Course of tourism revenues becomes unpredictable

Germany and Britain are Greece’s biggest tourist markets, but tourist spending patterns might be worrying. Bank of Greece data for May showed tourism earnings down 10.4 percent year-on-year as visitors reined in spending.

That tightening of the purse strings was most pronounced with a 29.2 percent drop in spending by Britons, where a see-sawing sterling, weakened by the referendum to leave the European Union, made holidays in Greece more expensive.

Association of Hellenic Tourism Enterprises (SETE) President Andreas Andreadis said arrivals may turn out lower than initial estimates, while revenues could grow by 1-2 percent. “This year’s projection is a puzzle for advanced players. It’s like quicksand.”

[Reuters]