The governor of the BdP pointed out that, in recent years, there have been signs of a decline in the market share of the tourism sector in Portugal, which was heavily affected by the Covid-19 pandemic and which, despite the recovery, has not returned to the growth rate it recorded before the pandemic.

Mário Centeno also highlighted the evolution that has been seen in the average remuneration in the sector, which is getting closer and closer to the national minimum wage.

The BdP leader pointed out that, in 2015, the national minimum wage represented 72% of the salaries paid in the tourism sector and today it represents 80%.

Regarding employment, the BdP governor noted the 65% growth in the sector between 2020 and 2024.

“Obviously, we look at the tourism sector and we see a very remarkable dynamism”, he highlighted.

The head of the central bank called for caution, however, stating that the most difficult part of the fight against inflation has been successfully overcome by everyone, but with a very significant loss of real wages in Europe that must be recovered in the near future, maintaining a stable economic cycle.

Mário Centeno considered that the slowdown in inflation without a recession has only one reason for being in Europe: “the extraordinary performance of the labour market”.

In this regard, the governor considered that “migration is now part of our daily lives and we can never dissociate the economic success that Europe benefits from today from these migratory phenomena”.