Herzegovina 5.5 133 Poland 4.4
114 Slovenia 5.4 Other Europe 3.7
Other Europe 4.6 149 Italy 3.5
144 Czech Republic 4.3 153 Slovenia 3.4
156 Croatia 3.9 156 North Macedonia 3.3
169 Italy 3.2 168 Croatia 2.7
SUMMARY TABLES:
ESTIMATES & FORECASTS
2022 2022 2023 2033
2
Montenegro USDmn 1
% of total Growth USDmn 1
% of total Growth3
Direct contribution to GDP 429.1 7.7 6.6 686.5 9.1 4.1

Total contribution to GDP 1356.4 24.5 10.7 2,335.1 31.0 4.5
4
Direct contribution to employment 14.5 6.6 6.8 20.1 9.3 2.6
4
Total contribution to employment 50.0 22.7 11.0 74.8 34.4 3.0
Visitor exports 999.6 38.5 8.6 1,657.6 38.0 4.3
Domestic spending 150.2 2.7 0.5 188.7 2.5 2.3
Leisure spending 1,036.1 7.0 6.6 1,633.9 8.0 4.0
Business spending 113.7 0.8 16.0 212.3 1.0 4.9
Capital investment 324.6 27.3 28.7 712.4 44.3 5.5
1
2022 constant prices & exchange rates; 22023 real growth adjusted for inflation (%); 32023-2033 annualised real growth adjusted for inflation (%); 4'000 jobs
2022 2022 2023 2033

1 1
Other Europe USDbn % of total Growth2 USDbn % of total Growth3
Direct contribution to GDP 208.3 2.6 5.3 293.4 3.3 2.9

Total contribution to GDP 592.8 7.5 6.9 850.9 9.4 3.0
4
Direct contribution to employment 4,716.3 2.7 5.4 6,150.1 3.4 2.2
4
Total contribution to employment 12,997.1 7.3 6.6 17,392.0 9.6 2.3
Visitor exports 145.3 5.0 8.0 226.1 7.7 3.7
Domestic spending 333.5 4.2 3.6 442.2 4.8 2.5
Leisure spending 380.8 2.1 4.2 516.5 2.5 2.7
Business spending 97.9 0.5 8.1 151.8 0.7 3.7
Capital investment 40.5 2.5 16.9 74.3 4.3 4.6
1
2022 2022 2023 2033

1 2 1
Worldwide USDbn % of total Growth USDbn % of total Growth3
Direct contribution to GDP 2,379.0 2.3 18.4 4,530.0 3.4 4.9

Total contribution to GDP 7,682.5 7.6 23.3 15,510.9 11.6 5.1
4
Direct contribution to employment 106,966.8 3.3 6.5 158,687.8 4.3 3.4
4
Total contribution to employment 295,363.4 9.0 8.2 429,578.8 11.8 3.0
Visitor exports 1,107.2 3.6 23.0 2,566.7 7.0 6.5
Domestic spending 3,990.7 3.9 18.1 7,225.0 5.4 4.4
Leisure spending 4,151.3 1.9 17.9 7,944.5 2.7 5.0
Business spending 946.6 0.4 24.7 1,847.7 0.6 4.6
Capital investment 855.9 3.2 11.5 1,726.7 5.0 6.1
1
% of total refers to each indicator's share of the relevant whole economy indicator such as GDP and employment. Visitor exports is shown relative to total exports of goods and services.
Domestic spending, as well as leisure and business spending, is expressed relative to whole economy GDP. Investment spending is expressed relative to whole economy investment.
THE ECONOMIC CONTRIBUTION OF
TRAVEL & TOURISM: REAL 2022 PRICES
Montenegro
(EURmn, real 2022 prices) 2017 2018 2019 2020 2021 2022 2023E 2033F
1. Visitor exports 1,118.4 1,143.0 1,232.9 169.2 788.4 958.7 1,041.4 1,589.7
Domestic expenditure
2. 166.9 171.9 144.9 88.7 128.3 144.0 144.7 181.0
(includes government individual spending)
3. Internal tourism consumption

