Travel & Tourism economic impacT

Ecuador

2009

CHAIRMAN: Geoffrey J W Kent Chairman & CEO Abercrombie & Kent

Gilles Plisson CEO Accor Charles Petruccelli President Global Travel Services American Express Company Christopher Rodrigues CBE Chairman VisitBritain Jeffrey C Rutledge President AIG Travel, Inc Jyotsna Suri Chairperson & Managing Director Bharat Hotels Ltd Jonathan M Tisch Chairman & CEO Loews Hotels Vincent A Wolfington Chairman Global Alliance Advisors LLC Immediate Past Chairman, WTTC

Arthur de Haast Global Chief Executive Officer Jones Lang LaSalle Hotels James Hogan CEO Etihad Airways Raimund Hosch President & CEO Messe Berlin GmbH Miltos Kambourides Managing Partner Dolphin Capital Partners Larry Kellner Chairman & CEO Continental Airlines Gary L Kessler President & CEO Carey International Inc Dara Khosrowshahi President & CEO Expedia Inc Tom Klein Group President Sabre Travel Network and Sabre Airline Executive Vice President Sabre Holdings Sir Nigel Knowles Joint CEO DLA Piper Ali Kolaghassi Vice Chairman & CEO Saraya Holdings RK Krishna Kumar Vice Chairman Taj Hotels, Resorts & Palaces Michael Latimer President & CEO Oxford Properties Group Jabu Mabuza CEO Tsogo Sun Group Andr Martinez Chairman, Global Lodging & Managing Director Morgan Stanley Khater Massaad Chairman RAK Investment Authority Geoff Muirhead CBE Group Chief Executive The Manchester Airports Group Christopher J Nassetta President & CEO Hilton Hotels Corporation John M Noel CEO Noel Group Chris ODonnell Chief Executive Officer Nakheel Deepak Ohri Chief Executive Officer lebua Hotels & Resorts Co, Ltd Frits D van Paasschen President & CEO Starwood Hotels & Resorts Worldwide Inc Jean Gabriel Prs President & CEO Mvenpick Hotels & Resorts Dionsio Pestana Chairman Group Pestana

Fernando Pinto CEO TAP Portugal Wolfgang Prock-Schauer Chief Executive Officer Jet Airways India Ltd Bob Puccini CEO The Puccini Group Duan Qiang Chairman Beijing Tourism Group David Radcliffe Chief Executive Hogg Robinson Group Jay Rasulo Chairman Walt Disney Parks and Resorts Marty Salfen General Manager Global Travel & Transportation Industry IBM Per Setterberg CEO Global Refund Group Joe Sita CEO Nakheel Hotels David Stein Chairman Franklyn Hotels & Resorts Khalid bin Sulayem Director General Dubai Department of Tourism and Commerce Marketing Daniel Sullivan President Collette Vacations Hiromi Tagawa President & CEO JTB Corp Yassin K Talhouni CEO Zara Investment Holding Co Ltd Jaume Tpies President Relais & Chteaux Robin Tauck President R Tauck & Partners LLC Kathleen Taylor President & Chief Operating Officer Four Seasons Hotels & Resorts Jos Antonio Tazn Chairman of the Board Amadeus IT Group SA John Ueberroth Chairman & CEO Preferrred Hotel Group Matthew D Upchurch CEO Virtuoso Willie Walsh Chief Executive British Airways plc Philip Wolf CEO PhoCusWright, Inc Mei Yunxin Vice Chairman Beijing Tourism Group

Tim Zagat Co-Founder, Co-Chair & CEO Zagat Survey LLC Sarmad Zok Chief Executive Officer Kingdom Hotel Investments

VICE CHAIRMEN: Edouard Ettedgui Group Chief Executive Mandarin Oriental Hotel Group Maurice Flanagan CBE Executive Vice Chairman Emirates Airline & Group Michael Frenzel Chairman of the Executive Board TUI AG Mark Harms Chairman & CEO Global Leisure Partners LLP Stephen P Holmes Chairman & CEO Wyndham Worldwide Brett Tollman President The Travel Corporation

HONORARY MEMBERS: Andr Jordan Chairman Andr Jordan Group Jonathan S Linen Adviser to the Chairman American Express Company Lord Marshall of Knightsbridge Chairman Pirelli UK plc Sir Frank Moore, AO Chairman FT Moore P/L Frank Olson Chairman of the Board The Hertz Corporation Grard Plisson Co-Chairman, Supervisory Board Accor Carl Ruderman Chairman Universal Media Tommaso Zanzotto President TZ Associates Ltd

GLOBAL MEMBERS: Talal Al Bahar Chairman & Managing Director IFA Hotels & Resorts Mohammed Al Habbai CEO Dubailand Eric Anderson President & CEO Space Adventures Giovanni Angelini Executive Director Shangri-La Hotels & Resorts Ted J Balestreri Chairman & CEO Cannery Row Company Simn P Barcel Chairman & CEO Barcel Hotels & Resorts Raymond Bickson Managing Director Taj Hotels, Resorts and Palaces Giorgio Boscolo CEO Boscolo Group Rattawadee Bualert President lebua Hotels & Resorts Co, Ltd Gabriele Burgio President & CEO NH Hoteles Chris J Cahill Chief Operating Officer Fairmont Raffles Hotels International Jim Compton Executve Vice President, Marketing Continental Airlines Tony Fernandes Group Chief Executive Officer AirAsia Frank Fiskers President & CEO Scandic Hotels Mark P Frissora Chairman and CEO The Hertz Corporation Naresh Goyal Chairman Jet Airways India Ltd

EXECUTIVE COMMITTEE: Philippe Bourguignon Vice Chairman & CEO Revolution Places Marilyn Carlson Nelson Chairman Carlson Alex Christou Managing Partner Accenture Jeff Clarke President & CEO Travelport Andrew Cosslett CEO InterContinental Hotels Group PLC Gabriel Escarrer Jaume Co-Vice Chairman & CEO Sol Meli Manuel Fernando Esprito Santo Chairman Esprito Santo Tourism Edward P Gilligan Vice Chairman American Express Company Pansy Ho Managing Director Shun Tak Holdings Limited Hubert Joly President & CEO Carlson Richard R Kelley Chairman Outrigger Enterprises Group Gerald Lawless Executive Chairman Jumeirah Group Manfredi Lefebvre dOvidio Chairman Silversea Cruises J W Marriott, Jr Chairman & CEO Marriott International, Inc Alan Parker CBE Chief Executive Whitbread plc

