Gross Domestic Product

Tourism Economy- Gross Domestic Product

In 2015–16, Gross Domestic Product (GDP) from tourism increased 7.4% (or $3.7 billion) in nominal terms [1], to reach a record of $53 billion. In real terms [2], the increase was 6.1%. While the pace of growth was slightly softer than last year’s rate of 9.0%, it marks the second year in succession that tourism growth has exceeded the national rate of economic growth, helping to boost growth in a period of transition for the Australian economy.

Over this same two-year period, GDP attributable to tourism has increased by 17.0%, compared with just 4.1% for the economy as a whole.

In 2015–16, tourism accounted for a 3.2% share of total GDP – up from a 3.0% share in 2014–15, and the highest share since 2003–04.

Viewed over a longer timeframe, Australia’s tourism industry is often sensitive to global threats and changing economic conditions, however, the industry is also highly resilient and these impacts are not long lasting.

[1] Nominal terms: the value includes price (inflation) effect and volume.
[2] Real terms: the value represents volume only without the effect of price.

The growth of the tourism economy compared to the Australian economy