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Portugal’s Travel & Tourism Could Surpass Pre-pandemic Levels in 2023

portugal tourism gdp

Employment in the sector could also exceed 2019 levels next year

Portugal is set to be the fourth most popular European destination amongst travellers this summer

Growth rates in Travel & Tourism set to outstrip Portugal GDP at 3.4% per annum over next decade with some 200,000 new jobs

London, UK: The World Travel & Tourism Council ( WTTC ) has revealed the Travel & Tourism sector in Portugal will drive the national economic recovery and could even surpass pre-pandemic levels next year, when it is projected to rise nearly 4.8% above 2019 levels.

The forecast from WTTC’s latest Economic Impact Report (EIR) shows the sector’s total contribution to GDP could reach nearly €39.5 billion next year, representing 17.4% of the total economy.

Employment in the sector could also exceed 2019 levels, creating more than 3,200 additional jobs, to reach more than one million by the end of 2023.

According to the global Tourism body’s latest data, Travel & Tourism’s GDP is expected to grow at an average of 3.4% annually over the next decade, more than three times the 1.1% growth rate of the country’s overall economy, to reach more than €50 billion (20.2% of the total economy) by 2032.

The forecast also reveals the Travel & Tourism sector in Portugal, is expected to create nearly 193,000 jobs in the next 10 years, averaging over 19,000 new jobs every year, reaching more than 1.1 million employed within the sector by 2032.

After the devastating impact of COVID-19, Portugal is showing a strong recovery, by the end of this year the sector’s total contribution to GDP is expected to grow 54.7% to more than €35.8 billion, amounting to 16.2% of the total GDP.

Employment in the sector is set to grow 5.6%, to reach nearly more than 953,000 jobs.

According to WTTC’s knowledge partner ForwardKeys, latest flight booking data shows a promising summer for the southern European country.

Flight booking data shows that Portugal is set to be the fourth most popular European destination this summer, with a 179% year-on-year increase of international arrivals, and only 9% behind pre-pandemic levels.

The data shows flight bookings overtaking pre-pandemic levels, with bookings from the U.S., Netherlands, Denmark, and Germany, up 41%, 36%, 29%, and 11%, respectively.

Julia Simpson, WTTC President & CEO, said: “COVID-19 wreaked havoc on Portugal’s Travel & Tourism, affecting millions of livelihoods and impacting the national economy.

“The future for Travel & Tourism in Portugal is very optimistic. Growth will outstrip the national GDP and create almost 200,000 new jobs over the decade. The Portuguese government is doing a great job.”

Rita Marques, Secretary of State for Tourism of Portugal, said: “Our aim is clear - we want to position Portugal as one of the most competitive, safe and sustainable tourist destinations in the world.

“In the face of this goal, we are happy to partner with WTTC to ensure that tourists and companies know, understand, and are interested in making a commitment to achieving sustainable tourist destinations. For a better planet, a better tourism.”

Portugal’s Travel & Tourism total contribution to GDP represented 17.1% (€37.6 billion) in 2019, plummeting to just 8.7% (€17.4 billion) in 2020, halving the sector’s contribution to total economy (53.6%).

The sector also supported more than one million jobs, before the pandemic brought international travel to a complete halt, which resulted in a loss of 160,000 (15.6%), falling to 850,000 in 2020.

WTTC’s latest EIR report also reveals that 2021 saw the beginning of the recovery for the country’s Travel & Tourism sector.

Last year, its contribution to GDP climbed 32.6% year on year, to reach €23.1 billion.

However, the recovery of jobs was slower with just 50,000 Travel & Tourism jobs created, to reach 900,000.

The global tourism body says the sector’s contribution to the economy and employment could have been higher if it weren’t for the impact of the Omicron variant, which led to the recovery faltering around the world, with many countries reinstating severe travel restrictions.

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Travel, Tourism & Hospitality

Share of travel and tourism spending in Portugal 2019-2021, by origin

Distribution of expenditure by tourists in portugal from 2019 to 2021, by traveler origin.

Additional Information

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2019 to 2021

based on constant 2021 prices and exchange rates

Data for 2020 was retrieved from a previous report.

