Of the total value added in the Lake Macquarie economy of $8.275 billion it is estimated that tourism contributes $220.701 million or 2.67 % percent.
Definition: Tourism - an amalgam of activities across various industry sectors such as retail, accommodation, cafes & restaurants, cultural & recreational services. The tourism industry sector services the activities of persons travelling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes not related to the exercise of an activity remunerated from within the place visited. Source: Australian Bureau of Statistics National Accounts Tourism Satellite Account
Value added - represents the marginal economic value that is added by each industry sector in a defined region. Value-Added can be calculated by subtracting local expenditure and expenditure on regional imports from the output generated by an industry sector, or alternatively, by adding the Wages & Salaries paid to local employees, the gross operating surplus and taxes on products and production. Value-Added by industry sector is the major element in the calculation of Gross Regional Product.
Source: 2015-16, Australian Bureau of Statistics (ABS), Tourism Satellite Account.