Tourism is projected to return to pre-pandemic level in the middle of the year of 2022. The figures were announced by the Bank of Portugal’s economic bulletin which forecasts export growth until 2024.
1. Tourism to drive growth
According to the latest economic bulletin from the Bank of Portugal, exports grow is expected to grow 13.4% in 2022, gradually decelerating to a pace close to pre-pandemic in 2024. This profile is determined by the recovery of service exports, with an emphasis on the tourism sector, forecast to reach pre-pandemic levels this year.
In the specific case of the tourism sector, the Bank of Portugal predicts that tourism revenues will exceed 2019 revenues as early as 2022. This represents a significant acceleration of tourism revenues, which should reach a value close to what was predicted for 2024 in the last forecast (106.1) in 2022.
These projections for 2022 to 2024 reflect the continued recovery of the Portuguese economy after the pandemic shock, in an external environment aggravated by the Russian invasion of Ukraine.
In 2022, the economy grows by 6.3%, reflecting a strong knock-on effect associated with growth throughout 2021, the dynamics of the first quarter of the year, but also a sharp deceleration in the rest of the year. In 2023 and 2024, activity growth will be 2.6% and 2%.
During a conference on “Tourism Leaders”, the Portuguese Minister of Economy and the Sea, António Costa Silva, considered that Portugal is well positioned to become a world leader in sustainable tourism, “linked to the ocean, nature, or heritage”.
We are living in a new geopolitical era, with Russia’s brutal aggression against Ukraine, we have an economic crisis with this war in Europe, but as paradoxical as it may seem, it can have a positive impact, because we are a safe country, not least because of the geographical position.António Costa Silva, Portuguese Minister of Economy and the Sea,
2. Tourism fairs
Last Monday, the biggest event on domestic tourism brought together national and international experts in the city of Tomar, in the Santarém district of Portugal, to debate the post-pandemic sector. Experts in the sector believe that recovery is promising and 2022 could be the best year ever for tourism.
Also, from 17 June until 19 June, the marginal avenue of Vila Nova de Milfontes received another edition of FEITUR – Southwest Tourism Fair, which aims to affirm Odemira and the Southwest Alentejo “as a privileged destination for tourism active and in nature”. The initiative was promoted by the City Hall of Odemira, in partnership with the Regional Tourism Entity of Alentejo and Ribatejo, and the program included activities in nature, gastronomy, culture, sports and musical entertainment over the three days.