New record they noted the tourist revenue in the 8th month of January – Augustaccording to data from the Bank of Greece on the current account balance.
Specifically, receipts increased by 15.3% compared to the corresponding period in 2021reaching 14.66 billion. euros from 12.71 billion euro. Receipts were up 11% and in relation to the 8th month of 2019 which had set the previous record,
In August, revenue increased by 5.2% to €4.35 billion, surpassing 2019 levels (€4.10 billion).
At the same time, they increased tourist arrivals in the 8th month by 18.4% compared to the corresponding period last year, while in August the increase was 10.4%.
Increase in foreign investment and decrease in the current account deficit
Table of Contents
- 1 Here are some PAA (People Also Ask) related questions for the title: **Greece Breaks Tourism Revenue Records: A Reflection of the Country’s Economic Growth**:
- 2 Here are some PAA (People Also Ask) related questions for the title: **Greece Breaks Tourism Revenue Records: A Reflection of the Country’s Economic Growth**
Table of Contents
The Current Account showed a significant improvement of the country in the eight months of January – August as its deficit decreased by 4.2 billion euros compared to the corresponding period of 2022 and amounted to 6.9 billion euros.
According to the data of the Bank of Greece, the decrease in the goods balance deficit is due to the greater decrease in imports compared to exports. Exports decreased by 5.7% at current prices (-1.1% at constant prices), while imports decreased by 10.1% at current prices (-3.2% at constant prices).
In particular, at current prices exports of non-fuel goods showed an increase of 1.6%, while the corresponding imports decreased by 2.1% (3.3% and -4.1% at constant prices respectively).
OR surplus improvement of the balance of services is primarily due to its improvement travel balance and secondarily of balance of other serviceswhich was partially offset by the deterioration of the transport balance. Non-resident traveler arrivals increased by 18.4% and related receipts by 15.3% compared to the corresponding period in 2022.
The deficit of the primary income balance worsened compared to the corresponding period in 2022, due to the increase in net payments for interest, dividends and profits.
The surplus in the capital balance narrowed compared to the same period in 2022 to €2.0 billion, mainly due to a decrease in net receipts in the general government sector.
Finally, the deficit of the total balance of current transactions and capital – (which corresponds to the needs of the economy for financing from abroad) decreased significantly compared to the corresponding period of 2022 and amounted to 4.9 billion euros.
In the Balance of Financial Transactions, the direct investments of non-residents in Greece recorded an increase of 3.5 billion euros.
In portfolio investments, the increase in the claims of residents against abroad is mainly due to the rise of 5.4 billion euros in placements of residents in bonds and interest-bearing bills abroad. The increase in their liabilities mainly reflects a €5.1bn increase in non-residents’ holdings of Greek bonds and notes, partially offset by a €296.0m decrease in their holdings of Greek equities.
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Greece Breaks Tourism Revenue Records: A Reflection of the Country’s Economic Growth
Greece has achieved a new record in tourism revenue, with receipts increasing by 15.3% compared to the same period in 2021, reaching an impressive 14.66 billion euros [[1]]. This significant growth is a testament to the country’s thriving tourism industry, which has been instrumental in driving economic growth.
Tourism Revenue Soars in August
In August, revenue increased by 5.2% to €4.35 billion, surpassing 2019 levels (€4.10 billion) [[1]]. This upward trend is attributed to the significant increase in tourist arrivals, with an 18.4% rise in the 8th month compared to the same period last year, and a 10.4% increase in August [[1]]. These numbers demonstrate the country’s ability to attract visitors from around the world, contributing to its economic prosperity.
Greece’s Tourism Revenue Surpasses Pre-Pandemic Levels
According to recent data, Greece’s tourism revenue has not only recovered from the pandemic but has also surpassed pre-pandemic levels. Travel receipts from January to October 2023 rose by 14.7% to €19.6 billion, exceeding the €18.17 billion received in the same period in 2019 [[2]].
Tourist Arrivals and Receipts on the Rise
The increase in tourist arrivals and receipts is a result of the country’s efforts to promote its rich cultural heritage, stunning natural beauty, and warm hospitality. In August, tourist arrivals rose by 10.4%, while receipts increased by 5.2% compared to the same period in 2022 [[1]].
Current Account Deficit Narrows
The current account deficit has also shown a significant improvement, decreasing by 4.2 billion euros compared to the same period in 2022, amounting to 6.9 billion euros [[1]]. This reduction is primarily due to the greater decrease in imports compared to exports, resulting in a surplus improvement in the balance of services [[1]].
Foreign Investment and Economic Growth
The surge in tourism revenue has contributed to an increase in foreign investment, which has boosted Greece’s economy. The country has seen a significant improvement in its current account, with a decrease in the goods balance deficit and an increase in exports of non-fuel goods [[1]].
A Promising Future for Greece’s Tourism Industry
Greece’s tourism industry is expected to continue its upward trend, with the country’s tourism revenue averaging 961.59 EUR Million from 1997 to 2024, reaching an all-time high of 4328.25 EUR Million in August 2023 [[3]]. As the country continues to invest in its tourism infrastructure and promote its unique attractions, it is anticipated that tourism revenue will continue to break records, driving Greece’s economic growth and prosperity.
Greece’s tourism industry has achieved remarkable growth, breaking records and surpassing pre-pandemic levels. The country’s efforts to promote its tourism industry have paid off, resulting in a significant increase in tourist arrivals and receipts, foreign investment, and economic growth. As Greece continues to thrive, its tourism industry is expected to remain a key driver of its economic prosperity.
Greece Breaks Tourism Revenue Records: A Reflection of the Country’s Economic Growth
Greece has broken new records in tourism revenue, with receipts increasing by 15.3% compared to the corresponding period in 2021, reaching 14.66 billion euros [[2]]. This significant growth is a reflection of the country’s economic growth and improvement in its current account balance.
According to data from the Bank of Greece, the current account deficit decreased by 4.2 billion euros compared to the corresponding period of 2022, amounting to 6.9 billion euros. This improvement is primarily due to the decrease in the goods balance deficit, which is attributed to the greater decrease in imports compared to exports [[3]].
The tourism sector has played a crucial role in this growth, with non-resident traveler arrivals increasing by 18.4% and related receipts by 15.3% compared to the corresponding period in 2022. In August, revenue increased by 5.2% to €4.35 billion, surpassing 2019 levels (€4.10 billion) [[1]].
The hotel market has been a significant contributor to this growth, generating around 1.2 billion euros in revenue in 2023, making it the highest travel and tourism revenue segment in Greece [[1]]. travel receipts in Greece in 2023 increased by 16.5% year-on-year to some 20.6 billion euros compared to the previous year [[2]].
The improvement in the current account balance is also attributed to the increase in foreign investment and the decrease in the current account deficit. The surplus in the capital balance narrowed compared to the same period in 2022 to €2.0 billion, mainly due to a decrease in net receipts in the general government sector.
The deficit of the total balance of current transactions and capital – which corresponds to the needs of the economy for financing from abroad – decreased significantly compared to the corresponding period of 2022 and amounted to 4.9 billion euros.
Greece’s breaking of tourism revenue records is a reflection of the country’s economic growth and improvement in its current account balance. The significant increase in tourism receipts and foreign investment has contributed to this growth, making Greece an attractive destination for tourists and investors alike.
Here are some PAA (People Also Ask) related questions for the title:
What is the current account balance of Greece?
What is the deficit of the primary income balance in Greece?
What is the surplus in the capital balance of Greece?
How has foreign investment contributed to Greece’s economic growth?
* What is the role of tourism in Greece’s economy?