with income from tourism slightly lower than this year and 2019. budget for 2023. In particular, travel receipts from abroad, they are estimated to be slightly lower than in 2019, when they were formed at 18.2 billion euros. Although the corresponding forecast is not included in the figures released by the Treasury, it is assumed that receipts are in the order of 18 billion. If inflation is taken into account, it is clear that they are expected to be limited in relation to the record levels of 2019 and 2022. This year’s nominal tourism receipts are estimated to be close to 2019 levels and specifically 97.4% of that fiscal year’s $18.2 billion, according to the opening budget report. It should be noted that the assumption that 50% of travel revenues correspond to government revenues is used as an indicative rule for budget revenues from tourism.

In any case, the broader market believes that it is too early to make safe predictions for 2023 given the liquidity prevailing in the international economy and the ongoing geopolitical developments. A clearer picture is not expected before March next year.

The government and the market forecast tourism receipts of 18 billion euros.

This restraint financial staff governments also share the majority of entrepreneurs in this sector. And this is because, as stated in the introductory budget report, “the most important short-term risk to the Greek economy comes from energy prices and inflation and their impact on household disposable income and on consumption, on investment (through the burden of borrowing costs). ) and the country’s international operations (tourism, fuel trade) due to inflation and rising transport costs.

However, the concern is focused on the level of expenses that foreign visitors will incur next year, and not on their amount. This is because all available data, including surveys of Greek tourism markets, show that the desire to travel remains strong and Greece also ranks among the top five choices in all the key markets it attracts travelers from. Thus, an increase in the number of visitors is taken as the main scenario, as well as a reduction in the average length of stay in the country and, at the same time, the average cost per capita per trip.

Tellingly, at the end of October, an expanded survey was released on behalf of the European Travel Commission among more than 100,000 European travelers who included Greece in the top five most popular destinations they are most likely to visit. Despite all serious concerns about the impact of inflation and the energy crisis on household disposable income, sentiment for international travel within Europe remains at its highest level since the start of this rolling survey (September 2020). However, most of the Europeans surveyed say they will limit the duration of their trips. According to the latest available data from the Bank of Greece, between January and September 2022, travel revenues amounted to $15.6 billion (an increase of 78.3% compared to the corresponding period in 2021). Compared to January-September 2019, travel revenue decreased by 3.1%.