29 Mar 2019
According to the World Travel & Tourism Council’s (WTTC), one in every five euros in Portugal stems from tourism – with the sector having grown by one of the highest rates in Europe.
As Travel Daily News reports, the WTTC’s annual review of the economic impact and social importance of Travel has been conducted for nearly 30 years and covers the global private sector of Travel & Tourism.
It revealed that in the 2018, the Portuguese sector expanded by 8.1% and contributed €38.4b to the Portuguese economy – which makes up 19.1% of total economic activity in the country. This was the highest growth seen in the European Union and was notably higher than the EU average of 3.1%.
Additionally, the sector employed 1.05 million people, making up 21.8% of all jobs, brought in 85% of leisure seekers, 15% business travellers, 69% international visitors and 31% domestic visitors.
“2018 was another year of strong growth for the global Travel & Tourism sector reinforcing its role as a driver of economic growth and job creation. For the eighth consecutive year, our sector outpaced growth in the wider global economy and we recorded the second-highest growth of any major sector in the world,” said Gloria Guevara, WTTC President & CEO.
The WTTC has also revealed its predictions for the sector in 2019, saying it could potentially grow by 5.3%, which is more than double the European average of 2.5%.
“In Portugal, Travel & Tourism grew at the fastest rate of any country in the European Union in 2018 and that growth is forecast to continue into 2019. Portugal has the potential to increase the size of its travel economy even further by growing the size of its business tourism sector; at present, business travellers account for only 15% of all spending in Portugal against a European average of 21%,” Guevara went on to say.