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Role of Tourism for Greece in 2019 Revealed by INSETE

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The significant role of the tourism sector on growth and employment in Greece in 2019 before the outbreak of the Covid-19 crisis are revealed in two studies released this week by SETE Intelligence (INSETE), the research department of the Greek Tourism Confederation (SETE).

More specifically according to the studies, Greek tourism marked its best year in 2019:

– The sector contributed directly to the economy with 23.4 billion euros – up by 10.9 percent or 2.3 billion euros compared to 2018 and 51.6 billion euros in total up to 62.1 billion euros. Direct tourism activity accounted for 12.5 percent ​​of GDP,

– Travel receipts, including revenue generated from transport, covered 89 percent of the goods deficit and were equal to 78 percent of receipts from exports of all other products,

– During the peak of the season, tourism-related activities accounted directly for 17.1 percent of employment and in total (directly and indirectly) between 37.6 percent and 45.2 percent,

– Tourism recorded investment activity to the tune of 3.2 billion euros, of which 1.2 billion euros in domestic value added,

– Tourism boosted economic activity in the regions of Crete, the Ionian Islands and the South Aegean,

– Accommodation and F&B services accounted for the largest number of employees – at 429.2 thousand – in the third quarter of 2019, the highest figure since 2010 accounting for 10.8 percent of total employment in Q3 2019 up from 7.7 percent in 2010,

Part-time employment in Greece, both in accommodation and F&B services (17.9 percent) and in other sectors (8.3 percent), was approximately half compared to EU levels,

– Accommodation and F&B services employed mainly people in the 30-44 age bracket (37.6 percent in Q3 2019), offering employment opportunities to people with limited access to the labor market: 25-29 year-olds (17.2 percent), 45-64 year-olds (31.2 percent), and women (48.2 percent),

– Over the 2010-2019 period, uninsured work decreased.

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