Consumption in Portugal grew by 12% in the summer compared to the same period last year, with foreigners contributing to the figure with a 23% increase in card transactions, SIBS said.
“Based on data provided by SIBS Analytics, consumption in Portugal grew by 12% compared to the same period last year,” the entity, which runs Multibanco, explained in a statement.
The organization also indicated that this growth “contributed to an increase in transactions with foreign cards by 23% and national cards by 11%,” and “the average value of each transaction reached 41 euros for national cards and 49 euros for foreign cards.”
According to SIBS, “With regard to consumption with foreign cards, it should be noted that about 60% of it was made by tourists from 5 countries: France (23%), United Kingdom (13%), Spain (12%), USA (6 %) and Germany (6%).
The company’s data also reveals that, regarding Portuguese holidays in Portugal, the Faro region “reveals once again that it is the preferred destination, with about a fifth of operations carried out with national cards more than 50 kilometers from the place of departure. They were carried out in the Algarve region.”
Thus, “78% of the transactions carried out in the Faro region during July and August 2023 originate in seven other regions of Portugal: Braga, Porto (8%), Aveiro, Coimbra, Santarem, Lisbon (14%) and Setubal.”
Portuguese transactions abroad in July and August “grew by 19% compared to the same period in 2022, with 73% of the total weight of Portuguese transactions abroad distributed between Spain (42%), France (17%), and Italy (6%).” . Germany (4%) and Belgium (4%).
SIBS revealed that the accommodation and entertainment sectors recorded significant growth compared to the same period in 2022, by 24% and 23%, respectively, followed by restaurants (+19%) and transportation (+11%).
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
