Portugal’s Travel & Tourism industry is poised for a remarkable year in 2024, with an expected economic impact surpassing €54 billion, according to the World Travel & Tourism Council’s (WTTC) latest Economic Impact Research (EIR). This represents a significant 24.3% surge compared to 2019 levels, solidifying the sector’s pivotal role in driving economic growth. The industry is projected to create 1.14 million jobs, marking a substantial increase of 126,000 jobs from 2019 levels.
In 2023, Travel & Tourism’s contribution to Portugal’s economy rose by 8.6% to €52 billion, accounting for 19.6% of the nation’s total economic output. This surpassed the 2019 peak by 19.5%. The industry supported 1.11 million jobs nationwide, adding 91,000 jobs beyond the 2019 employment peak. International visitor expenditure witnessed a notable 9.2% surge, reaching €29.6 billion, while domestic tourism spending experienced a nearly 5% uptick, totaling €17.2 billion.
The government’s continued focus on Travel & Tourism is evident in the forecasted expenditures from both international and domestic tourists, which are expected to reach €30.7 billion and €17.9 billion, respectively.
Looking ahead, the WTTC paints an exceptionally positive picture for the coming decade. By 2034, the Travel & Tourism sector is anticipated to contribute around €66.5 billion to Portugal’s economy, accounting for 22.4% of the total economy. This expanding sector is also anticipated to be a major driver of job growth, creating employment opportunities for nearly 1.4 million people nationwide, constituting one-fourth of the workforce.
The next decade is poised to be a period marked by significant growth and transformation for Portugal’s Travel & Tourism industry.
On a broader scale, the European Union’s Travel & Tourism sector witnessed a growth of over 8% in 2023, reaching €1.65 trillion, with job numbers surpassing 23.5 million, slightly exceeding pre-pandemic levels. International spending also rose by 11.5% to €471.5 billion, nearing pre-pandemic figures. Domestic visitor spending saw a nearly 5% increase, reaching €963 billion, surpassing pre-pandemic levels.
The WTTC projects continued growth in Travel & Tourism across the region next year, with a GDP contribution nearing €1.75 trillion. Job numbers are expected to exceed 24.5 million, international visitor spending to reach €517 billion, and domestic visitor spending to surpass €982 billion.