CHAIRMAN EMERITUS: James D Robinson III General Partner RRE Ventures WTTC Chairman (1990-1994)

IMMEDIATE PAST CHAIRMAN: Vincent A Wolfington Chairman Global Alliance Advisors LLC WTTC Chairman (2004-2007)

FORMER CHAIRMEN: Sir Ian Prosser Retired Chairman InterContinental Hotels Group plc WTTC Chairman (2001-2003) Harvey Golub Retired Chairman & CEO American Express Company WTTC Chairman (1996-2001) Robert H Burns Chairman Robert H Burns Holdings Limited WTTC Chairman (1994-1996)

PRESIDENT & CEO: Jean-Claude Baumgarten

1 March 2009

THe WorlD Travel & Tourism council (WTTc), WHicH is THe Business leaDers Forum For Travel & Tourism, Has spenT 20 Years DevelopinG iTs economic impacT researcH For THe BeneFiT oF Travel & Tourism DecisionmaKers WHeTHer in THe privaTe or puBlic secTor. THis compreHensive researcH, WHicH DraWs From manY DiFFerenT sources anD represenTs a consiDeraBle invesTmenT over Time, uses THe FrameWorK oF Travel & Tourism saTelliTe accounTs (Tsas).
Full Tsas take many years to develop, so WTTcs prime objective in producing these economic impact accounts is to provide on an annual basis consistent, reliable and comparable information to assess Travel & Tourisms current and likely future contribution to national economic activity and employment. and one of the main strengths of our research is that it is timely so it can inform and help drive urgent policy-making and investment decisions. This is particularly important for emerging economies that do not have the detailed data necessary to develop full Tsas.
This 2009 research, produced with our partner oxford economics, assesses the economic impact of Travel & Tourism for 181 countries. it measures spending on Travel & Tourism by households, businesses, governments and foreign visitors, in order to capture fully the economic contribution of both domestic and international tourism, thereby quantifying Travel & Tourisms contribution to gross domestic product (GDp) and employment. according to the latest annual research, Travel & Tourism employed over 225 million people around the world and generated 9.6% of global GDp in 2008. Despite occasional dips in the annual growth curve, the last decade has seen a rapid rise in Travel & Tourism. But, as is now widely recognised, it suffered a marked downturn in activity in the second half of 2008. indeed, by the end of the year, many countries were experiencing a contraction in Travel & Tourism demand, and global recession was having an increasing impact on the industrys performance even in emerging markets. one of the big challenges is to try to understand when the world economy and Travel & Tourism demand will rebound. and there are no quick answers, nor magic solutions. our current indicators suggest that the downturn will continue through 2009, as the deterioration in global economic conditions squeezes spending on Travel & Tourism by both households and businesses. international demand is likely to be under the most pressure, as world trade declines and more travellers cut costs by choosing to holiday in their home countries. and challenging conditions are forecast to continue into 2010. nevertheless, we remain extremely confident as to Travel & Tourisms longer-term future. looking beyond the present economic crisis, the prospects for Travel & Tourism remain strong, led by renewed expansion in emerging countries both as tourism destinations and as an increasing source of international and domestic visitors not to mention the growing priority accorded by people in developed countries to leisure tourism. on this positive note, and building on the success of our research over the past 20 years, we are delighted to welcome you to the 2009 edition of WTTcs The Economic Impact of Travel & Tourism.

Jean-Claude Baumgarten President & CEO World Travel & Tourism Council

Geoffrey J W Kent Chairman,World Travel & Tourism Council and Chairman & CEO, Abercrombie & Kent

CONTENTS
THe economic impacT oF Travel & Tourism

Key Facts at a Glance summary economic impact and real Growth Travel & Tourisms economic impact national, regional and World summary Tables concepts & structure Travel & Tourism satellite account
Gross Domestic product employment Total Demand visitor & other exports satellite account Tables ranking and range General macroeconomic indicators

3 4 6 7 8

10 11 12 13 14 16 16

use oF maTerial is auTHoriseD, proviDeD source is acKnoWleDGeD

1-2 Queen Victoria terrace, SoVereign court, London e1W 3Ha, uK TeL: +44 (0) 20 7481 8007. Fax: +44 (0) 20 7488 1008. emaiL: enquiries@wttc.org. www.wttc.org

ECUADOR KEY FACTS AT A GLANCE THE 2009 TRAVEL & TOURISM ECONOMIC RESEARCH

2009
Gross Domestic Product (GDP)

10-year trend
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is expected to rise from 7% (US$4,109.9 mn) in 2009 to 8.0% (US$8,740.4 mn) by 2019.

7.0%

Employment

5.9%

The contribution of the Travel & Tourism Economy to employment is expected to rise from 375,000 jobs in 2009, 5.9% of total employment, or 1 in every 16.8 jobs to 559,000 jobs, 6.8% of total employment or 1 in every 14.7 jobs by 2019.

Growth

-9.7%

Real GDP growth for the Travel & Tourism Economy is expected to be -9.7% in 2009 and to average 4.9% per annum over the coming 10 years.

Exports

12.4%

Export earnings from international visitors and tourism goods are expected to generate 12.4% of total exports (US$1,943.8 mn) in 2009, growing (nominal terms) to US$4,446.4 mn (11.9% of total) in 2019.

World ranking (out of 181 countries)

77 ABSOLUTE
size

125 RELATIVE
contribution to national economy

68 GROWTH
forecast

Ranking in Latin America (out of 19 countries)

8 ABSOLUTE
size ECUADOR
Travel & Tourism Gross Domestic Product (2000 constant US$ mn)
3 3 2 2 1 1 0
2004 2005 2006 2007 2008 2009 2014 2019

11 RELATIVE
contribution to national economy ECUADOR
Travel & Tourism Employment ('000 jobs)
600 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009

3 GROWTH
forecast

2014

2019

Direct Industry

T&T Economy as a whole

Direct Industry

T&T Economy as a whole

THE WORLD TRAVEL & TOURISM COUNCIL (WTTC) IS THE BUSINESS LEADERS' FORUM FOR TRAVEL & TOURISM WORKING WITH GOVERNMENTS TO RAISE AWARENESS OF THE IMPORTANCE OF THE WORLD'S LARGEST GENERATOR OF WEALTH AND JOBS 2009 World Travel & Tourism Council 1-2 QUEEN VICTORIA TERRACE, SOVEREIGN COURT, LONDON E1W 3HA, UNITED KINGDOM TEL: +44 (0) 20 7481 8007 or +44 (0) 207 481 8007 . FAX: +44 (0) 20 7488 1008 488 1008 . enquiries@wttc.org . www.wttc.org

