TRAVEL & TOURISM ECONOMIC IMPACT

Romania

2010

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

Tom Klein Group President Sabre Travel Network & Sabre Airline Executive Vice President Sabre Holdings Gerald Lawless Executive Chairman Jumeirah Group J W Marriott, Jr Chairman & CEO Marriott International, Inc Alan Parker CBE Chief Executive Whitbread plc Gilles Plisson CEO Accor Charles Petruccelli President Global Travel Services American Express Company Christopher Rodrigues CBE Chairman VisitBritain Jeffrey C Rutledge Chairman & CEO Travel Guard Worldwide, Inc Jyotsna Suri Chairperson & Managing Director Bharat Hotels Ltd Jonathan M Tisch Chairman & CEO Loews Hotels

Jim Compton Executive 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 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 Gary L Kessler President & CEO Carey International Inc Dara Khosrowshahi President & CEO Expedia Inc Sir Nigel Knowles Joint CEO DLA Piper Ali Kolaghassi Vice Chairman & CEO Saraya Holdings RK Krishna Kumar Vice Chairman Taj Hotels, Resorts & Palaces Jabu Mabuza CEO Tsogo Sun Group Luis Maroto Deputy CEO Amadeus IT Group SA Yunxin Mei President Beijing Tourism Group Richard Mortimore Managing Director Reed Travel Exhibitions Geoff Muirhead CBE Group Chief Executive The Manchester Airports Group Hamza Mustafa CEO Istithmar Hospitality & Real Estate Business Christopher J Nassetta President & CEO Hilton Worldwide Jerry Noonan Consultant Spencer Stuart

Deepak Ohri Chief Executive Officer lebua Hotels & Resorts Co, Ltd Frits D van Paasschen President & CEO Starwood Hotels & Resorts Worldwide Inc Andy Payne Managing Director Wilderness Safaris Jean Gabriel Prs President & CEO Mvenpick Hotels & Resorts Dionsio Pestana Chairman Group Pestana Fernando Pinto CEO TAP Portugal Bob Puccini CEO The Puccini 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 Jasminder Singh Chairman & CEO Radisson Edwardian Hotels Jeff Smisek Chairman, President & CEO Continental Airlines Khalid A bin Sulayem Director General Dubai Department of Tourism and Commerce Marketing 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 Matthew D Upchurch CEO Virtuoso Michel Vauclair Senior Vice President Global Asset Management Oxford Properties Group Philip Wolf President & CEO PhoCusWright, Inc

Valdimir Yakushev Managing Partner S-Group Capital Management Tim Zagat Co-Founder, Co-Chair & CEO Zagat Survey LLC

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, President & CEO Wyndham Worldwide Manfredi Lefebvre DOvidio Chairman Silversea Cruises 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 Retired 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

EXECUTIVE COMMITTEE: Marilyn Carlson Nelson Chairman Carlson Alex Christou Managing Partner Accenture Jeff Clarke President & CEO Travelport Andrew Cosslett CEO InterContinental Hotels Group PLC Qiang Duan Chairman Beijing Tourism Group Sebastin Escarrer 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

GLOBAL MEMBERS: Talal Al Bahar Chairman & Managing Director IFA Hotels & Resorts Mohammed Al Habbai CEO Dubailand Ted J Balestreri Chairman & CEO Cannery Row Company Fabio Barbosa CEO Grupo Santander Brazil 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 COO Fairmont Raffles Hotels International

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 Non-Executive Chairman AIG Inc WTTC Chairman (1996-2001) Robert H Burns Chairman Robert H Burns Holdings Limited WTTC Chairman (1994-1996)

