Tourism is proving to be the main factor offsetting the effects on the Greek economy of the global energy crisis and inflation, as its dynamic recovery this year, perhaps to levels 10% above banner year of 2019, creates higher than expected expectations. growth.
Estimates of the secondary and indirect benefits of tourism in other sectors of the economy indicate an additional value of 52.89 billion euros for gross domestic product this year. All this, of course, is only possible on the condition that no unforeseeable negative events emerge that could harm tourism.
This amount of 52.89 billion euros, which corresponds to approximately 28% of projected GDP in 2022, is derived from the multiplier of 2.65 that economists attribute to tourism and the estimated increase in travel receipts this year at 20 billion euros, against 18.2 billion euros. in 2019.
These estimates are also adopted by large companies such as HSBC and Bank of America, the former raising its forecast for Greek growth this year to 6.5% from 4% previously and the latter speaking of a significant positive effect.
The logic of the 2.65 multiplier is simple: each hotel spends a large portion of the money it collects on wages, which in turn increases household disposable income which is also spent in the economy. At the same time, the increase in arrivals creates the need for additional staff, thus boosting employment. In addition, hotel spending on supplies, from food and beverages to fuel and electricity, and from maintenance to transportation, increases income from other industries and so on. Travelers are also spending money outside of hotels, while the general boom in the sector is also mobilizing new investment, bolstering construction and other sectors.
Research by Grant Thornton and the Hellenic Hotel Chamber shows that the benefits of tourism are distributed across 17 branches of economic activity and nine sectors of the Greek economy, including the primary sector, manufacturing, wholesale and retail, transportation and logistics, etc.