EU residents spent €94.2bn outside the EU for travel purposes in 2007

(Eurostat) The European Union continues to be a major player in international travel. In 2007, EU residents spent €94.2bn outside the EU (compared to €87.7bn in 2006 and €84.8bn in 2005), making it by far the biggest spender in the world. In terms of travel receipts the EU is second only to the USA, having earned €75.6bn in 2007 (€72.3bn in 2006 and €65.7bn in 2005). As a result, the EU recorded a deficit of €18.6bn in 2007 (- €15.4bn in 2006 and - €19.1bn in 2005). Spain, France and Italy are the most attractive destinations while Germany and the United Kingdom are the biggest spenders. About 72% of the EU´s total earnings from travel comes from transactions between Member States. The major destinations outside the EU for EU residents were the USA, Turkey and Switzerland, while the bulk of EU receipts came from the USA, Switzerland and Norway.

Travel and Tourism is not a conventional industry in the System of National Accounts and the Balance of Payments framework. It is defined by the customer (visitor) rather than the product available. Nevertheless, Travel and Tourism is the world’s largest industry and creator of jobs across national and regional economies. Jobs generated by Travel and Tourism are spread across the economy - in retail, construction, manufacturing and telecommunications, as well as directly in Travel and Tourism companies. These sectors employ a large proportion of women, minorities and young people; the jobs are predominantly in small and medium-sized companies, and offer good training and transferability Over the past decades, the continued expansion and diversification of tourism has made it one of the largest and fastest-growing economic sectors in the world. Over time, more and more destinations have opened up and invested in tourism development, turning modern tourism into a key driver for socioeconomic progress. Tourism has also become one of the major international trade categories. Today, the export income generated by international tourism ranks fourth after fuels, chemicals and automotive products. For many developing countries, it is one of the main income sources and the number one export category, creating much-needed employment and opportunities for development. In 2007, worldwide international travel earnings increased by 4.6% compared to 2006 (expressed in euro). According to figures published by the International Monetary Fund, total world exports in travel increased from €374.5bn in 1997 to €620.5bn in 2007, an increase of 66% in value terms. However, in the same period the share of travel in total service exports decreased, from 31.1% to 25.1%.