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Greece records half-year tourism surplus of EUR 7.5 billion

Greece, Tourism, Investment, Consulting, Navigator

The Central Bank of Greece recently reported on the balance of payments in the Greek tourism sector, to July 2019:

Following an all-time high of over 16 billion euros in tourism revenue in 2018, Greek tourism flows and revenue have retained their rise in the first half of 2019. In January-July 2019, the number of inbound visitors increased to 15.080 million, compared to 14.995 million in January-July 2018.

In January-July 2019, the balance of travel services showed a surplus of €7.547 million, up from a surplus of €6.793 million in the same period of 2018. Net receipts from travel services accounted for 85.6% of total net receipts from services and more than offset (169.1%) the goods deficit.

In July 2019, travel receipts from EU residents increased by 15.5% to €2.545 million, while receipts from non-EU residents rose by 2.7% compared with July 2019.

Among major source countries, receipts from Germany fell by 2.9% to €501 million, whereas receipts from France increased by 1.3% to €193 million. Receipts from the United Kingdom rose by 63.6% to €566 million. Receipts from the United States fell by 7.7% to €180 million, while receipts from Russia fell by 8.7% to €88 million.

Visitor flows through airports increased by 2.6%, whereas visitor flows through road border-crossing points declined by 4.5%.

Navigator supports hotel and tourism accommodation investments in Greece, and has extensive experience in due diligence on tourism and property investments. Please contact us for more information relating to hotel and property investments in Greece.

Source: Bank of Greece, 23/09/2019

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