Greece’s tourism industry is poised for another strong year thanks to a rapid post-Covid recovery in 2022, with most indices rapidly approaching 2019 levels, Alpha Bank analysts said.
The number of tourists in 2022 was still slightly down compared to 2022
Specifically, citing central bank data from 2022, international arrivals reached 27.8 million and travel receipts reached 17.6 billion, down 11.2% and 3%, respectively. , compared to the corresponding pre-pandemic figures of 2019.
“Prospects for Greek tourism this year remain bright, despite ongoing inflationary pressures facing Europe and uncertainty due to the war still raging in its territory”
January and February 2023 already up
Analysts cite data from the first months of the year, which reflect strong demand for Greece. As an indication, international tourist arrivals in January and February increased by 4.3% compared to the same period in 2019. At the same time, according to regional airport operator Fraport, in January international arrivals in the the country’s airports increased by 0.8% compared to January 2019.
The European Commission predicts steady progress by 2025
Finally, Alpha Bank analysts point to the European Travel Commission (ETC) report which predicts that the number of tourist arrivals in Europe will increase to 34.9 million by 2025, from 27.9 million in 2019 . The ETC said last month that Greece was among the top destinations in Europe to gain travelers last year and cover lost ground.
Tourism in Greece is crucial for the economy
Earlier this year, Alpha Bank said maintaining strong tourism demand and increasing travel-related revenue were crucial for the Greek economy in 2023, citing the global energy crisis and high inflation as the biggest threats to growth.