according to WTTC (World Travel and Tourism Council)Portugal’s travel and tourism sector is expected to break a record later this year, surpassing the GDP contribution achieved in 2019, which was €40.1 billion.
In this way, tourism is expected to contribute 40.4 billion euros to the Portuguese economy by the end of 2023, in addition to the fact that jobs in this field will reach 950 thousand, with an increase of nearly 30 thousand new jobs.
2022 retroactively
Last year, the sector’s contribution to GDP grew by 61.6%, reaching nearly €38 billion, representing 15.8% of the Portuguese economy.
The sector also created 83,000 additional jobs compared to the previous year, reaching 921,000 jobs in travel and tourism across the country.
Last year also saw international travelers return to Portugal, with Spain (16%), France (12%), the UK (11%) and Germany and the USA (both with 8%) leading.
In 2022, international visitor spending contributed €21.7 billion to the national economy, which is an impressive year-on-year growth of 80.4% and only 7.7% lower than 2019 levels.
What will the next decade look like?
The global tourism entity expects the sector to increase its contribution to the GDP to €56.4 billion by 2033, accounting for more than a fifth (21.1%) of the Portuguese economy.
In the next decade, the sector could employ more than 1.2 million people across the country, with one in four people employed in travel and tourism.
in Europe
In 2022, the European travel and tourism sector contributed €1.9 trillion to the regional economy, just 7% less than the 2019 peak. €1.9 trillion in 2023 and will be close to a high in 2019.
The sector employed 34.7 million people across the region last year, up 2.9 million year-over-year, but still below its 2019 peak. The WTTC expects the sector to regain the jobs lost during the pandemic by the end of 2024.
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