Greek Economy: Tourism Slowdown – Signs of Fatigue

Tourism, a key pillar of the Greek economy, is showing signs of slowing down. According to data from the Bank of Greece, tourist arrivals decreased by 1.7% in June, despite an 8.8% increase in revenue. The total current account deficit for the first half of the year amounted to €7.6 billion.

The increase in tourism revenue appears to be mainly due to inflation rather than an increase in average spending per visitor. Giannis Liaros, General Director of the Hellenic Association of Organized Catering Enterprises (EP.O.ES.), reports that the catering sector is declining, with the final assessment expected after August.

High prices are driving Greek consumers to more economical solutions, while the spread of Airbnb is negatively impacting the catering sector. According to Plum, spending on catering decreased by 50% in June.

Ioannis Daveronis, president of the Restaurants and Related Businesses Association of Attica (EESA), emphasizes that it is too early to draw conclusions, with the final assessment expected in October.