This article is part of our special report Agriculture.
The Hospitality Sector in Europe – An assessment of the economic contribution of the hospitality sector across 31 countries.
A new Europe-wide study by EY, released Tuesday, shows the hospitality sector plays a critical role in fighting youth unemployment and is essential for jobs and growth and the health of other sectors. MEPs and the sectoral associations HOTREC and The Brewers of Europe call for more-supportive EU policies to boost the sector’s performance.
The EY study, backed by HOTREC and The Brewers, found that Europe’s hospitality sector in 2010 directly or indirectly created 1 trillion Euro in output, equal to 8.1% of the EU’s total economic output, and that the multiplier effect of €1 spent in the hospitality sector means another €1.16 invested in the wider economy.
According to the study, which includes country-by-country reports, the sector in 2010 contributed 126 billion Euros to government treasuries in excise duties, Value Added Tax (VAT) and employment and social security taxes, and supported approximately 16.6 million EU jobs, or one in every 13 jobs.
Download the full EY report:
Read the full press release: