OPPORTUNITY FOR INVESTORS IN PORTUGAL
The tourism sector is a fundamental economic activity for the generation of wealth and employment in Portugal. Over the last 9 years, the country has registered an average annual growth rate of 7.2% in overnight stays, which translates into an increase from 37 million overnight stays in 2010 to 70 million overnight stays in 2019, the highest value on record. An average annual rate of change of 10.3% was also observed in tourist receipts, over the last 9 years, which allowed an increase from 7.6 billion in 2010 to 18.4 billion in 2019.
According to the latest data from the World Tourism Organization (WTO), world tourism suffered, in 2020, the worst year on record, with a 74% decrease in international arrivals. Destinations worldwide received a billion fewer international arrivals in 2020 compared to the previous year, due to travel restrictions and an unprecedented drop in demand caused by the Covid-19 pandemic.
In 2020, as a result of the Covid-19 pandemic, Portugal recorded, in line with other world destinations, a sharp drop in demand, to 25.9 million overnight stays (-63.0%) in tourist accommodation compared to 2019. this fact reflects a setback to the values of overnight stays observed in 1994.
There was also a sharp decrease in international demand, with 12.3 million overnight stays from foreigners (-74.9%), as a result of restrictions imposed on cross-border travel for most of 2020. Even the domestic market registered 13.6 million overnight stays (-35.4%) compared to 2019.
In revenue, the decrease (-57.6%) compared to 2019 meant a loss of 10 billion euros for the economy in 2020.
Turismo de Portugal provides activity indicators and statistics, market analysis and trends, as well as market information and an area dedicated to the impact of the pandemic on the global and national tourism sector on TravelBI, a knowledge management platform for tourism activity.
Sources: OMT, INE, Banco de Portugal, 2020