Real spending on travel and tourism increased at an annual rate of 2.1 percent in the second quarter of 2012 after increasing 4.9 percent (revised) in the first quarter. By comparison, growth in real gross domestic product (GDP) increased 1.7 percent (second estimate) in the second quarter of 2012 after increasing 2.0 percent in the first quarter.
The increase in real spending on tourism reflected increases in “all other transportation-related commodities” and in traveler accommodations. These increases were partially offset by a decrease in passenger air transportation. The deceleration in real spending on travel and tourism primarily reflected a downturn in passenger air transportation and a deceleration in traveler accommodations, which were partially offset by an acceleration in “all other transportation-related commodities.”
Overall growth in prices for travel and tourism goods and services slowed, increasing 0.9 percent in the second quarter of 2012 following a 6.2 percent (revised) increase in the first quarter. The second quarter deceleration in prices for travel and tourism goods and services primarily reflected a downturn in gasoline prices, a major input into all transportation services. This downturn was partially offset by an acceleration in the price for traveler accommodations.

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