Larry Brain - Feb 19, 2024
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Tourism, one of the significant contributors to the Portuguese economy, is gradually recovering from the impact of the pandemic. In 2023, there were 77.2 million overnight stays, a 10.7% increase from the previous year.

The arrival of foreign tourists mainly supported the growth. The sector generated EUR 6 billion in revenue, a 20.1% increase from the last year and a 40.2% increase from 2019, before the pandemic. Preliminary data released by INE (the National Statistics Institute) shows that tourist accommodation activity increased in 2023:

There were 30.0 million guests (13.3% more than in 2022);

There were 77.2 million overnight stays, 10.7% more than the previous year (+2.1% for residents and +14.9% for non-residents);

Total revenue of EUR 6 billion was generated from overnight stays, restaurants, and other services, representing a 20.1% increase from the previous year and a 40.2% increase compared to 2019.

Accommodation revenue generated from guests' overnight stays amounted to €4.6 billion, representing a 21.3% increase compared to 2022 and a 43.0% increase compared to 2019.

The revenue generated per occupied room (RevPOR) saw a significant increase of 9.2% in 2023, reaching 113.1 euros. The regions that experienced the highest growth in RevPAR were the Autonomous Regions of Azores and Madeira, with a growth rate of 14.3% each, and the Lisbon Metropolitan Area, with a growth rate of 12.2%. On the other hand, the regions of Algarve and Alentejo had the most modest increase in RevPOR, with growth rates of 4.4% and 5.2%, respectively.

According to the INE, Porto, Funchal, and Lisbon are among the municipalities with the highest representation in total overnight stays, with an expected increase of 28.0%, 24.2%, and 8.3%, respectively, between 2019 and 2023. However, Albufeira has continued to fall short of pre-pandemic levels, registering a decrease of 8.8%. INE also highlights that although the Algarve is the leading national tourist destination, accounting for 26.4% of overnight stays in 2023, it was the only national region not exceeding pre-pandemic levels.

According to INE data, the number of passengers at Portuguese airports increased by 18.9% compared to 2022, to about 67.5 million travelers.

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