Travel and tourism worth 40.4 billion ME of GDP in 2023 and 56.4 billion ME in 2033

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The travel and tourism sector in Portugal is expected to contribute 40.4 billion euros to GDP in 2023, surpassing the 2019 record of 40.1 billion, predicts the World Travel and Tourism Council (WTTC).

According to WTTC’s Economic Impact Research (EIR) Report released today, the sector is expected to create around 30,000 jobs this year, reaching 950,000 workers and falling just 68,000 jobs short of 2019’s level of just over one million.

The global tourism body forecasts that the sector will increase its contribution to Gross Domestic Product (GDP) to €56.4 billion by 2033, accounting for more than a fifth (21.1%) of the Portuguese economy.

Woman traveling in Lisbon, Portugal
Woman traveling in Lisbon, Portugal

Over the next decade, travel and tourism could employ more than 1.2 million people across the country, with one in four people working in the sector.

Last year, the contribution of travel and tourism to GDP grew 61.6%, reaching almost 38,000 euros, representing 15.8% of the Portuguese economy, with the sector creating 83,000 more jobs than the previous year, reaching 921,000 jobs.

Thus, according to the latest WTTC report, the sector has already recovered more than 90% of the pre-pandemic level of jobs.

Last year also saw the return of international tourists to Portugal, with Spain (16%), France (12%), the UK (11%) and Germany and the USA (both 8%) leading the ranking of the main source markets for international arrivals.

According to the report, in 2022, international tourist spending contributed €21.7 billion to the national economy, registering “impressive year-on-year growth” of 80.4% and falling just 7.7% short of 2019 levels.

Quoted in the document, WTTC CEO Julia Simpson says “Portugal’s travel and tourism sector is recovering strongly, with high visitor demand”.

“The future of the sector is very optimistic. By the end of this year, the sector’s contribution will surpass 2019 levels and over the next decade, growth will exceed that of national GDP and 248,000 new jobs will be created, representing one in four jobs.”

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