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Tuesday, April 17, 2012

Greek tourism - growth industry?

I am not sure that all revenues from tourism are included in the Balance of Payments category "travel" (source: Bank of Greece). If they are, we would see a rather bleak picture.

Revenues from "travel" were 10,6 BEUR in 2001, the last full year before the Euro. In 2011, ten years later, revenues from "travel" were 10,5 BEUR. In the intermittent years, there were up's and down's but the fluctuations were within 1 BEUR.

Some years ago, a CNN commercial concluded with the wonderful phrase of "The Gods could have chosen any place in the world and they chose Greece!" If tourists bringing cash from abroad can be considered something like modern day gods for a cash-stripped country, then Greece must make renewed efforts to please those gods more than in the past decade.

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