The positive course of tourism in 2024 confirms its continuous contribution to the economy, in an era where nothing is a given, the Secretary General of SETE and President of INSETE, George Vernikos, said.
However, as he pointed out, “challenges exist both in the macro environment – such as climate change, economic transformations, geopolitical instability – and in the everyday life of businesses.”
Many businesses, in mature and emerging destinations, are facing difficult conditions due to insufficient financing, increased operational burdens and regulatory uncertainty. The sector, a perennial pillar of the country’s development, needs a consistent and supportive framework to continue to perform. Its contribution is essential, but not self-evident, he added.
During the event, the latest study by the Institute of the Association of Greek Tourism Enterprises (INSETE) was presented on the topic: “The contribution of tourism to the Greek economy in 2024.” Regarding the direct contribution of the sector for the previous year, this amounted to 30.2 billion euros and is divided into the following figures: expenditure on inbound tourism (21.6 billion euros including expenditure by cruise passengers), air transport (2.9 billion euros), maritime transport (147 million euros), expenditure by cruise companies (799 million), domestic tourism (2.3 billion euros) and domestic value added from investments (2.5 billion euros).
According to the first estimate by ELSTAT, the country’s GDP, at current prices, amounted to 237.6 billion euros in 2024, an increase of 5.5% compared to 2023.
The direct impact of tourism increased by 5% compared to 28.8 billion euros in 2023 with increases in all individual expenditures (inbound tourism, cruises, transport, domestic tourism, investments).
At the same time, investments amounted to 5.1 billion euros, of which around 2.4 billion euros are estimated to be domestic value added.
The benefits of every 1 euro of tourism activity
Based on the estimates of multipliers from IOBE and KEPE, for every 1 euro of tourism activity, an additional 1.2 to 1.65 euros of additional economic activity is created. Essentially, for every 1 euro of tourism revenue, the country’s GDP increases by 2.2 to 2.65 euros. Taking into account the multiplier benefits, the total contribution of tourism to the country’s economy in 2024 is estimated to be between 66.5 billion euros and 80.1 billion euros, figures that correspond to between 28.0% and 33.7% of GDP. The corresponding figures for 2023 were between 63.3 billion and 76.2 billion euros, corresponding to 28.1% to 33.9% of GDP.
