Tourism is booming in Russia, WTTC

A new study has found that the tourism industry in Russia is worth $106 billion and is bigger than its automotive manufacturing industry, among others.

The research, which comes from Oxford Economics for the World Travel & Tourism Council (WTCC), shows that travel and tourism directly supports nearly as many jobs as the financial sector in the country.

The sector's contribution to Russia's gross domestic product (GDP) is predicted to grow by 4% per year on average over the next decade, which is at a faster rate than the total economy, and WTTC president and chief executive David Scowsill said the industry is vital.

"As a driver of economic recovery and growth in a very turbulent time, the industry stands apart for the sheer scale of its ability to create jobs and growth in every part of the globe, and especially in Russia as shown by this study," he said at the Moscow International Travel Forum.

The $106 billion that tourism contributed last year was 5.9% of Russia's total GDP, which is higher than the 4.8% for automotive manufacturing and 2.9% for communications services.

The travel and tourism industry supports four million jobs in total and generates more employment than the chemical industry, which also contributes less to the country's overall GDP at 3.3%.