Greece expects tourism revenue to bounce back in 2017

Published on : Thursday, March 2, 2017

GreeceTourism revenue in Greece may rise by 9 per cent, which will help Greece return to strong economic growth, but political issues could cloud a forecast.


Visitors from Germany, Britain and Russia are expected to flock to the country.


The Mediterranean country has banked its hopes on its sun-drenched beaches and ancient monuments to pull the country out of a deep recession. Tourism is Greek economy’s biggest revenue-earner, accounting for about 17% of output.


The country aims at 2.7 percent growth in2017 and hopes to return to bond market this year, after seven years in bailouts that plunged it into deep recession.


But the projections hinge on Greece concluding a review soon of its bailout progress with its international lenders, avoiding a flare-up in relations with neighbouring Turkey and handling the migrant crisis efficiently.


Andreas Andreadis, head of Greece’s main tourism body SETE (Association of Greek Tourism Enterprises), said tourism revenues are seen rising by up to 10% this year to 11 billion euros on the back of an expected record 17 million visitors.


He added that he expected a drop in cruise arrivals this year, from 2.5 million last year, due to the political instability in the region and mainly Turkey, which holds a constitutional referendum in April.


Problems managing the migrant crisis last year took a toll on bookings for Greece, a gateway for migrants to Europe, and forced business to slash prices, which in turn led to reduced revenues despite a peak in arrivals.

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