Photo Courtesy of Ramon Cutanda Lopez
The Global Business Travel Association (GBTA) Foundation has released its “Outlook–Western Europe” report, analyzing five critical business travel markets in Europe: Germany, United Kingdom, France, Italy and Spain, and the news is good.
These five markets serve as a barometer of the health of the entire European business travel market. The report, sponsored by Visa Inc., includes the GBTA Business Travel Index, a proprietary index of business travel spending that distills market performance.
The reports highlights include:
- Business travel spending in the five markets is expected to hit $186.4 billion in 2014, a 4.9 percent growth over 2013.
- 2014 is shaping up to be a true bounce-back year for European travel. Business travel spending in the five European business travel markets advanced by 4.3 percent over the first half of the year─the largest gain in business travel spending since 2010.
- United Kingdom, Sweden and Spain experienced growth, while the economies of Italy, France and Denmark stalled in the first half of 2014. The German economy continues to remain one of the most robust in Europe.
- GBTA anticipates modest economic growth. GBTA anticipates an increase in real Euro Area gross domestic product of 0.9 percent in 2014 and 1.7 percent in 2015, which will contribute to stronger business travel activity.
“After experiencing many quarters of decline, Europe appears to be stabilizing and starting to bounce back,” says Catherine McGavock, Europe regional director for GBTA. “It appears the tides are gradually changing for economies all over Europe.”