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Tourism Dynamics Improved in August

Based on weekly border crossings data, tourism dynamics has improved in August.

While the average increase in international arrivals (based on incoming border crossings) was 2.0% YoY in the first four weeks (July 8 – August 4) following Russia’s flight ban on 8th of July, the growth improved to 7.4% YoY in the following four weeks (August 5 – September 1).

This tendency is indicating that the tourism industry is likely gradually getting back on track as the first impact of the shock is waning thanks to the more moderate decline from Russia and the pick up from other countries.

Together with the overall improving tendency of arrivals, visitors from the countries with higher per visitor spending continue to increase at solid rates. For example, the growth of the number of incoming visitors from the EU has an increasing tendency reaching 31.1% YoY in the week of 26th of August.

More detailed data will be available as the GNTA releases monthly figures on number of visitors and later during the month as the NBG publishes the initial assessment of inflows.

Visit TBC Research for further updates.

 

CBW

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