Turnover soared in August

The record inflow of tourism in Greece this year has boosted turnover in accommodation and food service businesses, while even in mid-October, tourism traffic remains high. 

In August, turnover posted an increase in these two sectors not only compared to 2021, and of course 2020, but also compared to 2019. Part of this increase of the turnover is also due to inflation, as according to the data of the Hellenic Statistical Authority (ELSTAT) hotel charges in August 2022 were up by 16.4% compared to August 2021 and food service cost 5% more.

ELSTAT data showed the turnover in hospitality businesses amounted in August 2022 to approximately 1.65 billion euros, marking an increase of 25.6% compared to August 2021 (€1.31 billion). In August 2020, the turnover of accommodation businesses was only €520.3 million, while before the pandemic, in August 2019, the turnover in the sector was €1.33 billion. However, exceeding the turnover of 2019 does not mean that the total losses suffered by the sector in the two years 2020-2021 have been made up.

The turnover of food service in August was €248.38 million euros, up from €214.06 million in August 2021, registering an increase of 16%. In August 2020 turnover in the sector had fallen to €146.72 million, while in August 2019 turnover reached €218.66 million.

In total, in the first eight months of 2022, turnover for the companies of both sectors was €6.58 billion, against a turnover of €3.74 billion in the corresponding period of 2021 and €1.93 billion in the period January-August 2020. In the eight months from January to August 2019, the total turnover in both branches had been €5.63 billion.

For the enterprises of the areas with a contribution to the total turnover of the year 2021 greater than 1%, the largest increase in turnover in August 2022 compared to August 2021 was observed in the Regional Entity of Kos (46.4%) and the smallest increase (just 2.2%) was recorded in Lassithi, in eastern Crete.