Greece’s 10-month Tourism Revenues Break Pre-Covid 2019 Record

Greece’s tourism sector marked a full recovery in the first 10 months of the year with travel receipts marking a year-on-year 14.7 percent increase and breaking pre-Covid 2019 records, said the Bank of Greece (BoG).

More specifically, according to central bank data, tourism revenues in the January-October period exceeded total travel receipts for 2019 driven by a 17 percent rise in traveler flows to 30.9 million.

Total travel receipts generated from January to October 2023 came to 19.6 billion euros, up by 14.7 percent over the same period in 2022 and way past the 18.17 billion euros recorded in 2019.

Source: Bank of Greece

EU travelers spent a total of 10,902.5 million euros marking a 17.5 percent increase while non-EU nationals spent 8,153.3 million euros. Key markets driving travel receipts up in the 10-month period include Germany with tourists spending 3,396.6 million euros up by 6.0 percent, France (+10.8 percent to 1,389.0 million euros), the UK (+8.3 percent to 3,326.0 million euros), and the US (+8.0 percent to 1,217.7 million euros). Receipts from Russia dropped by 25.0 percent to 29.9 million euros.

According to the same data, October travel receipts were up by 10.2 percent over the same month a year ago generated by a 14.0 percent rise in inbound arrivals.

October spending by travelers from the EU rose by to 920.9 million euros and by 9.1 percent by non-EU arrivals. Looking at main markets driving receipts upward, Germany marked an 18.5 percent rise to 430.9 million euros, followed by receipts from France (+13.2 percent to 98.3 million euros), and the UK (+25.3 percent to 311.3 million euros). Receipts from long-haul market the US dropped by 29.4 percent to 102.0 million euros as did those from Russia (-38.9 percent to 1.9 million euros).

Meanwhile, earlier central bank data forecast that Greece was quickly approaching 30 million traveler arrivals for this year paving the way for a new record.