The World Travel and Tourism Council (WTTC) noted in its Cities Economic Impact report that Buenos Aires is one of the Latin American cities with the greatest recovery, reaching numbers above its 2019 levels.
The Cities Economic Impact report, prepared in collaboration with Oxford Economics, analysed key factors for the Travel and Tourism sector in 82 cities around the world, including contribution to GDP, employment and international spending.
Buenos Aires was consolidated in 2022 as one of the main tourist destinations in Argentina, as it showed a positive advance compared to 2021. According to the information revealed by the EIR, the Argentine capital exceeded its pre-pandemic levels in areas such as employment and domestic spending.
In 2019, the Travel and Tourism sector contributed to the city’s Gross Domestic Product with 5.5% of its total economy (11 trillion dollars), then, in 2020 it had a fall of more than 47%. However, since 2021 there has been a remarkable recovery, with which, by 2022, the sector’s contribution to GDP was reported at almost 5% (7.4 trillion dollars).
In addition, in 2019 the sector generated more than 282,700 jobs in Buenos Aires, 4.2% of total jobs in the city. In 2021, it showed a contribution of 3.6%, but in 2022 it had a remarkable growth of almost 30%, surpassing previous levels to register a contribution of 4.5% to the city’s GDP; This contribution is equivalent to 305,811 new jobs.
On the other hand, the Argentine capital became an attractive tourist destination for travelers from other countries. International spending in 2021 was 80,000 million dollars while in 2022 it grew 592% reaching the amount of 520,000 million dollars.
The citizens of the country also saw Buenos Aires as a good opportunity to travel, since domestic spending was 10.25 billion dollars, this amount represented a growth of 32.8% compared to 2021 and exceeded pre-pandemic levels that had been 9.83 billion.
There is still work to be done to reach pre-pandemic levels. However, the Argentine capital showed great progress in the recovery of the sector and this represents a clear example of the correct measures that have been implemented in the destination.