Portugal’s tourism sector continued its impressive upward trajectory in July 2024, with revenue from foreign visitors surging to new heights. According to the latest figures released by the Bank of Portugal (BdP), tourism revenue reached a record €3.374 billion, representing a substantial 9.1% increase compared to the same period in 2023. This translates to an additional €282.65 million flowing into the Portuguese economy, demonstrating the sector’s continued strength and resilience.
The growth in tourism revenue is even more impressive when compared to pre-pandemic levels. In July 2019, Portugal recorded €3.092 billion in tourism revenue. Fast forward to July 2024, and the revenue has skyrocketed by €1.091 billion, marking a remarkable 47.8% increase. This staggering growth underscores Portugal’s unwavering popularity as a global travel destination and its strong rebound from the pandemic-induced downturn.
The Bank of Portugal highlights the crucial role tourism exports play in bolstering the country’s balance of services. The surplus in this balance surged from €3.086 billion in July 2023 to €3.423 billion in July 2024. This substantial increase is largely attributed to the contribution of travel and tourism, which added €283 million to the surplus. This positive trend showcases the widespread impact of tourism spending across various sectors of the Portuguese economy.
While foreign visitors are driving the growth, Portuguese travelers abroad are also contributing to the positive momentum. In July 2024, Portuguese tourists spent €879.53 million overseas, a significant 8.7% increase compared to the same month in 2023. This translates to an additional €70.77 million spent abroad. Looking back to pre-pandemic levels, the growth is even more dramatic. In July 2019, Portuguese travelers spent €602.07 million overseas, meaning spending abroad has increased by a staggering 46.1% or €277.46 million since then.
The overall balance for the Travel and Tourism sector also witnessed significant growth in July 2024. The balance surged to €2.495 billion, reflecting a 9.3% increase compared to the same month in 2023. This equates to an additional €211.87 million in revenue. Comparing to pre-pandemic levels, the balance showcases an astounding 48.4% increase, with an extra €813.62 million in revenue.
Looking at the bigger picture, the first seven months of 2024 have been nothing short of exceptional for Portugal’s tourism industry. Cumulative tourism revenue through July reached €14.970 billion, a robust 11.1% increase from the €13.476 billion recorded during the same period in 2023. This translates to an additional €1.494 billion flowing into the economy, highlighting the crucial role tourism plays in Portugal’s post-pandemic economic recovery.
On the spending side, Portuguese travelers abroad continued to boost tourism imports, with cumulative spending reaching €3.685 billion by July. This represents a 7.5% increase compared to the same period in 2023, or an additional €258.06 million. The balance of travel and tourism for the year has reached €11.285 billion, a 12.3% increase from last year, adding €1.236 billion to the overall surplus.
With tourism revenue nearing the €15 billion mark by mid-year, Portugal’s tourism sector remains a driving force in its economy, attracting international visitors while maintaining robust domestic travel activity. Portugal’s remarkable growth in tourism revenue is a clear indicator of its resilience and popularity as a top travel destination, positioning the country for continued success in the global tourism market.
