Kefalogianni: Tourism Key to Greece’s Economic Recovery

Photo source: Greek Tourism Ministry

Greek tourism’s progress, prospects and contribution to the Gross Domestic Product (GDP) were the focus of a meeting today, 24 November, in Athens between Greek Tourism Minister Olga Kefalogianni and Bank of Greece governor Yiannis Stournaras.

“Tourism is perhaps the most dynamic sector of the Greek economy today, as it represents some 18-20 percent of Greek GDP and around 20 percent of job positions,” Mrs. Kefalogianni stated after the meeting.

She added that tourism is named among Greece’s three or four national key areas for the recovery of the Greek economy, according to studies released by the Bank of Greece and the Foundation for Economic and Industrial Research (IOBE).

“Tourism became our competitive advantage, offering valuable revenue to the state,” the tourism minister said.

Mrs. Kefalogianni added that the goal of the new tourism season is to achieve even higher performance, further support the Greek economy and attract new investments.

“We can go even higher,” she underlined.

According to the Bank of Greece, during the January – September 2014 period, the travel balance showed a surplus of 10.4 million euros against a surplus of 9.4 million euros in the corresponding period of 2013, an increase of 11.3 percent. This was due to the increase in tourist receipts by 1.2 million euros or 11.1 percent compared with the increase in travel payments by 135 million euros or 9.6 percent. The increase in tourism revenue was attributable mainly to the increase of arrivals by 22.2 percent during that period.