ELSTAT: Tourism Helps Ease Greek Recession

Greece’s gross domestic product (GDP) shrank 3.8 percent in the second quarter, the least in three years, due to an improved performance in tourism and trade, the country’s national statistics office ELSTAT announced on 6 September.

The initial estimate showed Greece’s economy shrinking by 4.6 percent.

Nikos Magginas, senior economist at National Bank of Greece, said it was the smallest quarter-on-quarter decline in GDP since late 2009 when the country’s debt crisis broke out, which led Greece to turn to a bailout.

Mr. Magginas said a similar picture is expected in the third quarter as well.

Tourism revenue in Greece increased 17.8 percent in the first half of the year compared with the same period last year, according to the Bank of Greece. Additionally, international arrivals increased by 12.3 percent.

The latest predictions of Greek tourism professionals see Greece welcoming a total of 17.5 million foreign visitors. Revenue is said to total at 11-11.5 billion euros.

Tourism accounts for some 17 percent of Greeces’ economy.