Tourism provides third of Greek GDP, most jobs
One in three euros that Greece earns each year comes from tourism, demonstrating the Greek economy’s dependence on the sector.
According to a study titled “The Contribution of Tourism to the Greek Economy in 2023” by the Institute of the Hellenic Tourism Business Association (INSETE), the total contribution of the sector to the country’s economy in 2023 – i.e. both direct and secondary benefits – is estimated to range between 62.8 billion and 75.6 billion euros, corresponding to between 28.5% and 34.3% of GDP.
The direct contribution of tourism alone is estimated to have amounted to 28.5 billion euros in 2023, which corresponds to 13% of the country’s GDP and is the highest, historically, for the sector to date.
In 2022, the corresponding figures for the direct contribution were 23.9 billion euros and 11.6% of GDP. In 2019 it was 23.1 billion euros and 12.6% of GDP, INSETE data showed.
Tourism remains predominantly export-oriented, with 82.7% of receipts coming from inbound tourism.
Moreover, the sector contributed directly in its peak period – i.e. the third quarter of 2023 – to 16.4% of employment and overall directly and indirectly to about 40%, which means that it is by far the largest employer in the country.
The direct contribution of €28.5 billion is divided between the figures from inbound tourism expenditure (€20.7 billion including cruise passenger expenditure), air transport (€2.5 billion), maritime transport (€144 million), cruise company expenditure (€235 million), domestic tourism (€2.5 billion) and domestic value added from investment (€2.5 billion).
