BUSINESS

Fall in tourism revenues and arrivals in the year to March

STATHIS KOUSOUNIS

TAGS: Tourism

Greek tourism underperformed both in March and in the year’s first quarter according to official data released on Monday by the Bank of Greece.

On a monthly level tourism revenues came to 203.3 million euros in March, down 7.8 percent from March 2016, while they dropped 4.8 percent over the first quarter. Revenue figures were even lower than in 2015.

Tourism arrivals from abroad declined 0.2 percent in March and 1.8 percent in Q1 on a year-on-year basis.

Although the signs are very positive for the rest of the year according to bookings, the Q1 data suggest that Greek tourism has missed its target of extending its season.

Cyprus, on the other hand, recorded an increase of 82 million euros in revenues in the first couple of months of the year, amounting to an annual rise of 22.9 percent.

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