Are we looking at a record highs in terms of 2024 inbound arrivals and revenue in Greece? According to short-term rental industry professionals as well as the official data shared by the Bank of Greece, yes we are! All available data, points to an increase in inbound arrivals and in revenue compared to the same period last year.
Increase in arrivals and revenue
According to data from the Bank of Greece, compared to the first quarter of 2023 both arrivals and revenue have increased by 24.5% and 28.2% respectively. Non-resident traveller arrivals have increased by 31.2% and the corresponding revenue collections by 34.2%.
The impact of tourism on Greece’s GDP
It´s no secret that tourism is one of Greece’s main industries and we only have to look at the numbers to understand the full impact of tourism on GDP. Every €1 taken from tourism related activity increases the GDP of the Greek economy by €2.65, this is according to the latest study by the Institute of the Association of Greek Tourism Enterprises (INSETE).
KEPE who represent the individual touristic sectors that contribute to the Greek economy, such as, accommodation, catering, sea-road-air transport, trade, entertainments, travel agencies, car rental and conferences, along with INSETE, use multipliers to determine the full impact of the sector on overall GDP. So as the study shows us, for every €1 taken from tourism activity, there is an indirect additional economic activity of €1.65 which equates to the overall impact of a €2.65 increase on the GDP of the Greek economy.
Impressive Figures
Year on year we see a large positive impact from tourism activities on Greece’s GDP, in fact the numbers are quite staggering.
In 2023, the contribution of tourism to the Greek economy is estimated between €62.8 billion and €75.6 billion. This represents between 28.5% and 34.3% of GDP.
The year before that, 2022, the contribution of tourism was between €52.6 billion to €63.3 billion, representing between 25.4% to 30.6% of GDP.
We will discount 2020 due to the Covid-19 global pandemic which affected worldwide travel, and instead look at the figures for pre-pandemic tourism in 2019, which brought in between €50.8 and €61.2 billion, which makes up between 27.7% and 33.4% of GDP.
Ακολουθήστε μας στο Google News και μάθετε πρώτοι όλες τις ειδήσεις!
