KEPE: EU Tourists Generate Almost Half of Greece’s 10-year Revenue
Travel receipts increased to 16 billion euros in 2018 breaking a new barrier and driven by dynamic tourism flows, according to a report released last week by the Center of Planning and Economic Research (KEPE).
KEPE said the positive results were a direct result of upgraded infrastructure, enhanced products and far-reaching promotional strategies as well as improved economic conditions in source markets.
According to KEPE data for the 2008-2018 period, EU travelers generated 59.9 billion euros to Greece, accounting 44 percent of the total revenue, which came to 136 billion. This however is still lower than the 2008 figure at 48 percent.
For the same 10-year period, non-EU travelers generated 13.4 billion euros accounting for 9.8 percent of the total at 1.97 billion euros in 2018.
A leading source market for Greece, the UK generated 18.2 billion euros, or 13.4 percent of the 2008-2018 total. Last year, tourism revenue from British travelers came to 1.94 billion euros.
Russian holidaymakers to Greece left behind 7 billion euros over the 10-year period accounting for 5.1 percent of the total revenue. Russia’s contribution has fluctuated over the years, to drop to 0.34 billion euros in 2018.
Revenue from US travelers remained steady reaching 7.60 billion euros in the 10 years to 2018 and accounting for 5.6 percent of the total. Americans generated 1.04 billion euros in 2018.
In the same period, the Swiss spent 2.9 billion euros or 2.7 percent of the total reaching 1.04 billion 2018.
Tourists form Australia left behind a total of 2.4 billion euros or 1.8 percent of the total amounting to 0.36 billion euros in 2018, while travelers from Canada spent 2.1 billion euros, or 1.5 percent of the total, soaring to 364 million in 2018.
Looking ahead, KEPE estimates that tourism related revenue will continue grow into 2019 on the back of high inbound traveler figures.