Greek tourism’s markets offer positive outlook

The course of GDP and private consumption in the main Greek tourism source markets is expected in 2024 to fluctuate at the same levels as in 2023.

At the same time, the prices of energy products, transport costs and inflation in general are expected to follow a downward course, while the euro will fluctuate at competitive levels in relation to the main international currencies.

Therefore, “the demand for tourism services in the main markets of inbound tourism in Greece is not expected to be substantially affected by the macroeconomic environment,” states a report of the Institute of the Greek Tourism Confederation (INSETE) on the topic “Developments in the global economy and in the countries origin of tourists entering Greece.”

The course of incoming tourism will again depend on maintaining and further strengthening the international competitiveness of the Greek tourism product, it showed.

A prerequisite for achieving this strengthening of competitiveness is the targeted strategy, which SETE has defined in five central pillars, that include infrastructure, investments and competitiveness, effective management of destinations, the labor market and sustainability.

According to the director general of INSETE, Elias Kikilias, “economic developments in the global economy and especially in the main countries of origin of our visitors have a direct impact on tourism demand. The continuous monitoring of macroeconomic developments and prospects is deemed necessary for the timely diagnosis of changes and the implementation of corrective actions. Competitiveness, resilience and adaptation are the key words for Greek tourism to maintain its strong position in the global tourism market, in the midst of an unstable and rapidly changing environment.”

Greece collected about €7.7 billion from incoming tourism from eurozone countries in 2019 (44% of the total), the study points out. Receipts from the eurozone in the first 10 months of 2023 amounted to €8.8 billion, up 17% compared to the corresponding 10 months of 2019, while international air arrivals from the eurozone airports for the whole of 2023 presented an increase of 13.7% compared to 2019.

In 2024, the GDP of the eurozone is estimated to increase by 0.7%, from 0.4% in 2023. Private consumption is expected to increase in 2024 by 0.3%, compared to 0.2% in 2023.