The World Journey & Tourism Council’s (WTTC) 2023 Financial Affect Analysis (EIR) in the present day reveals the Portuguese Journey & Tourism sector is projected to exceed the 2019 peak this 12 months.
In accordance with the report, the sector is about to contribute €40.4 billion to the Portuguese financial system by the tip 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 12 months, solely 68,000 jobs beneath the 2019 degree of simply over a million, to succeed in 950,000 employed by Journey & Tourism.
A glance again on final 12 months
Final 12 months, the Journey & Tourism sector’s GDP contribution grew 61.6% to succeed in almost €38 billion, representing 15.8% of the Portuguese financial system.
The sector additionally created 83,000 extra jobs from the earlier 12 months to succeed in 921,000 jobs nationally.
The newest report from the worldwide tourism physique reveals that the sector has now recovered to greater than 90% of the pre-pandemic degree of jobs.
Final 12 months 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 info, in 2022, worldwide customer spend contributed €21.7 billion to the nationwide financial system, representing a hanging year-on-year development of 80.4%, and simply 7.7% behind 2019 ranges.
Julia Simpson, WTTC President & CEO, mentioned: “The Journey & Tourism sector in Portugal is recovering strongly with excessive customer demand.
“The long run for the sector may be very optimistic. By the tip of this 12 months, the sector’s contribution will surpass 2019 ranges, and over the subsequent 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 subsequent decade appear like?
The worldwide tourism physique is forecasting that the sector will develop its GDP contribution to €56.4 billion by 2033, representing multiple fifth (21.1%) of the Portuguese financial system.
Over the subsequent 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 financial system, simply 7% beneath 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 12 months, however nonetheless 3.2 million behind the 2019 peak. WTTC forecasts the sector will absolutely get better the roles misplaced in the course of the pandemic by the tip of 2024.
About WTTC
The World Journey & Tourism Council (WTTC) represents the worldwide journey & tourism non-public sector. Members embody 200 CEOs, Chairs and Presidents of the world’s main journey & tourism firms from all geographies masking all industries. For greater than 30 years, WTTC has been dedicated to elevating the attention of governments and the general public of the financial and social significance of the journey & tourism sector.