PRESIDENT & CEO: Jean-Claude Baumgarten

9 February 2010

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 USES THE FRAMEWORK OF TOURISM SATELLITE ACCOUNTS.
Since full Tourism Satellite Accounts (TSAs) take considerable time and resources to develop, WTTC produces simulated TSAs on an annual basis, covering 181 countries, in order to provide reliable and comparable information to assess Travel & Tourisms current and likely future contribution to economic activity and employment. Timeliness is one of the main strengths of our research. In the critical post-crisis recovery phase currently underway, it can inform and help drive urgent policy-making and investment decisions.
Our 2010 research, again produced in co-operation with Oxford Economics, assesses the economic impact of Travel & Tourism for the 181 countries, as well as for the world overall. It measures spending on Travel & Tourism by households, businesses, governments, overnight and same-day 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. In line with the trend in other sectors in 2009, Travel & Tourism activity was hit hard by the credit and housing market collapses experienced in many countries, with households cutting back on leisure travel and corporations reducing business travel budgets.The impact on Travel & Tourism investment was also significant.Yet even though Travel & Tourism activity was so depressed, it still employed over 235 million people across the world last year, generating 9.4% of global GDP. Although there are signs that the global economy has moved into a recovery phase, we are expecting the pick-up in developed economies a key source of Travel & Tourism Demand in the short term to be gradual, with both corporations and households continuing to reconsider travel plans and to limit expenditure. Nevertheless, despite the current blip in growth trends, our research confirms that prospects for the longer term remain positive. Over the next ten years, Travel & Tourism will continue to grow in importance as one of the worlds highest-priority sectors and employers. Emerging economies will of course be the main engines of our forecast growth, both in terms of domestic and international Travel & Tourism. But an increasing focus on leisure in developed economies should stimulate travel demand, even in mature markets, boosted by industry innovation in creating new sustainable products and services. In anticipation of these better times ahead, we are delighted to present you with the 2010 Executive Summary of WTTCs Travel & Tourism: Economic Impact.

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 Summary Tables Concepts & Structure Travel & Tourism Satellite Account
Gross Domestic Product Employment Satellite Account Tables Ranking and Range General Macroeconomic Indicators

3 4 6 7

8 9 10 12 12

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

ROMANIA
KEY FACTS AT A GLANCE 2010 TRAVEL & TOURISM ECONOMIC RESEARCH

2010
Gross Domestic Product (GDP)

10-year trend
The contribution of Travel & Tourism to Gross Domestic Product (GDP) is expected to rise from 5.1% (RON25.9bn or US$9,005.9mn) in 2010 to 6.4% (RON78.8bn or US$22,825.7mn) by 2020.

5.1%

Growth

-5.4% 6.1%

Real GDP growth for the Travel & Tourism Economy is expected to be -5.4% in 2010 and to average 7.3% per annum over the coming 10 years.

Employment
The contribution of the Travel & Tourism Economy to employment is expected to rise from 6.1% of total employment, 519,000 jobs or 1 in every 16.3 jobs in 2010, to 7.7% of total employment, 670,000 jobs, or 1 in every 13.0 jobs by 2020.

Visitor Exports

2.4%

Export earnings from international visitors are expected to generate 2.4% of total exports (RON4.5bn or US$1,570.4mn) in 2010, growing (nominal terms) to RON16.3bn or US$4,729.4mn (2.6% of total) in 2020.

Investment

7.4%

Travel & Tourism investment is estimated at RON10.3bn, US$3,577.7mn or 7.4% of total investment in 2010. By 2020, this should reach RON38.4bn, US$11,126.2mn or 7.8% of total investment.

World ranking (out of 181 countries)

59 ABSOLUTE
size

155 RELATIVE
contribution to national economy

11 GROWTH
forecast

Ranking in European Union (out of 27 countries)

19 ABSOLUTE
size ROMANIA
Travel & Tourism Gross Domestic Product (2000 constant US$mn)
7 6 5 4

26 RELATIVE
contribution to national economy ROMANIA

1 GROWTH
forecast

Travel & Tourism Employment ('000 jobs)

800 700 600 500 400

3 2 1 0
2005 2006 2007 2008 2009 2010 2015 2020

300 200 100 0 2005 2006 2007 2008 2009 2010 2015 2020

Direct Industry

T&T Economy as a whole

Direct Industry

T&T Economy as a whole

2010 World Travel & Tourism Council 1-2 QUEEN VICTORIA TERRACE, SOVEREIGN COURT, LONDON E1W 3HA, UK TEL: +44 (0) 20 7481 8007 . FAX: +44 (0) 20 7488 1008 . enquiries@wttc.org . www.wttc.org

