In 2023, the direct contribution of tourism to the Greek economy amounted to 28.5 billion euros, which corresponds to 13% of the country's GDP and is the highest historically for the sector to date. In 2022 the corresponding figures were 23.9 billion euros and 11.6% of GDP and in 2019 €23.1 billion and 12.6% of GDP.

The figures come from the latest study by the Institute of the Association of Greek Tourism Enterprises (INSETE) on "The contribution of tourism to the Greek economy in 2023", according to which, if the indirect contribution of the sector through multipliers is included, the corresponding figure rises to about 30%. Tourism activity remains mainly export-oriented, with 82.7% of receipts coming from inbound tourism. Further, the sector contributed directly to the peak, in the third quarter of 2023, 16.4% of employment, and overall (directly and indirectly) to about 40%, contributing to the reduction of unemployment. 

DIRECT IMPACT

As regards the direct contribution of the sector for the previous year, it amounted to EUR 28.5 billion and is divided into the figures from inbound tourism expenditure (€ 20.7 billion including cruise passenger expenditure), air transport (€2.5 billion), air transport (€ 2.5 billion) and air transport (€2.5 billion). (€2.5 billion), maritime transport (EUR 144 million), cruise companies' expenditure (€235 million), domestic tourism (€2.5 billion) and domestic value added from investments (€ 2.5 billion). It is recalled here that according to the first estimate of ELSTAT, the country's GDP, at current prices, in 2023 was 220.3 billion euros, up 6.6% compared to 2022.

The direct impact of tourism increased by 23.5% compared to 23.1 billion euros in 2019, with significant increases in all individual expenditures (inbound tourism, cruise, transport, domestic tourism, investment). Compared to 2022, where the direct effect was €23.9 billion, the increase in 2023 was 19.5% also with significant increases in all sub-spending. Notable in 2023 is the increase in investment to €5.1 billion, of which around €2.5 billion corresponds to domestic value added, compared to € 2.7 billion and € 1.2 billion respectively, in 2019 and EUR 3.7 billion and EUR 1.7 billion in 2022. 

Mr Elias Kikilias, Director General of INSETE, on the occasion of the publication of the study, said: 'The resilience, dynamism and vital contribution of tourism to the Greek economy is undeniable. Its overall contribution touches a multitude of sectors, positively affecting the living standards of citizens. In today's challenging environment, however, the need for targeted strategies based on sustainable development is more urgent than ever. Effective management and governance of destinations and investment in infrastructure are the minimum requirements for the sector to maintain its competitiveness and provide the maximum possible boost to the Greek economy and society."