1,285.3 1,314.9 1,377.8 257.8 916.8 1,102.7 1,186.1 1,770.7
(= 1 + 2 )
4. Purchases by tourism providers,

including imported goods -800.7 -820.8 -860.4 -160.7 -572.1 -691.2 -747.3 -1,112.3
(supply chain)
5. Direct contribution of
Travel & Tourism to GDP 484.6 494.1 517.4 97.1 344.7 411.5 438.8 658.4
(= 3 + 4)
Relative contribution (% whole economy) 9.9 9.6 9.6 2.1 6.7 7.7 7.9 9.1
Other final impacts
(indirect & induced) 612.5 627.6 656.0 124.4 441.2 525.8 560.5 840.1
6 Domestic supply chain
7. Capital investment 361.1 430.5 432.8 115.3 208.6 311.4 400.8 683.2
8. Government collective spending 22.4 23.7 23.8 15.0 34.2 38.1 40.0 55.7
Imported goods from indirect

9. -243.6 -265.5 -275.3 -59.1 -158.5 -215.0 -260.1 -402.5
spending
10. Induced 272.8 289.0 298.7 58.6 180.1 229.1 260.2 404.6
11. Total contribution of

Travel & Tourism to GDP 1,509.8 1,599.4 1,653.5 351.3 1,050.2 1,300.9 1,440.3 2,239.5
(= 5 + 6 + 7 + 8 + 9 + 10)
Employment impacts ('000)
12. Direct contribution of Travel & 17.7 18.1 18.6 12.0 13.5 14.5 15.5 20.1
Tourism to employment
Total contribution of Travel &
1 3. 59.0 62.7 64.8 47.5 44.9 50.0 55.5 74.8
Other indicators
84.3 60.4 62.3 29.2 43.1 64.8 67.8 78.5
14. Expenditure on outbound travel
E - Estimate, F - Forecast
TRAVEL & TOURISM: NOMINAL PRICES
Montenegro
(EURmn, nominal prices) 2017 2018 2019 2020 2021 2022 2023E 2033F
1. Visitor exports 980.8 1,034.5 1,138.1 155.9 761.0 958.7 1,072.7 1,999.1
2. 146.4 155.6 133.7 81.7 123.9 144.0 149.0 227.5

1,127.1 1,190.0 1,271.8 237.5 884.9 1,102.7 1,221.7 2,226.6
(= 1 + 2 )

(supply chain)
(= 3 + 4)
Other final impacts

(indirect & induced) 537.1 568.1 605.5 114.6 425.8 525.8 577.3 1,056.4
6. Domestic supply chain

9. -213.6 -240.3 -254.1 -54.5 -153.0 -215.0 -267.9 -506.2
spending
10. Induced 239.2 261.5 275.8 54.0 173.9 229.1 268.0 508.8

(= 5 + 6 + 7 + 8 + 9 + 10)

13. 59.0 62.7 64.8 47.5 44.9 50.0 55.5 74.8
Other indicators
73.9 54.7 57.5 26.9 41.6 64.8 69.9 98.7
14 Expenditure on outbound travel
*Concepts shown in this table align with the standard table totals as described in the 2008 Tourism Satellite Account: Recommended Methodological
Framework (TSA: RMF 2008) developed by the United Nations Statistical Division (UNSD), the Statistical Office of the European Communities (EUROSTAT),
the Organisation for Economic Co-operation and Development (OECD) and the World Tourism Organization (UNWTO).
Historical data for concepts has been benchmarked to match reported TSA data where available.
TRAVEL & TOURISM: REAL 2022 PRICES (in USD)
Montenegro
(USDmn, real 2022 prices) 2017 2018 2019 2020 2021 2022 2023E 2033F
1. Visitor exports 1,166.1 1,191.8 1,285.6 176.4 822.1 999.6 1,085.8 1,657.6
2. 174.0 179.2 151.1 92.4 133.8 150.2 150.9 188.7

1,340.1 1,371.0 1,436.6 268.8 955.9 1,149.7 1,236.7 1,846.2
(= 1 + 2 )

(supply chain)
(= 3 + 4)
Other final impacts
(indirect & induced) 638.6 654.4 684.0 129.7 460.0 548.2 584.4 875.9
6 Domestic supply chain

9. -254.0 -276.8 -287.1 -61.6 -165.3 -224.2 -271.2 -419.7
spending
10. Induced 284.4 301.3 311.5 61.1 187.8 238.9 271.3 421.9

