Minister: Tourism Revenues in Greece to Hit €22 Billion in 2024

Greece’s tourism sector is projected to generate approximately 22 billion euros in revenues in 2024, said Greek Tourism Minister Olga Kefalogianni during the annual Greek Tourism Confederation (SETE) conference held in Athens on Thursday.

Kefalogianni highlighted the robust growth of the Greek tourism industry and its critical contribution to the Greek economy and said the data reflected the sector’s strong dynamic.

“Tourism remains a vital pillar of Greece’s economy, a leading employer, and a supporter of other key sectors such as agriculture, manufacturing, and trade,” she said.

Emphasis on Sustainability in Tourism Development

Minister Kefalogianni went on to stress the importance of transitioning to sustainable tourism practices to maintain Greece’s competitive edge in the global market.

“Sustainability is the foundation of a resilient and competitive tourism sector. It empowers local communities, preserves the unique identity of destinations, safeguards cultural heritage, and ensures fair distribution of sector benefits,” she said.

The minister noted that Greece was setting an example in sustainable tourism development with a comprehensive plan that promotes quality, resilience, and sustainability across the sector.

Addressing the conference, Kefalogianni also outlined the ministry’s key priorities, which include:

• improving destination management in line with sustainability goals
• developing niche tourism products that tap into adventure, wellness, and culture
• minimizing the negative impact of tourism on the environment while maximizing benefits for local communities and the national economy
• funding sustainable infrastructure projects
• improving the quality of tourism services and embracing digital solutions for both travelers and businesses
• expanding education and training opportunities for industry professionals.

Tackling Short-Term Rentals Challenges

Lastly, referring to the thorny issue of short-term tourist rentals, Kefalogianni referred to new regulations that included safety and hospitality quality standards as well as increasing inspections by tourism ministry and tax authorities squads to ensure compliance.

Kefalogianni lastly reiterated Greece’s commitment to sustainable tourism practices, which she said will position the country as a global model for quality tourism development.

Shaping the Future of Tourism

Greek Tourism Minister Olga Kefalogianni (c), SETE President Yiannis Paraschis (r) and EU Commissioner for Sustainable Transport and Tourism, Apostolos Tzitzikostas. Photo: Tourism Ministry Greece

Addressing the conference, SETE President Yiannis Paraschis confirmed that 2024 would be a new reference year for Greece’s tourism sector. However, he also stressed the need to address critical challenges shaping the industry’s future.

Among the primary concerns identified by Paraschis were the geopolitical situation in the region, the climate crisis, evolving visitor expectations and demands, inflation and rising interest rates, and the increasing costs of operations.

Citing Bank of Greece and INSETE data for the January-September 2024 period, Paraschis said the number of tourist arrivals had increased by 9.3% compared to the same period in 2023 and revenues grew by 4.1%.

He further noted that tourism investments in 2023 were double those in 2019, reaching a record value of 5.1 billion euros. Tourism remains a cornerstone of the Greek economy, directly contributing 13% of GDP and 30% indirectly.

In terms of employment, the impact of tourism is equally significant. In the third quarter of the year, the sector accounted for 16.4% of total employment, while direct and indirect job opportunities created by tourism represented approximately one-third of all jobs.

Looking ahead, Paraschis outlined SETE’s strategic priorities, aligning with the vision shared by Minister Kefalogianni. These include attracting investments, enhancing facilities to meet increasing visitor demands; supporting sustainable growth; establishing DMOs that will effectively manage and promote destinations; addressing labor market challenges and improving working conditions; and lastly, focusing on environmentally friendly practices and policies to ensure long-term viability.

“Tourism is a strong card in Greece’s economy, a source of prosperity and social cohesion,” Paraschis said. He added that SETE, which represents the majority of Greece’s tourism enterprises and national unions, is committed to assessing current challenges and presenting actionable solutions.

“Our key goal is to pave the way for a tourism sector that is sustainable, competitive, and socially responsible,” Paraschis concluded.

Source: tovima.com