ECONOMIC IMPACT
IN 2010 ROMANIA'S TRAVEL & TOURISM IS EXPECTED TO GENERATE RON26BN (US$9,006MN) OF ECONOMIC ACTIVITY (GDP). THE INDUSTRY'S DIRECT IMPACT INCLUDES:

Direct Industry GDP

RON

Direct Industry Employment

bn

10
(US$3,405mn) equivalent to 1.9% of total GDP

267,000
jobs, representing 3.2%
of total employment

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

Economy GDP
RON

Economy Employment
bn

26
(US$9,006mn) equivalent to 5.1% of total GDP

519,000
jobs, representing 6.1%
of total employment

Exports, Services & Merchandise

RON

Capital Investment
bn RON

9
(US$2,984mn) equivalent to 4.5% of total exports

10
(US$3,578mn) equivalent to 7.4% of total investment

bn

Government Expenditure
RON

1
(US$511mn) equivalent to a 4.4% share

bn

REAL GROWTH
IN 2010, TRAVEL & TOURISM IN ROMANIA IS FORECAST TO SEE REAL DECLINE/GROWTH OF:
Direct Industry GDP Direct Industry Employment

-3.5
Economy GDP

-2.1
to 267,000 jobs

to RON10bn (US$3,405mn)

Economy Employment

-5.4

-4.7
to 519,000 jobs

to RON26bn (US$9,006mn)

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

Direct Industry GDP

Direct Industry Employment

8.2
Economy GDP

2.6 2.6 9.2 3.4

to RON32bn (US$9,365mn) in 2020

to 346,459 jobs in 2020

Economy Employment

7.3 7.1 9.5

to RON79bn (US$22,826mn) in 2020

to 670,000 jobs in 2020

Demand - Travel & Tourism

Visitor Exports - Travel & Tourism

to RON105bn (US$30,453mn) in 2020

to RON16,333bn (US$4,729mn) in 2020

Capital Investment - Travel & Tourism

Government Expenditure - Travel & Tourism

to RON38,425bn (US$11,126mn) in 2020

to RON3,092bn (US$895mn) in 2020

SUMMARY TABLES
ESTIMATES AND FORECASTS
2010 ROMANIA 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 Employment3
1 2

2020 Growth1 -6.1 -7.1 -5.3 -7.1 -5.8 1.6 -5.6 -3.5 -5.4 -2.1 -4.7 RONbn 28.8 5.2 3.1 38.4 16.3 13.2 105.2 32.3 78.8 346.5 670.1 % of total 4.5 0.4 4.6 7.8 2.6 2.1 5.7 2.6 6.4 4.0 7.7 Growth2 4.2 4.8 3.4 9.5 9.2 8.0 7.1 8.2 7.3 2.6 2.6

RONbn 12.8 2.2 1.5 10.3 4.5 4.1 35.2 9.8 25.9 267.1 518.6

% of total 3.8 0.4 4.4 7.4 2.4 2.1 5.0 1.9 5.1 3.2 6.1
3

2010 real growth adjusted for inflation (%); 2011-2020 annualised real growth adjusted for inflation (%); '000 jobs

2010 EUROPEAN UNION 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 Employment3
1 2

2020 Growth1 0.1 -3.5 1.0 -4.8 -2.0 3.4 -0.7 -1.2 -1.3 -2.9 -3.8 US$bn 1,478.6 338.9 169.5 458.3 698.4 625.1 3,768.8 887.6 2,528.0 9,408.4 25,042.8 % of total 10.3 1.4 3.4 9.0 5.6 5.0 10.1 3.5 10.1 4.2 11.1 Growth2 2.8 3.1 1.5 3.5 4.1 5.3 3.4 2.7 2.9 1.2 1.2

US$bn 1,008.5 225.9 130.1 289.8 418.2 341.7 2,414.2 610.0 1,699.0 8,381.8 22,211.0

% of total 9.7 1.3 3.3 8.8 6.2 5.1 9.9 3.4 9.5 3.9 10.3
3

2010 real growth adjusted for inflation (%); 2011-2020 annualised real growth adjusted for inflation (%); '000 jobs

2010 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 Employment3 T&T Economy Employment3
1 2

