Hospitality sector recovers

Accommodation and food service turnover returned to pre-pandemic levels in the first quarter of the year, despite the fact that anti-Covid measures remained in force at the time.

Although there was a slight reduction in turnover in March compared to 2019, probably due to the inflationary pressures on the spending cuts households have had to make in Greece, the above sectors are set to get a huge boost from the increased flow of tourism anticipated for this summer.

The year in food service and accommodation is also promising thanks to the earliest ever start to the tourism season, with increased arrivals already in Athens and several other popular destinations, such as Crete. of course part of the increased turnover is attributed to the higher charges, mainly in accommodation, as Consumer Price Index data have shown: An 18.5% increase in March 2022 from a year earlier.

Hellenic Statistical Authority (ELSTAT) figures showed that the accommodation sector turnover reached 283.07 million euros in the first quarter, which was more than three times higher than a year earlier (at €92.85 million) when the sector was suffering due to the Covid restrictions. Over the first quarter of record year 2019, turnover had come to €283.82 million, and in 2020, with the first Covid case in late February, it had amounted to €239.97 million.

The decline in accommodation turnover in March 2022 compared to a year earlier was not only due to inflationary pressure but also because of the war in Ukraine, which has negatively affected consumer sentiment: It came to €91.89 million, against €99.13 million in March 2021.

ELSTAT figures also show a return to pre-pandemic levels for food service: In January-March 2022 the sector saw turnover soar by 120.9% year-on-year to €1.11 billion; that comparison, however, is made with a quarter that only allowed takeaway service. Yet an increase is evident even when comparing it with the first quarter of 2019, as three years earlier turnover had come to €1.06 billion.