ECONOMIC IMPACT
IN 2009 ECUADOR'S TRAVEL & TOURISM IS EXPECTED TO GENERATE US$4,110 MN OF ECONOMIC ACTIVITY (GDP). THE INDUSTRY'S DIRECT IMPACT INCLUDES:

Direct Industry GDP

US$

Direct Industry Employment

mn

912
equivalent to 1.5% of total GDP

87,000
jobs representing 1.4% of total employment

HOWEVER, SINCE TRAVEL & TOURISM TOUCHES ALL SECTORS OF THE ECONOMY, ITS REAL IMPACT IS EVEN GREATER. ECUADOR'S TRAVEL & TOURISM ECONOMY DIRECTLY AND INDIRECTLY ACCOUNTS FOR:

Economy GDP
US$

Economy Employment
mn

4,110
equivalent to 7.0% of total GDP

375,000
jobs representing 5.9% of total employment

Exports, Services & Merchandise

US$

Capital Investment
mn US$

1,944
equivalent to 12.4% of total exports

1,604
equivalent to 12.4% of total investment

mn

Government Expenditure
US$

250
equivalent to a 3.8% share

mn

REAL GROWTH
IN 2009, TRAVEL & TOURISM IN ECUADOR IS FORECAST TO SEE REAL DECLINE OF:
Direct Industry GDP Direct Industry Employment

-1.9
to US$912 mn

-1.9
to 87,000 jobs

Economy GDP

Economy Employment

-9.7
to US$4,110 mn

-9.5
to 375,000 jobs

OVER THE NEXT TEN YEARS, ECUADOR'S TRAVEL & TOURISM IS EXPECTED TO ACHIEVE ANNUALISED REAL GROWTH OF:

Direct Industry GDP

Direct Industry Employment

5.0
Economy GDP

4.2 4.1 5.7 4.5

to US$1,961 mn in 2019

to 130,414 jobs in 2019

Economy Employment

4.9 4.8 3.6

to US$8,740 mn in 2019

to 559,000 jobs in 2019

Demand - Travel & Tourism

Visitor Exports - Travel & Tourism

to US$12,439 mn in 2019

to US$1,686 mn in 2019

Capital Investment - Travel & Tourism

Government Expenditure - Travel & Tourism

to US$3,022 mn in 2019

to US$510 mn in 2019

ECONOMIC IMPACT
TRAVEL & TOURISM (T&T) ENCOMPASSING TRANSPORT, ACCOMMODATION, CATERING, RECREATION AND SERVICES FOR VISITORS IS ONE OF THE WORLDS HIGHEST PRIORITY INDUSTRIES AND EMPLOYERS.
GDP
Ecuador - The Travel &Tourism Industry is expected to contribute directly 1.5% to Gross Domestic Product (GDP) in 2009 (US$912.5 mn), rising in nominal terms to US$1,960.6 mn (1.8% of total) by 2019. The T&T Economy contribution (% of total) should rise from 7.0% (US$4,109.9 mn) to 8.0% (US$8,740.4 mn) in this same period. Latin America - The Travel & Tourism Industry is expected to post a direct GDP contribution of 2.4% in 2009, while the Travel & Tourism Economy contribution will be 6.6%. Worldwide - In 2009, the Travel & Tourism Industry should contribute 3.2% directly to worldwide GDP. The broader Travel & Tourism Economy should contribute 9.4% to world GDP in 2009.

DEMAND
Ecuador - In 2009, Travel & Tourism is expected to post US$5,895.9 mn of economic activity (Total Demand), growing to US$12,438.9 mn by 2019. Latin America - Travel & Tourism Demand is expected to reach US$238,237.0 mn in 2009, growing to US$457,258.0 mn in 2019. Worldwide - In 2009, it is expected to post US$7,339,990 mn of economic activity (Total Demand) and this is forecast to grow to US$14,381,500 mn by 2019.

VISITOR EXPORTS
Ecuador - Exports make up a very important share of Travel & Tourism's contribution to GDP. Of Ecuador's total exports, Travel & Tourism is expected to generate 12.4% (US$1,943.8 mn) in 2009, increasing to US$4,446.4 mn (11.9% of total), in 2019. Latin America - Travel & Tourism exports are expected to represent 8.9% of total exports in 2009. Worldwide - Travel & Tourism is a major exporter, with inbound visitors injecting foreign exchange directly into the economy.

GROWTH
Ecuador - The Travel & Tourism Economy is expected to grow by 4.9% per annum in real terms between 2010 and 2019. Latin America - The Travel & Tourism Economy is expected to post average annualised gains of 4.3% between 2010 and 2019. Worldwide - Travel & Tourism is a high-growth activity, which is forecast to increase its total economic activity by 4.% worldwide in real terms over the next ten years.

EMPLOYMENT
Ecuador - Travel &Tourism Economy employment is estimated at 375,000 jobs in 2009, 5.9% of total employment, or 1 in every 16.8 jobs. By 2019, this should total 559,000 jobs, 6.8% of total employment or 1 in every 14.7 jobs. The 87,000 T&T Direct Industry jobs account for 1.4% of total employment in 2007 and are forecast to total 130,000 jobs or 1.6% of the total by 2019. Latin America - The Travel & Tourism Industry is expected to generate directly 4,795,000 jobs in 2009 (2.5% of total employment), while the broader Travel & Tourism Economy will account for 12,421,000 jobs (6.4% of total employment). Worldwide - Travel & Tourism is human resource intensive, creating quality jobs across the full employment spectrum. In 2009, one in 13.1 jobs will be generated by the Travel & Tourism Economy. The Travel & Tourism Economy accounts for 7.6% of global employment. Today there are 77.3 million Travel & Tourism Direct Industry jobs and 219.8 million jobs in the Travel & Tourism Economy, and these will rise to 97.8 million Travel & Tourism Direct Industry jobs and 275.7 million Travel & Tourism Economy jobs by 2019.

CAPITAL INVESTMENT
Ecuador - Travel & Tourism Capital Investment is estimated at US$1,603.8 mn or 12.4% of total investment in year 2009. By 2019, this should reach US$3,022.2 mn or 11.8% of total. Latin America - Travel & Tourism Capital Investment is estimated to total US$44,549.2 mn in 2009, or 8.3% of total regional capital investment. Worldwide - Travel & Tourism is a catalyst for construction and manufacturing. In 2009, the public and private sectors combined are expected to spend US$1,220,100.0 mn worldwide 9.4% of total investment, rising to US$2,589,660.0 mn or 9.3% of the total, in 2019.