(= 5 + 6 + 7 + 8 + 9 + 10)
1 3. 59.0 62.7 64.8 47.5 44.9 50.0 55.5 74.8
Other indicators
87.9 63.0 65.0 30.4 44.9 67.6 70.7 81.9
TRAVEL & TOURISM: NOMINAL PRICES (in USD)
Montenegro
(USDmn, nominal prices) 2017 2018 2019 2020 2021 2022 2023E 2033F
1. Visitor exports 1,107.9 1,222.0 1,274.2 177.9 900.5 999.6 1,062.0 2,498.8
2. 165.3 183.7 149.7 93.2 146.6 150.2 147.5 284.4

1,273.2 1,405.7 1,423.9 271.1 1,047.1 1,149.7 1,209.5 2,783.3
(= 1 + 2 )

(supply chain)
Travel & Tourism to GDP 480.1 528.2 534.7 102.1 393.7 429.1 447.5 1,034.9
(= 3 + 4)
Other final impacts

(indirect & induced) 606.7 671.0 677.9 130.8 503.9 548.2 571.6 1,320.5
7. Capital investment 357.7 460.2 447.3 121.2 238.2 324.6 408.7 1,073.9

9. -241.3 -283.8 -284.5 -62.2 -181.0 -224.2 -265.2 -632.7
spending
10. Induced 270.2 308.9 308.7 61.6 205.7 238.9 265.4 636.0

(= 5 + 6 + 7 + 8 + 9 + 10)

13. 59.0 62.7 64.8 47.5 44.9 50.0 55.5 74.8
Other indicators
83.5 64.6 64.4 30.7 49.2 67.6 69.2 123.4
*Concepts shown in this table align with the standard table totals as described in the 2008 Tourism Satellite Account: Recommended Methodological
Framework (TSA: RMF 2008) developed by the United Nations Statistical Division (UNSD), the Statistical Office of the European Communities (EUROSTAT),
the Organisation for Economic Co-operation and Development (OECD) and the World Tourism Organization (UNWTO).
Historical data for concepts has been benchmarked to match reported TSA data where available.
TRAVEL & TOURISM: GROWTH
Montenegro
Growth1 (%) 2017 2018 2019 2020 2021 2022 2023E 2033F 2
1. Visitor exports 7.0 2.2 7.9 -86.3 366.1 21.6 8.6 4.3
2. -2.5 3.0 -15.7 -38.8 44.7 12.2 0.5 2.3

5.7 2.3 4.8 -81.3 255.6 20.3 7.6 4.1
(= 1 + 2 )

including imported goods 5.5 2.5 4.8 -81.3 256.0 20.8 8.1 4.1
(supply chain)
Travel & Tourism to GDP 6.0 2.0 4.7 -81.2 254.9 19.4 6.6 4.1
(= 3 + 4)
Other final impacts

(indirect & induced) 5.3 2.5 4.5 -81.0 254.7 19.2 6.6 4.1
7. Capital investment 12.3 19.2 0.5 -73.4 81.0 49.3 28.7 5.5
8. Government collective spending -1.3 5.9 0.4 -36.9 127.1 11.6 5.0 3.4

9. 7.7 9.0 3.7 -78.5 168.2 35.7 20.9 4.5
spending
10. Induced 6.9 5.9 3.4 -80.4 207.3 27.2 13.6 4.5

Travel & Tourism to GDP 6.9 5.9 3.4 -78.8 198.9 23.9 10.7 4.5
(= 5 + 6 + 7 + 8 + 9 + 10)
12. Direct contribution of Travel & 4.6 2.2 2.9 -35.5 13.0 7.1 6.8 2.6

