Despite domestic economic uncertainty in Greece, the future is looking positive for tourism, with healthy increases expected in the number of annual tourist arrivals to the country, according to Business Monitor International’s (BMI) Greece Q3 2014 Tourism Report.
A member of Fitch Group, Business Monitor International is an independent provider of country risk and industry analysis specializing in emerging and frontier markets.
BMI’s tourism report for Greece looks at the potential for growth in the European tourist destination.
“Greece has long been one of the most popular holiday destinations in Europe, with a range of beach destinations as well as cosmopolitan cities and a multitude of cultural and historical attractions making it a prime destination for both short-stay visitors and long-stay package vacations,” the BMI report underlined. BMI added that the Greek hotel and accommodation sector is very well developed, with a range of budget options available across the country.
According to the report, as one of the more affordable destinations in Western Europe, the Greek market has tended to remain stable despite the wider economic downturn in the wake of the financial crisis. BMI expects to see annual growth in arrivals to Greece of around five percent per year.
Arrivals expected to reach 19.9 million by 2018
“By the end of the current forecast period in 2018, therefore, we expect that the number of arrivals to Greece will reach 19.9 million, up from 15.8 million in 2013,” the report said.
Greece’s European neighbors will continue to dominate the top 10 source markets, and diversification here would benefit the industry by making it less susceptible to any economic downturn in the eurozone.
BMI sees Greece’s growth in outbound travel to be more subdued but over all expects to see solid gains in both tourism-related expenditure and industry value.