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  • Tourist arrivals in accommodation in Portugal 2010-2022

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  • Inbound tourism volume in Portugal 2019-2023, by destination region
  • Tourism contribution to GDP in Portugal 2019-2023
  • Inbound overnight tourism volume in Portugal 2015-2023
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Statistics on " Travel and tourism in Portugal "

  • Sales of the Portuguese tourism sector 2010-2022
  • Share of tourism enterprises in Portugal 2022, by size
  • Enterprises operating in the Portuguese tourism sector 2010-2022
  • Tourism employment in Portugal 2010-2022
  • Overnight stays by visitors in Portugal 2022, by region
  • Leading European countries for traveling by car 2022
  • Tourism balance of payments in Portugal 2010-2022
  • Inbound tourism spending in Portugal 2010-2022
  • Outbound tourism spending in Portugal 2010-2022
  • Per capita daily spend by Portuguese travelers 2019-2022
  • Per capita spend by Portuguese domestic and outbound travelers 2019-2022
  • Per capita daily spend by Portuguese travelers 2022, by travel reason
  • Inbound tourism volume in Portugal 2022, by place of residence
  • Monthly number of foreign guests at lodging businesses in Portugal 2019-2023
  • Overnight stays by inbound visitors in Portugal 2011-2022
  • Number of Portuguese travelers 2011-2022, by gender
  • Participation in tourism for personal purposes in Portugal 2012-2022
  • Portuguese tourists for personal purposes 2022, by age
  • Largest hotel groups in Portugal 2023, by hotel capacity
  • Largest hotel brands in Portugal 2023, by hotel capacity
  • RevPAR in the Portuguese lodging industry 2018-2023
  • ADR of the Portuguese lodging industry 2018-2022
  • Hotel bed occupancy in Portugal 2012-2022
  • Share of overnight stays by travelers in Portugal 2022, by tourist origin

Other statistics that may interest you Travel and tourism in Portugal

  • Basic Statistic Tourism contribution to GDP in Portugal 2019-2023
  • Premium Statistic Sales of the Portuguese tourism sector 2010-2022
  • Premium Statistic Share of tourism enterprises in Portugal 2022, by size
  • Premium Statistic Enterprises operating in the Portuguese tourism sector 2010-2022
  • Premium Statistic Tourism employment in Portugal 2010-2022
  • Premium Statistic Overnight stays by visitors in Portugal 2022, by region
  • Basic Statistic Leading European countries for traveling by car 2022

Expenditures

  • Premium Statistic Tourism balance of payments in Portugal 2010-2022
  • Premium Statistic Inbound tourism spending in Portugal 2010-2022
  • Premium Statistic Outbound tourism spending in Portugal 2010-2022
  • Premium Statistic Per capita daily spend by Portuguese travelers 2019-2022
  • Premium Statistic Per capita spend by Portuguese domestic and outbound travelers 2019-2022
  • Premium Statistic Per capita daily spend by Portuguese travelers 2022, by travel reason

Inbound tourism

  • Premium Statistic Inbound overnight tourism volume in Portugal 2015-2023
  • Premium Statistic Inbound tourism volume in Portugal 2022, by place of residence
  • Premium Statistic Monthly number of foreign guests at lodging businesses in Portugal 2019-2023
  • Premium Statistic Inbound tourism volume in Portugal 2019-2023, by destination region
  • Premium Statistic Overnight stays by inbound visitors in Portugal 2011-2022

Domestic and outbound tourism

  • Premium Statistic Number of Portuguese travelers 2011-2022, by gender
  • Premium Statistic Participation in tourism for personal purposes in Portugal 2012-2022
  • Premium Statistic Portuguese tourists for personal purposes 2022, by age

Lodging industry

  • Premium Statistic Largest hotel groups in Portugal 2023, by hotel capacity
  • Premium Statistic Largest hotel brands in Portugal 2023, by hotel capacity
  • Basic Statistic Tourist arrivals in accommodation in Portugal 2010-2022
  • Premium Statistic RevPAR in the Portuguese lodging industry 2018-2023
  • Premium Statistic ADR of the Portuguese lodging industry 2018-2022
  • Premium Statistic Hotel bed occupancy in Portugal 2012-2022
  • Premium Statistic Share of overnight stays by travelers in Portugal 2022, by tourist origin

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The relevance of tourism in Portugal’s national accounts and foreign balance

The Portuguese tourism sector is making headlines, with its exuberant statistics and optimism surrounding its future outlook. In this article we present the key figures of the tourism sector and their impact on the macroeconomic accounts.

Monumento a los Descubrimientos, Lisboa. Photo by Portuguese Gravity on Unsplash

Portugal benefits from distinctive competitive factors which have provided a boost to the sector, especially over the last decade. In fact, Portugal holds 16 th position in the ranking of the most competitive countries in terms of tourism and it enjoys a particularly strong position in the categories of Tourist Service Infrastructure (2 nd position), Safety and Security (11 th ) and Health and Hygiene (14 th ). 1 The sector’s relative importance can serve to oil the cogs of the Portuguese economy, although it also acted as a headwind during the pandemic, when the collapse in tourism activity was responsible for two-thirds of the contraction in GDP in 2020; in other words, of the 8.3% decline in GDP, 5.5 pps were due to the drop in tourism. As can be seen in the table, the 49% collapse in tourism spending 2 resulted in the aforementioned fall in GDP, reducing the relative weight of tourism in the country’s GDP to 8.4%. In April 2020, the proportion of hotel establishments that were either shut or empty reached a shocking 88.5%. This highlights the particular risks of this sector, as it is exposed to factors often beyond the government’s control: pandemics, acts of terrorism, natural disasters, climate change, etc. Fortunately, the recovery was equally as rapid as the decline: in 2022 tourism revenues, measured according to the Satellite Accounts, had rallied by 79% (to more than 37 billion euros) and were responsible for 68% of the growth in GDP.

