BoG: Greek Tourism Surges 12.2% in 1st Half of 2024

The Bank of Greece (BoG) reported that Greek tourism revenue grew at a rate of 12.2% in the first half of the year.

According to the BoG figures, travel revenues in the first six months of 2024 reached €6.9 billion, compared to €6.1 billion in the same period of 2023, generating an additional €754 million in 2024 compared to 2023.

Specifically for June, however, the growth rate was more moderate at 7.7%. In that month, revenues amounted to €3.11 billion compared to €2.89 billion in the previous year, marking a positive difference of €223 million.

Travel receipts hit a record high of €20.5 billion in 2023, confirming that the tourism sector in the country raised the bar even higher last year, surpassing the previous record set in 2019.

More specifically, travel receipts reached €20.459 billion, roughly 12.7% higher than the €18.151 billion in 2019.

According to data from INSETE’s Airdata Tracker, scheduled international flight seat capacity to Greece has increased by 8.2% compared to 2023, with 53% of this growth occurring in the third quarter. Encouragingly, tourism is gradually succeeding in extending the season, with pre-bookings for September and October providing grounds for optimism.

As concern about over-tourism is gaining traction in public discourse in the country, the crucial role of Greek tourism in the economic recovery of Greece is undeniable, as it continues to contribute by far the lion’s share to domestic GDP.

The data confirms a previous study by the National Bank of Greece (NBG) that estimates in 2024 the sector could achieve new records, with arrivals reaching 35 million tourists (+7% compared to 2023) and improved revenue per tourist, resulting in earnings of around 22 billion euros (+10% compared to 2023) and achieve an increased share in the Mediterranean market.

Source: tovima.com