2020 Growth1 1.6 -1.8 2.6 -1.7 0.9 5.9 1.1 0.7 0.5 -0.1 -0.3 US$bn 5,793 1,589 744 2,757 2,160 1,908 14,950 3,650 11,151 104,740 303,019 % of total 8.8 1.4 4.0 9.4 5.2 4.5 9.5 3.2 9.6 3.2 9.2 Growth2 4.1 4.3 3.1 5.3 5.2 6.5 4.7 4.0 4.4 2.5 2.5

US$bn 3,111 819 436 1,241 1,086 850 7,543 1,986 5,751 81,913 235,758

% of total 8.4 1.3 3.8 9.2 6.1 4.8 9.4 3.2 9.2 2.8 8.1
3

2010 real growth adjusted for inflation (%); 2011-2020 annualised real growth adjusted for inflation (%); '000 jobs

In order to quantify the economic impact of Travel & Tourism, we use the framework of a Tourism Satellite Account (TSA). Our estimates are based on demand-side analysis of Travel & Tourism's impact on economic activity, since the sector does not produce or supply a homogeneous product or service like traditional industries (agriculture, electronics, steel, etc).

CONCEPTS & STRUCTURE

ROMANIA

Romania's Travel & Tourism Demand of RON35.2bn in 2010

Travel & Tourism Demand in 2010

less imported goods and services

(including Travel & Tourism spending abroad) of RON9.4bn...

Personal T&T - 36.18% Gov't Expenditures - 4.17% Visitor Exports - 12.80%

Business T&T - 6.16% Capital Investment - 29.17% Other Exports - 11.52%

...equals Travel & Tourism Economy

GDP of RON25.9bn...

ROMANIA Travel & Tourism Economy GDP in 2010

Direct industry GDP

T&T Economy GDP

ROMANIA

...and supports 519,000 jobs across Romania

Travel & Tourism Employment in 2010

Direct industry Employment

T&T Economy Employment

GROSS DOMESTIC PRODUCT

Romania's T&T Direct Industry is expected to contribute 1.9% to Gross Domestic Product (GDP) in 2010 (RON9.8bn or US$3,404.5mn), rising in nominal terms to RON32.3bn or US$9,364.8mn (2.6% of total) by 2020. The T&T Economy contribution (% of total) should rise from 5.1% (RON25.9bn or US$9,005.9mn) to 6.4% (RON78.8bn or US$22,825.7mn) in this same period.

TRAVEL & TOURISM SATELLITE ACCOUNT

ROMANIA Travel & Tourism Gross Domestic Product (2000 constant US$mn)
4 4

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

20 15 10 5 0 -5 -10 -15
2005 2006 2007 2008 2009 2010

COUNTRY

3 3 2 2 1 1 0

-20 -25 1990 1995 2000 2005 2010 2015 2020

Direct Industry GDP

T&T Economy GDP

EUROPEAN UNION Travel & Tourism Gross Domestic Product (2000 constant US$bn)
1,200 1,000 20 15 10 5 0 -5 -10 -15 -20 -25 -30 2005 2006 2007 2008 2009 2010 1990

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

REGION

800 600 400 200 0

1995

2000

2005

2010

2015

2020

Direct Industry GDP

T&T Economy GDP

WORLDWIDE Travel & Tourism Gross Domestic Product (2000 constant US$bn)
4,500 4,000 3,500 20 15 10 5 0 -5 -10 -15 -20 -25 -30 2005 2006 2007 2008 2009 2010 1990

ROMANIA v WORLDWIDE Travel & Tourism Economy GDP (real growth variance, %)

WORLD

3,000 2,500 2,000 1,500 1,000 500 0

1995

2000

2005

2010

2015

2020

Direct Industry GDP WTTC League Table Extract Travel & Tourism Economy GDP 1 2 3 4 5 6 7 8 9 10 21 27 37 53 60 70 73 79 116 155 Croatia Albania Greece Austria Bulgaria Czech Republic Slovakia Italy Hungary Romania

