The tourism sector is extremely important for the peripheral economies of the euro area, such as Malta and Cyprus.
According to the information provided in the last report companyPwC - Global Economy Watch, Tourists in Malta spend an amount equivalent to 13% of GDP, in Cyprus - more than 12% of GDP. For comparison, the same figure in Spain is 5%, and in Italy - 2%.
In 2016, the global tourism and travel sector employed 109 million people, and its revenues amounted to 2,3 trillion dollars, which is roughly comparable to that of India. Tourism accounts for more than 3% of the global economy.
In Malta and Cyprus, the tourist sector in June this year grew by 19% and 12% respectively compared to the previous year. In addition, Cyprus expects to beat its own last year's record for the number of tourists.