Greek Tourism Sector Needs €5.5bn in Investments to Keep Up Pace

Greece needs investments in tourism to the tune of some 5.5 billion euros between 2017 and 2023 if it wants to meet increasing demand from abroad and recover domestic demand, according to a National Bank of Greece (NBG) Economic Analysis Department study released this week.

NBG findings reveal that tourism continues to be a main driver of the Greek economy and through these investments can contribute 1.3 percent to the average annual GDP growth rate, more than twice the average marked in the previous decade.

According to the NBG analysis, the hospitality sector will reach its peak capacity in 2018, making it imperative for the timely implementation of new investments, given the significant time required for their implementation.

Indicatively, between 2011 and 2015, investments in tourism generated added value to the sector to the tune of 3.5 percent of the GDP. This was due in great part to significant quantitative and qualitative improvements of the country’s hotel infrastructure through investments as well as upgrades of smaller accommodation units, the improvement and completion of tourism-related infrastructure, an increase in the number of higher income visitors as well as to a more balanced political and socio-economic environment.