What is the economic value of the Newfoundland and Labrador Tourism Industry to the Provincial Economy?
The tourism industry is comprised of both resident and non-resident trips and their related expenditures/spending. The most recent statistics (2009) indicate that expenditures/spending reached $847 million, with the resident component representing approximately 56% of the total expenditures/spending and the non-resident component accounting for 44%. The Department of Finance through the province’s input/output model estimates that the direct contribution of all tourism activity to the province’s economy during 2006 was $226 million in Gross Domestic Product (GDP) or 1.0% of the economy. This exceeds agriculture and forestry (both 0.8% of GDP) and equals fishing, hunting and trapping (together 1.0%). Employment (full-year equivalents) in the tourism industry (food & beverage services, accommodations, transportation, travel services and entertainment & recreation) was approximately 20,800 in 2008. The Department of Finance also estimates that in 2006, tourism activity supported $160 mill
