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Greece Tourism Report Q1 2017

  • November 2016
  • -
  • Business Monitor International
  • -
  • 30 pages

Includes 3 FREE quarterly updates

BMI View:
We have made some significant revisions to our Greek tourism outlook in the Q1 2017 report update to account for the latest trends and market data. Greece is home to one of Europe's largest tourism markets and attracts millions of visitors annually from all over the world. Greece remains and will continue to remain popular due to its wide range of offerings such as island beach resorts, popular city breaks and extensive historical and cultural attractions. The government remains highly supportive of tourism, a crucial sector in terms of GDP output and employment. In the wake of the ongoing migrant crisis, the government remains committed to investing in a broad range of measures to support tourism. These measures look set to be successful, particularly in light of the fall in travel to competing destinations such as Turkey and Egypt, and we are forecasting steady growth in international arrivals to Greece over the next few years. While the maturity of the market means that opportunities in the hotel sector are relatively few, there is some development in the luxury segment, and as visitor numbers increase - boosting tourism expenditure and industry value - we expect to see continued investor interest in this popular market.

Key Updates and Forecasts


- We maintain a strong positive arrivals forecast for Greece in 2017 and beyond, averaging over 8.0% y-oy. We estimate that Greece will host approximately 27.8mn tourists in 2017, a number we see rising above 36.0mn by 2020.

- International tourism receipts plummeted in 2016 by 8.21% in USD terms to reach USD16.4bn (EUR15.32bn). We estimate modest growth of 2.54% y-o-y between 2017 and 2020 in US dollar terms, with total international tourism receipts reaching USD18.12bn (EUR18.12bn) by 2020.

- Latest data from the Greek official authorities suggests that inbound tourism was up by almost 1.8% in the first eight months of 2016 but revenues were down by over 8%. The decline in revenue despite growth in tourism is attributed to the rise in the number of spend-thrift holiday makers who are averse to spending.

Table Of Contents

Greece Tourism Report Q1 2017
BMI Industry View 5
Table: Key Forecasts (Greece 2013-2020) 5
SWOT 7
Industry Forecast 9
Table: Inbound Tourism (Greece 2013-2020) 13
Table: Tourism Receipts (Greece 2013-2020) 15
Table: Hotel Accommodation (Greece 2013-2020) 17
Table: Tourist Departures and Consumption (Greece 2013-2020) 18
Industry Risk/Reward Index 19
Table: Western Europe Tourism Risk Reward Index Q1 2017 19
Rewards 20
Risks 20
Security Risk 21
Market Overview 22
Competitive Landscape 25
Domestic Hotel Groups 25
Table: Domestic Hotel Groups 25
International Hotel Groups 26
Table: International Hotel Groups 26
Methodology 27
Industry Forecast Methodology 27
Risk/Reward Index Methodology 28
Table: Weighting Of Indicators 30

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