Skift Take
The Greek government’s optimism about tourist rebounding was definitely not misplaced, and fortunately for the country’s economy will likely continue as this fall ought to see the nation welcome a large number of visitors.
Rashaad Jorden
Greece has seen earnings from its key traveler market in the 8 months to August reach half of 2019 levels, its tourist minister stated in an interview released on Sunday, in line with the federal government’s forecast previously in the year.
As COVID-19 brought global travel to a grinding halt, Greek tourist, which represents about a fifth of the economy, suffered its worst year on record in 2020 with just 7 million visitors bringing in earnings of 4 billion euros.
But as the Mediterranean traveler hotspot opened its doors to foreign visitors in May, federal government and industry authorities stated they were wishing for 40-50% of 2019 profits which saw 33 million visitors bringing in a record 18 billion euros income.
“From January up to August, arrivals were up by 79.2% and corresponding receipts (rose) by 135.7% compared to the same period in 2020, which represents 50% of invoices for 2019 as a whole,” Vassilis Kikilias informed To Vima paper.
“We are on track to achieve receipts of more than 10 billion euros,” he added.
After Greece raised most of its pandemic-related limitations prior to its key summer tourist season, a growing variety of foreign visitors put into the nation this summer season.
“We have not counted final profits yet,” Kikilias said, adding that September, October and November were also busy months.
Greece has actually been banking on tourist to drive a healing after an economic downturn diminished the economy by 9% in 2015. Under its 2022 draft budget, the federal government projected the economy will grow by 6.1% this year.
Last week, the EU Commission revised its financial projections for Greece, seeing the nation’s economic output growing at a much faster pace of 7.1% this year.
Speaking to a Greek tv station on Saturday, Financing Minister Christos Staikouras said that the final budget plan, due to be sent to the parliament in the coming days, will consist of a quote that will be closer to the Commission’s forecasts.
(Reporting by Angeliki Koutantou; Modifying by Elaine Hardcastle)
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