Greece Sees Over €1 Billion from Exhibitions in 2022

Delegates heading towards the Metropolitan Expo Center in Athens to attend the Posidonia 2022 international shipping exhibition. Photo source: Posidonia Events

The exhibition market in Greece is showing significant prospects for further development, according to findings of a study by Oxford Economics focusing on the economic impact of exhibitions in Greece.

Presented on Wednesday to the media by the Greek Exhibition Industry Association (SOKEE) in Athens, the study revealed that exhibition tourism in Greece in 2022 directly contributed some 500 million euros in revenue (from visitors, exhibitors and additional expenses related to exhibitions) and 246 million euros to the country’s GDP while supporting over 4,000 jobs.

Moreover, the figures showed that the overall contribution of the sector to the Greek economy that year was 1.062 billion euros in revenues (direct, indirect and induced) and 499 million euros to GDP and the support of 8,400 jobs.

Economic Impact of Exhibitions in Greece. Source: Oxford Economics

According to the study’s data, exhibitions in Greece in 2022 “covered” approximately 480,000 square meters of space, while based on the total contribution of 1.062 billion euros and Greece’s total exhibition capacity of 147,500 square meters (as reported in the UFI World Map Of Exhibition Venues), the total revenue per square meter of capacity amounted to approximately 7,200 euros.

“An important conclusion of the Oxford Economics study is that the resulting GDP multiplier for the exhibitions sector in Greece is 2.1, implying that each 1 euro in direct GDP generates an additional 1.1 euro in indirect and induced GDP in Greek economy,” said SOKEE member, Alexis Lagoudakis, adding that each job in the exhibition industry supports 1.1 additional jobs in the rest of the economy.

Alexis Lagoudakis, member of SOKEE and CEO of ROTA, an event planner in Greece.

“If we include the impact of trade agreements between exhibitors and visitors, then the multipliers skyrocket and become greater than 6. There are very few sectors of the economy that produce such multiplier benefits,” he said while presenting the study to the media.

UFI: Greece top performing market in Europe in 2023

Greece’s high potential in exhibition tourism was also highlighted by Nick Dugdale-Moore, the Director for Europe of UFI (Global Association of the Exhibition Industry).

Presenting data from the 32nd edition of the UFI Global Exhibition Barometer survey, Dugdale-Moore said Greece last year was the top performing market in Europe and the second highest globally after India.

UFI’s data showed that in 2023 the country’s exhibition industry more than doubled its revenue compared to the pre-pandemic year of 2019 by 106 percent.

“By the end of 2024, Greece predicts to maintain 151 percent, almost 50 percent growth of 2019 revenue figures, second to India,” he added.

UFI Director for Europe Nick Dugdale-Moore.

Looking at other markets, Dugdale-Moore said that the forecasts for 2024 in Germany refer to a 100 percent increase in revenue compared to 2019, while 109 percent growth is expected in France, 110 percent in Italy, 131 percent in Spain and 106 percent in the United Kingdom.

“These are amazing figures and data for Greece which I think need to be celebrated,” he said.

Based on a global survey concluded in January 2024, the UFI Global Exhibition Barometer survey represents up-to-date information on the status and outlook of the global exhibition industry as well as on 19 specific markets and regions. The barometer has a global reach, with 419 companies participating from 61 countries (18 participated from Greece) and regions.

SOKEE: The results bring increased expectations

Commenting on the results of the studies, SOKEE President Theodoros Vokos said Greece’s exhibition sector, following the gap of the pandemic, is showing a “dynamic course” of sustainable development having gained international prominence.

“This brings increased expectations, both from the public and from all involved,” he said, adding that the results confirm the positive impact of the sector on social, financial and business activity in Greece and the multiplier benefits for the Greek economy.

After the presentations a discussion followed during which it was highlighted once again that Greece needs a metropolitan conference center capable of hosting large-scale conferences and exhibitions in order for the country’s MICE sector to actually see further development.

Speaking during the event, Greek Deputy Tourism Minister Elena Rapti said the further development of conference and exhibition tourism are high on the tourism ministry’s list of priorities.

“Both of these forms of tourism, especially exhibition tourism, are particularly important as they attract visitors to the country 12 months a year and because the level of visitors is particularly high compared to mass or other forms of tourism,” she said.

Founded in 2022, SOKEE is a non-profit organization and the leading and unified voice of the exhibition industry in Greece, representing exhibition organisers, stand contractors and exhibition centers.