GOVERNMENT
Ecuador - Government Travel & Tourism operating expenditures in Ecuador in 2009 are expected to total US$249.7 mn, or 3.8% of total government spending. Latin America - Government Travel & Tourism operating expenditures are estimated to total US$13,305.4 mn in 2009, or a 2.9% share. Worldwide - Travel & Tourism is both a generator and receiver of government funds. Globally, in 2009, Travel & Tourism is expected to garner US$404,183.0 mn of government expenditures, or 3.9% of total expenditures. By 2019, government spending on Travel & Tourism should increase to US$709,336.0 mn - 4.0% of total government expenditure.

SUMMARY TABLES
ESTIMATES AND FORECASTS
2009 ECUADOR Personal Travel & Tourism Business Travel Government Expenditures Capital Investment Visitor Exports Other Exports T&T Demand Direct Industry GDP T&T Economy GDP Direct Industry Employment3 T&T Economy Employment 3
1

2019 Growth1 5.4 -1.5 5.6 2.0 -3.3 -28.4 -6.2 -1.9 -9.7 -1.9 -9.5 US$ mn 3,465.1 994.9 510.3 3,022.2 1,685.6 2,760.9 12,438.9 1,960.6 8,740.4 130.4 559.2 % of Total 4.9 0.9 3.9 11.8 4.5 7.4 8.4 1.8 8.0 1.6 6.8 Growth2 5.2 3.9 4.5 3.6 5.7 5.6 4.8 5.0 4.9 4.2 4.1 4.3 0.9 3.8 12.4 4.6 7.7 7.4 1.5 7.0 1.4 5.9

US$ mn 1,585.9 512.7 249.7 1,603.8 729.8 1,213.9 5,895.9 912.5 4,109.9 86.6 375.0
3

% of Total

2009 real growth adjusted for inflation (%);

2010-2019 annualised real growth adjusted for inflation (%);

'000 jobs

2009 LATIN AMERICA Personal Travel & Tourism Business Travel Government Expenditures Capital Investment Visitor Exports Other Exports T&T Demand Direct Industry GDP T&T Economy GDP Direct Industry Employment3 T&T Economy Employment 3
1

2019 Growth1 -0.9 -1.4 5.1 -4.1 -0.4 -9.2 -2.1 -1.1 -3.0 -0.3 -1.6 US$ mn 170.7 70.0 22.8 87.9 61.5 44.4 457.3 118.7 328.7 6,232.4 16,291.2 % of Total 8.9 1.3 4.0 9.3 5.0 3.6 9.5 3.1 9.5 3.0 8.4 Growth2 4.6 4.1 3.4 4.9 5.7 5.2 4.7 4.2 4.3 2.7 2.7

US$ mn 88.9 38.4 13.3 44.5 30.2 22.9 238.2 64.6 176.9 4,794.7 12,420.6
3

% of Total 5.3 1.4 2.9 8.3 5.1 3.9 7.3 2.4 6.6 2.5 6.4
'000 jobs

2009 real growth adjusted for inflation (%);

2010-2019 annualised real growth adjusted for inflation (%);

2009 WORLDWIDE Personal Travel & Tourism Business Travel Government Expenditures Capital Investment Visitor Exports Other Exports T&T Demand Direct Industry GDP T&T Economy GDP Direct Industry Employment
3

2019 Growth1 -2.9 -7.2 3.3 -5.3 -4.5 -5.4 -4.0 -3.5 -3.5 -1.9 -2.8 US$ mn 5,575 1,376 709 2,590 2,131 2,001 14,382 3,396 10,478 97,784 275,688 % of Total 8.9 1.3 4.0 9.3 5.0 4.7 9.5 3.1 9.5 3.0 8.4 Growth2 3.8 3.6 3.2 4.7 4.7 6.0 4.3 3.6 4.0 2.4 2.3

US$ mn 2,990 745 404 1,220 1,079 901 7,340 1,870 5,474 77,276 219,810
3

% of Total 8.6 1.3 3.9 9.4 6.0 5.0 9.6 3.2 9.4 2.7 7.6
'000 jobs

T&T Economy Employment 3

1

2009 real growth adjusted for inflation (%);

2010-2019 annualised real growth adjusted for inflation (%);

CONCEPTS & STRUCTURE

In order to quantify the economic impact of Travel & Tourism, we use the framework of a simulated Tourism Satellite Account. The Travel & Tourism Satellite Account is based on a demand-side economic activity, because the industry does not produce or supply a homogeneous product or service as traditional industries (agriculture, electronics, steel, etc) do.

DEMAND-SIDE ACCOUNTS
US$ mn PERSONAL TRAVEL & TOURISM
More formally known as Travel & Tourism Personal Consumption, this category includes all personal spending by an economy's residents on Travel & Tourism services (lodging, transportation, entertainment, meals, financial services, etc) and goods (durable and non-durable) used for Travel & Tourism activites. Spending may occur before, during or after a trip. Spending covers all Travel & Tourism, outbound and domestic.

1,585.9

TRAVEL & TOURISM CONSUMPTION

BUSINESS TRAVEL
Formally known as Intermediate Consumption of Travel & Tourism or more simply business travel, this category of expenditures by government and industry includes spending on goods and services (transportation, accommodation, meals, entertainment, etc) for employee business travel purposes.

512.7
Total Travel & Tourism expenditures made by and on behalf of visitors (goods and services) in the resident economy.

GOVERNMENT EXPENDITURES - Individual

Formally known as Non-Market Services (Individual), this category includes expenditures (transfers or subsidies) made by government agencies to provide Travel & Tourism services directly linked to individual visitors such as cultural (eg art museums), recreational (eg national park) or clearance (eg immigration/customs) etc to visitors.

75.7

VISITOR EXPORTS
Expenditures by international visitors on goods and services within the resident economy.

729.8 2,904.2

GOVERNMENT EXPENDITURES - Collective

Formally known as Non-Market Services (Collective), this category includes operating expenditures made by government agencies on services associated with Travel & Tourism, but not directly linked to any individual visitor, instead these expenditures are generally made on behalf of the 'community at large', such as tourism promotion, aviation, administration, security services and resort area sanitation services, etc.

174.0

TRAVEL & TOURISM DEMAND

CAPITAL INVESTMENT
Formally known as Capital Formation, this category includes capital expenditures by direct Travel & Tourism industry service providers and government agencies to provide facilities, equipment and infrastructure to visitors.

1,603.8
The nominal aggregate of tourism activity in the resident economy.

OTHER EXPORTS
Consumer goods (such as clothing, electronics or petrol) exported for ultimate sale to visitors, or capital goods (such as aircraft or cruise ships) exported for use by Travel & Tourism industry providers.

1,213.9

5,895.9

Instead, Travel & Tourism is an industrial activity defined by the diverse collection of products (durables and non-durables) and services (transportation, accommodation, food and beverage, entertainment, government services, etc) that are delivered to visitors. There are two basic aggregates of demand (Travel & Tourism Consumption and Total Demand) and, by employing input/output modelling separately (large arrows) to these two aggregates, the Satellite Account is able to produce two different and complementary aggregates of Travel & Tourism Supply: the Travel & Tourism Industry and the Travel & Tourism Economy. The first captures the explicitly defined production-side industry contribution (ie direct impact only), for comparison with all other industries, while the second captures the broader economy-wide impact, direct and indirect, of Travel & Tourism.

SUPPLY-SIDE ACCOUNTS
US$ mn 912.5 '000 jobs 86.6 TRAVEL & TOURISM INDUSTRY GDP (Direct)
Direct Gross Domestic Product (also know as Value-Added) and Employment associated with Travel & Tourism Consumption. This is the explicitly defined Supply-side Industry contribution of Travel & Tourism that can be compared one-for-one with the GDP and Employment contribution of other industries in the economy. Establishment in this category include traditional Travel & Tourism providers such as airlines, hotels, car rental companies, etc.

TRAVEL & TOURISM INDUSTRY SUPPLY

696.5

TRAVEL & TOURISM INDUSTRY GDP (Indirect)

Indirect Gross Domestic Product associated with Travel & Tourism Consumption. This is the upstream resident economy contribution which comes about from suppliers to the traditional Travel & Tourism industry. Establishments in this category include fuel and catering companies, laundry services, accounting firms, etc.

1,295.2

TRAVEL & TOURISM INDUSTRY IMPORTS

The value of goods imported by direct and indirect Travel & Tourism Industry establishments.

2,904.2

4,109.9 TRAVEL & TOURISM ECONOMY SUPPLY '000 jobs 375.0

TRAVEL & TOURISM ECONOMY GDP (Direct and Indirect)

Direct and Indirect Gross Domestic Product (also know as Value-Added) and Employment associated with Travel & Tourism Demand. This is the broadest measure of Travel & Tourism's contribution to the resident economy. Establishments in this category include those described above as well as manufacturing, construction, government, etc. that are associated with Capital Investment, Government Services and NonVisitor Exports.

1,786.0

TRAVEL & TOURISM ECONOMY IMPORTS

The value of goods imported by direct and indirect Travel & Tourism Economy establishments.

5,895.9

GROSS DOMESTIC PRODUCT

Ecuador's T&T Direct Industry is expected to contribute 1.5% to Gross Domestic Product (GDP) in 2009 (US$912.5 mn), rising in nominal terms to US$1,960.6 mn (1.8% of total) by 2019. The T&T Economy contribution (% of total) should rise from 7.0% (US$4,109.9 mn) to 8.0% (US$8,740.4 mn) in this same period.

TRAVEL & TOURISM SATELLITE ACCOUNT

ECUADOR Travel & Tourism Gross Domestic Product (2000 constant US$ mn)
2 2 2 1 1 1 1 1 0 0 0 2004 2005 2006 2007 2008 2009

ECUADOR Travel & Tourism Economy GDP (real growth, %)

60 50 40 30 20 10 0 -10 -20 1990 1995 2000 2005 2010 2015

COUNTRY

Direct Industry GDP

T&T Economy GDP

LATIN AMERICA Travel & Tourism Gross Domestic Product (2000 constant US$ bn)
160 140 25 20 15 10 5 0 -5 -10 -15 -20 2004 2005 2006 2007 2008 2009 1990

ECUADOR v REGION Travel & Tourism Economy GDP (real growth variance, %)

REGION

120 100 80 60 40 20 0

1995

2000

2005

2010

2015

Direct Industry GDP

T&T Economy GDP ECUADOR v WORLDWIDE Travel & Tourism Economy GDP (real growth variance, %)
50 40 30 20 10 0 -10 -20

WORLDWIDE Travel & Tourism Gross Domestic Product (2000 constant US$ bn)
4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2004 2005 2006 2007 2008 2009

WORLD

1990

1995

2000

2005

2010

2015

Direct Industry GDP WTTC League Table Extract Travel & Tourism Economy GDP 1 2 3 4 5 6 7 8 9 10 46 49 95 111 123 125 131 141 151 164 Costa Rica Mexico Argentina Peru Guatemala Ecuador Venezuela Brazil Colombia Chile

T&T Economy GDP 2009 % of total GDP 14.0 13.3 8.5 7.4 7.0 7.0 6.6 6.2 5.7 4.4 WTTC League Table Extract Travel & Tourism Economy GDP 68 76 86 91 93 108 114 122 125 126 Ecuador Mexico Peru Brazil Argentina Costa Rica Chile Colombia Guatemala Venezuela 10-Yr Real Growth Annualised, % 4.9 4.8 4.6 4.5 4.5 4.0 3.9 3.8 3.7 3.7

10

EMPLOYMENT
Ecuador's 87,000 T&T Direct Industry jobs account for 1.4% of total employment in 2009 and are forecast to total 130,000 jobs or 1.6% of the total by 2019.The contribution of the Travel & Tourism Economy to employment is expected to rise from 375,000 jobs in 2009, 5.9% of total employment, or 1 in every 16.8 jobs to 559,000 jobs, 6.8% of total employment or 1 in every 14.7 jobs by 2019.

ECUADOR Travel & Tourism Employment ('000 Jobs)

450 400 350 300 250 200 150 100 50 0 2004 2005 2006 2007 2008 2009 60 50 40 30 20 10 0 -10 -20

ECUADOR Travel & Tourism Economy Employment (real growth, %)

1990

1995

2000

2005

2010

2015

Direct Industry jobs

T&T Economy jobs

LATIN AMERICA Travel & Tourism Employment ('000 Jobs)

14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2004 2005 2006 2007 2008 2009 50 40

ECUADOR v REGION Travel & Tourism Economy Employment (real growth variance, %)

20 10 0 -10 -20 1990 1995 2000 2005 2010 2015

Direct Industry jobs

T&T Economy jobs ECUADOR v WORLDWIDE Travel & Tourism Economy Employment (real growth variance, %)
50 40

WORLDWIDE Travel & Tourism Employment ('000 Jobs)

250,000 200,000 150,000 100,000 50,000 0 2004 2005 2006 2007 2008 2009

20 10 0 -10 -20 1990 1995 2000 2005 2010 2015

Direct Industry jobs WTTC League Table Extract Travel & Tourism Economy Employment 51 54 71 110 121 123 125 127 147 155 Costa Rica Mexico Argentina Peru Venezuela Guatemala Ecuador Brazil Colombia Chile

T&T Economy jobs 2009 % of total emp 13.6 12.9 10.1 6.8 6.1 6.1 5.9 5.9 5.1 4.6 WTTC League Table Extract Travel & Tourism Economy Employment 12 33 37 52 67 69 72 76 93 140 Ecuador Brazil Guatemala Peru Costa Rica Argentina Colombia Venezuela Mexico Chile 10-Yr Real Growth Annualised, % 4.1 3.0 2.9 2.6 2.4 2.4 2.3 2.3 2.0 0.9

WORLD

30

REGION

30

TRAVEL & TOURISM SATELLITE ACCOUNT

11

COUNTRY

TOTAL DEMAND
Ecuador Travel & Tourism is expected to generate US$5,895.9 mn of economic activity (Total Demand) in 2009, growing (nominal terms) to US$12,438.9 mn by 2019. Total Demand is expected to decline by -6.2% in 2009 and by 4.8% per annum, in real terms, between 2010 and 2019. 2009 Total Demand represents 0.05% of world market share.

TRAVEL & TOURISM SATELLITE ACCOUNT

ECUADOR Total Demand 2009

ECUADOR Travel & Tourism Total Demand (real growth, %)

40 35 30 25 20 15 10 5 0 -5 -10 -15 1990 1995 2000 2005 2010 2015

COUNTRY

Personal T&T - 26.90% Gov't Expenditures - 4.24% Visitor Exports - 12.38%

Business T&T - 8.70% Capital Investment - 27.20% Other Exports - 20.59%

ECUADOR MARKET SHARE OF LATIN AMERICA Total Demand 2009

20 15

ECUADOR v REGION Travel & Tourism Total Demand (real growth variance, %)

REGION

10 5 0 -5 -10
Ecuador - 1.35% Rest of Region - 98.65%

-15 -20 1990 1995 2000 2005 2010 2015

WORLDWIDE Total Demand 2009

ECUADOR v WORLDWIDE Travel & Tourism Total Demand (real growth variance, %)
35 30 25 20 15 10 5 0 -5 -10 -15 -20

WORLD

Ecuador - 0.05%

Rest of World - 99.95%

1990

1995

2000

2005

2010

2015

WTTC League Table Extract Travel & Tourism Total Demand 1 2 3 4 5 6 7 8 9 10 56 62 66 72 101 116 123 126 139 168 Brazil Mexico Colombia Peru Argentina Guatemala Costa Rica Chile Ecuador Venezuela

2009 Real Growth % 0.6 0.0 -0.3 -0.7 -3.0 -4.2 -4.6 -4.9 -6.2 -10.2

WTTC League Table Extract Travel & Tourism Total Demand 51 63 68 73 76 80 96 104 111 147 Chile Mexico Brazil Argentina Peru Ecuador Costa Rica Venezuela Colombia Guatemala

10-Yr Real Growth Annualised, % 5.4 5.0 4.9 4.9 4.8 4.8 4.3 4.2 4.1 3.3

12

VISITOR & OTHER EXPORT EARNINGS

Visitor Exports play an important development role for the resident Travel & Tourism Economy. Ecuador's Travel & Tourism is expected to generate 12.4% of total exports (US$1,943.8 mn) in 2009, growing (nominal terms) to US$4,446.4 mn (11.9% of total) in 2019.

ECUADOR Travel & Tourism Exports (2000 constant US$ mn)

1 1 1 1 0 0 0 2004 2005 2006 2007 2008 2009 60 50 30 20 10 0 -10 -20 -30 1990

ECUADOR Travel & Tourism Visitor Exports (real growth, %)

1995

2000

2005

2010

2015

Visitor Exports

Other Exports

LATIN AMERICA Travel & Tourism Exports (2000 constant US$ mn)
45 40 35 30 25 20 15 10 5 0 2004 2005 2006 2007 2008 2009 50 40 20 10 0 -10 -20 -30 -40 1990 30

ECUADOR v REGION Travel & Tourism Visitor Exports (real growth variance, %)

1995

2000

2005

2010

2015

Visitor Exports

Other Exports ECUADOR v WORLDWIDE Travel & Tourism Visitor Exports (real growth variance, %)
50 40 30 20 10 0 -10 -20

WORLDWIDE Travel & Tourism Exports (2000 constant US$ mn)

250,000 200,000 150,000 100,000 50,000 0 2004 2005 2006 2007 2008 2009

-30 1990 1995 2000 2005 2010 2015

Visitor Exports WTTC League Table Extract Travel & Tourism Visitor Exports 53 79 101 104 109 118 124 147 149 168 Costa Rica Guatemala Argentina Peru Colombia Mexico Ecuador Brazil Chile Venezuela

Other Exports 2009 % of total exports 17.5 11.3 7.0 6.9 5.8 5.1 4.6 3.0 2.9 1.4 WTTC League Table Extract Travel & Tourism Visitor Exports 8 13 15 56 81 93 109 113 143 146 Venezuela Chile Argentina Ecuador Mexico Peru Brazil Costa Rica Guatemala Colombia 10-Yr Real Growth Annualised, % 7.9 7.6 7.5 5.7 5.1 4.9 4.5 4.4 3.6 3.5

