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Portugal’s tourism industry will have a record year in 2023.

According to the World Travel & Tourism Council’s latest Economic Impact Report, the tourism industry will have likely exceeded its peak in 2019.

Portugal’s tourism industry will contribute 40,4 billion euros to the economy. This is equal to $45.4 billion. Portugal’s tourism sector generated around 40.1 billion euros or $45.06 billion at its peak in 2019.

Portugal’s tourism industry is also growing. WTTC estimates that Portugal’s tourism industry will create 30,000 new positions this year. The employment level for 2019 is about 68,000 below this figure. This year, the industry in Portugal will employ around 950,000 people.

The figures confirm the strong growth that Portugal’s Minister for State Tourism Nuno Fazenda shared earlier this year.

TravelPulse spoke to Fazenda who was in the United States during the COVID-19 outbreak. She explained how Portugal’s tourism industry is slowly recovering after the epidemic.

The Journey to Recovery

Portugal’s tourism industry has experienced a steady growth in the last few years. Last year, the sector’s contribution grew by a staggering 61.6 percent. The sector’s contribution to the GDP grew by an incredible 61.6 percent last year. This was equivalent to 15.8 per cent of the total economy.

Portugal’s tourism sector also made great strides last year. It added 83,000 new jobs to a total of 921,000. According to the most recent reports from the global tourism organisation, the sector has now reached more than 90% its employment levels before the pandemic.

In the last year, foreign travelers have begun returning to Portugal in order to explore its many attractions. Spain, with 16 percent of the visitors to Portugal’s population, is the largest source. France (12%), UK (11%), Germany (8%) and the U.S. (8%) are also in the top five.

TravelPulse reported in May that U.S. visitors are rapidly becoming an important segment for Portugal, and the fourth largest source of tourists.

Fazenda data revealed that the number of Americans who visited Portugal in 2022 increased by 27 per cent and their expenditure grew by 50 per cent. In the first few months of 2023, U.S. tourism continued to increase. The number of U.S. visitors to Portugal has increased by 26 per cent in just January and Februrary this year.

Total international visitor expenditure in Portugal from 2022 to 2025 will be EUR21.7 billion. (USD24.3billion). This is a growth of 80.4% year-over-year, only 7.7% below the 2019 figures.

Portugal’s travel and tourism sector is experiencing a strong rebound, with a high demand for tourists. The future of the sector is bright. By the end of 2019, the sector’s contribution will surpass that of 2019. In the next decade, the sector will grow faster than the national GDP and create 248,000 new jobs, or one out of four.

The Decade Ahead
According to the Global Tourism Organization, Portugal’s future is even brighter. The country’s contribution to GDP from tourism could reach EUR56.4 Billion ($63 Billion) by 2033. The tourism sector could account for over one fifth of Portugal’s GDP (21,1%) if this were to occur.

Portugal’s tourism industry will employ over 1.2 million people, or about one in four workers.






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