  • 1. See the World Economic Forum study, «Travel and Tourism Development Index», 2021 edition, which includes 117 countries.
  • 2. Refers to tourism consumption in the economic territory per the Tourism Satellite Accounts, which encompass incoming tourism (non-resident visitors), domestic tourism consumption (resident visitors travelling within the country, as well as the internal consumption made by visitors residing in the country during tourist trips abroad – an internal consumption component of outgoing tourism), and the various other components of tourism consumption that are not disaggregated by type of tourism and visitor. The rest of the components also include products where the corresponding expenditure is the responsibility of general government institutions, but where consumption occurs at the individual level.

Portugal: weight of tourism expenditure (Tourism Satellite Accounts)

On the other hand, exports of tourism services have enjoyed an impressive trajectory. Data from the World Trade Organization (see second chart) show that, contrary to what happened in other European countries with a strong tourism sector, such as France and Italy, Portugal has been increasing its share of the global tourism market, almost doubling it between 2010 and 2022 (from 1% to 1.8% of the world total).

Exports of tourism services as a proportion of the global total, by country

Another way to measure the sector’s performance is using data on visitor arrivals, in this case from the post-pandemic period. Globally, international tourist arrivals in 2022 and Q1 2023 were still below 2019 levels (–34% and –20%, respectively); however, in Portugal these levels have already been surpassed in the current year (+14% in Q1 2023 compared to Q1 2019). This means that, even in a context of decreasing activity, Portugal grew in both absolute terms (number of visitors) and relative terms (market share).

The third chart clearly illustrates the support which tourism provides for the foreign accounts: between 2013 and 2019, the current account balance recorded surpluses, but without the contribution of the tourism balance these would have been deficits. Since 2020, these balances have once again been in deficit due to the impact of COVID, but in 2022 the current account deficit would have been much greater 3 had it not been for the contribution of the tourism surplus (as a result of the energy crisis and the resulting import prices of energy commodities). The tourism balance has contributed almost 70% of the surplus in the balance of services in the last year.

  • 3. 18.7 billion euros, or around 8% of the GDP of that year.

Portugal: foreign balance

What impact can we expect to see in 2023 in the national accounts? Our outlook is that the global number of tourists this year will exceed that of 2019 by 9%. Using econometric models that relate these forecasts with tourism exports, tourism GVA and GDP, we reach a value of 16.9% (i.e. the expected weight of tourism in GDP in 2023, see last chart). In other words, the direct and indirect weight of tourism in Portuguese GDP will increase by another 1.1 pps compared to 2022; a value very similar to that estimated by the WTTC 4 (16.8%), which even projects that this figure will increase to over 20% by 2033 (21.1%).

  • 4. World Travel & Tourism Council.

Portugal: GVA of tourism and weight of tourism in GDP

Portugal’s ability to continue to attract tourists will depend on the sum of the skills of the sector’s entrepreneurs and business leaders, together with the favourable context which the state must provide – in terms of efforts made to promote the country’s destinations and providing adequate infrastructure. It is important to try to reduce seasonality and increase territorial diversity, as well as to develop the sector in a careful and balanced way, since the sustainability of destinations is also an aspect that is increasingly valued by tourists when planning their trips.

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Portugal Tourism Revenues

Tourism revenues in portugal increased to 1937.42 eur million in march from 1422.05 eur million in february of 2024. tourism revenues in portugal averaged 772.46 eur million from 1996 until 2024, reaching an all time high of 3923.81 eur million in august of 2023 and a record low of 179.73 eur million in april of 2020. source: banco de portugal,   markets,   gdp,   labour,   prices,   money,   trade,   government,   business,   consumer,   housing,   taxes,   energy,   health,   climate.

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Tourism rebounds in Portugal from pandemic slump, but return to record unlikely

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Perspectives on travel recovery: Portugal

McKinsey estimates that between 2020 and 2023 Portugal could lose €60 billion of GDP (equivalent to 26% of GDP levels in 2019), considering both direct and indirect and induced effects. Additionally, up to 600,000 jobs could be affected, some of which may not be recovered in the future.

Domestic tourism may not recover pre-COVID levels until 2023, and international tourism (which is about four times larger than domestic tourism) until 2024.

Dependence on air travel, regional asymmetry in healthcare services and higher share of MICE create additional hurdles for tourism recovery in Portugal and require decisive action by stakeholders.

