Real spending on travel and tourism slowed in the third quarter of 2012, increasing at an annual rate of 0.6 percent after increasing 2.2 percent (revised) in the second quarter, according to the U.S. Department of Commerce. By comparison, growth in real gross domestic product (GDP) increased 2.7 percent (second estimate) in the third quarter of 2012 after increasing 1.3 percent in the second quarter.
The leading contributors to the increase in the third quarter were “traveler accommodations” and “recreation and entertainment,” which increased 5.3 percent and 7.9 percent, respectively.
Partially offsetting these increases was a 6.2 percent decline in all other transportation-related commodities caused primarily by a downturn in spending on fuel, travel arrangement and reservation services and automotive rental and leasing. Those declines were partially offset by an upturn in spending on “passenger air transportation” and an acceleration in “recreation and entertainment.” Real spending on passenger air transportation turned up in the third quarter, partially offsetting this large downturn.
