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Economy

Greek Tourism On Record-Busting Path to Hit 20 Billion Euros

September 11, 2022

ATHENS – At the current rate – even during the waning COVID-19 pandemic – Greece will smash tourism records that could bring some 20 billion euros ($20.3 billion) to accelerate an economic recovery.

That would burst through the levels set in 2019 before the Coronavirus appeared early in 2020 and brought lockdowns, economic slowdowns and almost brought international air travel to a halt.

Tourism Minister Vassilis Kikilias told the Chinese news agency Xinhua that 2002 ‘has been an amazing year for Greek tourism … both branded and alternative destinations, on both islands and the mainland, were full of travelers and tourists this year, and this year we are set to surpass the numbers recorded in 2019, which has so far been a record year in tourism.”

The previous record year saw some 32 million arrivals, more than three times the country’s population, and brought in 18 billion euros ($18.27 billion) for the sector that brings in as much as 25 percent of the Gross Domestic Product (GDP.) Tourism-related revenues were 224.5 percent higher in June and 329.3 percent higher in January-June 2022 than in the same periods of 2021, said Bank of Greece data, as the country was slowly trying to lure more tourists during COVID.

corresponding periods of 2021, according to the latest BoG announcement.

Compared with 2019, revenues increased by 2.3 percent in June 2022 and an Alpha Bank analysis said the year, barring any unforeseen circumstances, will rake in record money and spur growth.

“After two very difficult years for tourism, we had an extremely positive rebound this year that helps us a lot and helps the Greek economy a lot. As a sector we usually account for 25% of GDP, this is a very big number for a national economy,” Alexandros Vassilikos, President of the Hellenic Chamber of Hotels (HCH), told Xinhua.

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