Tourism Revenues Surge to €3.374 Billion: A 9% Growth in July
Tourism revenues in Portugal have been on a steady rise, with the latest data from the Bank of Portugal (BdP) showing a significant jump in July. The tourism sector continues to thrive, reflecting increased spending by foreign tourists in the country. In fact, tourism revenues in July alone reached an impressive €3.374 billion, marking a 9.1% increase compared to last year.
Tourism Revenues See a 9.1% Increase
In July 2024, tourism revenues in Portugal totaled €3.374 billion. This is an increase of €282.65 million compared to the €3.092 billion generated in the same month in 2023. The rise in tourism revenues indicates that the country’s efforts to attract more international visitors are paying off, and the tourism industry is playing a pivotal role in boosting the economy.
The boost in tourism revenues highlights the strong appeal of Portugal as a travel destination. With its sunny beaches, historic cities, and cultural heritage, more foreign tourists are choosing Portugal for their vacations, contributing significantly to the economy.
Impressive Growth Since 2019: A 47.8% Rise
Looking back to July 2019, before the COVID-19 pandemic, the growth in tourism revenues becomes even more striking. In comparison to the pre-pandemic figures, tourism revenues increased by a staggering €1.091 billion, which represents a growth of 47.8%. This recovery shows how far the tourism industry has come since the challenging times of global lockdowns and travel restrictions.
The pandemic had a major impact on global tourism, but Portugal’s swift recovery demonstrates the resilience of its tourism sector. The country’s diverse attractions, from its scenic coastlines to its vibrant cultural festivals, continue to draw in tourists and drive up tourism revenues year after year.
Tourism Exports and Balance of Services
Tourism exports also contributed positively to the balance of services, which rose from €3.086 billion to €3.423 billion in July. The rise in tourism revenues played a key role in this growth, with travel and tourism contributing €283 million to the surplus. This shows that the increase in tourism revenues has not only benefited the industry itself but has also contributed to the overall economy.
Tourism exports are a critical part of Portugal’s economic health, helping to improve the country’s trade balance and further enhancing its international economic standing. The continuous rise in tourism revenues is a clear indicator of the sector’s contribution to the national economy.
Tourism Imports Also Show Positive Performance
Just as tourism revenues saw a significant rise, tourism imports, which reflect the spending of Portuguese tourists abroad, also grew in July 2024. These imports amounted to €879.53 million, an increase of €70.77 million or 8.7% compared to the previous year.
The fact that tourism imports are also increasing indicates that Portuguese tourists are spending more when they travel overseas. This mirrors the growing confidence of consumers and the strength of the economy. However, the boost from foreign tourists still outweighs the spending abroad, ensuring a positive impact on Portugal’s economic balance.
A 46.1% Growth Compared to Pre-Pandemic Levels
When compared to July 2019, tourism imports grew by 46.1%, which translates to an additional €277.46 million. The significant rise in tourism imports suggests that Portuguese tourists are embracing travel more now than before the pandemic, but the strong inflow of tourism revenues into Portugal ensures the country remains in a healthy financial position.
Balance of Travel and Tourism Hits New High
The balance of the travel and tourism sector has also been positively impacted, with a total of €2.495 billion recorded in July 2024. This represents a growth of 9.3% or €211.87 million compared to the same period last year. The increase in the balance of travel and tourism is another clear indicator of the strong performance of the sector and the continued rise in tourism revenues.
Compared to July 2019, the balance of travel and tourism has increased by 48.4%, with an additional €813.62 million recorded. This demonstrates just how significant the recovery has been since the pandemic.
Tourism Revenues Near €15 Billion for the Year
Looking at the accumulated figures for 2024, the tourism sector’s performance remains positive. By the end of July, tourism revenues had reached close to €15 billion. This represents an 11.1% increase compared to the same period last year, with a total rise of €1.494 billion.
The growth in tourism revenues shows that Portugal is well on its way to achieving a record-breaking year in tourism. The accumulated balance of travel and tourism now stands at €11.285 billion, representing a 12.3% increase or an additional €1.236 billion. These figures further solidify the role of tourism as a key driver of economic growth in Portugal.
Tourism Revenues Continue to Drive Economic Growth
The continued rise a clear sign that the tourism industry in Portugal is thriving. With a 9.1% increase in July 2024 alone, and nearly €15 billion in tourism revenues so far this year, the sector’s contribution to the economy is undeniable. As more foreign tourists flock to Portugal and spend more, the country can expect to see even greater benefits from its vibrant tourism industry in the coming months.
Summary: Tourism revenues in Portugal reached an impressive €3.374 billion in July, reflecting a 9.1% increase from the previous year. Compared to pre-pandemic levels in 2019, tourism revenues saw a 47.8% jump. This surge continues to drive economic growth, as the tourism industry plays a key role in boosting Portugal’s financial standing.
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