BUSINESS

More visitors in 2016, but less spending

STATHIS KOUSOUNIS

TAGS: Tourism, Economy

The latest official figures for tourism in Greece last year point to a decline in revenues and per capita spending, despite the increase in the number of visitors in 2016.

Bank of Greece figures for the first 10 months of the year showed a 575-million-euro or 4.2 percent annual decline in tourism revenues, while the average per capita expenditure fell by 9 percent to just 537 euros per visit. In the same period there was a 4.7 percent increase in foreign visitors from 2015 to 23.5 million tourists.

The Institute of the Greek Tourism Confederation argues that tourism enterprises’ results were affected by the excessive tax burden imposed on them as of last year. A survey it conducted showed that hotel enterprises in Greece have the highest charges and value-added tax to pay of all destinations in the region, leading to the smallest potential profits.

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