WTTC Forecasts Near Full Recovery for Greek Travel & Tourism Sector in 2023

The sector is projected to contribute €39.2 billion to the Greek economy, which is only four per cent lower than the pre-pandemic high of €40.8 billion in 2019, SchengenVisaInfo.com reports.

Additionally, the report forecasts that the Greek Travel & Tourism sector will create more than 17,000 jobs in 2023, reaching the peak employment level of 820,000 jobs seen in 2019 before the pandemic struck.

Previous data from the same source also revealed that Greece’s Travel & Tourism sector experienced significant growth in its GDP contribution. The sector’s GDP contribution increased by nearly two-fifths (38.2 per cent) to reach about €38 billion, which accounted for 18.5 per cent of the Greek economy.

Furthermore, the sector saw a creation of 5,000 additional jobs compared to the previous year, bringing the total number of jobs to almost 800,000 nationwide. This indicates a positive trend in terms of job creation within the Greek Travel & Tourism sector.

The report also highlights that the sector has recovered 82 per cent of the jobs that were lost during the pandemic.

UK, Germany & Bulgaria Take Lead as Top Source Markets Last Year
Moreover, Greece saw the return of international travellers last year, with the United Kingdom, Germany, and Bulgaria leading as the main source markets for international arrivals. The data indicates that these countries accounted for 14 per cent, 14 per cent, and ten per cent of international visitors to Greece, respectively.

The pandemic had an impact on global travel and tourism, with many countries implementing travel restrictions, lockdowns, and other safety measures. Thus, Greece, like many other nations, experienced a significant decline in tourist arrivals during this period.

The fact that the number of international tourists in Greece doubled in 2022 compared to the previous year indicates a positive trend of recovery. It suggests that travel restrictions were eased, vaccination efforts were successful, and travellers were more confident in visiting the country.

Data provided by Statista revealed that last year, despite experiencing significant annual growth, the number of inbound travellers in Greece fell just short of pre-pandemic levels, reaching a total of over 30 million.

International Visitor Spending in Greece Soars by Over 56% in 2022
WTTC report also reveals that in 2022, international visitor spending significantly contributed €19.1 billion to the national economy, thus representing year-on-year growth of over 56 per cent, indicating a strong recovery in terms of tourism revenue.

“The Travel & Tourism sector is significant in Greece, representing more than 19 per cent 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,” WTTC President & CEO Julia Simpson pointed out.

According to the global tourism body’s forecast, Greece’s Travel & Tourism sector is expected to continue growing its GDP contribution. By 2033, the industry is projected to contribute €57.2 billion, representing nearly a quarter (23.6 per cent) of the Greek economy. This indicates a positive, sustained growth trend and significance for the country’s economy.

In terms of employment, over the next decade, the forecast suggests that the Travel & Tourism sector could employ more than 1.02 million people across Greece.

In 2022, the European Travel & Tourism sector significantly contributed €1.9 trillion to the regional economy. Although this figure is seven per cent lower than the peak observed in 2019, it indicates a strong recovery for the sector.

WTTC forecasts that the sector’s GDP contribution in the region will reach €2.04 trillion in 2023, bringing it close to the 2019 high point.

Regarding employment, the sector employed 34.7 million people across Europe in the previous year, which marked an increase of 2.9 million jobs compared to 2021. However, it was still 3.2 million jobs below the peak employment level recorded in 2019.

Furthermore, WTTC projects that the European Travel & Tourism sector will fully recover the jobs lost during the pandemic by the end of 2024.