Covid-19 Impact on tourism economy Greece Sees 86% Drop in Tourism Revenue in Jan-July Period by GTP editing team 21 September 2020 written by GTP editing team 21 September 2020 0 comments Share 0FacebookTwitterLinkedinWhatsappEmail 22 Greece saw revenues from inbound tourism nosedive during the first seven months of the year, according to provisional data released by the Bank of Greece on Monday. Greek tourism’s poor performance during the January-July period can clearly be attributed to the coronavirus (Covid-19) pandemic and ongoing travel restrictions that were in place since March. According to the data, travel receipts during the seven-month period from January to July dropped by 86.3 percent to 1.255 billion euros compared to 9.16 billion euros in the corresponding period of 2019. Arrivals of non-residents fell by 80.1 percent year-on-year, while transport (mainly sea transport) receipts decreased by 12.2 percent. According to the Bank of Greece, the developments in tourism influenced the entire balance of payments for the first seven months of the year. In the January-July 2020 period, the current account showed a deficit of 7.9 billion euros, up by 5.2 billion euros year-on-year. BoG said the development is almost exclusively due to the decline in the services surplus, chiefly attributable to a deterioration in the travel services balance, as well as the other individual components. July In July, the current account showed a deficit of 875 million euros, against a surplus of 1.3 billion euros in July 2019, due to a significant deterioration in the services balance. The decrease in the services surplus is mainly accounted for by lower net travel receipts. That month, travel receipts in Greece decreased by 84 percent to 577 million euros from 3.7 billion euros in July 2019 and arrivals of non-residents fell by 85.4 percent year-on-year. Transport (mainly sea transport) receipts decreased by 26.2 percent. 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 Greece Extends Travel Restrictions for Russians next post YES Forum to Hold Open E-dialogue with Young Shipping Executives 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 Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