NBG: Greece Set to Hit New Tourism High in 2024

Paros Island. Photo source: Aegean Islands

The latest forecast by the National Bank of Greece (NBG) sees the country breaking a new record in tourism this year as it moves forward with the implementation of a sustainable development model.

According to the latest issue of NBG’s “Business Trends” series, tourism arrivals got off to a good start up by 24 percent in the first quarter of the year compared to the same period a year earlier.

NBG analysts add that most leading indicators point to a continued positive momentum.

Meanwhile, the future demand index for Greek hotels is at historic highs. Indicatively, in the February-April period, 98,000 recruitments were recorded compared to 90,000 in 2023.

Other key takeaways include a 20 percent rise in international arrivals in spring which indicates, analysts say, a longer season; an 8 percent increase in scheduled seats for the June-October period; and a 14 percent rise in the number of bookings made by independent travelers.

Citing the findings above, NGB analysts expect 35 million tourist arrivals in 2024 up by 7 percent compared to 2023 and improved revenue per capita generating some 22 billion euros in travel receipts, or up by 10 percent over 2023. Additionally, the dynamic also increases Greece’s market share in the Mediterranean.

Looking ahead, analysts warn of risks which may impact forecasts, including geopolitical instability, climate change, and potential disruptions due to FTI Touristik’s bankruptcy as well as staffing issues affecting the hotel sector.

According to the report, hotels are expecting a 10 percent annual increase in sales and all major destinations to gain momentum compared to the 2019-2023 period.