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INSETE’s report: “The Contribution of Tourism to the Greek economy 2017” (1st estimate)

The contribution of tourism to the national economy for the year 2017 was increased, according to the new study released by the Institute of the Greek Tourism Confederation (INSETE).

According to the main findings of INSETE’s study titled “The Contribution of Tourism to the Greek economy in 2017”, tourism activity last year recorded an increase of revenues from abroad of +11.4% or +€ 1.45 billion compared to 2016. The overall increase of tourism activity is estimated at + €1.56 billion (from € 16,7 million direct contribution to GDP in 2016 to € 18,3 million in 2017). Moreover, the direct contribution of tourism to GDP is 10.3%, whereas the sector’s direct and indirect contribution is estimated between 22.6% and 27.3%.

Furthermore, study’s findings indicate that tourism is a sector with a significant spread of benefits to the wider economy. More specifically, for every euro of tourism activity, the country’s GDP increases from 2,2 to 2,65 euros. For the three island regions of Crete, South Aegean and the Ionian Islands, tourism contributes directly by generating well over 47.4% of the GDP of these regions.

At the same time, during peak season (Q3), tourism contributes directly 16.9% of employment and overall (directly and indirectly) between 37.2% and 44.8%, while basically constituting the key driver for reducing unemployment. Additionally, in 2017 Greece’s travel receipts covered 80% of the balance of trade deficit. These receipts are equal to 74% of receipts from the exports of all other products exported from the country, excluding receipts from the export of ships and fuel. If receipts from air and marine transport from inbound tourism are added to travel receipts, then the total or travel receipts is equal to 82% of the receipts from exports of all other goods, except ships and fuel.

 You can find the full study here and for a summary in infographic form here.

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