Greece to Hit Record €20 Billion in Tourism, Says Alpha Bank

    This summer, according to Alpha Bank, Greece’s tourism revenue will likely set new records. Alpha Bank indicated that Greece’s tourist earnings is anticipated to reach 20 billion euros this year, greatly exceeding the amount produced by tourism in 2019. (18.2 billion euros). According to the data that is now available, “2022 will undoubtedly emerge as a new record year for Greek tourism,” the bank’s experts predicted.

    Alpha Bank claims that the two-year pent up pandemic travel demand and significant household savings amassed during the period of lockdown measures have increased expenditure per trip, which is anticipated to result in: 

    – GDP to continue its strong rise in the second and third quarters of the year and approach levels significantly higher than the average of the European Union (EU-27)
    – A boost to state coffers, allowing the Greek government to offer additional support measures for households and businesses against rising prices due to the energy crisis.

    With international arrivals at Greek airports increasing by around 200 percent during the first seven months of the year compared to the same time in 2021, passenger traffic to Greece also increased in July and August.

    According to Alpha Bank, travel receipts increased state revenue during the first half of 2022, increasing it by 18.5 percent to 41.8 billion euros from 35.3 billion euros during the same time of 2021. The increase in VAT revenue from 6.7 billion euros in the first half of 2021 to 8.4 billion euros is also regarded as substantial.

    “In conclusion, Greek tourism is heading for an excellent year, supporting public revenue, despite inflationary pressures worldwide and the environment of high uncertainty that has emerged following the Russian invasion of Ukraine and the energy crisis,” Alpha Bank noted in its report.

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