According to an analysis released by the Bank of Portugal (BdP) on the impact of tourism on the Portuguese balance of payments, if external tourism revenues are related to Gross Domestic Product (GDP), Portugal rises to fourth place among the countries of the European Union (EU) where international tourism has the most significant weight in the economy, only surpassed by Croatia, Malta and Cyprus.

The analysis also shows that Portugal was the EU country that, between 2010 and 2024, recorded the most significant increase in tourism exports (revenues from the travel and tourism category generated by non-resident tourists) as a percentage of GDP, by 5 percentage points.

Main sources for Portugal

The United Kingdom, France, Germany, and Spain are traditionally the main source markets for Portuguese international tourism revenue, but in 2026, the USA joined this group and, in 2024, even surpassed Spain, moving into fourth place.

During this period, the weight of American tourists in tourism exports increased from less than 4% to more than 10%, according to the Bank of Portugal.

It is also worth noting the growth in revenue from less relevant markets, which increased from 29% to 33%, “reinforcing the trend of greater diversification in the origin of international tourism revenue.”

And while summer continues to be the period with the highest tourism exports, its relative weight has been decreasing: although between 2014 and 2024 tourism exports grew in all months of the year, the relative importance of the summer months (June, July, August, and September) decreased.