Tourism will not ease Greece’s current economic woes, according to industry insiders who predict either very low growth or further decline in 2010.
The holiday hotspot, whose sun-soaked islands have been hugely popular with Brits for decades, suffered severely in 2009 when revenue from foreign tourists fell by 11% in the 11 months to November 2009. This is attributed to cheaper non-euro competitors as well as the global recession.
Before the downturn, Greece attracted around 15 million tourists a year. One in five Greek people work in the tourism sector which accounts for a fifth of the country’s 250 billion euro economy.
The destination is currently looking for a financial rescue package from other eurozone members in an attempt to reduce its giant public deficit from 12.7% – more than four times what single currency rules allow.
President of the Hellenic Association of Travel and Tourist Agencies Argiro Fili said: "The year 2010 will be quite difficult for tourist businesses. We will all again depend on last minute bookings and low prices."
