Early data on Greek is extremely positive tourism, announcing a particularly dynamic summer season. It turns out that arrivals are increased tourists in our country, as well as income, compared to last year’s record year.
In particular, according to his data Bank of Greecearrivals of non-resident travelers increased by 24.5% and related receipts by 28.2%, compared to the first quarter of 2023,
The balance of primary income recorded a deficit, compared to a surplus in the first quarter of 2023, mainly due to the decrease in net receipts from other primary income. The surplus of secondary income balance increased significantly during the same period, compared to the corresponding period of 2023, due to the increase in net revenues in the non-public sectors of the economy.
The image of March
Compared to March this year, arrivals of non-resident travelers increased by 31.2% and related receipts by 34.2%, compared to March 2023.
The primary income balance deficit narrowed compared to the corresponding month of 2023, primarily reflecting an increase in net receipts from other primary income and secondarily a decrease in net payments for interest, dividends and profits. The balance of secondary income was in deficit, compared to a surplus in March 2023, following the recording of net payments, compared to net receipts, in the public administration sector.
Contribution to the economy
Tourism activity in Greece has become a driving force in the Greek economy in recent years, with the multiplier that records the effect of tourism on GDP recording peak performance for 2023, as reflected in the latest study by the Institute of the Association. of Greek tourism companies (INSETE) on the theme “The contribution of tourism to the Greek economy in 2023”.
Each euro from tourism activity increases the GDP of the Greek economy by 2.65 euros.
Multiplier
More precisely, based on the sector multiplier used by IOBE in combination with the multipliers of the different branches of the Greek economy of KEPE (accommodation, catering, sea-road-air transport, commerce, entertainment, travel agencies, car rental, conferences), the resulting tourism multiplier amounts to 2.65, which means that for every euro of tourist activity, an additional indirect and induced economic activity of 1.65 euro is created and therefore , overall, GDP increases by 2.65 euros.
The tourism activity multiplier is therefore between 2.2 and 2.65. Taking into account the multiplier benefits, the total contribution of tourism to the country’s economy in 2023 is estimated between 62.8 billion euros and 75.6 billion euros, figures corresponding to between 28.5% and 34.3% of GDP. The corresponding figures for 2022 were between 52.6 and 63.3 billion euros, corresponding to 25.4% to 30.6% of GDP, while for 2019 they were between 50.8 and 61, 2 billion euros, corresponding to 27.7% to 33.4% of GDP.