by Mia Taylor
Last updated: 2:35 PM ET, Thu May 2, 2024
An eternally popular destination, Italy’s travel and tourism industry generated a significant $233 billion last year for the country's economy.
A new Economic Impact Report (EIR) issued by the World Travel & Tourism Council (WTTC) reveals that Italy’s tourism industry was responsible for 10.5 percent of the country's total economic output in 2023.
Italy's bustling tourism industry also broke all records last year for employment generation, the EIR shows. Some 185,000 new jobs were generated by the travel industry, which drove the total industry-related employment for the country up to 2.97 million. That amounts to one in every eight jobs in Italy.
International visitors have returned to Italy in droves—breaking records here, too. Spending in Italy by overseas visitors, for instance, increased 19 percent year-over-year in 2023 to reach $55 billion (51.4 billion euros).
Ruins of the Roman Forum in Rome, Italy. (Photo Credit: Adobe Stock/Noppasinw)
Italy’s 2024 Forecast
On the heels of 2023’s record-breaking year for the Italian tourism industry, 2024 is also poised to be a powerhouse for the sector.
The industry is expected to contribute $239 billion (223 billion euros) to the country’s economy this year, which would be nearly 11 percent of Italy’s total economy.
Job growth will also continue to be robust, supporting an anticipated 100,000 new jobs this year. Before 2024 comes to a close, the industry’s employment levels may reach nearly 3.1 million across Italy. If that comes to pass, it would be another record-setting figure.
Spending by international visitors will also break records in 2024, reaching $60 billion (56.7 billion euros).
The recent introduction of the nomad visa by the Italian government has helped drive a great deal of this booming growth, says the WTTC. The visa has driven longer stays by visitors and boosted further spending.
“Italy is one of the world’s most iconic destinations,” Julia Simpson, WTTC president and CEO, said in a statement. “The travel and tourism sector is a strong anchor in the Italian economy, expected to contribute more than 3 million jobs and over 223 billion (euros) to the wealth of the nation this year."
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