by Mia Taylor
Last updated: 2:35 p.m. ET, Thu, May 2, 2024
A perennially popular destination, Italy’s travel and tourism industry generated a hefty $233 billion for the country’s economy last year.
A new Economic Impact Report (EIR) published by the World Travel and Tourism Council (WTTC) reveals that Italy’s tourism industry was responsible for 10.5% of the country’s total economic output in 2023.
Italy’s dynamic tourism industry also broke all job creation records last year, according to the EIR. Some 185,000 new jobs were generated by the travel industry, bringing the total number of industry-related jobs in the country to 2.97 million. This represents one in eight jobs in Italy.
International visitors returned in droves to Italy, breaking records here too. Foreign visitor spending in Italy, for example, increased 19% year-on-year in 2023 to $55 billion (€51.4 billion).
Ruins of the Roman Forum in Rome, Italy. (Photo credit: Adobe Stock/Noppasinw)
Italy forecast for 2024
After the record year of 2023 for the Italian tourism industry, 2024 also promises to be a driving force for the sector.
The industry is expected to contribute $239 billion (€223 billion) to the country’s economy this year, which would represent almost 11% of Italy’s total economy.
Job growth will also continue to be robust, supporting the 100,000 new jobs expected this year. Before the end of 2024, employment levels in the sector could reach almost 3.1 million across Italy. If that happens, it would be another record number.
Spending by international visitors will also break records in 2024, reaching $60 billion (€56.7 billion).
The recent introduction of the nomad visa by the Italian government has largely contributed to this booming growth, according to WTTC. The visa led to longer stays by visitors and spurred new spending.
“Italy is one of the most iconic destinations in the world,” said Julia Simpson, president and CEO of WTTC, in a statement. “The travel and tourism sector is a strong anchor in the Italian economy, expected to contribute more than 3 million jobs and more than 223 billion (euros) to the nation’s wealth this year.”
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