Travel And Tourism Industry Of Greece Tourism

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Greece is one of the most popular finishs in the universe. Greece comes in the fifteenth topographic point in the universe evaluation of tourer finishs, since, harmonizing to the National Statistical Service of Greece, it receives more than 15 million tourers every twelvemonth, after states such as the USA, China, Spain and Great Britain. Harmonizing to the 2009 Travel & A ; Tourism Competitiveness Report published by the World Economic Forum, Greece holds the 24th overall place among 133 states, 3rd topographic point in the prioritization of travel & A ; touristry subindex, 9th topographic point in the figure of World Heritage cultural sites, 5th topographic point in touristry substructure and 1st topographic point in the physician denseness subindex..

Demand & amp ; Supply:

Entire demand:

The figure of international touristry visit over has been steady addition from 14.2 million in 2004 to 17 million in 2008. It is expected to make 20 million in following few old ages, about twice the state ‘s population.

Tourist Arrivals

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Beginning: Grecian National Tourism Organization and National Statistical Services of Greece

Key markets & A ; Source parts

Greece has today managed to go one of the most favorite tourer finishs among Europeans, Asians and Americans. Approximately 85 % of reachings originate in Western Europe: 21.2 % from the United Kingdom, 17.5 % from Germany, 8.8 % from Italy, 5.3 % from France, 5.2 % from Holland, and 7.5 % from the Norse states. However, important Numberss of visitants from Eastern Europe, USA and China are doing Greece their preferable finish. Harmonizing to a study conducted in China in 2005, Greece was voted as the Chinese people ‘s figure one pick as a tourer finish. In November 2006, Austria, like China, announced that Greece was the favorite tourer finish for its citizens. It creates a broad base of beginning states and new demands for services, installations, and attractive forces.


Presently, more than 9,000 hotels operate in Greece. Harmonizing to the Hellenic Chamber of Hotels, the figure of hotels in Greece was by categorization ( bedplaces ) :

Star evaluation



5 star



4 star



3 star



2 star



1 star






535 hotels were built under Development Law 3299/04 in the period of 2005 to 2009 in Greece, with a entire budget of a‚¬ 2.6 bn, 44 % ( a‚¬ ~1.2 bn. ) of which was subsidized by the authorities. The figure of beds added through these investings is about 50,000. The breakdown per hotel class is as follows:

Below are cardinal statistics about cost per room and subsidies paid out by the authorities, per hotel class

The Grecian authorities has announced programs for a new Development Law, supplying fiscal inducements for investing in Greece in the signifier of extended revenue enhancement interruptions and subsidies of up to 50 % .

Economic Impacts

GDP Contribution:

Greece ‘s T & A ; T Direct Industry is expected to lend 7.0 % to Gross Domestic Product ( GDP ) in 2010 ( EUR15.4bn or US $ 22.8bn ) , lifting in nominal footings to EUR27.9bn or US $ 36.4bn ( 8 % of entire ) by 2020. The T & A ; T Economy part ( % of entire ) should lift from 15.5 % ( EUR33.9bn or US $ 50.2bn ) to 17.3 % ( EUR60.7bn or US $ 79.1bn ) in this same period.


Greece ‘s 418,000 T & A ; T Direct Industry occupations account for 10 % of entire employment in 2010 and are forecast to entire 483,000 occupations or 11.1 % of the entire by 2020.The part of the Travel & A ; Tourism Economy to employment is expected to lift from 18.8 % of entire employment, 785,000 occupations or 1 in every 5.3 occupations in 2010, to 21 % of entire employment, 916,000 occupations, or 1 in every 4.8 occupations by 2020.

