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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European Central Bank Cuts Interest Rates by 25 Basis Points
It is the fourth cut of interest rates by Europe’s central bank, a move expected by the markets and financial analysts leading to the rate settling at 3%.
Airbnb: New Measures Add €600 in Extra Costs for Property Owners
Property managers face an immediate administrative fine of 5,000 euros if access to the inspected property is denied or any of the specified requirements are not met.
Economist: Greece Included in the Best Performing Economies in 2024
Meanwhile, Northern European countries disappoint, with sluggish performances from the United Kingdom and Germany.
EasyJet Expands Its Routes from Athens
The airline’s two new routes will be to London Luton and Alicante and they will commence in summer 2025.
Capital Link Forum Highlights Greece’s Economic Resurgence; Honors BoG Gov Stournaras
Capital Link Hellenic Leadership Award recipient, Bank of Greece Gov. Yannis Stournaras, an ex-FinMin, was lauded for his pivotal role during Greece’s economic recovery
Tourist Spending in Greece Up by 14%, Visa Card Analysis Shows
Greece’s capital Athens emerged as the most popular destination, recording a 17% increase in transactions with Visa cards, surpassing even the cosmopolitan island of Mykonos.
Inflation in Greece Unchanged at 2.4% in Nov. 2024
The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month
2024 Christmas Holidays: Extended Shop Hours Schedule
The 2024 Christmas Holidays extended shop hours schedule commences on Thursday, December 12 and runs until the end of the year.
ELSTAT: Seasonally Adjusted Unemployment Down in October
The number of employed individuals reached 4,284,694, an increase of 67,723 compared to October 2023 (+1.6%) and 22,002 compared to September 2024 (+0.5%).
Greek PM’s Chief Economic Adviser Resigns
In the post on his Facebook page, Patelis did not disclose the reasons that led him to step down.
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