Greek Tourism Revenue decreases by 86% in January-July 2020

According to the Bank of Greece, travel receipts fell by € 7.86 billion to € 1.25 billion in January to July 2020. This is a decline of 86% compared with the same period in 2019. This is directly linked to the flight restriction and COVID Pandemic measures that were introduced in March 2020

Athens, Greece: 22 September 2020

The Bank of Greece splits the data on tourism receipts in Greece as follows:

84.6% decline in receipts from EU-27 residents, which amounted to € 737 mln
87.4% decrease in receipts from non-EU residents, which amounted to € 515 mln.

Some indicative declines in receipts include:

Germany by 85.4% to € 212 mln
France by 89.1% to € 61 mln.
United Kingdom by 92.1% to € 103 mln
United States of America by 89.7% to € 63 mln.

The travel revenue is directly linked to the decreasing number of inbound visitors which fell by 80.1% to 3.006 million in January – July 2020. According to the Bank of Greece, visitor flows through airports declined by 84.1% and visitor flows through road border - crossing points fell by 70.6%.

Navigator Consulting has been reporting extensively on the risks and impacts of COVID-19 on the tourism sector in Greece. We support clients restructure their operations to prepare for COVID-19 and wider unfolding risks and opportunities in the region.

For further information, please contact:

Philip Ammerman

Managing Director

info@navigator-consulting.com

Sources:

Greece Sees 86% Drop in Tourism Revenue in Jan-July Period

Greek Travel Pages. 21 September 2020

Developments in the balance of travel services: July 2020

Bank of Greece. 22 September 2020

DBRS Morningstar outlines COVID-19 Economic Risks to Tourism in Greece and CyprusDBRS Morningstar

Navigator Consulting. 14 September 2020

Fraport Greece Completes Renovation Works at 11 of 14 Greek Regional Airports