According to the World Travel & Tourism Council (WTTC), the Portugal travel and tourism segment would propel the recovery of the national economy and it even has the possibility to exceed the pre-pandemic levels by next year. It is anticipated to increasealmost 4.8% above the levels of 2019.
WTTC’slatest forecast shows that the travel and tourism sector’s total input to GDP is expected to reach approximately €39.5 billion in 2023, signifying 17.4% of the total economy.
Employment in tourism is expected tosurpass 2019 levels, generating more than 3,200 extra jobs, reaching over one million by 2023 end.
As per the latest data of the WTTC, travel and tourism’s GDP is predictable to increase at an average of 3.4% yearlyin thenext decade. It is beyond three times the 1.1% development rate of Portugal’s overall economy, reaching in excess of €50 billion by 2032.
The WTTC’s forecast also says thatPortugal’s travel and tourism sector is projected to generateapproximately 193,000 jobs in the coming 10 years, averaging above 19,000 new jobs each year, giving rise to more than 1.1 million employed in tourism by 2032.
Following the harsh impact of the pandemic, Portugal is exhibiting a strong rebound. By this year end, tourism’s total input to GDP is estimated to develop 54.7%, reaching more than €35.8 billion, totaling 16.2% of the total GDP.
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