Tourism reaches Last Quarter of the Year with a New Record

Source: Noticias ao Minuto - Economia

Portugal’s tourism sector is on track for another record year, potentially surpassing 2023’s remarkable performance. While initially projected to stabilize, 2024 has seen continued growth, driven by increasing visitor numbers and stays.

Entering the final months of 2024, Portugal’s tourism sector is surpassing expectations, positioning the year to potentially outperform the record-breaking numbers seen in 2023. Initially, industry experts had forecasted a year of consolidation. However, boosted by strong numbers from peak travel months, the sector is trending towards new milestones.

According to data from the National Statistics Institute (INE), overnight stays grew by 4.1% between January and August, totaling 55.1 million. Revenues for tourist accommodations rose by 10.5%, reaching €4.5 billion, with €3.5 billion attributed solely to accommodation services. The Bank of Portugal additionally reports that from January to August, international tourist spending reached €19.1 billion, a substantial increase from €17.5 billion during the same period last year​​.

Pedro Costa Ferreira, President of the Portuguese Hospitality Association, highlighted that while 2023 set high benchmarks, 2024 is exceeding expectations in several areas. He pointed out that despite economic challenges, demand remains strong, and maintaining quality alongside price stability has been key. Furthermore, the sector is navigating uncertainties posed by global events, including the ongoing conflicts in Ukraine and the Middle East.

This year’s continued growth not only reinforces Portugal's reputation as a premier travel destination but also strengthens its economic outlook, with investments, new hospitality projects, and a focus on sustainable tourism contributing to the sector’s long-term vision. Industry leaders and stakeholders are optimistic that this momentum will carry into the upcoming year, further establishing Portugal's appeal for global travelers.

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