May 09, 2024

Portugal's Travel & Tourism Sector Set for Record Growth in 2024

A Landmark Year Ahead

The World Travel & Tourism Council (WTTC), in collaboration with Oxford Economics, predicts a groundbreaking year for Portugal’s Travel & Tourism sector. With an expected economic contribution surpassing €54 billion, the sector is projected to grow by 24.3% compared to pre-pandemic levels in 2019, and will account for 20% of Portugal's GDP.

Job Creation and Economic Contribution

This resurgence is anticipated to support approximately 1.14 million jobs, an increase of 126,000 jobs from 2019. The sustained #investment and strategic focus from the government are set to propel spending by international and domestic tourists to reach €30.7 billion and €17.9 billion, respectively.

Reflecting on Recent Success

In 2023, the sector saw an 8.6% increase in its economic impact, reaching €52 billion and comprising nearly 19.6% of the national GDP. The sector also supported 1.11 million jobs, marking significant growth in employment. Notably, spending by international visitors rose by 9.2% to €29.6 billion, with domestic tourism also seeing a nearly 5% increase to €17.2 billion.

A Decade of Promising Prospects

Looking ahead, the WTTC forecasts an even brighter future. By 2034, the sector is expected to contribute an estimated €66.5 billion to the national economy, making up 22.4% of Portugal's total economic output. This will position #Travel & #Tourism as a pivotal element of job creation, potentially employing 1.4 million people, or one in every four workers in Portugal.

European Perspective

Across the EU Travel & Tourism also displayed robust growth in 2023, increasing by over 8% to reach a total economic contribution of €1.65 trillion. Employment in the sector exceeded 23.5 million jobs, with international and domestic spending showing strong recovery trends.

Future Outlook

The WTTC's outlook remains optimistic, with predictions of continued growth in the EU, where Travel & Tourism's GDP contribution is expected to near €1.75 trillion. Employment could surpass 24.5 million, with significant rises in both international and domestic spending.

Portugal remains a luminary in the European travel landscape, driving substantial economic growth and job creation. As we look forward to a decade of transformation and growth, the Travel & Tourism sector stands as a cornerstone of not only Portugal’s economy but also as a beacon of cultural and economic vitality in Europe.