T&T Economy GDP 2010 % of total GDP 24.8 20.7 15.5 12.5 11.9 10.4 9.9 9.4 7.4 5.1 WTTC League Table Extract Travel & Tourism Economy GDP 11 26 43 64 77 113 128 145 149 170 Romania Slovakia Croatia Czech Republic Albania Bulgaria Austria Hungary Greece Italy 10-Yr Real Growth Annualised, % 7.3 6.3 5.9 5.4 5.0 4.4 4.1 3.5 3.5 2.4

EMPLOYMENT
Romania's 267,000 T&T Direct Industry jobs account for 3.2% of total employment in 2010 and are forecast to total 346,000 jobs or 4.0% of the total by 2020.The contribution of the Travel & Tourism Economy to employment is expected to rise from 6.1% of total employment, 519,000 jobs or 1 in every 16.3 jobs in 2010, to 7.7% of total employment, 670,000 jobs, or 1 in every 13.0 jobs by 2020.

ROMANIA Travel & Tourism Employment ('000 Jobs)

700 600 500 400 300 200 100 0 2005 2006 2007 2008 2009 2010 10 8 6 4 2 0 -2 -4 -6 -8 -10 -12

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

1990

1995

2000

2005

2010

2015

2020

Direct Industry jobs

T&T Economy jobs

EUROPEAN UNION Travel & Tourism Employment ('000 Jobs)

25,000 20,000 15,000 10,000 5,000 0 2005 2006 2007 2008 2009 2010 10 5 0 -5 -10 -15

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

1990

1995

2000

2005

2010

2015

2020

Direct Industry jobs

T&T Economy jobs

WORLDWIDE Travel & Tourism Employment ('000 Jobs)

300,000 250,000 200,000 0 150,000 100,000 50,000 0 2005 2006 2007 2008 2009 2010 -5 -10 -15 10 5

ROMANIA v WORLDWIDE Travel & Tourism Economy Employment (real growth variance, %)

1990

1995

2000

2005

2010

2015

2020

Direct Industry jobs WTTC League Table Extract Travel & Tourism Economy Employment 20 30 36 48 62 67 76 85 107 125 Croatia Greece Albania Austria Italy Bulgaria Czech Republic Slovakia Hungary Romania

T&T Economy jobs 2010 % of total emp 27.3 18.8 16.7 13.4 10.9 10.2 9.8 8.8 7.0 6.1 WTTC League Table Extract Travel & Tourism Economy Employment 45 71 76 101 123 129 150 162 173 178 Austria Slovakia Romania Croatia Albania Greece Italy Czech Republic Hungary Bulgaria 10-Yr Real Growth Annualised, % 3.0 2.6 2.6 2.2 1.8 1.6 1.1 0.8 -0.4 -1.8

TRAVEL & TOURISM SATELLITE ACCOUNT

9

WORLD

REGION

COUNTRY

SATELLITE ACCOUNT TABLES

ROMANIA
Travel & Tourism - RONbn 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 484.2 13.5 506.5 16.5 541.3 20.8 582.0 26.8 544.3 25.3 518.6 25.9 670.1 78.8 262.0 5.3 267.8 6.4 270.9 7.7 276.9 9.5 272.9 9.4 267.1 9.8 346.5 32.3 2005 8.6 1.3 1.2 0.2 0.1 2.5 12.5 0.7 4.7 2.4 20.5 2006 10.1 1.6 1.4 0.2 0.2 3.1 14.9 0.8 6.2 2.8 24.7 2007 11.3 2.0 1.8 0.2 0.2 3.7 17.2 1.0 8.9 3.0 30.1 2008 13.5 2.4 2.2 0.2 0.2 4.7 20.9 1.2 12.1 3.8 37.9 2009E 12.5 2.2 1.9 0.2 0.2 4.4 19.4 1.2 10.2 3.7 34.5 2010F 12.8 2.2 2.0 0.2 0.2 4.5 19.7 1.2 10.3 4.1 35.2 2020F 28.8 5.2 4.8 0.4 0.5 16.3 50.9 2.6 38.4 13.2 105.2

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 2020 = 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

