Tourism revenues grew 13% in February, reaching 276.4 million euros

Source: Expresso

INE data show that tourism in Portugal grew by double digits in February, accelerating from January, with Lisbon accounting for a quarter of all overnight stays. Total revenue generated by tourism in Portugal saw a 13% increase in February compared to the same period in 2023, reaching 276.4 million euros, and fueling the prospect of 2024 being another record year for the sector in Portugal, according to the latest data published by the National Institute of Statistics (INE).

In January, tourism revenue in Portugal had grown 9.4% year-on-year, to 230.8 million euros, according to statistics published by INE. In the second month of the year, despite the cold weather and still being in the low season, national hotels, local accommodations, campgrounds, and youth hostels welcomed 1.8 million guests, an increase of 7% year-on-year, generating 4.3 million overnight stays and bringing in 202.1 million euros in lodging revenue alone, a rise of 13.1% (total revenue, which includes both accommodation and other income, amounted to the aforementioned 276.4 million euros).

Lisbon was particularly noteworthy, accounting for 24.3% of all overnight stays in the country in February, with a 12.1% increase from domestic guests and a 30.3% increase from foreign guests. Porto also stood out this month with a 10.5% increase in overnight stays. The average price per occupied room reached 83.6 euros nationwide in February, with the highest rates recorded in the Lisbon region (107.8 euros per night) and in Madeira (85.6 euros).

In the first two months of the year, overnight stays in national accommodations totaled 7.7 million, a growth of 3.3% compared to the same period last year, but corresponding to an even more significant increase of 11.2% in total sector revenue. At the start of the year, overnight stays by foreigners increased by 2.7%, and those by nationals by 7.4%, compared to the same period in 2023.

INE also notes that the results were likely influenced by the 'moving structure of the calendar,' specifically 'because 2024 is a leap year and, as such, the month of February this year had 29 days, one more than in 2023'.

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