WTTC: Greek Tourism Key Economic Driver in 2017, Set for Growth in 2018

The total contribution of travel and tourism to Greece’s GDP amounted to 35 billion euros in 2017 (19.7 percent of GDP) and is forecast to rise by 5.3 percent in 2018

Tourism is evolving into one of the Greek economy’s leading drivers, estimated at accounting for 22.7 percent or almost one-fourth of the country’s GDP by 2028, with investments in the sector set to rise by 5.5 percent to 5.5 billion euros over the next decade, the World Travel & Tourism Council (WTTC) said in its recent report.

According to the WTTC’s annual Economic Impact of Global Travel & Tourism report, out of 185 countries, in 2017 Greece ranked 25th in terms of direct contribution to GDP, 29th on the basis of total contribution, 36th for its direct and 40th for total contribution to employment, 40th with regard to investment, and 21st in terms of foreign visitors. Greece exceeded the EU average in most indicators.

More specifically, the sector’s direct contribution to GDP is estimated to rise by 5.6 percent in 2018, compared to 14.3 billion euros or 8.0 percent of the total in 2017. Further forecasts see it accounting for 9.1 percent of the total at 21.3 billion euros by 2028.

The total contribution of travel and tourism to Greece’s GDP amounted to 35 billion euros in 2017 (19.7 percent of GDP) and is forecast to rise by 5.3 percent in 2018 and increase by 3.7 percent per annum to 52.8 billion euros (22.7 percent of GDP) in 2028.

Source: WTTC

Contribution to employment

The WTTC report showed that in 2017, travel and tourism directly supported 459,000 jobs or 12.2 percent of total employment in Greece and is set to increase by 5.2 percent in 2018 and rise by 2.1 percent per annum to 592,000 jobs (13.3 percent of total employment) in 2028. The total contribution of the sector to employment in 2017 — including jobs indirectly supported by the industry — was 24.8 percent of total employment (934,500 jobs). This is expected to rise by 5.6 percent in 2018 to 987,000 jobs and grow by 2.5 percent per annum to 1,266,000 jobs in 2028 (28.5 percent of total).

Visitor exports generated 17.1 billion euros or 28.4 percent of total exports in 2017, while investment in tourism and travel in 2017 came to 3.1 billion euros or 15.9 percent of total investment. The WTTC report forecasts a 3.6 percent rise in 2018, and a 5.5 percent increase over the next decade to 5.5 billion euros in 2028, or 17.4 percent of the total.