2005 3.8 4.3 7.1 5.1 5.6

2006 3.8 4.4 7.2 5.3 5.4

2007 3.6 4.4 7.3 5.5 5.1

2008 3.6 4.4 7.4 5.5 5.1

2009E 3.7 4.4 7.4 4.9 5.1

2010F 3.8 4.4 7.4 4.5 4.7

2020F 4.5 4.6 7.8 4.7 4.3

3.1 1.9

3.1 1.9

3.1 1.9

3.1 1.9

3.2 2.0

3.2 1.9

4.0 2.6

5.8 5

5.9 4.9

6.2 5.2

6.6 5.5

6.3 5.3

6.1 5.1

7.7 6.4

2005 4.7 1.5 12.2 12.7 1.1 -7.1 3.7 4.4

2006 5.5 8.1 1.7 17.4 13.1 1.9 7.3 8.8

2007 1.8 11.4 2.7 30.9 8.4 -1.8 4.2 10.2

2008 5.5 9.4 9.5 20.1 12.1 12.2 7.4 11.7

2009E -12.7 -16.5 -4.6 -20.6 -11.4 -8.8 -12.7 -14.6

2010F -6.1 -7.1 -5.3 -7.1 -5.8 1.6 -6.1 -5.6

2020F 4.2 4.8 3.4 9.5 9.2 8.0 5.6 7.1

1.1 6.0

2.2 8.3

1.1 8.8

2.2 9.1

-1.4 -7.1

-2.1 -3.5

2.6 8.2

2.9 7.6

4.6 9.9

6.9 14.5

7.5 13.9

-6.5 -11.4

-4.7 -5.4

2.6 7.3

E - Estimate; F - Forecast

10

SATELLITE ACCOUNT TABLES

ROMANIA
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 484.2 4,633.9 506.5 5,874.0 541.3 8,551.0 582.0 10,642.4 544.3 8,288.8 518.6 9,005.9 670.1 22,825.7 262.0 1,826.6 267.8 2,281.4 270.9 3,155.8 276.9 3,762.5 272.9 3,072.8 267.1 3,404.5 346.5 9,364.8 2005 2,947.1 457.2 400.0 57.2 49.5 846.2 4,299.9 256.2 1,622.8 839.9 7,018.8 2006 3,586.8 569.9 505.2 64.7 58.0 1,103.8 5,318.5 300.3 2,197.4 986.9 8,803.1 2007 4,644.4 807.4 724.5 82.9 75.8 1,521.5 7,049.0 392.2 3,659.3 1,232.2 12,332.8 2008 5,356.8 965.7 875.1 90.5 90.7 1,864.4 8,277.6 469.3 4,804.9 1,511.6 15,063.5 2009E 4,114.9 708.8 639.0 69.8 76.1 1,452.8 6,352.7 393.9 3,355.8 1,212.5 11,314.8 2010F 4,438.0 756.1 681.8 74.3 82.8 1,570.4 6,847.3 428.5 3,577.7 1,413.6 12,267.1 2020F 8,353.5 1,514.0 1,402.9 111.2 145.0 4,729.4 14,742.0 750.3 11,126.2 3,834.8 30,453.3

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

2005 1,496.8 232.2 25.1 429.8 2,183.9 130.1 824.2 426.6 3,564.7

2006 1,579.7 251.0 25.6 486.1 2,342.4 132.3 967.8 434.7 3,877.1

2007 1,608.4 279.6 26.2 526.9 2,441.1 135.8 1,267.3 426.7 4,271.0

2008 1,697.3 306.0 28.7 590.7 2,622.7 148.7 1,522.4 478.9 4,772.7

2009E 1,482.5 255.4 27.4 523.4 2,288.7 141.9 1,209.0 436.8 4,076.4

2010F 1,392.8 237.3 26.0 492.8 2,148.9 134.5 1,122.8 443.6 3,849.8

2020F 2,093.1 379.4 36.3 1,185.0 3,693.8 188.0 2,787.8 960.8 7,630.4

927.7 2,353

1,004.8 2,587.0

1,092.9 2,961.3

1,192.1 3,372.0

1,107.0 2,986.2

1,068.4 2,826.3

2,346.5 5,719.3

E - Estimate; F - Forecast

Methodological Note
Recent years have 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 future developments 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 Accounting (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.

