GBTA Forecasts Continued Growth in Business Travel Spend in China as Domestic Demand Increases

GBTA Forecasts Continued Growth in Business Travel Spend in China as Domestic Demand Increases PR Newswire BEIJING, October 17, 2012 BEIJING, October 17, 2012 /PRNewswire/ -- Chinese authorities rebalance economy towards domestic growth to counteract impact of Euro crisis The Global Business Travel Association ("GBTA") announces the results of its second GBTA BTI™ Outlook - China report, a semi-annual analysis of one of the largest business travel markets in the world. The report, sponsored by Visa, includes the GBTA BTI™, an index of business travel spending that distills market performance over a period of time. Highlights China's economy has slowed in lockstep with Europe's woes. GBTA forecasts that China's GDP will grow by only 7.8% in 2012, down from 9.2% GDP growth in 2011 Chinese authorities have managed their economy through the global slowdown, with the economy being purposely rebalanced toward domestic growth Chinese business travel will continue to show strong growth over the next 18 months, with total business travel spending forecast to grow by 12.5% in 2012 to $195 billion, followed by another 14.7% in 2013 Domestic business travel will recover sooner and more strongly than international outbound (IOB). In 2012 domestic travel spend will grow by 12.8%. It is expected that in 2013 domestic spend will grow 14.6% reaching $213 billion USD Growth in IOB is forecast to slow considerably over 2012 reaching only 5.5% growth, compared to 12% growth in 2011.