“…The relevance of tourism in Portugal has justified the proliferation of applied research focusing the Portuguese reality addressing several issues such as the impacts of specific events (Andraz and Rodrigues, 2010;Ribeiro et al, 2004), innovation in tourism (Leitão, 2006;Meneses and Teixeira, 2011), competitiveness (Estevão and Ferreira, 2012), tourism destinations (Corfu et al, 2006;Oliveira et al, 2014;Santos et al, 2013), tourism industry (Correia et al, 2012;Serrasqueiro and Nunes, 2014), tourism demand (Barros et al, 2010;Correia et al, 2015;Daniel and Rodrigues, 2011;Mello and Fortuna, 2005;Ramos and Rodrigues, 2013), environment (Pintassilgo and Silva, 2007), or forecasting analysis (Andraz et al, 2009). However, a reduced number of studies reports estimates of tourism's economic impacts at the national level or regional level (see, e.g.…”