From 2013 to 2019, the Gross Value Added (GVA) by Travel Agencies and Tour Operators in Portugal showed a consistent upward trend, peaking at 389 million Euros in 2019. This trend was interrupted significantly in 2020 due to the pandemic, with a sharp decline to 94.45 million Euros, marking a -75.72% year-on-year drop. The sector started recovering in 2021, with a 51.92% increase, and saw substantial growth in 2022 with a 139.95% increase, reaching 344.28 million Euros. In 2023, the GVA stood at 419.3 million Euros, with a year-on-year growth of 21.79%.
Key trends noted over the past five years include a high volatility caused by the pandemic, followed by a robust recovery phase. The Compound Annual Growth Rate (CAGR) over the last five years is 2.5%, indicating moderate overall growth amidst significant fluctuations. Looking ahead, the forecast suggests a continuation of growth, albeit at a slower pace, with a forecast 5-year CAGR of 1.35% leading to a GVA of 460.68 million Euros by 2028.
Future trends to watch for include:
- Post-pandemic travel behavior changes.
- Impact of economic factors like inflation and currency fluctuations on travel spending.
- Increased adoption of digital transformation in the travel industry.
- Rising popularity of sustainable and experiential travel.
