Tourism generates €30.2 bln

• 27 May, 25

The direct contribution of tourism to the Greek economy in 2024 is estimated at 30.2 billion euros.

This stems from the study by the Institute of the Greek Tourism Confederation (INSETE) on “The Contribution of Tourism to the Greek Economy in 2024,” according to which, if the indirect contribution of the sector is also taken into account, the corresponding percentage exceeds 30% of GDP.

Tourism activity remains primarily export-oriented, since 84.4% of receipts come from inbound tourism, covering 71.5% of the deficit in the balance of goods (-€35.66 billion in 2024). Furthermore, the sector directly contributed one sixth (16.5%) of all employment in the third quarter of 2024.

The direct contribution of the sector for the previous year is divided into the following figures: expenditure on inbound tourism (€21.6 billion, including expenditure by cruise passengers), air transport (€2.9 billion), maritime transport (€147 million), expenditure by cruise companies (€799 million), domestic tourism (€2.3 billion) and domestic value-added from investments (€2.5 billion).

The direct impact of tourism recorded an increase of 5% compared to €28.8 billion in 2023, with growth in all individual expenditures (inbound tourism, cruise, transport, domestic tourism, investments). Investments amounted to €5.1 billion, of which around €2.4 billion is estimated to constitute domestic added value.

Based on the estimates of multipliers from the Foundation for Economic and Industrial Research (IOBE) and the Center of Planning and Economic Research (KEPE), for every €1 of tourism activity, an additional €1.2 to €1.65 of additional economic activity is created. For every €1 of tourism revenue, Greece’s GDP increases by €2.20 to €2.65.

Taking into account the multiplier benefits, the total contribution of tourism to the economy in 2024 is estimated to be between €66.5 billion and €80.1 billion, amounting to between 28% and 33.7% of GDP. The corresponding figures for 2023 were between €63.3 billion and €76.2 billion.

Also, as 77% of incoming tourism revenue is generated outside Attica, tourism consistently boosts employment and regional development. In 2024, tourism employment rose 4.8% to 401,000 employees.

Cre: ekathimerini