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.
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.
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.