WORLD

REGION

COUNTRY

40

TRAVEL & TOURISM SATELLITE ACCOUNT

13

SATELLITE ACCOUNT TABLES

ECUADOR
Travel & Tourism - US$ mn Personal Travel & Tourism Business Travel & Tourism Corporate Government Government Expenditures - Individual Visitor Exports Travel & Tourism Consumption Government Expenditures - Collective Capital Investment Other Exports Travel & Tourism Demand Travel & Tourism Direct Industry Employment ('000) Gross Domestic Product Travel & Tourism Economy Employment ('000) Gross Domestic Product 363.2 2,526.0 384.3 2,937.0 398.3 3,328.8 421.3 3,738.4 414.3 4,353.8 375.0 4,109.9 559.2 8,740.4 87.4 585.0 85.3 625.9 84.6 678.5 93.1 793.1 88.2 889.7 86.6 912.5 130.4 1,960.6 2004 945.2 292.8 267.7 25.1 41.8 464.0 1,743.8 96.3 944.7 649.5 3,434.3 2005 1,059.5 317.4 290.7 26.7 46.9 488.0 1,911.7 107.5 1,102.2 896.1 4,017.5 2006 1,163.3 378.9 347.3 31.6 52.5 492.0 2,086.7 120.5 1,242.9 1,097.7 4,547.9 2007 1,230.4 435.4 398.6 36.8 59.4 626.0 2,351.1 136.3 1,344.1 1,227.0 5,058.6 2008E 1,439.1 498.0 459.1 38.9 68.7 721.5 2,727.3 157.5 1,504.2 1,622.1 6,011.1 2009F 1,585.9 512.7 473.2 39.6 75.7 729.8 2,904.2 174.0 1,603.8 1,213.9 5,895.9 2019F 3,465.1 994.9 905.6 89.3 154.7 1,685.6 6,300.2 355.6 3,022.2 2,760.9 12,438.9

Travel & Tourism Accounts as % of National Accounts Personal Travel & Tourism Government Expenditures Capital Investment Visitor & Other Exports Travel &Tourism Imports Travel & Tourism Direct Industry Employment Gross Domestic Product Travel & Tourism Economy Employment Gross Domestic Product Travel & Tourism Real Growth (per annum except 2019 = 10-year annualised) Personal Travel & Tourism Business Travel & Tourism Government Expenditures Capital Investment Visitor Exports Other Exports Travel & Tourism Consumption Travel & Tourism Demand Travel & Tourism Direct Industry Employment Gross Domestic Product Travel & Tourism Economy Employment Gross Domestic Product

2004 4.3 3.7 13.4 12.4 9.4 1.6 1.8 6.6 8

2005 4.3 3.7 13.5 12.1 9.1 1.5 1.7 6.7 7.9

2006 4.3 3.8 13.4 11.2 8.9 1.4 1.6 6.8 8.0

2007 4.2 3.8 13.3 11.5 8.5 1.5 1.7 6.9 8.2

2008E 4.3 3.8 12.9 11.0 8.2 1.4 1.6 6.7 7.9

2009F 4.3 3.8 12.4 12.4 8.5 1.4 1.5 5.9 7.0

2019F 4.9 3.9 11.8 11.9 9.7 1.6 1.8 6.8 8.0

2004 7.7 -2.1 6.9 10.7 7.7 30.1 5.9 11.2 2.3 3.7 9.2 11.0

2005 4.3 0.9 4.0 8.6 -2.1 28.4 2.0 8.9 -2.4 -0.4 5.8 8.2

2006 1.6 10.4 3.7 4.3 -6.7 13.3 1.0 4.7 -0.8 0.3 3.6 4.8

2007 -1.1 7.4 5.7 1.1 18.9 4.5 5.3 4.0 10.0 9.3 5.8 5.0

2008E 3.6 1.3 2.4 -0.9 2.0 17.0 2.7 5.2 -5.2 -0.7 -1.7 3.1

2009F 5.4 -1.5 5.6 2.0 -3.3 -28.4 1.8 -6.2 -1.9 -1.9 -9.5 -9.7

2019F 5.2 3.9 4.5 3.6 5.7 5.6 5.1 4.8 4.2 5.0 4.1 4.9

E - Estimate; F - Forecast

14

SATELLITE ACCOUNT TABLES

ECUADOR
Travel & Tourism - US$ mn Personal Travel & Tourism Business Travel & Tourism Corporate Government Government Expenditures - Individual Visitor Exports Travel & Tourism Consumption Government Expenditures - Collective Capital Investment Other Exports Travel & Tourism Demand Travel & Tourism Direct Industry Employment ('000) Gross Domestic Product Travel & Tourism Economy Employment ('000) Gross Domestic Product 363.2 2,526.0 384.3 2,937.0 398.3 3,328.8 421.3 3,738.4 414.3 4,353.8 375.0 4,109.9 559.2 8,740.4 87.4 585.0 85.3 625.9 84.6 678.5 93.1 793.1 88.2 889.7 86.6 912.5 130.4 1,960.6 2004 945.2 292.8 267.7 25.1 41.8 464.0 1,743.8 96.3 944.7 649.5 3,434.3 2005 1,059.5 317.4 290.7 26.7 46.9 488.0 1,911.7 107.5 1,102.2 896.1 4,017.5 2006 1,163.3 378.9 347.3 31.6 52.5 492.0 2,086.7 120.5 1,242.9 1,097.7 4,547.9 2007 1,230.4 435.4 398.6 36.8 59.4 626.0 2,351.1 136.3 1,344.1 1,227.0 5,058.6 2008E 1,439.1 498.0 459.1 38.9 68.7 721.5 2,727.3 157.5 1,504.2 1,622.1 6,011.1 2009F 1,585.9 512.7 473.2 39.6 75.7 729.8 2,904.2 174.0 1,603.8 1,213.9 5,895.9 2019F 3,465.1 994.9 905.6 89.3 154.7 1,685.6 6,300.2 355.6 3,022.2 2,760.9 12,438.9

Travel & Tourism 2000 Constant US$ mn Personal Travel & Tourism Business Travel & Tourism Government Expenditures - Individual Visitor Exports Travel & Tourism Consumption Government Expenditures - Collective Capital Investment Other Exports Travel & Tourism Demand Gross Domestic Product Travel & Tourism Industry Travel & Tourism Economy

