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Tourism revenues up greatly in last decade > report October 24, 2006

Posted by grhomeboy in Tourism.
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Tourism-related foreign exchange revenues significantly exceeded the inflation rate over the last decade, growing by 134.4 percent at a period when economic output grew by 44 percent, evidence of the tourism sector’s increasing importance for the Greek economy, a report by EFG Eurobank stated on Tuesday.

The report, signed by the bank’s chief financial consultant, Gikas Hardouvelis, said Greece was a “mature tourism destination”, but faced increased competition from emerging Mediterranean destinations, particularly in terms of price level.

Greece’s market share, in terms of tourist arrivals, declined in the last two years, from 1.9 pct in 2003 to 1.6 pct in 2005, while its share of tourism revenues remained unchanged at 2.0 percent.

The report said tourism revenues per arrival grew to 862 euros in 2005 from 739 euros in 2003. The report underlined that the average size of a Greek hotel unit rose to 75 beds in 2005 from 65 in 1990, but remained smaller compared with other competitor countries.

Tourism revenues per hotel unit and per bed significantly lagged behind other competitors, at 1.22 million euros in 2005 and 16,200 euros, respectively, in 2005. In Croatia, the figures were 6.1 million euros and 30,400 euros over the same period.

The report also said that seven in 10 Greek households chose June, July or August for their vacations, with Attica (the greater Athens area), Cyclades islands and Halkidiki of Northern Greece as the top destinations. Most households’ overnight stays were at their private vacation home, or in friends’ and relatives’ houses.

Annual tourism-related spending by Greek households totaled 1.54 billion euros, or 1.0 percent of GDP (in current prices). Including spending on travel abroad, the figure totaled 1.3 pct of GDP.

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