Friday, September 20, 2013Tweet
[IWS] BEA: TRAVEL AND TOURISM SPENDING DECELERATED IN THE SECOND QUARTER OF 2013 [20 September 2013]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
TRAVEL AND TOURISM SPENDING DECELERATED IN THE SECOND QUARTER OF 2013 [20 September 2013]
Travel and Tourism Satellite Accounts, 2nd quarter 2013
[full-text, 7 pages]
Real spending on travel and tourism decelerated in the second quarter of 2013, increasing at an annual rate of 2.5 percent after increasing 7.3 percent (revised) in the first quarter of 2013. By comparison, growth in real gross domestic product (GDP) accelerated, increasing 2.5 percent (second estimate) in the second quarter after increasing 1.1 percent in the first quarter.
The leading contributors to the deceleration in the second quarter were “passenger air transportation,” and “all other transportation-related commodities.” “Passenger air transportation” decelerated, increasing 15.4 percent in the second quarter after increasing 26.9 percent; growth in both domestic and international passenger air transportation slowed. “All other transportation-related commodities” turned down in the second quarter, decreasing 1.0 percent after increasing 5.8 percent, primarily reflecting a downturn in “automotive rental and leasing.”
Overall growth in prices for travel and tourism goods and services turned down in the second quarter of 2013, decreasing 2.9 percent following a 0.4 percent (revised) increase in the first quarter. The second quarter downturn in prices was concentrated in transportation goods and services, primarily reflecting larger decreases in prices for both “passenger air transportation” and gasoline.
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