2004 566.4 175.5 25.1 278.1 1,045.1 57.7 566.2 389.2 2,058.2 350.6 1,514

2005 590.8 177.0 26.1 272.1 1,066.1 59.9 614.7 499.7 2,240.4 349.1 1,637.8

2006 600.1 195.5 27.1 253.8 1,076.4 62.2 641.1 566.3 2,346.0 350.0 1,717.1

2007 593.3 209.9 28.6 301.9 1,133.7 65.7 648.1 591.7 2,439.3 382.4 1,802.7

2008E 614.4 212.6 29.3 308.0 1,164.4 67.3 642.2 692.5 2,566.4 379.9 1,858.8

2009F 647.5 209.4 30.9 298.0 1,185.8 71.0 654.8 495.6 2,407.3 372.6 1,678.1

2019F 1,070.8 307.5 47.8 520.9 1,946.9 109.9 934.0 853.2 3,844.0 605.9 2,701.0

E - Estimate; F - Forecast

Methodological Note
2008 provided a clear demonstration of the complex environment in which Travel & Tourism operates, confirming the critical importance of timely information for policy- and decision-makers. And developments in 2009 will no doubt serve to reinforce this argument. This explains why the economic impact research developed by WTTC and its partner Oxford Economics, which was designed to adapt to the changing needs of the Travel & Tourism industry and government leaders in the light of the fast-changing operating environment, is therefore an essential tool whether for private- or public-sector decision-makers. This comprehensive and comparative measure of the economic impact of Travel & Tourism developed by WTTC, which is highlighted in the Executive Summary and in the accompanying 181 individual country reports, is based on simulated Tourism Satellite Account (TSA) methodology. The methodology is analogous to that used for the production of national income accounts, following the key concepts of Tourism Satellite Accounting contained in the latest (2008) United Nations' Recommended Methodological Framework (RMF). The RMFs Tourism Direct Gross Domestic Product (TDGDP) measure is broadly equivalent to the Travel & Tourism Direct Industry measures given by WTTC/Oxford Economics. Adding to this direct industry measure the value-added created indirectly in the industry's supply chain, plus investment and collective government and non-visitor export spending, one arrives at the broadest measure of the economic impact of Travel & Tourism Travel & Tourism Economy GDP.

15

RANKING AND RANGE

Year 2009 country rankings for Ecuador within world countries' list
2009 Ecuador
Personal Travel & Tourism Business Travel Government Expenditures Capital Investment Visitor Exports Other Exports Travel & Tourism Demand Direct Industry GDP T&T Economy GDP Direct Industry Employment T&T Economy Employment
1

2019 Growth
40 89 53 47 64 167 139 73 159 65 163
1

Absolute Size
76 78 75 68 100 62 78 86 77 74 63
2

Relative Size
136 --85 71 124 18 --148 125 150 125

Absolute Size
77 82 76 68 99 60 74 87 72 70 54

Relative Size
130 --84 77 125 18 --133 111 143 116

Growth2
62 86 70 93 56 58 80 74 68 19 12

TRAVEL & TOURISM SATELLITE ACCOUNT

2009 real growth adjusted for inflation (%);

2010-2019 annualised real growth adjusted for inflation (%)

Total 181 countries or 13 regions (largest/highest/best is number 1; smallest/lowest/worst is number 181 or 13; 0 is aggregate region no ranking

GENERAL MACROECONOMIC INDICATORS

The following charts illustrate how Travel & Tourism growth follows or varies from general macroeconomic growth for various indicators. The bottom three charts illustrate information related to international visitor arrivals.
ECUADOR Gross Domestic Product (US$ mn) ECUADOR Employment ('000 of jobs) ECUADOR Exports (US$ mn)

9000 8000 7000 6000 5000 4000 3000 2000 1000 0

120000 100000 80000 60000 40000 20000 0

600 500 400 300 200 100 0

9000 8000 7000 6000 5000 4000 3000 2000 1000 0

1800 1600 1400 1200 1000 800 600 400 200 0

40000 35000 30000 25000 20000 15000 10000 5000 0

1988 1992 1996 2000 2004 2008 2012 2016 T&T Economy GDP Total GDP

1988 1992 1996 2000 2004 2008 2012 2016 T&T Employment Total Employment

1988 1992 1996 2000 2004 2008 2012 2016 T&T Exports Total Exports

ECUADOR
3500 3000 2500 2000 1500 1000 500 0 1988 1992 1996 2000 2004 2008 2012 2016 T&T Personal Consumption Total Personal Consumption

ECUADOR
80000 70000 60000 50000 40000 30000 20000 10000 0 500 0 1988 1992 1996 2000 2004 2008 2012 2016 T&T Capital Investment Total Capital Investment 5000 0 100 0 2000 1500 1000 20000 15000 10000 400 300 3000 2500

ECUADOR
30000 25000 600 500

Personal Consumption (US$ mn)

Capital Investment (US$ mn)

Government Expenditure (US$ mn)

14000 12000 10000 8000 6000

200

4000 2000 0

1988 1992 1996 2000 2004 2008 2012 2016 T&T Government Total Government Expenditure Expenditure

ECUADOR
300 250 200 150 100 400 50 0 1988 1992 1996 2000 2004 2008 2012 2016 200 0

ECUADOR
1600 1400 1200 1000 800 600 400 200 0 1988 1992 1996 2000 2004 2008 2012 2016 1000 800 600

ECUADOR
1200

Visitor Markets Index (1988=100)

International Visitor Arrivals ('000)

International Visitor Average Spend (US$)

1988 1992 1996 2000 2004 2008 2012 2016

16

The World Travel & Tourism council is the forum for business leaders in the Travel & Tourism industry.
With chairs and chief executives of the worlds foremost 100 Travel & Tourism companies as its members, WTTc has a unique mandate and overview on all matters related to Travel & Tourism. WTTc works to raise awareness of Travel & Tourism as one of the worlds largest industries, employing over 225 million people and generating 9.6% of global GDp in 2008. Together with its research partner, oxford economics, WTTc produces comprehensive reports on an annual basis with updates whenever required to quantify, compare and forecast the economic impact of Travel & Tourism on 181 economies around the world. it also publishes an executive summary highlighting global trends. To download one-page summaries, the full reports or spreadsheets, visit www.wttc.org

assisting WTTc to provide tools for analysis, benchmarking, forecasting and planning
over the last 25 years oxford economics has built a diverse and loyal client base of over 300 organisations worldwide, including international organisations, governments, central banks, and both large and small businesses. Headquartered in oxford, england, with offices in london, Belfast, philadelphia and Basel, oxford economics employs over 50 full-time, highly qualified, economists and data specialists, while maintaining links with a network of economists in universities worldwide. For more information please take advantage of a free trial on our website, www.oxfordeconomics.com, or contact John Gaster, oxford economics, abbey House, 121 st aldates, oxford, oX1 1HB, uK. Tel: +44 (0) 1865 268900; email:jrgaster@oxfordeconomics.com

1-2 Queen Victoria terrace SoVereign court London e1W 3Ha, uK teL: +44 (0) 20 7481 8007 Fax: +44 (0) 20 7488 1008 emaiL: enquiries@wttc.org

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