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, using GDP growth in the tourism sector as a proxy, it is found that New Brunswick is going to drastically undershoot the 57% by 2025. Specifically, attaining a value of $747 million instead of
Tourism in New Brunswick has been fluctuating over the years 2010 to 2019. The reasoning behind this can be attributed 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” due to low tourism advertisements.
Because there is a lack of publicly available data for tourism revenues, the amount of GDP from tourism generated is difficult to measure. However, accommodation 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 Stats Canada. This can be used as a rough proxy to determine approximate revenue amounts.
Tourism is important to New Brunswick as it has a direct impact on the development of its economy. It also contributes towards the generation of employment and income creation.
Travel and tourism industries in New Brunswick can be developed through promotion i.e. tourist boards, guiding services, and tourist information. In addition, it is recommended to lower, and place a realistic value of the set goal of GDP generated through tourism for 2025.