Despite welcoming more tourists this August compared to last year, Greece experienced a slight dip in tourism revenue, according to the Bank of Greece.
While the number of arrivals increased, visitors appear to be spending less.
Specifically, revenue from tourism decreased by 1.8% in August 2024 compared to August 2023.
This trend is also evident when looking at the bigger picture: from January to August 2024, tourism revenue grew by just 3.2% compared to the same period last year, despite a 9.9% increase in arrivals.
This dip in spending impacted the overall economic picture. Although Greece's current account surplus increased in August due to improvements in trade, this was partially offset by the lower tourism income and changes in other income flows. Looking at the year so far, the current account deficit has widened due to a combination of factors, including the lower tourism revenue.
Despite these challenges, Greece's tourism sector remains a vital contributor to the economy. The Bank of Greece reported a current account surplus of €651.3 million in August, an increase of €39.4 million compared to the same period last year.