Greece Tourism Report

Hospitality Data for January-September 2009 show the extent of the slowdown in the hospitality sector, with a significant decrease in occupancy rates in hotels in the Athens region. In five-star hotels, average room occupancy rates fell by nearly 14%, while in both four- and three-star hotels occupancy rates fell by over 9% in the nine-month period. Revenues per available room were also down sharply, particularly at the top end of the market.
Forecast Scenario Various data confirm that the Greek tourism sector experienced an extremely difficult year in 2009. This was largely due to the considerable scale of the economic downturn in the eurozone – the key region for arrivals to Greece – and the UK. This quarter, the publisher maintains their forecast of 9% y-o-y negative growth in foreign tourist arrivals in 2009. They also hold to their expectation of a slight recovery in arrivals in 2010, as the recession in some of the most important source markets bottoms out. More favourable recovery in arrivals is expected from 2011 as real GDP growth in the eurozone is forecast to pick up to about 2%.