Greece’s GDP Improves Despite Loss of €1 Bln in Tourism Revenue This Year



GreeceGreece suffered a one billion euro tourism revenue shortfall this year due to continuous economic and political instability, and the refugee crisis, Hellenic Federation of Hoteliers Head Yiannis Retsos revealed.

According to recent data the Association Of Greek Tourism Enterprises (SETE) released, during the first eight months of 2015, the number of international air arrivals increased by 6.3 percent reaching a total of 11.7 million.

As a result, Greece appears to be ending the current year with a record 26 million tourism arrivals from abroad and over 14.5 billion euros in direct revenues, offering the crisis-stricken country an “alleviating” extra percentage point to gross domestic product.

Retsos did say hotel revenues did not present the same rising course with the country’s tourism revenues. The majority of hoteliers in Greece responded to the capital controls with plenty of price reductions during the months of August and September.