Pakistan Tourism Industry Valuation Crossed $12 billion in 2016 – Research Snipers

Pakistan Tourism Industry Valuation Crossed $12 billion in 2016

Technology had a great impact on Pakistan’s hospitality, travel & tourism sector, Pakistan has witnessed an increase in annual tourism, travel and business travel spending, according to Jovago research report on Pakistan hospitality industry.

Jovago.pk is Pakistan’s leading hotel booking e-commerce site and have strong knowledge and insights about the overall hospitality industry in Pakistan. According to the report, Pakistan’s GDP growth rate in 2015 was recorded at 4.7% which is expected to grow further by 5.3% per year in the next 10 years, and travel and tourism contributed 7% to total GDP.

During 2015, Pakistan generated Rs. 114.4 billion equivalent to $1 billion in tourism exports and country attracted 1.04 million international tourists to the country.

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The report also claims that in 2017 it was forecasted that Pakistan would be the world’s fastest growing Muslim economy ahead of Malaysia, Indonesia, Turkey and Egypt.

Internet played a vital role in pushing tourism industry towards growth, tourism has created more jobs in Pakistan and accounted for 6.2% of total employment. The industry directly created 1,429,500 jobs across Pakistan.

Hotel occupancy rate skyrocketed in 2016 with 80% in 2016 as compared to 35% in 2015. This is remarkable growth in one single year. Gwadar is leading in new hotel construction and Gwadar airport saw 73% growth in passengers more than any other airport in Pakistan. Moreover, at least 10 new international hotels chains are expected to land in Pakistan over the next five years.

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Spending in Business travel around the country is expected to grow by 6.5 percent in 2016 to Rs.199.9 billion equivalent to ($1908 million), which is also expected to rise by 5.6 percent annually to Rs. 343.4 billion ($ 3277 million) by 2026.

Spending on Leisure Travel is expected to grow by 2.7% in 2016 to Rs. 1,084.8 billion ($10.3 billion), which will continue to grow by 5.4% annually making it to Rs.1,839.8 billion ($17.6 billion) by 2026.

Pakistan’s Hospitality, Travel & Tourism industry has promising future in Pakistan which would create more jobs, contribute to the economy and promote Pakistan’s positive image around the world.