Greece H1 Travel Receipts Exceed 2019 Levels, Pave Way for Strong Q3
A 26 percent increase in international arrivals in the first half of the year boosted tourism-related revenues by 23.9 percent, according to the latest data released by the Bank of Greece (BoG).
More specifically, travel receipts in the January-June 2023 period reached 6.17 billion euros, marking a 23.9 percent rise over the same period in 2022 (4.98 billion euros), and a 15 percent increase over pre-Covid 2019 (5.41 billion euros).
Central Bank analysts attribute the good performance to increased spending by EU residents which was up by 17.2 percent in H1 to 3,356.8 million euros and by non-residents which rose by 31.9 percent to 2,623.6 million euros.
Driving receipts upwards were travelers from Germany with spending up by 9.7 percent to 1,135.1 million euros, from France up by 31.1 percent to 460.0 million euros, from the UK up by 7.6 percent to 856.0 million euros, the US up by 54.4 percent to 523.4 million euros, and from Russia up by 5.5 percent to 15.4 million euros.
Travel receipts in June increased by 17.2 percent year-on-year to 1,207.2 million euros from 985.8 million euros in 2022 thanks to strong spending by EU travelers up by 13.1 percent to 1,657.1 million euros and by non-EU holidaymakers (+22.5 percent) to 1,207.2 million euros over 985.8 million euros in 2022.
Again leading the way, Germany with receipts up by 0.4 percent to 533.3 million euros, France (+22.8 percent to 178.0 million euros), the UK (+7.6 percent to 457.3 million euros), the US (+35.3 percent to 216.9 million euros), and Russia (+15.8 percent to 7.6 million euros).
BoG analysts are expecting data for July, August and September (Q3) to be even higher given that 65 percent of total travel receipts are usually recorded in the third quarter of the year.
Earlier this month, the National Bank of Greece revised its forecast upward now expecting tourism-related revenues for Greece to reach 20 billion euros exceeding 18.17 billion euros achieved in record year 2019.
I live in a small village on Kos and although eating and drinking are ok people are not shopping but this could be because all shops sell the same chinease fridge magnets and all the same clothes….how many souveniers can people buy when they travel to GREECE every year Not sure how receipts from Russia are up I have not seen one RUSSIAN all summer
There certainly not spending on the streets at least not here on Crete the all inclusive hotels are busy but the resorts are suffering as know one comes out at night to the restaurants or the local bars to drink or even eat snackes.