We’ve just reviewed the latest analysis from the Bank of Portugal on the impact of tourism on the country’s economy. The data shows that Portugal ranks 4th among EU nations in terms of tourism revenues as a percentage of GDP. Only Croatia, Malta, and Cyprus have a higher reliance on international tourism.
What’s more, Portugal recorded the biggest increase in tourism exports (revenue from non-resident visitors) between 2010 and 2024 – a 5 percentage point jump as a share of GDP. This reinforces the country’s status as a premier European travel destination.
The traditional source markets for Portugal’s tourism industry continue to be the UK, France, Germany, and Spain. However, the US has emerged as a major contributor in recent years, actually surpassing Spain as the 4th largest source of tourism revenue in 2024. American tourists now account for over 10% of Portugal’s total tourism exports, up from less than 4% previously.
Interestingly, we’re also seeing growth from other, less prominent source markets. Their combined share of tourism revenues has risen from 29% to 33%, showing greater diversification in Portugal’s international visitor base.
One final point – while the summer months (June-September) remain the peak tourism season, their relative importance has been declining. Tourism exports have grown across all months of the year, reducing the summer’s dominance.
In summary, the data paints a very positive picture for Portugal’s tourism industry. The country continues to punch above its weight, generating outsized revenues from international visitors compared to the size of its economy. It will be fascinating to see if this trend continues in the years ahead.
Navigating the Portuguese real estate market requires local expertise and trusted guidance. Our dedicated team is committed to safeguarding your interests and simplifying the entire process. Whether you’re looking for a permanent residence, a holiday home, or a strategic investment, we’re here to help. Connect with our advisors for a confidential discussion.