Tourism sector overcomes pre-pandemic Values in 2022

Source: Jornal de Negócios

According to data from the National Statistics Institute (INE), the gross value generated by the tourism sector grew more than 72%, representing 8.9% of the national total in 2022.

Tourism generated a direct and indirect contribution of 29.2 billion euros to the Gross Domestic Product (GDP) in 2022, which corresponds to 12.2%, against 7.8% in 2021, exceeding the levels of the pre-pandemic period (11.8% in 2019), revealed the data published on the end of last month by the National Statistics Institute (INE).

This increase is due to the growth in the Gross Value Added (GVA) index, generated by the tourism sector last year up to 72.7%, in nominal terms compared to 2021 - 18,308 million euros - representing 8.9% of national GVA (against 5.7% in 2021) and thus exceeding the 2019 value.

The products that contributed most to tourism gdps, such as accommodation services, restaurants, and similar, transport (especially air transport), and rental services, which were the ones that suffered the most from the economic impacts of the pandemic, showed increases between 82.3% (accommodation services) and 146.5% (air transport) compared to 2021.