Three priorities emerge for a faster (and more sustainable) recovery. First, businesses need to decisively enhance competitiveness most notably through digitalization. At the same time, Portugal needs bigger players and new collaboration models are to be developed. Above all, there has to be an effort to reimagine tourism and create a new paradigm for its future development.

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Travel & Tourism Development Index 2024

portugal tourism gdp

The Travel & Tourism Development Index (TTDI) 2024 is the second edition of an index that evolved from the Travel & Tourism Competitiveness Index (TTCI) series, a flagship index of the World Economic Forum that has been in production since 2007. The TTDI is part of the Forum’s broader work with industry and government stakeholders to build a more sustainable, inclusive, and resilient future for economies and local communities.

portugal tourism gdp

Complete guide to Portugal Golden Visa program 2024

T he Portugal Golden Visa program, the residence permit for investment activity (ARI), is an investment-based residency program for non-EU citizens.

Portugal started the scheme in October 2012. The primary goal was to attract international capital into the country most seriously needed after the recent economic crisis of 2008. The project came to be very productive in the sense that it raised more than €7.5 billion during those years.

Portugal is a fairytale space with many kilometers of coastline, a climate with a high amount of sun, warm and welcoming people, and delicious cuisine. To top it off, it offers this excellent lifestyle with a very low cost of living. This is because Portugal is an attractive place for foreign investors who want to obtain the right to live, study, and work there.

For the final point, the Portugal Golden Visa Program provides a passage to permanent residency or citizenship in Portugal within five years.

What Is So Unique about the Portugal Golden Visa?

You can join the residency by investing at least €250,000. It is one of the lowest minimum threshold investments in Europe.

You don't need to migrate to Portugal to renew your residence permit. You will be satisfied staying in our country for seven days each year.

You can apply for Portuguese citizenship in the fifth year of your residency there. 

After you get citizenship in Portugal, you can travel to 191 visa-free countries.

Visa-free travel

The issuance of a Golden Visa permit to you will be registered in the central system of the Schengen Area. Thus, you can travel within the EU border between the Member States without any visa necessity.

Therefore, after staying for five years, when you're eligible to apply for Portuguese citizenship, you may also become a Portuguese passport holder. Your Portuguese passport may give you access to 191 countries without a visa.

Family Reunification

The main applicant can broaden his Portuguese Golden Visa so that the family is involved. In one go, both the main applicant and their dependents can apply.

The following members of the family who can apply along with the main applicant: 

Childish daughters financially depended on their parents.

  • The parents of the main applicant might be older, as the applicants are over 65 years old.

Tax Benefits

Portugal's Golden Visa Program does not mean you will have to pay any taxes to the country if you do not attend there more than 183 days in the year. If you apply this as well, then you become a Portuguese taxpayer.

This article will discuss the Portuguese tax benefits for foreigners who may be considering moving to Portugal and becoming tax residents. The NHR program is no longer available in Portugal, but the government provides the best taxation system for those living as tax residents.

Citizenship and Passport

After five years, you may apply for the Citizenship of Portugal Program, and you will possess a Golden Visa from this country.

We will facilitate quick and efficient settlement of any past due tax payments in Portugal.

You may need more assistance besides the Portugal discharge record and your own country.

Important Note: By the turn of 2024, the Portuguese Parliament had enacted modifications to the legal provisions and amendments to the calculation of the citizenship law residency period for naturalization. You start your five-year period on ranking right from the moment you submit your application instead of from the date you receive your residence permit.

Living, Working, and Studying in Portugal

Portuguese Golden Visa permits you to reside, work, and study in Portugal.

In the case of your decision to relocate to Portugal permanently with the Portuguese golden visa, you will be obligated to have medical insurance. You will also continue to enjoy public service facilities such as health care and education.

Public schools are based on Portugal's curriculum, though many private British and American international schools are also there.

With a work permit, you can work anywhere in Portugal and find and own your own business.

Overall Benefits

Since a Portuguese Golden Visa grants you the privilege of residing and working in Portugal, you aren't legally bound to undertake these acts. The country grants beneficial tax conditions if you decide to leave for Portugal. Under this Golden Visa, you have no restrictions to freely travel in the European nations that signed up for the Schengen visa zone cooperation. By possessing the Golden Visa in Portugal for five years, you can apply to become a full citizen or get a permanent residency and passport. 

What is the eligibility criteria for a Golden Visa in Portugal?

Nationalities.

Applicants lacking a Passport of EU/EEA/Swiss origin can access the Portuguese Golden Visa without any restrictions.

Pre-requisites

Not only will you be eighteen years of age and have a clear criminal record from your home country, but your clean record from Portugal will also be necessary. The capital to be invested in Portugal will come from a different country.

Golden Visa Minimum Investment

Solely Portugal is a 'Golden Visa' qualified purchaser, so the investment must be placed. Funding is categorized as something venture capital funds offer to the beginning months of the company, as well as employer responsibilities and donations. 

