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Broader tourism sector generates more than 6% of GDP

Tourism generated about 6.3% of Hungary’s GDP in 2016, state news wire MTI reported, based on a summary of the country’s Tourism Satellite Account by the Central Statistical Office (KSH).

Tourists throng Váci utca in Budapest (photo by Tupungato/Shutterstock.com)

The Tourism Satellite Account is a statistical framework developed by the Organisation for Economic Co-operation and Development (OECD), the EUʼs statistics office Eurostat, and the U.N.’s World Tourism Organization and Statistics Division to better gauge the impact of tourism on economies across business sectors, such as transport, catering and recreation.

The KSH noted that tourism’s broader contribution to GDP rose by 0.9 of a percentage point from 2010.

In absolute terms, output of the sector rose 6.8% to HUF 4.44 trillion in 2016. The value of goods and services used by the sector stood at some HUF 2.41 tln, putting its value added at HUF 2.03 tln.

The tourism sector’s two main branches, commercial accommodation and catering, generated about 2% of GDP in 2016. Investments in the tourism sector fell 4% to HUF 513 billion during the year.