The initial data for Greek tourism is extremely positive, indicating a particularly dynamic summer season. According to data from the Bank of Greece, the arrivals of non-resident travelers increased by 24.5%, and the related revenues increased by 28.2% compared to the first quarter of 2023.
March of this year saw an even more impressive surge, with non-resident arrivals spiking by 31.2% and revenues jumping by 34.2% compared to March 2023.
The tourism sector has emerged as a powerhouse for the Greek economy in recent years, showcasing its prowess in 2023. The latest study from the Institute of the Greek Tourism Confederation (INSETE), titled “The Contribution of Tourism to the Greek Economy in 2023,” highlights this trend. According to the report, every euro generated from tourism activity contributes an impressive 2.65 euros to the GDP of the Greek economy.
More specifically, leveraging the multiplier utilized by the Foundation for Economic and Industrial Research for the sector alongside the individual sector multipliers from the Centre of Planning and Economic Research, the tourism multiplier stands at a significant 2.65. This multiplier signifies that for every euro generated from tourism, an additional 1.65 euros in indirect and induced economic activity is stimulated, thereby amplifying the GDP by a total of 2.65 euros .
Considering these multiplier effects, the cumulative contribution of tourism to the Greek economy in 2023 is estimated to fall between 62.8 billion euros and 75.6 billion euros. This amounts to a substantial 28.5% to 34.3% of the country’s GDP.
