Real spending on travel and tourism decelerated in the third quarter of 2014, increasing at an annual rate of 1.3 percent after increasing 3.3 percent (revised) in the second quarter. Real gross domestic product (GDP) also decelerated, increasing 3.9 percent (second estimate) in the third quarter after increasing 4.6 percent.
The leading contributors to the deceleration in the third quarter were “passenger air transportation,” and “recreation and entertainment,” where spending decreased at an annual rate of 5.5 percent.
“Passenger air transportation” turned down, decreasing 7.2 percent in the third quarter after increasing 11.1 percent in the second quarter. “Recreation and entertainment” also turned down, decreasing 5.5 percent after increasing 4.1 percent.
Partially offsetting these downturns, “traveler accommodations” turned up, increasing 8.3 percent in the third quarter after decreasing 0.9 percent, while “shopping” grew at an annualized rate of 2.4 percent, equal to the pace set in the second quarter.
The full report can be viewed online at the Bureau of Economic Analysis.
