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The World Travel & Tourism Council‘s 2024 Economic Impact Research (EIR) indicates that Portugal’s Travel & Tourism industry is poised for a significant year, with an expected economic impact surpassing €54 billion. Collaborating with Oxford Economics, the WTTC’s latest findings show a remarkable 24.3% surge compared to 2019, constituting 20% of the national economy and solidifying its pivotal role in driving economic growth.
The sector is projected to create 1.14 million jobs, marking a substantial increase of 126,000 jobs from 2019 levels. With the government’s continued focus on Travel & Tourism, expenditures from both international and domestic tourists are forecasted to reach €30.7 billion and €17.9 billion, respectively.
Reflecting on the previous year, 2023 saw Travel & Tourism’s contribution rise by 8.6% to €52 billion, accounting for 19.6% of Portugal’s total economic output, significantly higher than 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 saw a notable 9.2% surge, reaching €29.6 billion, whereas domestic tourism spending experienced a nearly 5% uptick, totaling €17.2 billion.
Julia Simpson, WTTC President & CEO, said: “Tourism in Portugal is a cornerstone of the country’s economy, driving growth and contributing 1.1MN jobs.
“The Government’s efforts to boost tourism have played a key role in attracting more visitors to the country, leading to unprecedented growth and opportunities.
“The ongoing influx of tourists from around the world has resulted in substantial economic contributions and Portugal is a top travel destination, and the sector’s future looks exceptionally promising.”
How does the next decade shape up?
Forecasts from WTTC paint an exceptionally positive picture for the coming decade. By 2034, the Travel & Tourism sector is expected to play a significant role in boosting Portugal’s economy, contributing around €66.5BN – 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 1.4MN people nationwide, constituting one-fourth of the workforce.
The next decade appears set to be a period marked by significant growth and transformation for Portugal’s Travel & Tourism industry.
Looking at the European Union as a whole,
In 2023, the EU’s Travel & Tourism sector witnessed a growth of over 8%, reaching €1.65TN, with job numbers surpassing 23.5MN, slightly exceeding pre-pandemic levels. International spending also rose by 11.5% to €471.5BN, nearing pre-pandemic figures. Domestic visitor spending saw a nearly 5% increase, reaching €963BN, surpassing pre-pandemic levels.
WTTC projects continued growth in Travel & Tourism across the region next year, with a GDP contribution nearing €1.75TN. Job numbers are expected to exceed 24.5MN, international visitor spending to reach €517BN, and domestic visitor spending to surpass €982BN.
The post Portugal’s World Travel & Tourism Council Set to Soar with a Projected €54 Billion Impact in 2024 appeared first on Travel And Tour World.
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