Strong tourism sector showing in Greece so far in 2020 fuels hopes for revised GDP forecast

The all-important tourism sector appears to be 2020’s economic “locomotive”, with at least 10 billion euros in travel remittances expected to find their way onto the state’s ledgers for the year, with second half of the year results still pending but expected to be vibrant.

The more optimistic scenario, one now considered by the finance ministry and cited by National Bank economists in a new commissioned study, is a “V type” recovery for the year, with GDP increase in 2020 touching on 7.5 percent, a development that is also fueled by higher investments and business profits than pre-Covid 2019.

If the 10-billion-euro figure for the year’s revenues stand, it will mark a figure of 55 percent compared to 2019, while tourism sector analysts point to even a 66-percent figure.