“Bazooka” for Portuguese tourism amounts to €6 billion

  • ECO News
  • 21 May 2021

The government announced this Friday a plan to reactivate tourism, which aims to boost tourist revenues to €27 billion in 2027.

In recent weeks, the government has been preparing a plan to reactivate tourism, whose main objective is to boost tourist revenues to €27 billion in 2027, a goal already set in 2017. After a year heavily affected by the pandemic, and with recovery taking its first steps this year, the state has €6 billion available to invest in this plan.

“We hope in 2021 to slightly exceed the 2020 figures. If we maintain our market share, in 2023 we will again be at €18 billion [in tourism revenues]. But we want to accelerate from there and ensure that we reach 2027 with €27 billion [in revenue]. We think that is possible,” the Economy Minister said on Friday during the presentation of the plan to reactivate tourism.

Pedro Siza Vieira thus advanced that this plan provides for an “investment of over €6 billion to ensure this acceleration until 2027″, he said. Half of this amount will be used to solve the capitalisation problems of companies.

“What we are going to do will have a greater focus on the tourism sector. There are more sectors affected, but tourism will have more effective support,” he said, pointing out that he estimates tourism needs at €3 billion, part of that because of the end of the moratoriums.