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INSETE report: Direct contribution of tourism to economy rises by 13.3 percentage points in 2018

Featured INSETE report: Direct contribution of tourism to economy rises by 13.3 percentage points in 2018

Tourism accounts for 11.7 percent of Greece’s GDP with 21.6bn euros in revenues in 2018 according to a study conducted by the Institute of the Greek Tourism Federation (INSETE).

The report, entitled “The Contribution of Tourism to the Greek Economy in 2018”, states that the direct contribution of tourism to the economy rose by 13.3 percentage points, or 2.5bn euros, as compared to the 2017 data.

At the peak of the tourist season employees in the hotel and food industries numbered 411,000 and accounted for 16.7 percent of employment. Directly and indirectly it represented between 36.7 percent and 44.2 percent of employment in Greece.

The study found that the industry contributed significantly to lowering unemployment among youth and women.

Crucial contribution to investment

Tourism-related investment activity amounted to 5bn euros, of which 1.9bn concerned domestic added value.

The report states that tourism is the most extroverted economic activity as 90 percent of tourist revenue comes from abroad.

Overall revenues – including cruise, air, and sea transport – amounted to 18.2bn euros – an 11.3 percentage point hike (1.8bn euros) compared to 2017.

Tourism, including traveler, cruise, and air transport revenues were equivalent to 81 percent of the trade deficit.

Those revenues are the equivalent of 73 percent of revenues from the entirety of all Greek exports – excluding revenues from the export of ships and fuel.