Bank of Greece (BoG): Revenues in Tourism Sector Soar in 2023

This figure represents a 12.5% increase in revenues compared to the respective period in the previous year which also marked a record (€17.88 billion).

According to official data released by the Bank of Greece (BoG), the country’s tourism sector posted record numbers in 2023 as revenues between January and November 2023 soared to €22.11 billion.

This figure represents a 12.5% increase in revenues compared to the respective period in the previous year which also marked a record (€17.88 billion).

More specifically, for November, revenues amounted to €401 million, an €85 million rise in comparison to November 2019. This surge indicates a notable rising trend, representing a substantial growth of 12.5% in receipts compared to the previous record-setting year.

The BoG’s official data affirms previous studies that revealed the robust performance of the Greek tourism sector in 2023, as highlighted in annual reports by the Institute of the Association of Greek Tourism Enterprises (INSETE) which also presented recommendations to leverage the comparative advantages in specific regions.

According to INSETE, based on the 2022 tourism data, the Southern Aegean region maintains its leading position among the 13 regions with revenues of €4.7 billion, constituting 27% of the total tourism receipts.

Conversely, the Ionian Islands achieved a significant milestone in 2022 by leading in Average Spending per Visit, with a notable double-digit increase of 31% compared to 2019, reaching €821.

In contrast, Western Macedonia records the lowest tourism receipts nationwide, totaling only €49 million, while the Epirus region reports the lowest Average Spending per Visit at 240 euros. These figures underscore the tourism development potential of the two regions.

Furthermore, according to the data released by the Hellenic Statistical Authority, for businesses in the accommodation sector, the turnover in November 2023 amounted to €186,164,893, marking an increase of 21.8% compared to November 2022, when it had reached €152,816,458.

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