13 . 5.6 6.4 3.4 -26.7 -5.4 11.3 11.0 3.0
Other indicators
-5.4 -28.3 3.1 -53.2 47.6 50.5 4.6 1.5
14 Expenditure on outbound travel
1
2017-2023 real annual growth adjusted for inflation (%)); 22023-2033 annualised real growth adjusted for inflation (%)
GLOSSARY
KEY DEFINITIONS
TRAVEL & TOURISM INTERNAL TOURISM CONSUMPTION
Relates to the activity of travellers on trips outside their Total revenue generated within a country by industries that deal
usual environment with a duration of less than one year. directly with tourists including visitor exports, domestic spending
Economic activity related to all aspects of such trips is and government individual spending. This does not include
measured within the research. spending abroad by residents. This is consistent with total internal
tourism expenditure in table 4 of the TSA: RMF 2008.
DIRECT CONTRIBUTION TO GDP
GDP generated by industries that deal directly with BUSINESS TRAVEL & TOURISM SPENDING
tourists, including hotels, travel agents, airlines and other Spending on business travel within a country by residents and
passenger transport services, as well as the activities of international visitors.
restaurant and leisure industries that deal directly with
tourists. It is equivalent to total internal Travel & Tourism LEISURE TRAVEL & TOURISM SPENDING
spending (see below) within a country less the purchases Spending on leisure travel within a country by residents and
made by those industries (including imports). In terms international visitors.
of the UN’s Tourism Satellite Account methodology it is
consistent with total GDP calculated in table 6 of the TSA: INDIRECT AND INDUCED IMPACTS
RMF 2008.
INDIRECT CONTRIBUTION
DIRECT CONTRIBUTION TO EMPLOYMENT The contribution to GDP and jobs of the following three factors:
The number of direct jobs within Travel & Tourism. This is
consistent with total employment calculated in table 7 of • CAPITAL INVESTMENT: Includes capital investment
the TSA: RMF 2008. spending by all industries directly involved in Travel &
Tourism. This also constitutes investment spending by other
TOTAL CONTRIBUTION TO GDP industries on specific tourism assets such as new visitor
GDP generated directly by the Travel & Tourism sector plus accommodation and passenger transport equipment, as
its indirect and induced impacts (see below). well as restaurants and leisure facilities for specific tourism
use. This is consistent with total tourism gross fixed capital
TOTAL CONTRIBUTION TO EMPLOYMENT formation in table 8 of the TSA: RMF 2008.
The number of jobs generated directly in the Travel
& Tourism sector plus the indirect and induced • GOVERNMENT COLLECTIVE SPENDING: Government
contributions (see below). spending in support of general tourism activity. This can
include national as well as regional and local government
DIRECT SPENDING IMPACTS spending. For example, it includes tourism promotion, visitor
information services, administrative services and other public
VISITOR EXPORTS services. This is consistent with total collective tourism
Spending within the country by international tourists consumption in table 9 of TSA: RMF 2008.
for both business and leisure trips, including spending
on transport, but excluding international spending on • SUPPLY-CHAIN EFFECTS: Purchases of domestic goods
education. This is consistent with total inbound tourism and services directly by different industries within Travel &
expenditure in table 1 of the TSA: RMF 2008. Tourism as inputs to their final tourism output.
DOMESTIC TRAVEL & TOURISM SPENDING INDUCED CONTRIBUTION

Spending within a country by that country’s residents for The broader contribution to GDP and employment of spending by
both business and leisure trips. Multi-use consumer durables those who are directly or indirectly employed by Travel & Tourism.
are not included since they are not purchased solely for
tourism purposes. This is consistent with total domestic OTHER INDICATORS
tourism expenditure in table 2 of the TSA: RMF 2008.
Outbound spending by residents abroad is not included OUTBOUND EXPENDITURE
here, but is separately identified according to the TSA: RMF Spending outside the country by residents on all trips abroad.
2008 (see below). This is fully aligned with total outbound tourism expenditure in
table 3 of the TSA: RMF 2008.
GOVERNMENT INDIVIDUAL SPENDING
Spending by government on Travel & Tourism services INTERNATIONAL TOURIST ARRIVALS
directly linked to visitors, such as cultural services (eg The number of arrivals of international overnight visitors (tourists)
museums) or recreational services (eg national parks). to the country.
METHODOLOGICAL NOTE
WTTC has an ongoing commitment to align its economic impact research with the UN Statistics Division-approved 2008 Tourism Satellite
Account: Recommended Methodological Framework (TSA:RMF 2008). This involves the benchmarking of country reports to official,
published TSAs, including for countries which are reporting data for the first time, as well as existing countries reporting an additional year’s
data. New TSAs incorporated this year include Maldives and Zimbabwe, bringing our total of countries and economies in our benchmarking
dataset to 66. Our TSA benchmarked countries now cover around 90% of global direct T&T GDP.
WTTC coverage includes data on 185 countries and economies, and reports on 26 regions, sub-regions and economic and geographic groups.
ECONOMIC AND GEOGRAPHIC GROUPS
APEC (ASIA-PACIFIC ECONOMIC COOPERATION) (OIC) ORGANISATION OF ISLAMIC COOPERATION**

