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Portugal Hotel Revenue Declined 2% in May From a Year Earlier

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July 12 (Bloomberg) -- Portugal’s hotels recorded a 2 percent drop in revenue in May from the same month last year as overnight stays by Portuguese tourists declined.

Revenue fell to 172.9 million euros ($211 million) in May, the Lisbon-based National Statistics Institute said today in an e-mailed statement. In the first five months of the year, revenue declined 3.8 percent to 582.4 million 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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