The length of this year’s tourist season, with the optimistic scenario being brisk occupancy rates until even November, will determine if 2023 is a record-breaking year for the sector in Greece.
The previous record of 18.2 billion euros in travel remittances was reached in pre-pandemic 2019, with at least one buoyant estimate by National Bank analysts now pointing to a target of 21 billion euros this year.
Lower than expected occupancy rates in previous months were handily off-set by higher remittances (spending per person, per day) in 2023, with records broken this month and in the first half-year period.
According to Bank of Greece (BoG) figures, travel remittances in H1 2023 totaled 6.175 billion euros, compared to 4.98 billion euros in the corresponding period of 2022 and 5.41 billion in 2019.
According to a recent study by INSETE for 2022, the Greek Tourism Confederation’s (SETE) research NGO, visitors from the United States are the biggest “spenders”, followed by Swiss holiday-makers.
July’s massive and highly publicized wildfire in south-central Rhodes apparently did not dent the country’s image as a holiday magnet abroad, with high-profile visitors this year including Amazon founder Jeff Bezos, Indian steel tycoon Lakshmi Mittal, NBA legend Magic Johnson and Hollywood star Demi Moore.
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Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year
Eurostat: Inflation in Greece Eases to 3.2% in April; 2.4% in Eurozone
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
ELSTAT Feb. Retail Turnover Drops by 3.8%, Sales Volume Plummets by 9.8%
Additionally, the seasonally adjusted General Volume Index for Feb. 2024 experienced a 3.8% decrease compared to the previous month of the same year
Greek Buyers Lead Return to Vacation Home Market
In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans
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