Family Members

The question of whether the Golden Visa Portugal Funds could be extended to other family members was under the Family Reunification Act. Finally, a fully itemized list of all the people you can include as dependents has been provided in detail on our website.

“This content was created with the help of AI”

The Portugal Golden Visa program, the residence permit for investment activity (ARI), is an investment-based residenc

Passport to Portugal: Six ways to dive into its culture

Marisa Megan Paska

May 17, 2024 • 6 min read

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Few countries pack as much to do into one small space as Portugal © Giacomo Augugliaro/ Getty Images

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Few countries pack as much into one small space as Portugal . Neolithic carvings, Roman ruins and Moorish castles sit side-by-side with breathtaking mountain ranges, blue-flag beaches, canal-lined cities and enchanting villages.

Summer festivals pop up in otherwise quiet countryside towns and adventure sports alight on the coast and in the mountains, while artisan producers and makers fill shops, markets and homes with farm-to-table meals and hand-crafted wares.

Music, art, history and culture are interwoven into the fabric of the nation, making Portugal more than just a great place to visit – it’s a destination that literally has something for everyone.

Here are some of our favorite ways to take a deep dive into everything Portugalia.

Planning a trip to Portugal? Copy this weekend trip to Lisbon

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Catch a Fado show in Coimbra

One of the first things that comes to mind when you think of Portugal is inevitably Fado. This unique music was born in the taverns of Lisbon , followed closely by a second genre of Fado that’s native to the north-central city of Coimbra .

Coimbra is home to the oldest Portuguese-language university in the world (whose dress code helped to inspire the Harry Potter school uniforms), where groups of students would gather in the streets to sing of love, longing and their beloved university.

Unlike Lisboa’s Fado, Coimbra’s Fado is meant to be sung outdoors, not in taverns, and the guitar is tuned lower to better fit the outdoor acoustics. The lyrics are poetic, well-rehearsed and typically more hopeful than the Lisboete style, and performers (who are all male) wear the requisite black university dress and cape to this day.

Catch a show at one of Coimbra’s most iconic Fado houses, like à Capella or Café Santa Cruz .

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Delve into Portugal’s artistic traditions

The Portuguese countryside oozes cultural heritage, and you can visit its unique offerings in villages from the north to the south.

Stop by Podence or Lazarim during Carnival to see the Caretos dressed in their iconic colorful costumes or wooden devil masks or head down to Alentejo, where artisan craftsmanship is alive and well. At the local markets – some of which, like the monthly Azeitão Market, are events unto themselves – you’ll see age-old basketweaving, ceramics, leather and tapestry techniques on display (don’t forget to take home some souvenirs).

In the Portuguese art world, quality trumps quantity. You may not find massive art institutions here, but you will find galleries showcasing unique works from the past and present – including homegrown Portuguese legends. Check out the Museu Coleção Berardo in Lisbon’s Centro Cultural de Belém for some of the country’s most daring exhibits; in Cascais , a celebration of Paula Rego – one of Portugal’s finest postwar painters; and in Porto , the cutting-edge exhibits in the art-deco mansion of Sarralves .

From Globus | Art & Soul: Portugal By Design , No matter how you awaken your spirit in Portugal, with complimentary YourChoice Excursions, you choose how to be moved.

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Eat your Heart Out

There’s another form of artisanal production that makes Portugal famous – and this one’s edible.

Take a trip through the flavors of the nation, munching on cheese from the Serra de Estrela ; olive oil from Alentejo; or canned sardines from Pinhais in Matosinhos – the only cannery whose process is still 100 percent artisanal (aka, they do everything by hand).

Small batch growers, local artisanal farmers and producers make wine, cheese, olive oil, honey, conserves, sweets and more, all over the country, with each product defining the region it came from.

There’s also wine from the Douro to be savored (or port wine from Porto, should you prefer), Nevadas from Pencova to munch on and the unmissable Pastel de Belém, sold just outside of the Mosteiro dos Jerónimos , where the delectable sweet was born.

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Get Outdoors

After all that eating, you might be craving some time outdoors – and whether you’re looking to lie down on a beautiful, blue-flag beach, take a scenic hike through the hills or paddle into the Atlantic’s waters, Portugal’s got you covered.

Surf fanatics should visit the World Surf Reserve in Ericeria , see the WSL event in Supertubos in Peniche or watch the world’s largest wave break from Nazaré’s clifftops.

For those into trekking, take a walk on the breathtaking Rota Vicentina along Alentejo’s southern coastline or hike through the Peneda-Gerês National Park – one of the country’s best-kept secrets.

