Revenue generated by foreign tourists reached an estimated €28 billion in Portugal in 2024, placing the country fifth in the European Union for tourism-generated revenue, according to figures cited by the Bank of Portugal.
Only Spain (€98 billion), France (€71 billion), Italy (€54 billion) and Germany (€37 billion) recorded higher earnings from international visitors in the EU, further cementing Portugal’s status as one of Europe’s leading tourism destinations.
When tourism receipts are measured against gross domestic product (GDP), Portugal climbs even higher in the rankings. In this comparison, it stands as the fourth EU country where international tourism has the greatest economic impact, behind only Croatia, Malta and Cyprus, according to a Bank of Portugal analysis published on Monday.
The analysis also shows that Portugal recorded the largest increase in tourism exports in the EU between 2010 and 2024, measured as a share of GDP.
The Bank of Portugal’s analysis shows that the United Kingdom remains Portugal’s single most important tourism market, followed by France and Germany. Spain, traditionally one of the top sources of tourism revenue, has now been overtaken by the United States, which moved into fourth place in 2024.
Beyond the main source markets, the study also points to a growing diversification of tourism revenue. Income from smaller and less traditional markets increased from 29% to 33% of total tourism receipts, underlining Portugal’s success in attracting visitors from a broader range of countries.
Another notable trend identified by the central bank is a gradual reduction in Portugal’s dependence on peak summer tourism.
While tourism exports – in other words, services and goods sold to non-residents visitors – grew in every month of the year when comparing 2014 and 2024, the relative importance of the summer period has declined. In 2014, the months of June, July, August and September accounted for 49% of annual tourism revenue. By 2024, that figure had fallen to 47%.
The sharpest drop was recorded in August, traditionally the strongest month for tourism, whose share fell from 18% to 15% of total annual receipts.
