Covid-19 Impact on tourism economy IOBE: Covid-19 Sends Greece Tourism Revenue Downward by GTP editing team 20 July 2020 written by GTP editing team 20 July 2020 2 comments Share 0FacebookTwitterLinkedinWhatsappEmail 12 Covid-19 is expected to lead to a 20 percent reduction in Greece’s tourism revenue this year compared to 18-19 billion euros in 2019, according to Nikos Vettas, head of the country’s leading think-tank, the Foundation of Economic and Industrial Research (IOBE). Addressing the “Post-Pandemic Recovery of Black Sea Economies” webinar organized last week by the International Centre for Black Sea Studies (ICBSS) and the Black Sea Trade & Development Bank (BSTDB), Vettas said tourism-related revenue would reach approximately 3.5 to 4 billion euros. Vettas attributes to the projected decline to that fact that Greece is expected to attract mostly younger travelers this year who overall spend less at the same time the bulk of the country’s tourism revenue is generated during the summer months to September the latest, giving the sector little time to recover lost ground. “What is perhaps more worrying is not what will happen this year, which I think will also depend on developments in major markets for Greek tourism such as Germany, the United Kingdom or the United States, but what will happen in all the other countries in the next two years or later, whether this will be a shock that will remain with us for a longer period of time,” he said. Vettas reiterated the IOBE’s estimate that the Greek economy would contract by 8 percent in 2020. Join the 15,000+ travel executives who read our newsletter Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece. Share 0 FacebookTwitterLinkedinWhatsappEmail GTP editing team This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner. previous post Covid-19: Where Face Masks Must be Worn in Greece next post Minister: Covid-19 Checks Continue on Board Greek Ferries You may also like Greece’s Hotel Market Sees Major Investments Over Four Months 5 February 2025 Greek Tourism Ministry Monitors Santorini Situation as Seismic Activity Continues 5 February 2025 Global Air Passenger Demand Reaches Record High in 2024, IATA Reports 5 February 2025 Greek PM Reassures Public About Santorini’s Ongoing Seismic Activity 5 February 2025 Milos: Ministry Suspends 5-star Hotel Construction Near Sarakiniko Beach 5 February 2025 ELIME and HELMEPA Join Forces for Safer, More Sustainable Greek Ports 5 February 2025 2 comments Aleksandar 21 July 2020 - 16:50 And the constantly changing entry requirements/bans for land entries certainly did not contribute to the drop. Reply Noux 21 July 2020 - 11:53 But of course, not a single minute wondering whether the requirement for PLF has anything to do with the surprising decline against the expectations in May-June… Reply Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ
