Industry revenue of “travel agency, tour operator, reservation service“ in Portugal 2011-2023
Over the years, tourism has flourished in Portugal, owing to the favorable climatic conditions along with the increasing cultural festivals and events. As a result, many related sectors including travel agency, tour operator and other reservation services have benefited, with revenues rising from 2.3 billion U.S. dollars in 2011 to over 2.7 billion U.S. dollars in 2019. 2017 was particularly a great year for the industry, with revenues witnessing a decade-high growth. As of 2015, there were 3216 travel agencies and other reservation services in the country. The industry has especially benefited from the increasing number of tie ups with hotel chains and airlines.
Initial projections demonstrated a 4 percent revenue growth between 2020-2023. However, this looks rather optimistic at this point in time as the hospitality industry is amongst the worst affected due to the corona virus outbreak. The government has not only banned international travel, but also placed severe restrictions on daily operational activities. As per a report from Reuters, 94 percent of the hotels are shut and would only resume operations once deemed safe by the government. The entire economy is expected to shrink by eight percent, as per the recent estimates by the IMF.
Initial projections demonstrated a 4 percent revenue growth between 2020-2023. However, this looks rather optimistic at this point in time as the hospitality industry is amongst the worst affected due to the corona virus outbreak. The government has not only banned international travel, but also placed severe restrictions on daily operational activities. As per a report from Reuters, 94 percent of the hotels are shut and would only resume operations once deemed safe by the government. The entire economy is expected to shrink by eight percent, as per the recent estimates by the IMF.
