Tourism Provides Third of Greek GDP and Most Jobs


Tourism is a vital part of the Greek economy, accounting for one in three euros earned each year. A recent study by the Institute of the Hellenic Tourism Business Association (INSETE) found that the total contribution of the sector to the country's economy in 2023 was between 62.8 billion and 75.6 billion euros, or 28.5% to 34.3% of GDP.

The direct contribution of tourism alone was estimated to be 28.5 billion euros in 2023, which is the highest on record and represents 13% of GDP. This compares to 23.9 billion euros and 11.6% of GDP in 2022, and 23.1 billion euros and 12.6% of GDP in 2019.

Tourism remains predominantly export-oriented, with 82.7% of receipts coming from inbound tourism.

The sector is also a major employer, contributing directly to 16.4% of employment in the third quarter of 2023, and indirectly to about 40% of employment overall. This makes tourism the largest employer in Greece.

The direct contribution of €28.5 billion is divided between inbound tourism expenditure (€20.7 billion including cruise passenger expenditure), air transport (€2.5 billion), maritime transport (€144 million), cruise company expenditure (€235 million), domestic tourism (€2.5 billion), and domestic value added from investment (€2.5 billion).

The study highlights the importance of tourism to the Greek economy and the need to continue to support and develop the sector.


Copyright Greekcitytimes 2024