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A total of 24.89 million foreign tourists visited Greece from January to August 2024, generating travel receipts of 15.179 billion euros, according to the latest data from the Bank of Greece (BoG).
However, despite strong overall performance for the eight-month period, tourism revenue faced a decline in August, along with a drop in average tourist expenditure.
The bank’s provisional data indicates that the travel balance in August 2024 showed a surplus of 4.021 billion euros, down from 4.091 billion euros in August 2023. Specifically, travel receipts fell by 1.8 percent to 4.25 billion euros, compared to 4.328 billion euros the previous year, while travel payments decreased by 3.7 percent to 228.9 million euros.
The decline in revenue is attributed to an 8.8 percent reduction in average expenditure per trip, despite a 6.6 percent increase in inbound travel traffic in August. Overall, according to the data, net receipts from travel services contributed significantly to the tourism sector’s performance, indicating resilience even amid the revenue drop.
Source: Bank of Greece
For the January-August 2024 period, the travel balance showed a surplus of 13.331 billion euros, up from 13.096 billion euros in the same period last year. Travel receipts increased by 3.2 percent, totaling 15.18 billion euros, while travel payments rose by 15 percent to 1.849 billion euros. This increase in receipts was driven by a 9.9 percent rise in inbound travel traffic, even as average spending per trip decreased by 7 percent.
Why the drop in tourism revenue in August
The decline in August tourism revenue follows a similar trend in July, where receipts dropped by 4.2 percent, falling from 4.20 billion euros in July 2023 to 4.03 billion euros this year. Despite the decrease, arrivals in July increased by 4.1 percent.
Industry insiders express concern over the August tourism revenue figures, particularly as they reflect a downturn during the peak summer season, typically one of the strongest months for Greek tourism.
According to reports, professionals are seeking to understand this revenue decline, noting a shift in visitor spending patterns. Many tourists appear to have reduced their budgets, leading to lower expenditures on dining and activities outside their hotels — even among high-income travelers staying in premium accommodations.
Additionally, according to reports, an increasing number of tourists are opting for short-term rentals, which generally lower overall trip costs and subsequently reduce spending on food and transportation.
Reports also indicate a growing trend of travelers choosing off-peak packages to avoid high prices, large crowds, and elevated temperatures in popular destinations.
The decline in tourism revenue has sparked significant debate regarding the course of the season. While total tourism income for the year is projected to exceed last year’s 20.5 billion euros, questions have arisen about the overall strategy for tourism. Stakeholders emphasize that attracting more tourists should not come at the expense of reduced revenue, as it is essential to ensure that visitors contribute adequately to the destinations they explore.
German and British tourists top contributors to Greek tourism
German and British tourists remained the top contributors to Greece’s tourism revenue during January-August. Receipts from Germany increased by 3.7 percent to 2.47 billion euros, while receipts from the United Kingdom rose by 2.8 percent to 2.376 billion euros. Receipts from France, however, fell by 12.4 percent to 1.008 billion euros, while receipts from Italy increased by 18.3 percent to 988.6 million euros. Receipts from the United States grew slightly by 0.8 percent to 979.6 million euros. In contrast, receipts from Russia plummeted by 68.5 percent to just 8.7 million euros.
Source: Bank of Greece
In terms of arrivals, 6.908 million foreign travelers visited Greece in August, representing a 6.6 percent increase compared to the same month in 2023. For the January-August period, inbound travel traffic rose by 9.9 percent, reaching 24.891 million travelers.
Germany and the UK continued to lead in arrivals during January-August, with German travelers increasing by 17.7 percent to 3.613 million and the number of travelers from the UK rising by 4.0 percent to 3.137 million.
Source: Bank of Greece
Travel traffic from France rose by 7.7 percent to 1.518 million travelers in January-August, while arrivals from Italy increased by 10.9 percent to 1.545 million. The number of travelers from the United States increased by 8.4 percent to 1.016 million. In contrast, arrivals from Russia decreased by 64.9 percent, amounting to just 9,000 travelers.
In August, the number of travellers from Germany rose by 31.3 percent to 1.008.5 million, as did the number of travellers from France by 14.1 percent to 454.0 thousand. Travellers from Italy also increased by 6.0 percent to 553.2 thousand. Moreover, the number of travellers from the UK fell by 5.3 percent to 870.8 thousand, whereas travellers from the United States increased by 13.7 percent to 227.7 thousand. No traveller flows were recorded from Russia.
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