Tourism is now back with a bang in Southern Europe

Wednesday, May 24, 2023

Following three years of travel restraints because of the pandemic and rising energy prices, tourism is now back with a bang to lift the economies of southern Europe with sun-seekers making up for lost time.

Timely reservations indicate that Italy, Greece, Spain, and Portugal are expected to witness record tourism
incomes this year. This would help refill state reserves exhausted by increasing debt interest expenditures and the cost-of-living crunch.

Carlo Messina, the CEO of Italy’s major bank Intesa Sanpaolo said that now in Italy, they have a boom
concerning tourism that is incredible. It is quite difficult to locate a place in a five-star hotel if one is looking for a holiday.

Tourism is vibrant and important for southern Europe’s economies.

The travel segment was valued at €100 billion or 6.2% of Italian productivity in 2019 prior to the pandemic, which brought the segment to its knees. In Greece, tourism adds to approximately one-fifth of gross domestic product.

The number of overseas tourists holidaying in Italy grew 70.5% during the initial two months of this year
compared to the equivalent time in 2022, as per the national statistics agency. It said that if the trend
endures, Italy is expected to match or even exceed the pre-pandemic levels.

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