According to the results of the Tourism Satellite Account, INE estimates that tourism activity "generated a total contribution (direct and indirect) of 34 billion euros to GDP in 2024, corresponding to 11.9%," in line with the 2023 figure (12%) and above the 2022 figure (11.2%).

Tourism activity had reached all-time highs in 2023. However, while tourism accounted for almost half of the economy's real growth that year (48% of the total), its share declined in 2024, with tourism accounting for only 15% of GDP growth.

According to the INE, tourism contributed "0.3 percentage points to real GDP growth in 2024 (1.9%)," while last year's report, dated August 1, 2024, showed that tourism activities had contributed "almost half (1.1 percentage points) to real GDP growth in 2023 (2.3%)."

The INE states that, although there is a slowdown, its contribution to economic growth "remains positive."

"In 2022, already in a context of strong recovery, tourism's contribution to the economy's real GDP growth was significant (3.6 percentage points out of 7.0%), as well as in 2023 (1.2 percentage points out of 2.6%). In 2024, as a result of some slowdown in tourism activity, its contribution to the estimated real GDP growth (1.9%) decreased to 0.3 percentage points," explains the INE.

Even with a lower relative weight, the sector's growth rate exceeded that of the global economy.

The most recent INE data show that, in 2024, "the Direct Gross Value Added Generated by Tourism (VABGT) and Tourism Consumption in the Economic Territory (CTTE) registered nominal increases of 6.5%, revealing slightly greater dynamism than the national economy (national GVA and GDP grew 6.2% and 6.4%, respectively)."

Gross Domestic Product (GDP) totalled €20.11 billion, "maintaining its relative importance in the national economy's GDP (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, the INE analyzes 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, registered positive growth rates, being higher for non-residents."

Between 2021 and 2022, full-time employment in tourism activities grew 14.2%, "above that observed in the national economy (5.7%), representing 9.8% of employment in the national economy (9.0% in 2021)."

Wages in the sector "represented 8.4% of total wages in the national economy."

The average wage per worker was below the national average. According to the INE, it corresponded to 91.1% of the national average wage.

The most recent data are for 2023, a year in which, according to the INE, "Portugal maintained second place in terms of the relative importance of tourism demand in GDP (16.6%), behind Iceland, which maintained first place (18.9%).

According to the statistical institute, "with the exception of Finland, with the same share of CTTE [Tourism Consumption in the Economic Territory] in GDP in 2022 and 2023 (5.6%), all other countries registered increases, reflecting the sector's recovery in the post-pandemic period."