The positive outlook for tourism in 2024 underscores its ongoing importance to the economy, as highlighted by George Vernikos, Secretary General of SETE and President of INSETE.
He emphasized, however, that “challenges persist in the macro environment—such as climate change, economic shifts, and geopolitical instability—as well as in the daily operations of businesses.”
Numerous enterprises in both established and emerging destinations are grappling with tough conditions due to limited financing, rising operational costs, and regulatory ambiguity. As a vital component of the nation’s growth, the sector requires a stable and supportive framework to thrive. Its contribution is crucial, but not self-evident, Vernikos noted.
During the event, INSETE presented a new study titled “The Contribution of Tourism to the Greek Economy in 2024.” The sector’s direct contribution for the previous year was recorded at 30.2 billion euros, broken down as follows: inbound tourism expenditure of 21.6 billion euros (which includes spending by cruise passengers), air transport at 2.9 billion euros, maritime transport at 147 million euros, cruise ship expenditure at 799 million euros, domestic tourism at 2.3 billion euros, and domestic value added from investments at 2.5 billion euros.
According to preliminary estimates from ELSTAT, the country’s GDP at current prices reached 237.6 billion euros in 2024, representing a 5.5% increase from 2023.
The direct impact of tourism grew by 5%, up from 28.8 billion euros in 2023, with increases observed in all categories of expenditure (inbound tourism, cruises, transport, domestic tourism, investments).
Additionally, investments reached 5.1 billion euros, with an estimated domestic value added of around 2.4 billion euros.
The Economic Impact of Tourism Activity
According to estimates from IOBE and KEPE, for every 1 euro generated by tourism activity, an additional 1.2 to 1.65 euros in economic activity is produced. Essentially, each euro of tourism revenue contributes between 2.2 and 2.65 euros to the country’s GDP. When accounting for these multiplier effects, tourism’s total contribution to the economy in 2024 is projected to be between 66.5 billion euros and 80.1 billion euros, representing 28.0% to 33.7% of GDP. In comparison, the figures for 2023 ranged from 63.3 billion euros to 76.2 billion euros, equating to 28.1% to 33.9% of GDP.