Australia, Brunei, Canada, Chile, China, Hong Kong SAR China, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei,
Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Burkina Faso, Cameroon, Chad, Comoros, Côte d’Ivoire, Egypt,
Papua New Guinea, Peru, Philippines, Russian Federation, Singapore, Gabon, Gambia, Guinea, Guyana, Indonesia, Iran, Iraq, Jordan,
Taiwan China, Thailand, USA, Vietnam. Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Maldives,
Mali, Morocco, Mozambique, Niger, Nigeria, Oman, Pakistan,
G7 Qatar, Saudi Arabia, Senegal, Sierra Leone, Sudan, Suriname, Syria,
Canada, France, Germany, Italy, Japan, UK, USA. Tajikistan, Togo, Tunisia, Türkiye, UAE, Uganda, Uzbekistan, Yemen.
G20 OTHER OCEANIA

Argentina, Australia, Brazil, Canada, China, European Union, American Samoa, Cook Islands, French Polynesia, Guam, Marshall
France*, Germany*, India, Indonesia, Italy*, Japan, Mexico, Russian Islands, Micronesia (Federated States of), Nauru, New Caledonia,
Federation, Saudi Arabia, South Africa, South Korea, Türkiye, UK, Niue, Northern Mariana Islands, Palau, Samoa, Tuvalu.
USA.
PACIFIC ALLIANCE
GCC (GULF COOPERATION COUNCIL) Chile, Colombia, Mexico, Peru.
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE.
SADC (SOUTHERN AFRICAN DEVELOPMENT COMMUNITY)
OAS (ORGANIZATION OF AMERICAN STATES) Angola, Botswana, Comoros, Democratic Republic of Congo (DRC),
Antigua and Barbuda, Argentina, Bahamas, Barbados, Belize, Bolivia, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique,
Brazil, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Namibia, Seychelles, South Africa, Tanzania, Zambia, Zimbabwe.
Republic, Dominica, Ecuador, El Salvador, Grenada, Guatemala,
Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama,
Paraguay, Peru, St Kitts and Nevis, St Lucia, St Vincent and the
Grenadines, Suriname, Trinidad and Tobago, USA, Uruguay,
Venezuela.
OECD (ORGANISATION FOR ECONOMIC CO-OPERATION AND

DEVELOPMENT)
Australia, Austria, Belgium, Canada, Chile, Colombia, Costa Rica,
Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, South Korea,
Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand,
Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden,
Switzerland, Türkiye, UK, USA.
* included in European Union

** no data for Afghanistan, Djibouti, Guinea-Bissau, Mauritania, Palestine, Somalia or Turkmenistan
ECONOMIC IMPACT REPORTS
REGIONS, SUB REGIONS & COUNTRIES/ECONOMIES
WORLD
SUB-REGION
SUB REGION
SUB REGION
SUB REGION
REGION
REGION
REGION
REGION
COUNTRY COUNTRY COUNTRY COUNTRY

& ECONOMY & ECONOMY & ECONOMY & ECONOMY
Algeria Anguilla China Hungary

NORTH AFRICA
Egypt Antigua and Barbuda Hong Kong SAR, China Ireland
NORTHEAST ASIA
Libya Aruba Japan Italy
Morocco Bahamas South Korea
Latvia
Tunisia Macau SAR, China
Barbados Lithuania
Angola Mongolia
Bermuda Luxembourg
EUROPEAN UNION
Benin Taiwan, China
British Virgin Islands Malta
Kazakhstan
CENTRAL ASIA
Botswana
Cayman Islands Netherlands
Burkina Faso Kyrgyzstan
Cuba Poland
Tajikistan
Burundi
Curaçao* Portugal
Uzbekistan
Cameroon
CARIBBEAN
Dominica Romania
Australia
Cape Verde
Dominican Republic Fiji Slovakia
Central African Republic
Grenada Kiribati Slovenia
Chad
Guadeloupe New Zealand Spain
OCEANIA
Comoros
Haiti Papua New Guinea Sweden
Congo
EUROPE
ASIA-PACIFIC
Jamaica Solomon Islands Albania

