The World Travel & Tourism Council (WTTC) has revealed the travel and 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 and 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 and 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.
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