By Natasa Stasinou

National Bank finances the major projects that support the infrastructure and modernize Greece, making it among the top tourist destinations. At the same time, it supports tourism businesses with high-level financial services.

Tourism has a key position in the Greek economy, as it contributes 14% to the GDP (versus 8% in the rest of the Mediterranean countries and 5% in the EU) and 21% to the receipts of goods and services. The upward trend of Greek tourism led to a historic record of arrivals with 34 million tourists in 2023. This performance represents a 50% increase over a 10-year period (2014-2023) and has a positive impact on hotel turnover, with an increase of 20% compared to 2019 (in deflated terms).

The positive trend in revenues is combined with a parallel improvement in the quality and range of services offered. For example, 4-5 star hotels have increased their share of beds to 54% in 2023 compared to 40% in 2012.

According to the National Bank’s Business-Tourism Trends study, 2024 is expected to be a new record year, with arrivals rising by 5%-7%.

This is supported by leading indicators such as bookings and flight planning for the period of high demand (+8% for the period June-October), record hiring in the sector as well as the constantly improving consumer confidence in the main countries of origin of tourists.

In addition to being a landmark year for the country’s tourism performance, 2024 can be the starting point of a course of sustainable tourism development. According to recent surveys by the National Bank, hotel businesses in Greece are now aware of the effects they receive from factors such as climate change, seasonality, and changes in tourist preferences and show a strategic readiness to adapt to a new sustainable tourism model.

National Bank is a key financier of the tourism industry, supporting major tourism investments.

At the same time, it invests in the country’s infrastructure that supports Greek and foreign visitors, facilitating access to unique travel destinations.