Greece's tourism sector continues to thrive, with revenue up by 5.6% in the first seven months of 2024 compared to the same period last year. However, the country's trade deficit has also widened, raising concerns about its external financing needs.
Tourism earnings reached €10.95 billion during this period, driven by a surge in visitor numbers. The increase in tourism revenue has provided a much-needed boost to the Greek economy, which has been struggling to recover from the financial crisis of the previous decade.
Despite the positive impact of tourism, the country's current account deficit widened by €1.3 billion compared to the same period in 2023.
This is largely attributable to a decline in exports and a rise in imports, resulting in a higher trade deficit.
While foreign direct investment (FDI) in Greece has increased, the country's external financing needs remain significant.