Côte d'Ivoire
Martinique Tonga Armenia
Democratic Republic of Congo
Puerto Rico Vanuatu Azerbaijan
Eswatini
Other Oceanic States
Ethiopia St Kitts and Nevis Belarus
Bangladesh
Gabon St Lucia Bosnia and Herzegovina
India
SOUTH ASIA
Gambia St Vincent and the Grenadines Georgia

Maldives
AMERICAS
Ghana Trinidad and Tobago Iceland

AFRICA
Nepal
OTHER EUROPE
Guinea US Virgin Islands Moldova

Pakistan
Kenya Argentina Montenegro
SUB-SAHARAN
Sri Lanka
Lesotho Belize North Macedonia
Brunei
Madagascar Bolivia Norway
Cambodia
Malawi
SOUTHEAST ASIA (ASEAN)
Brazil Indonesia Russian Federation

Mali Chile Serbia
Laos
Mauritius
Colombia Malaysia Switzerland
Mozambique
Costa Rica Myanmar Türkiye
Namibia
Ecuador Philippines UK
LATIN AMERICA
Niger
El Salvador Singapore Ukraine
Nigeria Thailand
Guatemala Bahrain
Réunion Vietnam
Guyana Iran
Rwanda Austria
Honduras Iraq
Sao Tome and Principe Belgium
Nicaragua Israel
Senegal Bulgaria
Panama Jordan
Seychelles
MIDDLE EAST
Croatia
Paraguay
EUROPEAN UNION
Kuwait
Sierra Leone Cyprus
EUROPE
Peru Lebanon
South Africa Czech Republic
Suriname Oman
Sudan Denmark
Tanzania Uruguay Qatar

Estonia
Togo Venezuela Finland Saudi Arabia
Uganda Canada France Syria

AMERICA
NORTH
Zambia Mexico Germany United Arab Emirates
USA Greece Yemen

Zimbabwe
* Referred to as Former Netherlands Antilles in previous WTTC reports.
ACKNOWLEDGEMENTS
EDITORS
Nejc Jus
Head of Research
Jonathan Mitcham
Senior Research Analyst
Chok Tsering
Junior Research Analyst
DESIGN
IMAGES
Cover: Elizeu Dias, Unsplash
P2: Roberto Nickson, Unsplash
Contributing data to the WTTC Economic Impact Model:
STR provides premium data benchmarking, analytics and ForwardKeys was founded in 2010 on the premise that
marketplace insights for the global hospitality industry. We businesses dependent on international travellers – such as
deliver data that is confidential, accurate and actionable, tourism organisations, hotels and retailers – would make better
and our comprehensive solutions empower our clients to strategic decisions if they knew who was travelling where,
strategize and compete within their markets. when and for how long. The self-funded company, therefore,
developed the most comprehensive database of air travel
Founded in 1985, STR maintains a presence in 15 countries with
bookings in the industry, offering detailed information on
a corporate North American headquarters in Hendersonville,
traveller profiles.
Tennessee, and an international headquarters in London, and
an Asia Pacific headquarters in Singapore. STR was acquired Yet ForwardKeys is more than just a consultancy to the aviation
in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), industry. In recent years, it has evolved to become a travel
the leading provider of commercial real estate information, intelligence specialist, able to provide insight into not only the
analytics and online marketplaces. flow of international travellers but also their behaviour and
preferences at their destination.
Contact email: [email protected]
ForwardKeys, on a mission to predict travellers’ impact. Learn
more about the data solutions and visit:
ForwardKeys.com/Products
The World Travel & Tourism Council is the global authority on the economic and social
contribution of Travel & Tourism.
WTTC promotes sustainable growth for the Travel & Tourism sector, working with governments and international institutions to
create jobs, to drive exports and to generate prosperity. Council Members are the Chairs, Presidents and Chief Executives of the
world’s leading private sector Travel & Tourism businesses.
Together with Oxford Economics, WTTC produces annual research that shows Travel & Tourism to be one of the world’s largest
sectors, supporting 289 million jobs and generating 6.1% of global GDP in 2021. Comprehensive reports quantify, compare and forecast
the economic impact of Travel & Tourism on 185 economies around the world. In addition to individual country fact sheets, and fuller
country reports, WTTC produces a world report highlighting global trends and 26 further reports that focus on regions, sub-regions
and economic and geographic groups.
To download reports or data, please visit: ResearchHub.WTTC.org
Assisting WTTC to Provide Tools for Analysis, Benchmarking, Forecasting and Planning.
Oxford Economics is a leader in global forecasting and quantitative analysis. Our worldwide client base comprises more than
2,000 international corporations, financial institutions, government organisations, and universities.
Headquartered in Oxford, with offices around the world, we employ close to 600 staff, including over 350 economists
and analysts. Our best-in-class global economic and industry models and analytical tools give us an unmatched ability to
forecast external market trends and assess their economic, social and business impact.
For more information, visit: OxfordEconomics.com
STR ATEGIC PARTNERS
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If your use of the content would not fall under the “fair dealing” exception described above, you are permitted to use this content in whole or in part for non-commercial or commercial use provided you comply
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T R AV E L & T O U R I S M

