Analyzing the production trends in the Travel Agency and Tour Operator Activities Sector in Portugal reveals significant fluctuations over the past decade. From 2013 to 2019, we observed a steady growth pattern with annual increases ranging between 2.44% and 15.94%. The year 2020 marked a dramatic downturn of -75.28%, likely due to the COVID-19 pandemic's impact on global travel. This was followed by an impressive rebound in 2021 and 2022 with growth rates of 165.68% and 42.13%, respectively. By 2023, production had reached 3.12 billion euros, representing a 21.64% increase from the previous year.
Looking forward, the sector is expected to continue its growth trajectory with forecasted values increasing to 3.39 billion euros by 2028, reflecting an average annual growth rate (CAGR) of 1.16% over the next five years. Key trends to monitor include:
The ongoing recovery and stabilization of global travel post-pandemic.
Technological advancements and their integration into travel services.
Changing consumer preferences towards sustainable and experiential travel.
Geopolitical developments influencing travel restrictions and economic stability.