Portugal Hotel Revenue Declines 0.8 Percent in August, INE Says

Portugal’s hotels recorded a 0.8 percent decline in revenue in August from the same month last year as overnight stays by local tourists fell.

Revenue dropped to 297.9 million euros ($387 million) in August, the Lisbon-based National Statistics Institute said today in an e-mailed statement. In the first eight months of the year, revenue declined 2 percent to 1.3 billion euros.

Tourism represents about a tenth of Portugal’s gross domestic product, according to the Economy Ministry.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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