Beach lovers will of course flock to the Algarve’s sunny shores, but it would be a mistake to overlook the more authentic offerings along the shores of the Silver Coast – the less-crowed stretch of coastline between Ericeira and Porto, where Santa Cruz and Figueira da Foz are two all-time favorites.

From Globus | Taste of Portugal – From Porto to Lisbon, your senses are filled with visions of natural wonder, wonderful wines, tempting tastes and amazing artistry on this escorted tour.

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Take in Some History

Now that you’re rested, it’s time to discover a bit more about Portugal’s past – which includes every major player from the Celtics to the Romans to the Moorish Empire. The best Roman ruins are found in Evora , a UNESCO World Heritage city and the capital of Alentejo. Evora’s 2,000-year-old Temple of Diana is one of the most important and iconic ruins in the country – although it’s dwarfed in size by the Roman ruins of Conímbriga , outside of Coimbra.

The Moors had their strongholds further South, where towns like Aljezur (whose name comes from the Arabic word aljezeer , meaning, ‘the island’) and Silves (home to one of the most complete Moorish castles) still bear their mark. In Mertola , near the coast of Spain, there is even an annual celebration of Moorish history and Arabic culture at the incredibly animated annual Islamic Festival. 

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Soak in the City of Light

Then of course there is the start and end to nearly any Portugal itinerary: Lisbon, the capital city, aka a Cidade de Luz (the City of Light.) They weren’t kidding, either. Lisbon's postcard-perfect panorama of cobbled alleyways, ancient ruins and white-domed cathedrals is a captivating scene crafted over centuries.

While you’re wandering through Barrio Alto’s narrow streets or strolling along the Tejo River, watch how the light reflects off the azulejo (ceramic tile) covered buildings and dances along the water. Enjoy a spectacular sunset from one of Lisbon's twenty miradouros (look out points), like the Miradouro de Santa Luzia or the Miradouro de São Pedro de Alcântara .

From Globus | Portugal In Depth – From the granules of golden sand to the rich nuggets of history, this enlightening tour of Portugal introduces you to the brightest sights of the country.

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Globus Tours connect you to the best of Portugal

Trying to fit all that a country has to offer into one itinerary can be more than challenging, which is why it pays get some help. No matter your interests, Globus Tours has a getaway for you, your family or your group (or can easily personalize or create a bespoke one that fits all your needs ).

Whether you’re looking for a classic Portuguese Escape , are hoping to find the Art & Soul of the country or need an "Escape" from the crowds , it’s easy to let Globus Tours handle the planning while still giving you the flexibility to choose your own activities.

If you have the time, add on the Azores Islands to your trip . Residents of this tiny archipelago have a slower, more friendly, authentic way of living, which makes for an unforgettable end to any Portuguese adventure.

Sponsored by Globus

As a travel entertainment and inspirational media outlet, we sometimes incorporate brand sponsors into our efforts. This activity is clearly labeled across our platforms.

This story was crafted collaboratively between Globus and Lonely Planet. Both parties provided research and curated content to produce this story. We disclose when information isn’t ours.

With sponsored content, both Lonely Planet and our brand partners have specific responsibilities:

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Portugal 4th for highest weight of interest paid in GDP

In 2023, Portugal recorded one of the highest values in the weight of interest paid in GDP (2.2%), surpassed only by Spain, Greece and Italy, while the euro area average was 1.7%.

By TPN/Lusa, in News , Portugal , Business · 17 May 2024, 08:05 · 0 Comments

portugal tourism gdp

In detailed data relating to public expenditure in 2023, INE notes that Portugal recorded last year “one of the highest values in the weight of interest paid in GDP (2.2%), being surpassed only by Spain, Greece, and Italy (with 2.5%, 3.5%, and 3.8%, respectively)”.

According to the institute, these countries “also presented a high level of public debt measured as a percentage of GDP”. In 2023, the euro area average was a weight of interest paid on GDP of 1.7%.

Data released by INE indicate that last year, Portugal paid around 5.7 billion euros in interest on its public debt, which represented an increase of 23.3% (around one billion euros ) compared to the 2022 value.

This evolution is attributed to the increase in interest rates, breaking the downward trend that began in 2015, the year following the conclusion of the Economic and Financial Assistance Program.

According to the statistical institute, the amount paid in interest in 2023 is close to that paid in 2020 (5.8 billion euros) and represents around two-thirds of the amount paid in 2014.

In the opposite direction of interest, the gross debt of public administrations (consolidated) showed, in 2023, a reduction of nine billion in its nominal value.

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  • Portugal aims to reach 2%/GDP defence spending goal by 2030

BERLIN, May 24 (Reuters) - Portugal's new government will work to increase the defence spending to 2% of gross domestic product by 2030 in line with the country's NATO commitments assumed by the previous administration, Prime Minister Luis Montenegro said on Friday.

