Bad news for tourism business
As far as Greece's tourism industry goes, Germany, the United Kingdom, the United States, France and Italy are the country's best clients. Visitors from these countries accounted for almost exactly half (49.8%) of tourist revenue in 2019. However, the signs from these five economies are not good, according to a study by INSETE, the research institute of the Greek Tourism Confederation (SETE).
That the coronavirus pandemic has caused a global recession is no surprise. But a closer study of these main starting points for incoming tourism puts paid to any expectations of a strong rebound toward the end of the third quarter, or even the fourth.
Greece's tourism industry earned about 3 billion euros from German tourists in 2019, or 16.7% of its total revenue. It is estimated that the German economy had been operating at 60% capacity in the second quarter of 2020 and could...