Major growth in tourism arrivals and revenues in Q1

Tourism is certainly appears likely to hit some new all-time highs this year, following a record-breaking 2017, as in the first quarter of 2018 arrivals posted a 13.8 percent year-on-year increase and takings grew 14 percent, Bank of Greece figures showed on Tuesday.

The ratio between the arrivals growth rate and that of revenues points to a small rise in per capita expenditure. The increase in March arrivals also suggests that the tourism season is lengthening, which would mean a reduction in the industry’s seasonal element – and consequently more money for the Greek economy and more jobs. In March alone the increase in tourism takings amounted to 28.2 percent on annual basis, another sign of a special year, unless something unforeseeable happened.

BoG data took tourism revenues in the year to end-March to 557 million euros, largely thanks to the 18.9 percent growth in revenues from European Union visitors. This was driven higher by takings from Germans and Britons.

The travel balance showed a surplus of 86 million euros in the first quarter, matching the figure achieved in the January-March period of 2017.