The production in the Travel Agency Activities sector in Portugal showed a steady increase from 2013 to 2019, with values rising from €1.61 billion to €2.47 billion. The sector experienced a dramatic decline in 2020 due to the pandemic, dropping to €0.6054 billion, a decrease of 75.48%. However, it recovered significantly in 2021, with an increase of 167.13%, and continued to grow, reaching €2.79 billion in 2023.
The year-on-year variation over the past two years has demonstrated substantial growth: 42.04% in 2022 and 21.53% in 2023. The Compound Annual Growth Rate (CAGR) for the last five years, including the pandemic impacts, stands at 3.98%. Forecasts indicate modest growth going forward, with an expected CAGR of 1.11% through to 2028, reaching €3.02 billion.
Future trends to watch for include the potential impacts of digital transformation on travel agencies, shifts in consumer behavior towards more sustainable travel options, and the role of geopolitical factors on tourism demand.