2019 2022 2023 Forecast

10.4 % 7.6% 9.2%

Jobs supported by Travel & Tourism

2014-2019 Jobs Change in Travel & Tourism Jobs (Year on year)

For more information, please visit:

1 2023 ANNUAL RESEARCH: Key Highlights

3 DEFINING THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM

4 TRAVEL & TOURISM’S CONTRIBUTION TO GDP

5 TRAVEL & TOURISM’S CONTRIBUTION TO EMPLOYMENT

6 VISITOR EXPORTS AND INVESTMENT

7 DIFFERENT COMPONENTS OF TRAVEL & TOURISM

8 COUNTRY RANKINGS: Absolute Contribution, 2022

9 COUNTRY RANKINGS: Relative Contribution, 2022

10 COUNTRY RANKINGS: Real Growth, 2022

11 COUNTRY RANKINGS: Long term Growth, 2023-2033

12 SUMMARY TABLES: Estimates & Forecasts

13 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Real 2022 Prices

14 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Nominal Prices

16 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Nominal Prices (USD)

17 THE ECONOMIC CONTRIBUTION OF TRAVEL & TOURISM: Growth

20 Regions, Sub-Regions & Countries/Economies

Total GDP contribution: Total Travel & Tourism jobs:

Annual Change: Annual Change:

2033 11.6% 5.1% 430 MN New Jobs (2033 vs 2023):

Montenegro Key Data

30.8% Change in 2020: 64.8 (000s) Change in 2020:

Annual Change: Annual Change:

26.0% Annual Change: Annual Change:

2033 31.0% +4.5% 74.8 (000s) New Jobs (2033 vs 2023):

Montenegro Visitor Spending

2019 2022 2023 (F) 2033 (F)

International Visitor Spending:

EUR1.2BN EUR 0.96BN Annual Change: EUR1.6BN

EUR0.14BN EUR 0.14 BN Annual Change: EUR0.18BN

Domestic Spending International Spending Leisure Spending Business Spending

10.5% 89.5% 88.6% 11.4%

13.1% 86.9% 90.1% 9.9%

Inbound Arrivals4: Outbound Departures4:

Montenegro: Direct Contribution of Travel & Tourism to GDP

Constant 2022 EUR MN % of whole Economy GDP

It is forecast to rise by 4.5% pa to EUR2,239.5mn from 2023 to 2033 (31.0% of GDP).

Montenegro: Total Contribution of Travel & Tourism to GDP

Constant 2022 EUR MN % of whole Economy GDP

Direct Indirect Induced Direct Indirect Induced

Montenegro: Direct Contribution of Travel & Tourism to Employment

'000 jobs % of whole Economy employment

Montenegro: Total Contribution of Travel & Tourism to Employment

'000 jobs % of whole Economy employment

Montenegro: Visitor Exports and International Tourist Arrivals

Constant 2022 EUR MN mn Foreign visitor exports as % of total exports

800 1.8 30.0

400 0.9 20.0

Montenegro: Capital Investment in Travel & Tourism

Constant 2022 EUR MN % of whole Economy investment

Domestic Domestic travel spending is expected to rise by 2.3%

Travel & Tourism Contribution 2022 Visitor Exports 2022

2023 - 2033 2023 - 2033

Direct contribution to GDP 429.1 7.7 6.6 686.5 9.1 4.1