Tourism’s contribution to Greece’s GDP is expected to reach €46.7bn by 2026, according to the World Travel & Tourism Council’s (WTTC) Economic Impact Report 2016.
Launched on Monday, the report finds that travel and tourism contributed €13.3bn directly to the country’s economic output (7.6 percent of GDP), but warned that this could drop during 2016 due to economic instability, bailout talks and the refugee crisis. Still, even if it’s a relatively poor year, the authors of the report predict significant growth of the sector over the next decade.
Tourism’s primary effect can be seen in the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation services (excluding commuter services). But it also includes the activities of the restaurant and leisure industries.
The direct contribution of Travel & Tourism to GDP is expected to grow by 4 percent on annual basis to €19.5bn (9.3 percent of GDP) by 2026. The total contribution of Travel & Tourism to GDP (including broader effects from investments, supply chain and induced income impacts) was €32.5bn in 2015 (18.5 percent of GDP). Despite the dip that’s expected for 2016, by 2026, the figure is expected to rise 3.9 percent on annual basis through 2026 to a total of € 46.7bn, or 22.4 percent of GDP.
