Official figures undervalue the UK tourism, hospitality and leisure industries by £6.5b, according to the British Hospitality Association (BHA).
Trends and Statistics 2005, published by the BHA, found the value of the industry was £81.5b and not the £75b stated by the Government.
The biggest chunk of turnover comes from eating and drinking out of home, which the report values at £36b - £20.1b of which is spent on food.
Bob Cotton, chief executive of the BHA, said: "This is the first time the figures have been researched in detail. Now that we have a base on which to work, we will be able to examine them in future years and derive up-to-date figures for each category of expenditure."
Overall, the hospitality industry now employs 1.72 million people, with 1.31 million (74%) employed in hotels, restaurants, pubs, clubs, bars and contract catering.
The report also reveals that, between September 2004 and December 2005, 110 hotels with 11,000 bedrooms will have opened in the UK, representing a £1.2b investment.