Greece, tourism generates over 30 billion euros - The sector gave "breathing space" to the economy and employment in 2024
The direct contribution of tourism to the Greek economy in 2024 is estimated to be 30.2 billion euros. The data comes from a study by the Institute of the Hellenic Confederation of Tourism (INSETE), according to which, if the sector's indirect contribution is also taken into account, the corresponding percentage exceeds 30% of GDP.
Tourism activity remains mainly export-oriented, as 84.4% of revenues come from inbound tourism, covering 71.5% of the deficit in the balance of goods (-35.66 billion euros in 2024).
Furthermore, the sector directly contributed one-sixth (16.5%) of all employment in the third quarter of last year.
The direct contribution of tourism is divided into: inbound tourism spending (21.6 billion euros), air transport (2.9 billion euros), maritime transport (147 million euros), domestic tourism (2.3 billion euros) and domestic value added from investments (2.5 billion euros).
The sector recorded a growth of 5% compared to 28.8 billion euros in 2023. Investments reached 5.1 billion euros, of which about 2.4 billion euros constitute domestic value added.
Based on estimates by the Foundation for Economic and Industrial Research, for every 1 euro of tourism activity, an additional economic activity of 1.2 to 1.65 euros is created. For every 1 euro of tourism revenue, Greece's GDP increases by 2.20 to 2.65 euros.
Taking into account the benefits, the total contribution of tourism to the economy in 2024 is estimated to be between 66.5 billion and 80.1 billion euros, reaching 28% to 33.7% of GDP. The corresponding figures for 2023 were between 63.3 billion and 76.2 billion euros.
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