11

RANKING AND RANGE

Year 2010 country rankings for Romania within world countries' list
2010 Romania
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 2

2020 Growth 1
175 173 176 158 160 114 178 159 171 119 157

Absolute Size
54 66 57 46 74 57 62 54 59 41 50

Relative Size
149 --69 134 154 80 --125 155 77 125

Absolute Size
57 64 61 33 64 53 58 45 53 40 51

Relative Size
141 --69 133 144 81 --110 135 69 100

Growth 2
112 58 118 6 8 28 15 6 11 76 76

TRAVEL & TOURISM SATELLITE ACCOUNT

2010 real growth adjusted for inflation (%);

2011-2020 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.
ROMANIA Gross Domestic Product (US$mn) ROMANIA Employment ('000 of jobs) ROMANIA Exports (US$mn)
5000 4500 4000 3500 3000 6000 4000 2000 2500 2000 1500 1000 500

25000

400000 350000

800 700 600 500 400 300 200 100

12000 10000 8000

180000 160000 140000 120000 100000 80000 60000 40000 20000

20000

300000 250000 200000

15000

10000

150000 100000 50000

5000

0 0 1988 1992 1996 2000 2004 2008 2012 2016 2020 T&T Economy GDP Total GDP

0 0 1988 1992 1996 2000 2004 2008 2012 2016 2020 T&T Employment Total Employment

0 0 1988 1992 1996 2000 2004 2008 2012 2016 2020 T&T Exports Total Exports

ROMANIA
9000 8000 7000 6000 5000 4000 3000 2000 1000

ROMANIA
200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 4000 2000 10000 8000 6000 12000

ROMANIA
160000 140000 120000 100000 80000 60000 40000 20000 1000 900 800 700 600 500 400 300 200 100 0 0 1988 1992 1996 2000 2004 2008 2012 2016 2020 T&T Government Total Government Expenditure Expenditure 5000 10000 15000 20000

Personal Consumption (US$mn)

Capital Investment (US$mn)

Government Expenditure (US$mn)

25000

0 0 1988 1992 1996 2000 2004 2008 2012 2016 2020 T&T Personal Consumption Total Personal Consumption

0 0 1988 1992 1996 2000 2004 2008 2012 2016 2020 T&T Capital Investment Total Capital Investment

ROMANIA
180 160 140 120 100 80 60 40 20 0 1988 1992 1996 2000 2004 2008 2012 2016 2020

ROMANIA
10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0
1988 1992 1996 2000 2004 2008 2012 2016 2020

ROMANIA International Visitor Average Spend (US$)

350 300 250 200 150 100 50 0
1988 1992 1996 2000 2004 2008 2012 2016 2020

Visitor Markets Index (1988=100)

International Visitor Arrivals ('000)

12

WTTC CONTACTS
Jean-Claude Baumgarten President & CEO pamela.priest@wttc.org

The World Travel & Tourism Council is the forum for business leaders in the Travel & Tourism industry.
With the Chairs and Chief Executives of the 100 foremost 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 235 million people and generating 9.4% of global GDP in 2009. 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

Ufi Ibrahim Chief Operations Officer ufi.ibrahim@wttc.org Eva Aimable Policy Analyst eva.aimable@wttc.org Sarieu Caramba-Coker Office Manager sarieu.caramba-coker@wttc.org Nancy Cockerell Adviser, Policy and Research nancy.cockerell@wttc.org

2010
Susann Kruegel Manager, e-Strategy and Tourism for Tomorrow Awards susann.kruegel@wttc.org Jason Norman Director, Finance & Company Secretary jason.norman@wttc.org Alison Osborne Manager, Council Membership alison.osborne@wttc.org Pamela Priest Executive Assistant pamela.priest@wttc.org Paulina Tomczyk Membership Assistant paulina.tomczyk@wttc.org Zheng Yan China Marketing Representative zheng.yan@wttc.org WTTC India Initiative executiveassistant@wttcii.org

Anja Eckervogt Communications Co-ordinator anja.eckervogt@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, Paris, the UAE, Singapore, Philadelphia and New York, Oxford Economics employs over 70 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

2010 World Travel & Tourism Council

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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