BoG: Tourists in Greece Spent Less in 2016; Hits 15-Year Low

Thursday, February 23rd, 2017
Last Update: 10:50

This week the Bank of Greece (BoG) released data showing that although tourism numbers are up in Greece, the amount of money tourists are spending while on vacation is at a 15-year low.

The news of decline in spending comes at a crucial time for Greece, which relies on tourism for some 20 percent of its GDP and one out of five jobs, the Association of Greek Tourism Enterprises (SETE) reports.

The latest data shows that the average amount of money spent by tourists per trip in Greece in 2016 fell 11.3 percent from 2015 with spending amounting to around 514.30 euros compared to 579.60.

The annual decline in revenue from tourists spending from 2015 to 2016 was 6.4 percent, or 13.22 billion euros. BoG gave no specific reasons for the decline in spending.

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