A solid reputation and more substantial international arrival figures could push Greek tourism above its pre-Covid 2019 levels and reach a new record this year. This is at least according to the forecast of the latest report published by NBG (the National Bank of Greece).
Greece’s tourism revenues this year could reach 21.2 billion euros, exceeding pre-Covid levels and last year’s performance.
NBG also expects arrivals to exceed pre-Covid 2019 levels this year, attributing the forecast to Greece’s strong competitiveness compared to rival markets and a dynamic start to the tourist season.
The Bank said international arrivals in March-May exceeded 2019 by 10 percent and relevant tourism receipts by 19 percent.
This year’s main drivers of tourism receipts are traditional source markets, which increased their share by 42 percent compared to 39 percent in 2019 before the pandemic, and the United States, which has nearly doubled its 2022 arrivals and spending.
Strong demand boosted hotel sales by 14 percent in the three months under review and throughout 2019, with city breaks gaining ground. And all this, bank analysts say, despite the slow recovery of road arrivals. In January-May, they reached 2.3 million compared to 1.5 million in 2022, 52.9 percent more.
From the Bank, they pointed out that considering inflationary pressures, tourism revenues in 2023 could approach 21 billion euros.
Spring momentum, early positive signs of summer bookings, and improving consumer confidence in our core markets have set the stage for record new arrivals in 2023. However, extreme heat conditions and widespread fires are creating conditions of uncertainty.
KEYWORD: tourism in Croatia
Price hikes do not harm soaring Croatian tourist numbers
The switching to the euro and Croatia’s entry into the Schengen zone seem to have offset rising prices and the resulting disaffection with tourism.
After a positive start but far from expectations and a July troubled by some difficulties related to bad weather, the data concerning tourism in Croatia seem substantially positive. Barring sudden calamities between the second half of August and September, the revenues for 2023 will exceed those of 2022, marking a substantial success for Croatian tourism. According to the Zagreb daily Jutarnji list, revenues were estimated at 14.5 billion euros, 1.3 billion more than the 13.1 billion in 2022. The increase is based on available data and an estimate of tourism trends; however, it seems pretty likely. According to experts, the last tourist season will be outdated. This figure was confirmed by the Croatian Central Bank, which stated that “The introduction of the euro and the entry of Croatia into the Schengen area have had a positive effect on physical and financial indicators in the tourism sector.”
Estimating the potential impact of price speculation in the summer of 2024 is essential, particularly in light of concerns expressed by experts from Italy, Austria, and Germany. Given the unsustainable price rise, they have suggested this may be the last season for many middle-class tourists in Croatia. Additionally, the absence of Russian tourists, a crucial part of the luxury tourism sector, could complicate matters for Croatia. While it is impossible to predict all events that may impact summer tourism in Croatia, it is essential to be aware of these potential challenges and plan accordingly.
