The turnover in the travel agency and tour operator activities sector in Portugal exhibited robust growth from 2013 to 2019, with notable increases year-over-year. The peak pre-pandemic value was reached in 2019 at 2.86 billion euros. The sector faced a massive downturn in 2020 due to the COVID-19 pandemic, with a sharp -76.48% drop. The recovery began in 2021 with triple-digit growth, continuing strongly through 2022 and 2023, reaching 3.23 billion euros in 2023.

From 2019 to 2023, the sector has demonstrated resilience and adaptability with a compound annual growth rate (CAGR) of 3.99%, recovering to and surpassing pre-pandemic levels. Future turnover from 2024 to 2028 is forecasted to grow, albeit at a more moderate pace, with a forecasted 5-year CAGR of 1.13% and an overall growth rate of 5.8% over the period.

Future trends to watch for include:

Continued digital transformation and adoption of technology within travel agencies.
Growth in personalized and sustainable travel offerings.
Potential volatility due to global economic and health uncertainties.