ECONOMY

Tourism revenues up in 2011 despite November drop

Cash inflows from tourism in the January-November 2011 period showed an annual increase of 9.7 percent, climbing to 10.4 billion euros from 9.5 billion in the same period in 2010, according to current account data published on Friday by the Bank of Greece.

However, in November alone, receipts from tourism were reduced by 12.5 percent year-on-year, while Greek tourism spending abroad contracted by 21.6 percent.

The central bank?s border survey showed that in the first 11 months of last year the number of tourist arrivals rose by 9.6 percent compared to the same period in 2010. At the same time the spending of Greeks traveling abroad expanded by 4.6 percent, reaching 2.1 billion euros, despite the ongoing crisis.

The current account deficit continued to shrink, amounting to 18.9 billion euros. It posted an annual decline of 2.3 billion euros, or 10.7 percent. This is due to the considerable decline in the trade deficit (that does not include oil products) by 3.4 billion euros. Direct investment posted a net outflow of 1.9 billion euros in the year to November, against a net inflow of 300 million euros in the same period in 2010.