Tourism set for record revenues

Travel receipts in the first nine months of the year exceeded 16 billion euros, matching the amount reached in the entire 12 months of 2018, according to the official figures of the Bank of Greece. This points to another record year for tourism revenues, which are expected to reach up to 17 billion euros by end-December, given the momentum this year.

In January-September 2019 travel revenues rose 14 percent from last year to 16.08 billion euros. In the same period last year they had reached 14.01 billion, while in the whole of 2018 they had come to 16.1 billion. In September alone receipts from travel services expanded 16 percent from September 2018.

Arrivals in the first nine months of the year increased 3.8 percent from a year earlier, with September seeing annual growth of 5 percent.

Greek tourism is showing remarkable resilience this year in the face of various bad omens ranging from Brexit to the German economic slowdown with low bookings up until May, not to mention the collapse of UK tour operator Thomas Cook toward the end of the summer season.

The higher rate of increase in revenues compared to that for arrivals points to higher-spending visitors, and higher hotel room rates.