Tourism in southern Europe, including Greece, Portugal, France, Italy and Spain has made a remarkable comeback in the post-pandemic period, according to an ING Group analysis citing Eurostat data.
As the Dutch-based multinational banking and financial services corporation estimates, the number of overnight stays is set to surpass the pre-Covid period for the first time with Portugal expecting a record for 2023 (excluding the last 3 months of the previous year).
In addition to Portugal, Greece’s tourism sector has been growing steadily faster over the last decade, as the number of tourist overnight stays increased by 63% (2013-2023), in sharp contrast with other Southern European countries. Spain, Italy, and France recorded increases of 24%, 13%, and 11%, respectively, since 2013.
From January to October in 2023, the total number of overnight stays reached 1.46 billion in the countries, surpassing pre-pandemic levels. The increase is attributed to a significant 11% rise in the number of overnight stays by foreign visitors, although stays by domestic tourists remained stable compared to the previous year.
However, according to ING’s analysis, Portugal stood out among the southern European countries in terms of overnight stays, as the percentage has increased by 67% since 2013, remarkably surpassing the GDP growth.
The report explains that the contributing factors for this surge in Portugal were the relatively inexpensive life compared to other tourist destinations, its pleasant weather throughout the year, and benefits from shorter flight durations from North and South America, contributing to a significant influx of visitors from the USA, Canada, and Brazil.
Thanks in part to the ongoing recovery of tourism, the GDP growth in Southern Europe exceeded the Eurozone average in 2023. Additionally, the revitalization of the tourism sector contributed to job creation in these countries.
However, the influx of tourists posed challenges for many hotels in Southern Europe, struggling to adequately staff their facilities before the official start of the tourist season. This shortage was exacerbated by individuals who had left the industry during the pandemic and had since found employment in other sectors.
In the analysis, ING also notes the absence of Russian tourists and a significant reduction in Chinese visitors compared to 2019.
Source: tovima.com
Latest News
Which Islands Will Have Italians Flocking to Greece this Summer?
Well-known Italian travel magazine details reasons why Skopelos, Naxos and Astypalaia are the go-to summer destinations for Italians
Antentokounmpo 5th Highest Paid Athlete in World
The basketball player rakes in 111 million dollars per year, between his salary at the Bucks and endorsements from big brands like Amazon, Nike and Pepsi
Greek FM Gerapetritis: Need to Immediately End Gaza Hostilities
Gerapetritis added that a humanitarian crisis was transpiring in Gaza, with the concerns now being spillover in the wider Middle East.
ETC Report: Greece 3rd Most Popular Destination for Europeans
Italy and Spain are tied as the top destinations, each attracting 8% of travelers
Greece Battles EC to Protect Rice Industry and Public Health
Together with several other EU countries, Greece successfully blocked the European Commission's proposal to increase allowable levels of a banned pesticide commonly found in rice imported from southeast Asia
Eurostat: 3.2% Annual Inflation in Greece in April
The data shows that Greece ranks seventh in overall inflation within the eurozone and second in food inflation
Intrum’s 2024 Report Unveils Greek Businesses Embrace Digitalization for Growth
Looking ahead, over 40% of businesses prioritize development for 2024, with 65% recognizing the potential of digital business models as sustainable investments
IOBE: Mild Drop in April Business Confidence Index (BCI) in Greece
The positive balance of expectations for employment witnessed a marginal decline, while the index for production forecasts also recorded a mild drop
Greek PM Mitsotakis Calls on EU to Intervene Over Multinationals’ Pricing Policy
Speaking about price fairness, the Prime Minister emphasized, "Europe should also mean similar or uniform prices for the products sold by our multinational corporations.
Greenhouse Gas Emissions: 4% Decrease in EU, 0.3% Rise in Greece in Q4 2023
The EU's GDP remained stable with a marginal 0.2% increase in fourth quarter of 2023