Tourism Boosts Greek Economy to Historic Heights in 2023

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In a remarkable milestone for Greece, the direct contribution of tourism to the economy soared to unprecedented levels in 2023, reaching 28.5 billion euros, equivalent to 13% of the nation's GDP.

This achievement, highlighted in the latest study by the Institute of the Association of Greek Tourism Enterprises (INSETE) on the "Contribution of tourism to the Greek economy in 2023," reflects a substantial increase compared to previous years.

Compared to 2022, where tourism contributed 23.9 billion euros, marking 11.6% of GDP, and 23.1 billion euros in 2019, accounting for 12.6% of GDP, the surge in 2023 is noteworthy. The study underscores the sector's resilience and growth trajectory despite challenges.

The study reveals that tourism activity remains a crucial driver of Greece's export sector, with 82.7% of receipts stemming from inbound tourism. Furthermore, tourism significantly impacted employment, reaching its peak in Q3 2023, contributing to a reduction in unemployment rates.

Notably, the cruise industry witnessed a remarkable performance, with arrivals and receipts more than doubling in 2023 compared to 2022. The study attributes this growth to increased investments and improved infrastructure.

Additionally, the multiplier effect of tourism on the economy is substantial, with every euro from tourism activity generating an additional economic activity of 1.65 euros. This multiplier effect, combined with the multipliers of various branches of the Greek economy, results in an estimated total contribution of tourism ranging between 62.8 billion euros and 75.6 billion euros in 2023.

These figures, equivalent to 28.5% to 34.3% of GDP, underscore the pivotal role of tourism as a driving force behind Greece's economic growth and recovery.

(Source: Amna)

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