Portugal’s travel and tourism sector is expected to see record growth in 2024, according to the World Travel and Tourism Council (WTTC), calling the outlook for the southwestern European country “very positive”.
20% of Portugal’s economy
Tourism will contribute more than €54 billion to Portugal’s economy this year, accounting for 20% of the country’s GDP, up 25% from 2019, according to the Global Forum’s latest Economic Impact Report, compiled in collaboration with Oxford Economics. It is expected to increase soon.
Furthermore, with the upcoming 2030 Men’s World Cup in Morocco, Portugal and Spain, Portugal’s industry is expected to further expand over the next 10 years, reaching around 66.5 billion euros, or 22.4% of the country’s total economy. An additional 260,000 jobs will be added to the 1.14 million people already employed. WTTC welcomes this positive trend and predicts “a period of remarkable growth and transformation for Portugal’s travel and tourism sector”.
The Portuguese government has invested heavily in travel and tourism, and its efforts are paying off, with the sector growing by 8.6% in 2023 and international tourist spending increasing by 9.2% to 29.6 billion euros. reach. Domestic tourists are also spending more, with Portuguese tourists spending almost 5% more than last year at 17.2 billion euros.
Portugal’s tourism industry is a pillar of the country’s economy, driving growth and providing 1.1 million jobs.
Julia Simpson, President and CEO of WTTC, said:
Recovery across Europe
But Portugal is not the only European country to see a clear recovery in its travel industry. Serbia (+47%), Bulgaria (+39%), Turkiye (+35%) and Malta (+35%) all saw their visitor numbers increase by more than 35%, twice as much as Portugal’s. I am.
© European Travel Board
EU sector value figures for the first quarter of 2024, like Portugal, are higher than the pre-COVID-19 base year of 2019, increasing by 8% to €1.65 trillion in 2023, with employment The number was 23.5 million. Overseas spending rose by 11.5% to 471.5 billion euros, close to pre-pandemic levels. Domestic tourist spending rose by around 5% to 963 billion euros, above pre-pandemic levels.
This means that Portugal is in line with the bloc’s overall growth curve, but slightly below the tourist spending trends of other countries in the bloc.
Unprecedented growth and opportunity
Commenting on the data and forecast, Julia Simpson, President and CEO of WTTC, said: “Tourism in Portugal is a pillar of the country’s economy, driving growth and contributing to 1.1 million jobs. The government’s efforts to encourage tourism have played an important role in attracting more tourists to the country, resulting in unprecedented growth and permanent tourism opportunities from all over the world. The flow of tourists brings a significant economic contribution, Portugal is a top tourist destination and the future of this sector looks very promising.”
