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Austrian newspaper: Greece's over-dependence on tourism hides risks

Featured Austrian newspaper: Greece's over-dependence on tourism hides risks

The rapid growth of tourism in Greece and the dangers of over-dependence of the country on this sector of the economy, are highlighted in an article featured in the Austrian newspaper Die Presse.

In the report, reference is made to the continuous tourist development recorded in Greece, while the dangers of the excessive dependence of the Greek economy on the tourism industry is highlighted.

"Despite the economic crisis, the number of tourists (in Greece) doubled over the past five years. But this also makes the country vulnerable," the newspaper notes reporting from Athens.

"You see it at first glance: Greece's attractiveness as a travel destination remains unimaginable. For the sixth consecutive year, the tourism industry is expecting extra profits," the article notes.

The columnist believes that tourism has made a decisive contribution to Greece's exit from the recession and points out: "Before 2010, the tourism sector's share of the country's GDP varied between 15% and 17%. However, after 2010, other industries - other than tourism - have shrunk.

And so its GDP share climbed to 20% last year for the first time," the newspaper said, sending a warning:" This, of course, makes the country vulnerable. Greece may make a hard landing if unexpected regional tensions in the Mediterranean or other events lead to a reduction in demand."

Die Presse refers to the rising anti-austerity demonstrations in 2012 when the images that were seen around the world caused a temporary downturn in tourist traffic in Greece.

The newspaper notes that "between 2012 and 2017 the number of tourists in Greece doubled. Even more striking is that the country managed to withstand this increase.

Some of the limited size destinations of the Cyclades, such as Mykonos and Santorini, have, in the meantime, reached the limits of their capabilities."