Wednesday 18 September 2013

The importance of tourism to a nations economy

Travel weekly published a story, which claims that Greece expects to attract 17 million tourists this year. They will spend £9.3 billion and this gain of 9% has already positively contributed to the country’s still fragile economy.

The decline in GDP will be lower than anticipated. Tourism already accounts for one in five jobs and employment in this sector is growing.

The troubles in Egypt must have helped Greece. However their reduction of Vat from 23% TO 13% has made a difference to what is already an inexpensive destination.

All this has attracted the likes of opportunistic operators like Ryanair who have opened their first base in Crete. UK visitors in 2012 amounted to 1.8 million and this is expected to increase to over 2 million in 2013.

Soon the EU will approve another tranche of bail out money for Greece. They should make it conditional that part of it should be invested in tourism advertising.

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