Greece’s Accommodation Revenue Grows 9.2% in 2024, Surpassing €11 Billion

• 6 March, 25

Greece’s accommodation sector saw a significant increase in turnover in 2024, with revenues growing by 9.2 percent, according to data released by the Hellenic Statistical Authority (ELSTAT). The total turnover reached 11.01 billion euros, up from 10.08 billion euros in 2023. In contrast, the food and beverage sector experienced a smaller growth of 2.4 percent. Revenue in this sector amounted to 10.13 billion euros in 2024, compared to 9.89 billion euros the previous year. Overall, total revenues from both accommodations and food and beverage services in 2024 reached 21.1 billion euros, reflecting a 5.8 percent increase from 19.97 billion euros in 2023.

Regional variations in revenue trends

The revenue growth across Greece’s regions varied significantly. Rhodes recorded the highest increase in accommodation revenue, with a remarkable 23.7 percent rise. Lasithi, Crete, followed closely with a 14.7 percent increase. However, some popular destinations saw a decline in accommodation revenue. Santorini experienced a 9.3 percent drop, while Mykonos saw a 7.3 percent decrease.

In the food and beverage sector, Rhodes again led with a strong 17.6 percent rise, followed by Kos with a 12.2 percent increase. However, Corinth saw a 9.7 percent decrease, and Mykonos experienced an 8.1 percent decline.

Strong performance in the final quarter of 2024

In the final quarter of 2024, the combined revenues of the accommodation and food and beverage sectors continued to grow. Rhodes recorded the highest increase during this period, with revenues rising by 22.6 percent. Lasithi followed with a 12.9 percent rise. Meanwhile, Santorini and Mykonos continued their downward trends, with declines of 9 percent and 7.6 percent, respectively.

December 2024: Continued growth in tourism revenue

In December 2024, Greece’s tourism sector remained strong, continuing to show positive growth. Revenue in the accommodation sector reached 238.83 million euros, marking an 8.6 percent increase compared to December 2023. The food and beverage sector also saw growth, with revenue totaling 234.57 million euros, a 5 percent rise over the previous year. Combined, both sectors generated 473.39 million euros in December, reflecting a 6.8 percent year-over-year increase.

Regionally, Heraklion on Crete experienced a remarkable 39.9 percent surge in revenues, while Rhodes saw a more modest 5.2 percent increase.

Cre: news.gtp.gr