In today's column from luxury magazine Monocle, we learn about how low prices attract tourists to Portugal, but could create long-term disadvantages for the country's economy.

Monocolumn is Monocle's daily bulletin of news and opinion. Catch up with previous editions here.

As high summer approaches, it’s easy to resent the summer tourist hordes on your turf, but for many in Portugal, the increasing number of visitors is a welcome sign that their country is still open for business.

According to Paulo Rita, MA director at the ISCTE Business School Lisbon, incoming tourist receipts went up 8.7 per cent between January and April compared with the same period last year. Last year, the number of foreign tourists had already risen by 6 per cent, recovering most of 2009′s 8 per cent fall, while hotel revenues increased 3 per cent. British, German, Spanish and French holidaymakers accounted for nearly two-thirds of all international tourists – significantly, at a time when the number of people travelling from those countries decreased.

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