The Greek economy may still be in recession mode, but its largest industry; the tourism sector, is in a constant rise and had exhibited a spike in the first eight months of the year.
According to official data from the Bank of Greece; between January and August of 2017, a time frame that includes the busy summer season, the country had 18.9 million visitors – a 9.9% spike from the same period last year.
The rise in tourist arrivals until August 2017 led to a 9.1% rise in tourist-related revenues (a total amount of €10.5 billion) compared to the first eight months of 2016.
As expected; August 2017 was the most profitable month with 5.8 million tourist arrivals, 30% of the total arrivals of the eight months. That was 14.3% more arrivals than in August 2016.
Tourist revenue for August 2017 rose to €3.5 billion, which was €500 million more than in August 2016.
More analytic data shows a spike in arrivals from the three largest EU markets (Germany, France, UK), as well as a successful entry into the Russian market. These rises counterbalanced a slight drop in arrivals from the USA.
Travel flow from Russia in particular was up by 15.4% in the first eight months of the year, amounting to 456,000 tourists. Revenue from Russian tourists came to €340 million; up by 11.2%, compared with the same period last year, in spite of the; unfavourable for Russia, exchange rate between the euro and the ruble.