"Our commitment to NATO is total. It can't be just words, it also has to materialise," Montenegro said, speaking to reporters in Berlin alongside German Chancellor Olaf Scholz. (Reporting by Thomas Escritt in Berlin, Patricia Rua and Andrei Khalip in Lisbon)

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  1. Expenditure of international tourists in Portugal 2021

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  2. Portugal Economy Infographic Graphic by terrabismail · Creative Fabrica

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  3. Total tourism contribution to GDP in Portugal 2020

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  4. Where Tourism Gives The Biggest Economic Boost [Infographic]

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  5. Portugal GDP per capita PPP

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  6. Check Out Our Latest Map to Know Which Countries Rely the Most on Tourism

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COMMENTS

  1. Travel and tourism in Portugal

    Tourism: a pillar of economy in Portugal. Tourism was one of the main sectors contributing to the Portuguese gross domestic product (GDP) in 2023, having generated more than 42 billion U.S ...

  2. Tourism contribution to GDP in Portugal 2023

    Published by Beatriz Luz , Apr 12, 2024. Portugal experienced a recovery of over 30 percent in the total travel and tourism contribution to its gross domestic product (GDP) in 2021, after a strong ...

  3. Travel and tourism worth a fifth of Portugal GDP

    Last year, the contribution of travel and tourism to GDP grew by 61.6%, reaching almost 38,000 euros, representing 15.8% of the Portuguese economy, with the sector creating 83,000 more jobs compared to the previous year. According to the latest WTTC report, the sector has already recovered more than 90% of the pre-pandemic level of jobs.

  4. Portugal

    Tourism is a significant part of Portugal's economy, directly accounting for 8.1% of GVA in 2019. This fell sharply to 4.8% in 2020, with preliminary estimates from the Tourism Satellite Account for 2021 pointing to an increase to 5.8% of national GVA (up 27.3% on 2020). Tourism accounted for 20% of exports in 2019, falling to 10% in 2020 ...

  5. Portugal's Booming Tourism Sector Sets New Record for Revenue

    Tourism revenue increased to more than €25 billion in 2023 compared to €21.1 billion the previous year, Secretary of State for Tourism, Trade and Services Nuno Fazenda said in comments to ...

  6. Portugal

    According to the Tourism Satellite Account, tourism employed 9.0% of the working population in 2017, 413 000 people, growing by 8.7% over the previous year, again much higher than the broader economy (3.4%). Travel exports accounted for 51.1% of total service exports in 2018. Portugal's tourism sector has exhibited significant recent growth ...

  7. Preliminary overview 2023

    Tourism is a fundamental economic activity for the generation of wealth and employment in Portugal and tourism data for 2023 reaffirm this importance. In 2023, the tourism sector surpassed pre-pandemic levels in the main demand indicators (up 10.0% in overnight stays; up 10.7% in guest numbers and up 18.9% in revenue from tourism), breaking new ...

  8. News Article

    Growth rates in Travel & Tourism set to outstrip Portugal GDP at 3.4% per annum over next decade with some 200,000 new jobs London, UK: The World Travel & Tourism Council ( WTTC ) has revealed the Travel & Tourism sector in Portugal will drive the national economic recovery and could even surpass pre-pandemic levels next year, when it is ...

  9. Tourism spending by tourist origin in Portugal 2021

    Published by Beatriz Luz , Jan 30, 2024. In Portugal, international tourists contributed to the highest share of total travel and tourism spending in the past years. In 2021, for instance ...

  10. The relevance of tourism in Portugal's national accounts and foreign

    Portugal benefits from distinctive competitive factors which have provided a boost to the sector, especially over the last decade. ... (i.e. the expected weight of tourism in GDP in 2023, see last chart). In other words, the direct and indirect weight of tourism in Portuguese GDP will increase by another 1.1 pps compared to 2022; a value very ...

  11. Portugal: Travel and tourism account as a % of GDP

    Pre 2.4. Sources/Entities: INE, BdP, PORDATA. Last updated: 2024-03-25. More options and data. Deepen your analysis. See and compare data and years. Find here the updated statistics of Travel and tourism account as a % of GDP in Portugal. Discover more!

  12. TravelBI by Turismo de Portugal

    Tourism Outlook - 2022. Tourism Outlook gathers the main performance indicators of the sector, in Portugal, on a monthly basis. In 2022, overnight stays amounted to 69,7 million and increased by 86,7% (+22,6% in residents and +150,8% in foreigners). Comparing with the same period of 2019, overnight stays decreased by 0,7%, as a result of the ...

  13. Portugal Tourism Revenues

    Tourism Revenues in Portugal increased to 1421.86 EUR Million in February from 1411.51 EUR Million in January of 2024. This page provides - Portugal Tourism Revenues- actual values, historical data, forecast, chart, statistics, economic calendar and news.

