Greek Hotels See May Turnover Soar by 424%

Greek hoteliers saw turnover skyrocket by 424 percent in May to 554,879,061 euros compared to 105,780,741 euros in the same month a year ago, the Hellenic Statistical Authority (ELSTAT) said this week.

According to ELSTAT’s monthly data, turnover for accommodation and F&B services providers surged driven by an increase in tourist arrivals.

More specifically, enterprises active in hospitality and F&B obliged to double-entry bookkeeping (for which data are available on a monthly basis) reported an increase of 105,780,741 euros in May turnover to 554,879,061 euros.

Restaurants, cafes and bars in the same month saw May 2022 turnover come to 179,125,643 euros, up from 108,852,969 euros over May last year marking a 64.6 percent rise.

Source: ELSTAT

In total, accommodation and F&B service activities in May generated 734,004,704 euros in turnover up by 242.0 percent compared to May 2021 and 214,633,710 euros.

Looking at operations in regional units with a contribution to total turnover in 2021 greater than 1.0 percent, the biggest increase in May turnover against last year was recorded on Zakynthos up by 1,122.7 percent while the smallest rise was seen in Evia, which was devastated by massive fires last year, up by 57.0 percent.

In the first quarter of the year, Greek accommodation services providers saw turnover increase by 204.9 percent to 283,075,798 euros up from 92,855,293 euros in the same period last year while businesses active in F&B reported a 120.9 percent rise in Q1 to 1,117,240,187 euros from  505,773,774 euros in the same period in 2021.

Rhodes leads the way

Leading the way for hospitality enterprises was the regional unit of Rhodes, marking the largest overall increase in Q1 turnover compared to Q1 2021 up by 560.1 percent. The smallest rise – at 66,7 percent – was recorded in the regional unit of Kos.

At the same time, the top performer in the F&B services segment in Q1 2022 was the regional unit of Thira (Santorini), which recorded the largest rise by 350.2 percent in Q1 compared to the same period last year.

The smallest increase – by 86.1 percent – was recorded in the regional unit of Heraklion, Crete.