Tourism - record revenues for Greece

Beyond fires and other minor crises, the tourist season has brought Greece a substantial amount of money. Greece's tourism revenues have reached a new record in the first half of 2023, prompting analysts to estimate earnings of over 20 billion euros for the entire year. This figure would surpass the previous record level of 18.17 billion euros set in 2019, the last year before the pandemic, according to Ekathimerini publication.

According to preliminary data released by the Central Bank of Greece, tourism revenues in the first six months of this year increased by 14.1%, reaching 6.174 billion euros, compared to 5.41 billion euros in a similar period in 2019. In the first half of 2022, the Greek state recorded tourism revenues of 4.98 billion euros. In June alone, revenues stood at 2.93 billion euros, also a record level, compared to 2.50 billion euros in June 2022 (a 17.2% increase) and 2.55 billion euros in June 2019 (a growth of 14.9%). Much of the revenue growth was driven by high inflation, as hoteliers raised prices once again in 2023. Analysts expect high revenues in July as well. Considering that the third quarter (July-September) accounts for 65% of the total annual revenues, analysts anticipate revenues of over 20 billion euros for the entire year. According to a recently published study, the Central Bank of Greece estimates tourism revenues of 21 billion euros for this year, a 15.6% increase compared to 2019 (when revenues reached 18.17 billion euros) and a 19.1% increase compared to 2022 (when revenues reached 17.63 billion euros). The higher prices this year have partially offset the decline in the number of nights spent in tourist accommodations. In the first half of 2023, German tourists accounted for 42% of total arrivals in the second quarter, up from 39% in 2019, while arrivals of tourists from the USA nearly doubled.