Industry Challenges

Grecian travel and touristry is affected by economic crisis in 2009

The figure of reachings to Greece was decreased affected by the 2009 economic crisis. In Q3 2010 figure of international reaching in Athens bead by 5.2 % in comparison to 2009 taking to a ytd bead of 5.3 %

The RevPAR in Athens dropped by -11.3 % in Q3 taking to a ytd bead in the RevPAR of -6 % . The RevPAR in Thessaloniki continued its crisp bead, -22 %

Resort hotels, nevertheless, showed a important betterment in their Entire RevPAR, by 5.1 % , taking to a reversal of the antecedently negative tendency in the ytd figure, which improved by 4.4 % , compared to -4.0 % in Q2. Therefore, fears that Grecian touristry would fall in this twelvemonth did non happen.

Greece 2010 debt crisis

The Greece debt crisis, which started at the beginning of 2010, exacerbated the effects of the planetary economic crisis on the Greek travel and touristry industry. The debt crisis will surely impact consumer assurance in the state and is expected to negatively impact outbound and domestic tourer flows in 2010, particularly as the bailout has involved the European Union combined with the IMF.

Other troubles expected:

The farther addition of the VAT on cordial reception services to 11 % from July 1st, 2010 ( from 9 % at the beginning of the twelvemonth ) will hold a negative impact on the profitableness of the industry overall, peculiarly in combination with the monetary value decreases taking topographic point due to current market conditions.

The Hotel Federation and the Hotel Employees Union have announced that they have reached a 3 twelvemonth understanding on labour dealingss ; salary additions will be 1 % in 2010 and a farther 1 % in 2012.

Industry Competitiveness:

Most of the hotels in Greece are categorized as 1- and 2-starhotels, intending there is plentifulness of room for investors to set up 4-and 5-star belongingss. Harmonizing to the Grecian Hotel Branding Report, branded hotels in Greece history for 4 % of the entire figure of hotels and 19 % of entire handiness of suites, while in other European states this figure lies between 25 and 40 % .


Infrastructure in Greece is really developed with 40 airdromes throughout Greece of which 15 are international and well-designed national main road system.

Investing Incentives Law:

Greece ‘s freshly implemented PPP ( Public Private Partnership ) strategy provides important chances to investors to take part in new substructure undertakings, including marinas and thermic springs.

The National Strategic Reference Framework ( NSRF ) for the old ages 2007-2013 establishes the wide precedences for EU Structural Funds Programmes in Greece. For touristry, NSRF provides important fiscal support, with a budget of more than 500 million Euros until 2013

A bill of exchange Investing Law has been issued by the authorities including fiscal inducements in the signifier of subsidies up to 50 % or tantamount inducements in the signifier of revenue enhancement interruptions for companies transporting out new investings or purchasing assets of companies that have seized operations.

Human Resources

Because Greece, a state of 11 million dwellers, hosts more than 17 million visitants, instruction and preparation in touristry services is overriding. The work force is multilingual, good versed in the touristry sector, and willing to react to new challenges. From direction to catering, human resources for touristry endeavors is a Grecian strength.

Hotel Chain Project

Company background:

Starwood Hotels & A ; Resorts Worldwide, Inc. is one of the largest hotel companies in the universe. As of December 31, 2009, Starwood Hotel & A ; Resorts Worldwide, Inc owned, managed or franchised 992 belongingss under its nine owned trade names. It has 145,000 employees worldwide, of whom about 34 % were employed in the United States.

W Hotels is Starwood ‘s luxury dress shop hotel trade name. The hotel trade name, which by and large markets towards a younger crowd, was launched in 1998 with its first belongings, W New York. The trade name has expanded internationally with belongingss opening foremost in Mexico City, Seoul, and Istanbul. The W Barcelona hotel was the W ‘s first in Western Europe and opened in October 2009. The W plans to duplicate its figure of belongingss by 2011 with hotels planned in Austin, Texas ( 2010 ) ; Taipei, Taiwan ( 2010 ) ; Marrakech, Morocco ( 2011 ) ; Guangzhou, China ( 2011 ) ; Bangkok, Thailand ( 2011 ) ; Paris, France ( 2011 ) ; Athens, Greece ( 2011 ) ; St. Petersburg, Russia ( 2011 ) ; and London, England ( 2011 )

Investing undertaking:

W Athens Astir Palace Beach is traveling to open on 1 April 2012. It is a portion of Astir Palace Resort beside Arion, a Luxury Collection Resort & A ; Spa and The Westin Athens. W Athens is converted from the 165-room Aphrodite Hotel under an extended renovation.

