The turnover in the Travel Agency Activities sector in Portugal witnessed a significant upward trend from 2013 to 2019, peaking at 2.5 billion Euros in 2019. The sector experienced a severe decline in 2020, with turnover plummeting by 76.23% due to the COVID-19 pandemic. However, it rebounded strongly in 2021 with an impressive growth rate of 173.79%. This resilience continued into 2022 and 2023, where the sector saw substantial year-on-year growth rates of 42.63% and 21.75% respectively, with the sector standing at 2.83 billion Euros in 2023.
Looking ahead, forecasted data from 2024 to 2028 suggests moderate growth, with the turnover projected to reach 3.06 billion Euros by 2028. The forecasted compound annual growth rate (CAGR) over the next five years is moderate at 1.11%, indicating steady but slower growth compared to the post-pandemic recovery. Expected future trends include increasing digitization, a focus on sustainable tourism, and a shift towards more personalized travel experiences, which could drive growth in the sector.
