Coronavirus Injures Greece’s Tourism Revenue in 2020

Covid-19 and ongoing measures and travel bans have cost the Greek tourism sector 13.89 billion euros in 2020 with tourism receipts for the year amounting to 4.28 billion euros compared to 18.17 billion euros in 2019, according to the Bank of Greece.

More specifically, travel receipts in 2020 decreased by 76.5 percent against the previous year driven by a 70.8 percent drop in receipts from EU27 country residents, to 2,840 million euros and by an 82.0 percent decline in spending from non-EU27 residents to 1,434 million euros. 

A closer look reveals a 69.1 percent drop in receipts from euro area nationals to 2,390 million euros, while receipts non-euro area EU27 residents fell by 77.5 percent to 451 million euros. 

Receipts from Germany declined by 61.6 percent to 1,135 million euros, from France by 66.3 percent to 367 million euros, from the UK by 70.8 percent to 749 million euros, from the US by 93.0 percent to 83 million euros, and from Russia by 96.9 percent to 14 million euros.

For the month of December 2020, travel receipts fell by 88.6 percent year-on-year. According to central bank data, receipts from EU27 residents declined by 86.2 percent to 17 million euros, with spending from non- EU27 residents down by 89.9 percent to 17 million euros from 163 million euros in the same month a year earlier. 

Bank of Greece analysts attribute the decline in travel receipts from within the EU27 to an 87.8 percent decrease to 13 million euros in receipts from euro area residents and to a 77.0 percent drop in receipts from non-euro area nationals. 

A closer look at Greece’s main source markets in December reveals an 86.6 percent decline in receipts to 4 million euros from Germany, a 74.5 percent drop to 1 million euros from France, an 84.3 percent decrease to 4 million euros from the UK, and a 95.7 percent plunge from the United States.

Overall, the number of inbound visitors in 2020 fell by 76.5 percent to 7,375 thousand against 31,348 thousand in 2019, and for December 2020 the number of incoming travelers fell by 86.0 percent year-on-year to 97 thousand.