Lisbon, Aug. 1, 2025 (Lusa) - Tourism in Portugal contributed €34 billion to the economy in 2024, equivalent to 12% of Gross Domestic Product (GDP), according to data released by Statistics Portugal (INE) on Friday.
According to the results of the Tourism Satellite Account, the INE estimates that tourism “generated a total contribution (direct and indirect) of €34 billion to GDP in 2024, corresponding to 11.9%”, in line with the 2023 figure (12%) and above the 2022 percentage (11.2%).
Tourism activity had reached historic highs in 2023. However, while it accounted for almost half of real economic growth (48% of the total) in that year, its weight fell in 2024, with tourism accounting for only 15% of the change in GDP.
According to INE, tourism made “a contribution of 0.3 percentage points to real GDP growth in 2024 (1.9%)”, while last year’s report, dated 1 August 2024, showed that tourism activities had contributed “almost half (1.1 percentage points) to real GDP growth in 2023 (2.3%)”.
The INE noted that, while the pace has eased, the contribution to the economy’s performance “remains positive”.
“In 2022, already in a context of strong recovery, the contribution of tourism to the real evolution of the economy’s GDP was significant (3.6 percentage points in 7.0%), as well as in 2023 (1.2 percentage points in 2.6%).” In 2024, as a result of some slowdown in tourist activity, its contribution to estimated real GDP growth (1.9%) fell to 0.3 percentage points,” INE reports.
Even with a lower relative weight, the sector’s growth rate exceeded that of the economy as a whole.
The latest INE data show that, in 2024, ‘the direct Gross Value Added generated by Tourism (VABGT) and Tourism Consumption in the Economic Territory (CTTE) recorded nominal increases of 6.5%, revealing a slightly higher dynamism than the national economy (national GVA and GDP grew by 6.2% and 6.4%, respectively)’.
The VABGT totalled €20.11 billion, “maintaining its relative importance in the national economy’s VAB (8.1% in 2023 and 2024)”.
Consumption generated by tourism “amounted to €47.227 billion”, which also meant that it maintained “the relative weight in GDP observed in 2023 (16.6%)”.
In this summary, INE analyses the trajectory of tourism over the last four years, noting that ‘overnight stays in tourist accommodation establishments in Portugal, by residents and non-residents, between 2021 and 2024, recorded positive rates of change, which were higher in the case of non-residents’.
Between 2021 and 2022, full-time employment in tourism activities grew by 14.2%, “above that observed in the national economy (5.7%), representing 9.8% of employment in the national economy (9.0% in 2021)”.
Remuneration in the sector “represented 8.4% of total remuneration in the national economy”.
The average wage per worker stood at 91.1% of the national average remuneration. According to INE, this figure amounted to 91.1% of the national average remuneration.
Today’s statistics also show how Portugal ranks compared to other European countries in terms of the weight of tourism in gross domestic product.
The most recent data are for 2023, when, according to INE, “Portugal maintained its second position in terms of the relative importance of tourism demand in GDP (16.6%) behind Iceland, which maintained its first position (18.9%)”.
According to the statistical institute, “Finland maintained the same weight of CTTE [Tourism Consumption in the Economic Territory] in GDP in 2022 and 2023 (5.6%) and increased its share in 2023, reflecting the recovery of the sector in the post-pandemic period”.
PCT/ADB // ADB.
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