  14. PDF 2023 Country Report

    Portugal's significant post-pandemic economic recovery fuelled by a strong rebound in tourism has slowed. GDP growth increased from 5.5% in 2021 to 6.7% in 2022. By the first quarter of 2022, Portugal had already fully recovered the large loss in economic activity in 2020. However, after a

  15. Travel & Tourism Economic Impact 2018 Portugal

    PORTUGAL: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO GDP PORTUGAL:TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO GDP 1 All values are in constant 2017 prices & exchange rates TRAVEL & TOURISM'S CONTRIBUTION TO GDP1 The direct contribution of Travel & Tourism to GDP in 2017 was EUR13.2bn (6.8% of GDP). This is forecast to rise by 5.4% to EUR13.9bn in ...

  16. Portugal's flourishing tourism becomes economic mainstay

    The data showed that the total contribution of travel and tourism to Portugal's GDP reached 17.3 percent, or 33.5 billion euros ($41.1 billion), last year. It is forecast to reach 20.5 percent of ...

  17. Travel & Tourism sector's contribution to Portugal's GDP dropped by €21

    The annual EIR from the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, shows the sector's contribution to GDP dropped 56.4% in 2020.Following 10 consecutive years in which its Travel & Tourism sector's growth outpaced that of the overall economy, its contribution fell from €37 billion (17.1%) in 2019, to €16 billion (8.1%), just 12 ...

  18. Developments and Prospects for The Tourism Sector in Portugal?

    Portugal is among the most tourism reliant countries in Europe. In 2019, the tourism sector accounted for around 15 percent of GDP and 18 percent of employment.2 Tourism exports represent nearly 20 percent of total exports, significantly more than in other European countries (Figure 1). The indirect impact of the tourism sector on the economy ...

  19. How important is tourism to Portugal?

    That's inevitable as tourism is all around us and it's critically important to Portugal. However, it's important to realise that tourism contributes only around 17 percent to 20 percent of Portugal's GDP. There are so many world-leading industries and companies based here. Portugal is an important producer of a wide range of products ...

  20. Economy of Portugal

    The economy of Portugal is ranked 34th in the World Economic Forum's Global Competitiveness Report for 2019. ... Tourism in Portugal has developed significantly, generating 17.3% of GDP in 2017 and forecasted to reach 20.5% of GDP in 2018. In 2017, the number of foreign tourists jumped 12 percent to 12.7 million. ...

  21. Tourism rebounds in Portugal from pandemic slump, but return ...

    Portugal's tourism sector accounted for almost 15% of gross domestic product before the pandemic and was one of the main drivers of its recovery from the 2010-14 economic and debt crisis.

  22. Perspectives on travel recovery: Portugal

    COVID-19 puts 600.000 jobs at risk and leads to €60 billion GDP loss in the tourism sector in Portugal. McKinsey estimates that between 2020 and 2023 Portugal could lose €60 billion of GDP (equivalent to 26% of GDP levels in 2019), considering both direct and indirect and induced effects. Additionally, up to 600,000 jobs could be affected ...

  23. Portugal Sees Tourism Revenue at Pre-Pandemic Level by 2023

    Total tourism revenue this year will be about 9 billion euros ($10.6 billion), half of the record figure of 18 billion euros posted in 2019, before the pandemic, Secretary of State for Tourism ...

  24. Travel & Tourism Development Index 2024

    Travel & Tourism Development Index 2024 Download PDF The Travel & Tourism Development Index (TTDI) 2024 is the second edition of an index that evolved from the Travel & Tourism Competitiveness Index (TTCI) series, a flagship index of the World Economic Forum that has been in production since 2007.

  25. Complete guide to Portugal Golden Visa program 2024

    Portugal started the scheme in October 2012. The primary goal was to attract international capital into the country most seriously needed after the recent economic crisis of 2008.

  26. Passport to Portugal: Six ways to dive into its culture

    Music, art, history and culture are interwoven into the fabric of the nation, making Portugal more than just a great place to visit - it's a destination that literally has something for everyone. Here are some of our favorite ways to take a deep dive into everything Portugalia. Planning a trip to Portugal? Copy this weekend trip to Lisbon

  27. Portugal 4th for highest weight of interest paid in GDP

    In detailed data relating to public expenditure in 2023, INE notes that Portugal recorded last year "one of the highest values in the weight of interest paid in GDP (2.2%), being surpassed only by Spain, Greece, and Italy (with 2.5%, 3.5%, and 3.8%, respectively)". According to the institute, these countries "also presented a high level of public debt measured as a percentage of GDP".

  28. Portugal aims to reach 2%/GDP defence spending goal by 2030

    BERLIN, May 24 (Reuters) - Portugal's new government will work to increase the defence spending to 2% of gross domestic product by 2030 in line with the country's NATO commitments assumed by the previous administration, Prime Minister Luis Montenegro said on Friday. "Our commitment to NATO is total.