The Impact of the Great Recession and Eurozone debt crises on Portuguese Tourism

Conceição Castro

Abstract


Purpose: The tourism sector is experiencing important challenges as the result of the global economic crisis and Eurozone debt crisis. The Portuguese economy faced a sharp recession in 2009 after the beginning of the financial crisis and, after some growth in 2010, it re-entered into recession as a consequence of debt crisis. Tourism is a strategic sector in the Portuguese economy and a potential driving force to economic growth but vulnerable to economic crises, as in other economies. This article investigates the impacts of global economic and Eurozone debt crises on tourism in Portugal.

Design/Methodology/Approach: This empirical research is based on the interpretation of several relevant indicators on tourism (on the demand and the supply sides) and comparisons between the periods 2009 and 2012 and the years of pre and post crises are made in order to find differences in the main indicators. In order to examine the relationships among some variables Pearson's correlation coefficients were calculated.

Findings: The results show that the impacts of the crises were more profound in 2009 than in 2012 and with different characteristics, but the Portuguese tourism sector rebounded fast and fully compensated for the losses caused by the crises.

Originality/Value: This article analyzes, in a comparison perspective, the effects of the economic crisis of 2009 and the European sovereign debt crisis on the Portuguese tourism. We analyze theses effects on several variables, financial included.

 

Keywords: Great recession, eurozone debt crisis, tourism, hospitality.

 

 

[PT]

Título: "O Impacto da Grande Recessão e as crises da dívida da Zona Euro no Turismo Português"

Resumo

Objetivos: O setor de turismo está enfrentando desafios importantes como resultado da crise econômica global e da dívida da zona do euro. A economia portuguesa enfrentou uma forte recessão em 2009 após o início da crise financeira e, após algum crescimento em 2010, voltou a entrar em recessão como consequência da crise da dívida. O turismo é um setor estratégico na economia portuguesa e uma potencial força motriz para o crescimento econômico, mas vulnerável a crises econômicas, como em outras economias. Este artigo investiga os impactos da crise econômica global e da dívida da zona do euro no turismo em Portugal.

Desenho/metodologia/abordagem: Esta pesquisa empírica baseia-se na interpretação de vários indicadores relevantes sobre o turismo (do lado da demanda e da oferta) e comparações entre os períodos de 2009 e 2012 e os anos de pré e pós-crise, a fim de encontre diferenças nos principais indicadores. Para examinar as relações entre algumas variáveis, foram calculados os coeficientes de correlação de Pearson.

Resultados: Os resultados mostram que os impactos das crises foram mais profundos em 2009 do que em 2012 e com características diferentes, mas o setor de turismo português se recuperou rapidamente e compensou totalmente as perdas causadas pelas crises.

Originalidade/valor: Este artigo analisa, em uma perspectiva comparativa, os efeitos da crise econômica de 2009 e da crise da dívida soberana européia no turismo português. Analisamos esses efeitos em diversas variáveis, inclusive financeiras.

 

Palavras-chave: Grande recessão, crise da dívida na zona do euro, turismo, hospitalidade.

 


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