Greece Expecting €19.5bn in Tourism Revenues This Year

Photo source: Visit Greece

Greece is expecting tourism-related revenues to reach a total of 19.5 billion euros up from 17.7 billion euros in 2022, reflecting the strong traveler demand for the country.

National Economy and Finance Minister Kostis Hadzidakis confirmed the news during the “Greece Talks” conference held at the Stavros Niarchos Foundation Cultural Center in Athens this week.

The minister went on to add that tourism receipts are estimated to reach 21 billion euros in 2024 making the sector a key revenue generator of the national economy.

Also speaking during the “The Role of Tourism in the Future of Greece” session, Tourism Minister Olga Kefalogianni underlined the resilience of the sector, which she said has managed to withstand a number of crisis. She went on to add that the time had come for the sector to turn a page and focus on sustainability. In this direction, said Kefalogianni, Greece aims to tap into 150 million euros in EU recovery and resilience funds to modernize the country’s marinas and upgrade ski resorts, and 45 million euros to upgrade tourism training. Other key projects include making destinations and beaches accessible.

Greek journalist Stefania Souki (moderator), National Economy and Finance Minister Kostis Hadzidakis, Greek Tourism Minister Olga Kefalogianni, Grecotel CEO Mari N. Daskalantonaki and Alpha Bank CEO Vassilis Psaltis. Photo source: Tourism Ministry

During the session, Hadzidakis also mentioned the short-term tourist rental market and an updated bill open for public consultation until November 27 which aims to tackle tax evasion and ensure fair taxation. “We have to keep a balance,” he said.

Commenting on the bill, Kefalogianni said regulations concerning Airbnb-style operations should be more stringent. “We want the short-term customer, but these enterprises cannot operate in direct competition with hotels. When something serves as a tourist product, it should be taxed as a tourist product,” she said.

Also speaking at the event this week, Greek Prime Minister Kyriakos Mitsotakis said that attracting high-end tourism investments and reaching out to the Indian market were key government priorities for a sector.