The production in the service activities incidental to the air transportation sector in Portugal has shown significant variability over the past decade. The sector experienced steady growth from 2013 to 2019, with values rising from 1.35 billion euros to 1.92 billion euros. The year 2020 marked a sharp decline by 46.38% due to the global pandemic. However, recovery was swift, with a 48.94% increase in 2021 and continued growth through to 2023, where the value stood at 2.1 billion euros, marking a 12.8% year-on-year rise.
- Over the last two years, the sector has shown strong resilience, rebounding from pandemic lows with a 12.8% year-on-year increase in 2023.
- The average annual growth rate (CAGR) for the past five years (2019-2023) has been 2.84%, indicating steady recovery and expansion.
- Future forecast to 2028 shows a slower but stable growth with a 5-year CAGR of 0.83% and an overall growth rate of 4.24% from 2024 to 2028.
Future trends to watch for include technological advancements in air transportation services, increased focus on sustainability, and the potential for market fluctuations due to global economic changes and geopolitical events. Additionally, the ongoing recovery from the pandemic and adaptation to new travel behaviors will be crucial for sustained growth.
