The domestic visitor spending is expected to reach ₼3.7bn with a 12.5% surge and the international visitor spending is anticipated to reach ₼4.1bn with a 52% surge
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has forecasted a significant recovery of Azerbaijan’s Travel & Tourism sector, with domestic tourism playing a pivotal role.
WTTC is forecasting that the sector could grow its annual GDP contribution to ₼16.6bn by 2034, representing just over 10% of Azerbaijan’s economy, and could potentially employ more than 683,000 people across the country.
The data shows domestic tourism is expected to lead the sector’s growth this year, after a strong recovery in 2023, but international travel spend is still just below pre-pandemic levels.
According to the global tourism body’s latest research, the sector’s contribution to Azerbaijan’s GDP is forecast to grow more than 28% this year to reach ₼8.9bn – 5.3% ahead of 2019 levels.
The jobs in Travel & Tourism are predicted to increase more than 12% to reach 437,600, 8.4% more than in 2019.
The domestic visitor spending is expected to rise 12.5%, to reach ₼3.7bn, more than 25% over 2019 levels. Although international visitor spending is anticipated to reach ₼4.1bn with a 52% surge, it will still be 6.1% behind 2019.
Last year, the sectors GDP contribution increased 55% year-on-year, to reach ₼6.9bn of the Azerbaijani economy.
The jobs supported by Travel & Tourism grew almost 13% to reach 390,000, accounting for almost one in 12 jobs across the country.
The domestic visitor spending increased 37.5% year-on-year, reaching ₼3.3bn, showing full recovery from the effects of the pandemic and the international visitor spending witnessed a remarkable 102.5% increase year-on-year, reaching ₼2.7bn.
Julia Simpson, WTTC President & CEO, said, “The Azerbaijan Tourism Board has supercharged its presence at international tourism fairs, showcasing the very best of Azerbaijan. With continued support and collaboration, Azerbaijan is well-positioned to exceed pre-pandemic levels and become a must-visit destination over the coming years.”
