(Bloomberg) -- Portugal brought in more money than ever before from tourism in 2023, according to the country’s secretary of state, who expects that the sector will only continue to grow.

Tourism revenue increased to more than €25 billion in 2023 compared to €21.1 billion the previous year, Secretary of State for Tourism, Trade and Services Nuno Fazenda said in comments to reporters in Lisbon on Wednesday. Overnight stays also rose by 10.5% last year.

“It was the best year in the history of tourism in Portugal,” Fazenda said, adding, “In 2024, we are going to grow even more than in 2023.”

Also read: These Five Uncrowded Destinations Should Be On Your Bucket List

Tourists from France, Spain and Germany — Portugal’s main markets — helped bolster the number of visitors to the southern European country, the secretary of state said, with Britons making up the biggest group of visitors. He also cited an increasing number of travelers from U.S. and Brazil. 

Fazenda spoke on the sidelines of a conference in Lisbon in which officials debuted a new campaign called “It’s not tourism. it’s Futourism.” Its aim is to promote sustainable tourism that benefits local communities year-round. 

While tourism accounts for about 15% of Portugal’s economy and 9% of jobs, the outgoing Socialist administration has blamed short-term tourist rentals for helping fuel a housing shortage. In Lisbon, residential property prices are now higher than in Milan, Madrid and Berlin, according to the Bloomberg City Tracker.

©2024 Bloomberg L.P.