Greece’s Tourism Sector Contributes €28.5 Billion to GDP in 2023, Says INSETE Report

Rhodes Medieval Town. Photo source: Welcome Rhodes

Tourism’s contribution to Greece’s economy reached 28.5 billion euros in 2023, accounting for 13 percent of the country’s total GDP, according to the annual INSETE report, which provides a regional analysis of inbound tourism data for the year.

The report offers insights into visits, overnight stays, and tourism receipts, along with key performance indicators.

INSETE, the research institute of the Greek Tourism Confederation (SETE), revealed that while the total number of overnight stays slightly decreased, tourism receipts and average spending saw notable increases.

The regions of South Aegean (27 percent), Crete (26 percent), Attica (19 percent), Ionian Islands (10 percent), and Central Macedonia (8 percent) accounted for the highest shares of tourism receipts.

Together, South Aegean and Crete alone represented over half (53 percent) of the country’s total tourism revenue.

Visitor satisfaction remains high

One of the standout findings of the report was the high level of satisfaction among visitors to Greece, who gave an average rating of 9.1 out of 10 during the peak travel season.

Cultural experiences were particularly well-received, with scores reaching 9.3 and 9.4 in the third and fourth quarters, respectively. Food and drink experiences followed closely with a score of 9, while the sun-and-sea category earned ratings between 8.8 and 9.1.

According to INSETE, the strong evaluations of cultural offerings highlight Greece’s potential for further developing cultural tourism.

Additionally, positive feedback from less-tourism developed regions points to opportunities for expanding tourism geographically and extending the tourist season.

Growth in inbound tourism and receipts

Inbound tourism grew by 4 percent between 2019 and 2023, with 32.7 million travelers visiting Greece in 2023, up from 31.3 million in 2019. International arrivals rose to 36 million, marking a 6 percent increase compared to 2019. Notably, cruise arrivals surged by 26 percent during this period, reaching 3.3 million in 2023.

Tourism receipts hit a record 20.7 billion euros, including 847 million euros from cruises, which represented a 70 percent increase compared to 2019. Average spending per visit rose by 13 percent, reaching 546 euros in 2023, while spending per overnight stay increased by 14 percent to 87 euros.

Regional performance

Photo source: Incredible Crete

While regions such as South Aegean, Crete, Attica, Ionian Islands and Epirus experienced growth in receipts, others, including Central Macedonia, Peloponnese, Eastern Macedonia & Thrace, Thessaly, Western Greece, Central Greece, North Aegean and Western Macedonia.

Short-term rentals

Short-term rental demand through platforms like Airbnb also grew significantly, with a 34 percent increase in nights booked between 2019 and 2023.

The Attica region accounted for the largest share of nights spent in short-term rentals (23 percent), followed by Crete (17 percent) and the Cyclades islands (15 percent).

INSETE: Building a sustainable future for Greek tourism

In the report, INSETE General Director Elias Kikilias highlighted Greece’s strong tourism resources and the need for strategies to reduce seasonality and geographically expand tourism activities.

“By addressing seasonality and promoting lesser-known destinations, we can ensure sustainable growth that benefits residents across the country,” Kikilias said.