Restaurants, Hotels in Greece See Surge in June Turnover

Increasing tourism flows to Greece drove restaurant and hotel turnover in June up by 141.4 percent compared to the same month in 2021, said the Hellenic Statistical Authority (ELSTAT).

More specifically, according to ELSTAT’s latest data, turnover for Greek businesses in June 2022 increased by 45.1 percent to 34.3 billion euros compared to the same month last year at 23.6 billion euros.

Accommodation and food services providers marked the largest increase in turnover in June 2022 over June 2021 by 141.4 percent.

In the second quarter (Q2) of the year, business turnover grew by 39.3 percent to 111.2 billion euros from 79.8 billion euros in Q2 2021.

Evolution of turnover of enterprises (June 2022 and 2nd quarter 2022). Source: ELSTAT

Again winners in Q2 were hotels and F&B services providers including restaurants and cafes which saw turnover rise by 128.8 percent against the same quarter a year ago.

“Business turnover soared in the 2nd quarter of 2022, according to ELSTAT’s official data. +31.4 billion euros over Q2 2021, +28.6 billion euros over Q2 2019. Inflation has had an effect but the increase is much higher and the vigor of our economy evident,” said Investments & Developments Minister Adonis Georgiadis.

Tourism is a main driver of the Greek economy set to fully recover Covid-induced losses this year thanks to increasing international arrivals which will be generating an estimated 20 billion euros by the end of 2022 outdoing pre-pandemic revenues.