New Brunswick will increase the amount of GDP generated
through tourism by 57%, reaching $2 billion by 2025.
In a report entitled “New Tourism Economy,” the Government of New Brunswick outlines its tourism growth strategy for 2018- 2025, stating that the province should aim to increase GDP generated through tourism by 57%, which will raise the amount to $2 billion by 2025. However, analyzing the tourism sector GDP growth shows that New Brunswick is going to drastically undershoot the 57% goal by 2025. Specifically, the province is likely to attain a value of only $747 million instead of $2 billion.
Tourism in New Brunswick has been fluctuating between 2010 to 2019. This could be due to rising gasoline prices, increasing exchange rates (USD to CAD), the economic recession, and the fact that New Brunswick is regarded as a "drive-through province” with low tourism advertisements.
Due to a lack of publicly available data for tourism revenues, the amount of GDP from tourism generated is difficult to measure. However, rental room sales and key attraction sites in New Brunswick are available through the provincial government’s Tourism Indicators. In addition, international and interprovincial trade flows data on tourism-related sectors, and some tourism-related GDP, can be applied through Statistics Canada. This was used to determine approximate revenue amounts.
Tourism is important to New Brunswick because it has a direct impact on the development of its economy. It also contributes towards generating employment and income creation.
Travel and tourism industries in New Brunswick can be developed through promotions like tourist boards, guiding services, and tourist information. In addition, it is recommended to lower, and place a realistic value for, the set goal of GDP generated through tourism for 2025.