TtE: New record in tourism revenue – Jump 15.2% in 9 months
Tourism revenues in the first nine months of 2023 hit a record, reaching 17.9 billion euros, according to data from the Bank of Greece, significantly higher than in 2022 (15.5 billion euros) but also in 2019, when it was 16, 1 billion euros. Growth between 2023 and 2019 reaches 11.3%
Non-resident traveler arrivals increased by 17.3% and related receipts by 15.2% compared to the corresponding period in 2022.
In particular, according to the data announced today by the Bank of Greece in September 2023, the current account deficit narrowed about half compared to September 2022 and amounted to 404.3 million euros.
The decrease in the goods balance deficit is due to a greater decrease in imports than exports. Exports fell by 10.3% at current prices (10.1% at constant prices) and imports fell by 16.3% at current prices (-7.5% at constant prices). In particular, exports of non-fuel goods decreased by 10.1% at current prices (-12.2% at constant prices), while imports of non-fuel goods decreased by 3.7% at current prices (-3.3% at fixed values).
The increase in the surplus in the services balance is mainly due to the improvement in the travel balance and, to a lesser extent, in the transport and other services balances. Non-resident traveler arrivals increased by 12.7% and related receipts by 14.6% compared to September 2022.
The improvement in the surplus in the services balance is due to the improvement primarily in the travel balance and secondarily in the other services balance, which was partially offset by the deterioration in the transport balance.
The deficit in the primary income balance worsened compared to the corresponding period in 2022, due to the increase in net payments for interest, dividends and profits, partially offset by the rise in net receipts from other primary incomes. The surplus of the secondary income balance increased compared to the same period in 2022 due to the recording of net receipts against net payments in the general government sector and, to a lesser extent, due to the increase in net receipts in the non-general government sectors .
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