INSETE: Tourism generates over a quarter of Greece’s GDP

Tourism generates over a quarter of Greece’s gross domestic product, according to data presented on Wednesday by the Institute of the Greek Tourism Confederation (INSETE), ekathimerini.com reports.

Directly and indirectly, tourism accounted for between 47.4 billion and 57.1 billion euros, or 25.7 to 30.9 percent of GDP

The data highlights the industry’s significance to the national economy and employment, as well as tourism’s quasi-monopolistic status in the country’s growth.

According to the latest numbers available, at least one percentage point out of the 1.9 points of economic expansion last year came from tourism.

The INSETE report indicated that tourism had a direct impact on the economy in 2018, amounting to 21.6 billion euros or 11.7 percent of GDP. This was up by 13.3 percent or 2.5 billion euros from 2017. Directly and indirectly, tourism accounted for between 47.4 billion and 57.1 billion euros, or 25.7 to 30.9 percent of GDP.

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