The projected rate of growth is expected to increase by another 6.6% in 2015, to €156.8bln (£124.1bln) as overall spending picks up.
This is according to the GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA), which this week announced the results of its latest GBTA BTI Outlook – Western Europe report, a semi-annual analysis of the five most critical business travel markets in Europe: Germany, the UK, France, Italy, and Spain. It says these five markets serve as a good barometer of the health of the entire European business travel market.
The UK had the second highest level of spending on business travel in Western Europe in 2013 - £26.5 bln and GBTA expects spending to increase nearly 5% this year and 6% next year. The UK is also projected to show an increase in outbound business travel - growing by 3.7% in 2014 and another 12.1% in 2015. Italy was the weakest market for growth in business travel spend.
Catherine McGavock, regional director for Europe for GBTA said: "After experiencing many quarters of decline, Europe appears to be stabilizing and starting to bounce back. We still face many hurdles, but it appears the tides are gradually changing for economies all over Europe. This will contribute to a strong 2014 and 2015 for business travel throughout the region."