Bank Analysts See Potential In Greek Tourism

Tourism is one of Greece’s main sectors and in a report issued by Alpha Bank, Greece stands to gain traffic this year. Tourism will also get a boost from the upgrade of regional airports in Kalamata, Naxos, Syros, Milos, and Paros.

However, the refugee crisis is reflected, according to the analysis, in a decline of tourism to the Dodecanese islands in the first five months of 2016 — down by 21.9 percent on Kos, 59.9 percent on Lesvos (bearing the brunt of incoming refugee movement) and 40.6 percent on Samos — and partially offset by stronger arrivals to Crete, the Ionian islands and the Cyclades.

At the same time, the Bank of Greece issued a report which found tourist arrivals in the first three months of the year down by 5.3 percent year-on-year to 2.5 million visitors compared to 2.7 million. Travel spending, however, per trip on average grew by 365.9 euros for the first four months of 2016 against 360.3 euros.

The Greek Tourism Confederation (SETE) expects 27.5 million visitors this year against 23.6 million in 2015 and revenue to the tune of 15 billion euros compared to 14.2 billion euros in 2015. The EU remains Greece’s main market despite a 10.9 percent decline in the first four months against last year.

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