For all of 2008, the economic value of tourist stays in Lisbon and the surrounding area was €569 million, just 11 million behind the Algarve. For the first quarter of 2009, the Lisbon and Greater Tagus Valley area has seen €92.8 million worth of hotel stays compared to just €51.2 million for the Algarve.
While the summer months are traditionally the best for the Algarve and its hotels, this year it will still have difficulty catching up to Lisbon. The global economic crisis has hit the resort area much harder than the capital city, which enjoys a greater mix of business and pleasure visits. However, Lisbon has also received some very good recommendations in recent years. Hotels.com, for example, notes that Lisbon is one of only 10 cities in the world where a night at a five-star property still costs less than €100.
Overall, the tourism industry sees some 13.5 million visitors to Portugal and €7.5 billion. The sector accounts for 11 percent of GDP for Portugal, and is expected to rise to 15 percent by 2015.
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