Sustainable Concerns:

Fearing the spread of Grecian debt crisis, the EU and the International Monetary Fund ( IMF ) have agreed to establish a bailout bundle worth about $ 1,000 billion. However, the cardinal issue here is non merely salvaging Greece from a short-run debt crisis, or cut the budget shortage of the Grecian authorities, but the state economic sciences ‘ growing in future

Harmonizing to the easiness of making concern index of the World Bank ( WB ) , Greece is ranked 109, after states such as Egypt, Ethiopia and Lebanon. In evaluation the concern environment of high-income states, Greece is about bottom, merely above Equatorial Guinea

The Euros is stronger than the currency of other states those are non in Eurozone, hence cost to go in Greece is more expensive. However, Greece does non hold adequate luxury hotels, golf classs, and resort for that difference in cost

Expensive monetary values of goods and service in Greece created by the strength of euro, has weakened the state ‘s fight on international market. This job will go worse if the labour productiveness of states such as Germany and France turning invariably and increase value of the euro. It will force the monetary value of Grecian exports higher that market worlds. Greece should alter to another currency that is weaker than Euro to increase their fight.

Co ma»™t gia??i phap khong da»… dang A‘a»? Hy La??p thoat kha»?i tinh tra??ng tia??n thoai l?°a»?ng nan nay. A?o la ta??o Ra ma»™t vong xoay gia??m phat gia ca?? va tia»?n l?°??ng. Nh?°ng, ng?°a»?i dan Hy La??p tha»?i gian qua A‘a lien ta»?c A‘a»• Ra A‘?°a»?ng A‘a»? gay ap la»±c bua»™c chinh pha»§ duy tri chinh sach tia»?n l?°??ng va phuc la»?i, do A‘o , via»‡c ap da»?ng bia»‡n phap gia??m phat sa?? kho duy tri A‘?°a»?c trong ba??t ka»? tr?°a»?ng ha»?p nao.

Chinh pha»§ Hy La??p ngay 23/12 A‘a thong qua ka?? hoa??ch ngan sach kha??c kha»• 2011 nha?±m A‘ap a»©ng nha»?ng A‘ia»?u kia»‡n kha??t khe do Lien minh chau Au ( EU ) va QA©y tia»?n ta»‡ qua»‘c ta?? ( IMF ) A‘?°a ra A‘a»? nha?­n A‘?°a»?c goi ca»©u tra»? ta»« cac ta»• cha»©c nay.

Ka?? hoa??ch nay A‘a A‘?°a»?c qua»‘c ha»™i Hy La??p thong qua va»›i 156 phia??u a»§ng ha»™ va 142 phia??u pha??n A‘a»‘i. Tha»§ t?°a»›ng Hy La??p Georges Papandreou hello va»?ng ra?±ng, ka?? hoa??ch nay tha»? hia»‡n sa»± quya??t tam tha»±c hia»‡n nha»?ng bia»‡n phap ca?§n thia??t A‘a»? A‘?°a kinh ta?? Hy La??p thoat kha»?i kha»§ng hoa??ng.

Theo A‘o , ngan sach nA?m 2011 sa?? gia??m ta»« ma»©c 9,4 % ta»•ng sa??n pha?©m qua»‘c na»™i ( GDP ) da»± kia??n nA?m nay xua»‘ng con 7,4 % . Va trong 3 nA?m tia??p theo, n?°a»›c nayA pha??n A‘a??u gia??m tham ha»?t xua»‘ng con 3 % . Via»‡c ca??t gia??m sa?? ta?­p trung vao lA©nh va»±c cong, bao ga»“m: Y ta?? , giao da»?c, cong trinh cong ca»™ng nh?° A‘?°a»?ng sa??t va cac loa??i hinh va?­n ta??i khac.

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