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Hello, I am looking for someone to write an article on Economic Impact of Tourism on London. It needs to be at least 2750 words.
Hello, I am looking for someone to write an article on Economic Impact of Tourism on London. It needs to be at least 2750 words. London is also considered as one of the most populous regions in the world. When it comes to the GDP of UK London is found to contribute 22% to the GDP. There are many private sector businesses that are existent in London many of which are small and medium enterprises. London is also found to be one of the most popular tourist destinations in the world. The city attracts almost 30 million visitors yearly and there are 26 million overnight visitors who come to London from different parts of Europe throughout the year. It is found that the tourism sector contributes about 10% of the total Gross Value added to London. It is also found that 13% of the working population in London works in the tourism sector. Thus it is found that the tourism sector in London is one of the most important sectors of revenue generation. Over the course of the following essay, the contribution of the tourism sector to the economy of London is analyzed. From this perspective, the contribution of the tourists to the local economy is also analyzed. The contribution of the tourism sector to the economy of London as compared to other sectors is considered.
London is one of the most attractive tourist destinations in the United Kingdom and in respect of the whole world. In the year 2012, there were 27.6 million visitors comprising of both domestic and international visitors who generated revenue of £ 12.9 billion. The total no. of visitors from international locations translated to 15.5 million who spent a total of £10.1 billion and stayed for 94.3 million nights collectively. The visitors also comprised of 12.2 million visitors who visited the country from within Europe and helped in generating revenues of £2.8 billion and stayed for 22.7 million nights (London and Partners, 2013). There are about 1218 hotels in the London area and together they provide about 117,000 rooms.
The tourism industry of London is estimated to be worth £15.9 billion.