Greek Tourism Revenue Rises in January-May Despite Drop in Per Capita Spending

Greece’s visitor arrivals and tourism revenue increased year-over-year during the first five months of 2024; however, spending per capita saw a decrease, according to data released by the Bank of Greece (BoG) on Tuesday.

More specifically, in January-May 2024, travel receipts were up by 16.2 percent to 4,431.2 million euros (up from 3,806.3 million euros in 2023). The rise in travel receipts stemmed from a 20.6 percent increase in inbound traveler flows, even as average expenditure per trip fell by 3.6 percent.

In May alone, travel receipts rose by 6.8 percent to 1,934.8 million euros, up from 1,811.3 million euros in May 2023. According to BoG data, the rise in travel receipts is due to a 21.3 percent increase in inbound arrivals, even as average expenditure per trip declined by 12.2 percent.

According to industry insiders, the high cost of tickets and the ongoing cost-of-living crisis affecting many countries have led to a reduction in visitor spending.

Nevertheless, Greece saw an increase in revenue in both May and the January-May period.

Source: Bank of Greece

Taking a closer look at the data, the 16.2 percent rise in travel receipts to 4,431.2 million euros during January-May 2024 is due to a 24.7 percent increase in receipts from residents of the EU27 to 2,102.8 million euros, and a 6.4 percent increase in receipts from residents of other countries to 1,543.2 million euros.

In greater detail, receipts from euro area residents rose by 24.8 percent to 1,819.0 million euros, and receipts from residents of non-euro area EU27 countries increased by 24.0 percent to 283.8 million euros.

Travel receipts from Greece’s main source markets

Referring to data from Greece’s main source markets of origin of travelers in the eurozone, BoG data showed that receipts from Germany rose by 15.1 percent to 700.4 million euros, and receipts from France increased by 3.4 percent to 281.8 million euros. Receipts from Italy saw a significant rise of 98.4 percent to 184.1 million euros.

Turning to other countries, receipts from the United Kingdom decreased by 3.4 percent to 399.7 million euros, whereas receipts from the United States increased by 23.4 percent to 397.0 million euros. Receipts from Russia decreased sharply by 75.7 percent to 2.7 million euros.

Greek tourism revenues in May

Focusing just on the month of May, BoG data showed a 6.8 percent year-on-year increase in travel receipts to 1,934.8 million euros compared to the same month last year.

In more detail, receipts from residents of EU27 countries increased by 10.5 percent to 1,112.2 million euros, up from 1,006.2 million euros in May 2023. Receipts from other countries grew by 0.8 percent, reaching 730.2 million euros in May 2024, compared to 724.8 million euros in May 2023. The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 8.4 percent to 957.3 million euros (May 2023: 883.2 million euros) and from residents of non-euro area EU27 countries by 26.0 percent to 154.9 million euros.

Among major euro area countries of origin, receipts from Germany declined by 0.9 percent to 425.1 million euros, whereas receipts from France increased by 1.6 percent to 155.4 million euros. Receipts from Italy also saw a significant increase of 68.6 percent to 63.0 million euros.

Turning to other countries, receipts from the United Kingdom rose by 1.6 percent to 284.0 million euros, whereas receipts from the United States fell by 9.0 percent to 155.7 million euros. Receipts from Russia decreased significantly by 82.1 percent to 1.1 million euros.