The World Journey & Tourism Council’s (WTTC) 2023 Financial Affect Analysis (EIR) at present reveals the Portuguese Journey & Tourism sector is projected to exceed the 2019 peak this yr.
In accordance with the report, the sector is about to contribute €40.4 billion to the Portuguese economic system by the top of 2023, surpassing the 2019 pre-pandemic excessive of €40.1 billion.
WTTC can also be forecasting that the sector will create round 30,000 jobs this yr, solely 68,000 jobs under the 2019 stage of simply over a million, to achieve 950,000 employed by Journey & Tourism.
A glance again on final yr
Final yr, the Journey & Tourism sector’s GDP contribution grew 61.6% to achieve practically €38 billion, representing 15.8% of the Portuguese economic system.
The sector additionally created 83,000 extra jobs from the earlier yr to achieve 921,000 jobs nationally.
The newest report from the worldwide tourism physique exhibits that the sector has now recovered to greater than 90% of the pre-pandemic stage of jobs.
Final yr additionally noticed the return of worldwide travellers heading to Portugal, with Spain (16%), France (12%), UK (11%), and Germany and U.S. (each 8%) main as supply markets for worldwide arrivals in Portugal.
In accordance with the information, in 2022, worldwide customer spend contributed €21.7 billion to the nationwide economic system, representing a placing year-on-year development of 80.4%, and simply 7.7% behind 2019 ranges.
Julia Simpson, WTTC President & CEO, stated: “The Journey & Tourism sector in Portugal is recovering strongly with excessive customer demand.
“The longer term for the sector could be very optimistic. By the top of this yr, the sector’s contribution will surpass 2019 ranges, and over the following decade, development will outstrip the nationwide GDP and create 248,000 new jobs over the last decade, representing one in 4 jobs.”
What does the following decade appear to be?
The worldwide tourism physique is forecasting that the sector will develop its GDP contribution to €56.4 billion by 2033, representing a couple of fifth (21.1%) of the Portuguese economic system.
Over the following decade, Journey & Tourism might make use of greater than 1.2 million folks throughout the nation, with one in 4 folks working within the sector.
Europe
In 2022, the European Journey & Tourism sector contributed €1.9 trillion to the regional economic system, simply 7% under the 2019 peak. WTTC forecasts the regional sector’s GDP contribution will attain €2.04 trillion in 2023 and be inside touching distance of the 2019 highpoint.
The sector employed 34.7 million folks throughout the area in 2022, a rise of two.9 million from the earlier yr, however nonetheless 3.2 million behind the 2019 peak. WTTC forecasts the sector will totally get well the roles misplaced through the pandemic by the top of 2024.
About WTTC
The World Journey & Tourism Council (WTTC) represents the worldwide journey & tourism personal sector. Members embrace 200 CEOs, Chairs and Presidents of the world’s main journey & tourism corporations from all geographies masking all industries. For greater than 30 years, WTTC has been dedicated to elevating the notice of governments and the general public of the financial and social significance of the journey & tourism sector.
