Lost tourism cash at 10% of GDP

The Greek economy will miss out on revenues amounting to 10% of gross domestic product this year due to the drop in tourism takings from foreigner visitors.

That figure stems from the forecast by the Greek Tourism Confederation (SETE) and the government for the decline of tourism revenues by 80% this year to 3.5 billion euros from €18.2 billion in 2019, and from the fact that tourism activity last year directly accounted for 12.5% of GDP, according to the latest study by the SETE Institute (INSETE) published on Tuesday.

The study, titled "The Contribution of Tourism to the Greek Economy in 2019," concluded that "tourism directly contributed €23.4 billion to the country's economy (up €2.3 billion or 10.9% from 2018), while in total (directly and indirectly) it contributed between €51.6 billion and €62.1 billion." While tourism activity directly corresponded to one...