Greece 2021 Tourism Revenue Hits €10bn in First 10 Months

Photo source: Region of Attica

Greece managed to cover significant lost ground in 2021 with tourism revenues in the first 10 months of the year to October exceeding the 10-billion-euro mark, the Bank of Greece (BoG) said on Tuesday.

More specifically, according to central bank data, tourism revenue over the 10-month period came to 10.195 billion euros compared to 4.213 billion euros in the same period in 2020 and to 17.569 billion euros in pre-Covid 2019.

Looking at arrivals, Greece saw the number of non-resident visitors rise by 93.8 percent who generated revenue up by 142.0 percent against the same period in 2020, recouping 46 percent and 58 percent respectively of 2019 levels. 

Meanwhile, in October, tourism-related revenue came to 1.438 billion euros or triple 2020 figures for the same month and fast approaching pre-pandemic 2019 levels of 1.461 billion euros. 

The number of non-resident arrivals and generated revenue in October increased by 124.5 percent and by 159.8 percent respectively recovering 98.4 percent and 77.3 percent of respective October 2019 levels.

Photo source: European Union / Yorgos Karahalis

In October 2021, the current account deficit widened by 45 million euros year-on-year to 781 million euros. BoG analysts attribute the performance to a rise in the deficit of the balance of goods accounted for by a larger increase in imports than in exports and to the surplus of the services balance, reflecting an improvement in the travel balance.

“Travel receipts in October 2021 reached 98.4 percent of October 2019 levels (pre-Covid), according to data from the Bank of Greece. Tourism generates added value, creating income and jobs for the average Greek family,” said Tourism Minister Vassilis Kikilias commenting on BoG data.