Tourism’s total contribution to the Greek economy reached between 66.5 billion and 80.1 billion euros in 2024, accounting for as much as 33.7 percent of GDP, according to the latest annual report by INSETE, the research body of the Greek Tourism Confederation (SETE).
The report confirms tourism’s central role in driving Greece’s growth and resilience.
Presenting the findings, INSETE General Manager Ilias Kikilias said the direct contribution of tourism stood at 30.2 billion euros, or 13 percent of GDP. When indirect effects and multiplier impacts are factored in, the sector’s overall contribution rises significantly.
“These figures confirm the strategic importance of tourism in the country’s resilience and growth potential,” Kikilias noted.
Breakdown of 2024 Greek tourism revenue
INSETE’s general manager, Ilias Kikilias; president, George Vernicos; and research director, Aris Ikkos.
INSETE’s report outlines the primary sources of the 30.2 billion euros in direct tourism revenue for 2024:
– Inbound tourism (including cruise passengers): 21.6 billion euros
– Air transport: 2.9 billion euros
– Maritime transport: 147 million euros
– Cruise company spending: 799 million euros
– Domestic tourism: 2.3 billion euros
– Domestic value added from investments: 2.5 billion euros
Compared to 2023, tourism’s direct contribution increased by 5 percent from 28.8 billion euros. Total tourism-related investments reached 5.1 billion euros in 2024, with 2.4 billion generated through domestic value added.
Inbound tourism remains a key driver
A significant 84.4 percent of tourism receipts originated from inbound tourism. Notably, tourism foreign exchange helped cover 71.5 percent of the goods trade deficit, providing critical support to Greece’s macroeconomic stability.
Regional impact and employment gains
Kikilias also highlighted that tourism continues to serve as a “vital growth engine” for regional Greece.
According to INSETE, 77 percent of inbound tourism revenue was generated outside Attica, highlighting tourism’s role in supporting local economies and employment.
Four regions accounted for nearly two-thirds (67 percent) of total receipts:
– South Aegean: 28 percent
– Crete: 22 percent
– Ionian Islands: 10 percent
– Central Macedonia: 7 percent
According to Kikilias, this underscores the potential for further diffusion of tourism activity to other Greek regions.
Record employment levels
Tourism-related employment also hit new highs, according to INSETE.
In 2024, the sector employed 401,000 workers – a 4.8 percent increase over 2023. In the third quarter alone, a record 451,400 people were employed in tourism-related jobs.
At the peak of the tourist season, employment linked to the sector is estimated to have reached 713,140 jobs, representing 16.5 percent of total employment in Greece. The largest job gains were seen in:
– Accommodation: +12,000 jobs
– Food and beverage services: +6,000 jobs
Persistent labor shortages in hospitality
Despite the record employment, the hotel industry faced a shortage of approximately 53,000 workers in 2024 – a challenge expected to persist in 2025.
“The shortages are not new. Since the pandemic, tourism has faced labor gaps across the board,” Kikilias said, adding that bureaucratic hurdles in transferring personnel from third countries continue to obstruct efforts to fill low-skilled positions.
2025 tourism season: External uncertainties and market trends
INSETE General Manager Ilias Kikilias.
During the presentation it was discussed that while global economic uncertainty remains a concern, especially as consumer confidence indicators have deteriorated in recent months, the outlook for Greek tourism remains “cautiously optimistic”.
Kikilias pointed to a slight depreciation of the US dollar, which could dampen demand from the American market. However, this is partly offset by falling oil prices, which may help reduce airfares.
“My personal assessment is that the uncertainty surrounding US economic policy will gradually ease,” he said.
Meanwhile, European markets are showing positive momentum, with a notable drop in European travel to the US potentially redirecting demand to Mediterranean destinations, including Greece.
According to the latest data, Kikilias added, scheduled airline seat capacity for Greece between April and October 2025 is up by 5 percent year-on-year, while Q1 2025 arrivals have risen by approximately 9 percent.
Competitiveness on the rise
Moreover, INSETE’s report highlights gains in Greece’s international tourism competitiveness:
– 21st out of 119 countries in the Travel and Tourism Competitiveness Index (up seven places since 2021)
– 59th out of 141 in the WEF Competitiveness Index
– 52nd out of 67 in the IMD Competitiveness Index
Strategic planning needed for sustainable growth
In closing, Kikilias stressed the need for a long-term tourism strategy.
“The sector’s workers and our country’s hospitality are our greatest assets, but we must not be complacent,” he stressed. “A coordinated public-private plan is essential to address persistent issues such as destination management, cleanliness, infrastructure, navigation, visitor information, and cultural offerings.”
INSETE’s general manager also called for a stronger focus on sustainability to safeguard natural and cultural resources and build resilience in the face of climate change.
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