London, UK
The latest 2023 Economic Impact Research (EIR) from WTTC forecasts that the Greek travel and tourism sector will inject €39.2 billion into the national economy this year. This impressive figure is just 4% shy of the €40.8 billion generated in 2019, before the global health crisis significantly impacted travel. Furthermore, the sector is expected to bolster employment, creating over 17,000 new jobs in 2023 and reaching the pre-pandemic employment peak of 820,000 jobs supported by travel and tourism in Greece.
Key Economic Contributions of Greek Tourism in 2023: A Strong Recovery
The anticipated near full recovery in 2023 highlights the significant rebound of travel and tourism in Greece. This sector is a vital pillar of the Greek economy, and its resurgence is crucial for overall economic health and job creation. The projected figures demonstrate not only a recovery but also the potential for sustained growth in the coming years.
Looking back at 2022, the foundation for this recovery was clearly established. Last year witnessed a substantial 38.2% surge in the Travel & Tourism sector’s GDP contribution, climbing to nearly €38 billion. This represented a significant 18.5% of the entire Greek economy, emphasizing the sector’s importance. Job creation was also a key feature of 2022, with the sector adding 5,000 jobs compared to the previous year, bringing the total to almost 800,000 jobs nationwide. This progress meant that the Greek travel and tourism industry had successfully recovered 82% of the jobs lost during the pandemic, showcasing a strong bounce-back.
International Tourism to Greece: Driving the Recovery
The resurgence of travel and tourism in Greece was significantly fueled by the return of international visitors in 2022. Data indicates that key source markets played a crucial role, with the UK and Germany each contributing 14% of international arrivals, followed by Bulgaria at 10%. This influx of international tourists translated directly into economic benefits. In 2022, international visitor spending contributed a substantial €19.1 billion to the Greek national economy, marking an impressive year-on-year growth of over 56%. This spending is a critical component of the overall economic contribution of travel and tourism in Greece.
Julia Simpson, WTTC President & CEO, emphasized the vital role of the sector, stating, “The Travel & Tourism sector is very important in Greece, representing more than 19% of the economy. Tourism is recovering strongly with high visitor demand. Greece is one of Europe’s most popular destinations, and the data clearly shows travellers are heading back in their droves. Greece took a leadership position during the pandemic.” Her comments underscore the strategic importance of Greece’s proactive approach to tourism during challenging times and its payoff in the current recovery.
Greece Tourism: A Decade of Future Growth
The outlook for travel and tourism in Greece remains exceptionally positive. WTTC forecasts predict continued expansion, with the sector’s GDP contribution projected to reach €57.2 billion by 2033. This would represent nearly a quarter (23.6%) of the total Greek economy, further solidifying tourism’s position as a leading economic force. Job creation is also expected to flourish, with Travel & Tourism potentially employing over 1.02 million people across Greece within the next decade. This would mean that approximately one in four jobs in Greece would be supported by the travel and tourism sector, highlighting its immense societal and economic impact.
Across Europe, the broader travel and tourism sector is also demonstrating strong recovery. In 2022, it contributed €1.9 trillion to the European regional economy, just 7% below the 2019 peak. WTTC anticipates that the regional sector’s GDP contribution will reach €2.04 trillion in 2023, effectively nearing full recovery to pre-pandemic levels. Employment within the European travel and tourism sector is also on the rise, reaching 34.7 million jobs in 2022, an increase of 2.9 million from the previous year. WTTC forecasts full jobs recovery in the European sector by the end of 2024.
In conclusion, the travel and tourism sector in Greece is not only recovering but is poised for significant growth, exceeding national economic growth rates and creating substantial employment opportunities. Greece’s enduring appeal as a travel destination, coupled with strategic sector management, positions it for continued success in the global tourism landscape.
