The much used phrase ‘the best year ever’ soon may correctly be used for tourism in the Algarve as the statistics institute has confirmed that the region has provided 10.7 million overnight stays to the end of July, a big increase and one that may see the hotel sector turnover a billion euros of more for the full year.
Desidério Silva, president of the Algarve Tourism Region, believe that this year may well be record breaking, a projected increase in overnight stays to the year-end of between 7% and 8%.
For July, the region’s hotels catered for half a million guests (up 2.3%) and from the start of the year was up 5.6% to 2.3 million guests.
The treasury will be delighted at the uplift in VAT receipts, social security contributions and corporation tax from the Algarve's hotel businesses as total revenues have averaged €181 million per month (+11.2%) and accounted for €542 million so far this year, up 15.1%.
Figures for the main month of August have still to be counted but Desidério Silva believes that 2017 will be "the best ever, a result of the increase in revenues and tourists throughout the year. If all goes well, we will be very close to the 20 million overnight stays (18 million in 2016) and, at this rate of growth we will be able to reach €1 billion of income in the region’s hotel business.”
