BUSINESS

Further decline in Russian visitors expected this year

ILIAS BELLOS

TAGS: Tourism

Russian arrivals in Greece have decreased by a total of 55 percent over the last five years, falling from 1,352,000 in 2013 to 588,000 last year, while travel receipts from Russia declined from 1.3 billion euros in 2013 to 418 million in 2017, down almost 70 percent.

The great devaluation of the Turkish lira and the rise of the euro against the rouble are the main reasons for the trend, which looks likely to lead to an 8 percent annual drop in visitors from Russia this year too.

Such is the Russian shift from the Greek to the Turkish market that Greek hoteliers say a couple of Russian agents have chosen to forfeit their 15 percent down payment and send their clients to Turkey instead.

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