30% of tourists travel to Greece – economic news of the day

One in three tourists who visited Greece in 2017 arrived by road. According to a SETE study on the outlook for road tourism, the number of travelers arriving by road in our country last year rose to 8.3 million or more than 30% of total receptive tourism (excluding cruises) .

study, the main feature of these tourists is the ability to change or choose a destination at the last minute without resorting to the cancellation of costs such as air tickets.

Therefore, the economic climate prevailing in the respective markets is crucial for the vacation options that their residents will make. The study focuses on macroeconomic developments in key markets with road access to Greece, capturing basic economic data that affect travel behavior in the seven largest tourist markets that arrive by road. These markets are mainly Balkan (Serbia, Romania, Bulgaria, Turkey, Albania, Macedonia), as well as Poland. Although most Poles come by plane, a significant number of them arrive by car. These countries accounted for 13.8% of incoming tourism receipts in Greece in 2017.

A mixed picture of the markets

The economic developments of the considered markets have a mixed picture with the markets of Bulgaria, Albania, Serbia, Poland and Macedonia are positive, while developments in Romania (slowdown of the economy) and Turkey (constant devaluation of the Turkish lira and further deterioration of the economic climate) are negative. In addition, a slight deterioration in its exchange rate, compared to the summer of 2017, is also observed in Poland, which could have a negative impact on holiday demand. On the contrary, the markets of Serbia and Albania show an appreciation of their exchange rate, which can positively influence holiday demand. The exchange rate between Bulgaria and Macedonia is locked.

Regarding Greece's position on outbound tourism in the markets studied in 2016, we find that it is in the top 3 of the main tourist destinations, with the exception of the Polish market (8th). In particular, it is ranked 1st in the markets of Serbia, Bulgaria, Turkey, Albania and Macedonia and second in the Romanian market. The situation is similar with regard to the Mediterranean destinations, with Greece in all markets at the 1st place of the main destinations, with the exception of the Polish market (4th place). In addition, in 2016, compared to 2015, Greece climbed three places in the preferences of travelers from Romania, and dropped a place in the preferences of travelers from Poland.

Economic Developments

More specifically, the main economic developments in these countries, according to the study, are as follows:

1. The Serbian economy is in phase (improving the economy and the exchange rate, high growth rate and declining unemployment), capitalizing on the progress it has made over the last three years in its proactive program of the IMF and the IMF. Attracting foreign investment directly.

2. The Romanian economy is experiencing a sharp slowdown in its macroeconomic fundamentals (deterioration of the economic climate and the exchange rate of the leu against the euro, forecasts of a slowdown in GDP growth and rising unemployment) as a result of the need to apply more restrictive fiscal and monetary policies than the recent past

3. Negative is the economic downturn in the economy. Turkish economy (with a continuing deterioration in the economic climate and a constant devaluation of the Turkish lira against the euro) due to significant imbalances and deteriorating external financing conditions. After 2018, there is a slowdown in growth but also a slight decrease in unemployment

4. The image of the Bulgarian economy is positive: the index of Economic climate is very high and the exchange rate is stuck with the euro. High growth rates of the Bulgarian economy are expected after 2018, and the unemployment rate is expected to fall further.

5. The short-term outlook for the Polish economy remains strong (positive growth rates, improvement of the economic climate and unemployment forecasts), supported by favorable budgetary and monetary conditions and increased absorption of Community funds

6. The Albanian economy is in a phase of strong growth (strong growth, leverage against the euro and a fall in unemployment) guided by domestic demand, fueled by the improvement of financial and labor market conditions, the recovery of construction activity and investment projects in the energy sector

7. The image of the Macedonian economy is positive, with the high index of the economic climate and the dollar's exchange rate "locked" relative to the l '; euro. The reduction of the policy of uncertainty implies positive developments for the economy of the neighboring country (high growth rate and new fall in unemployment).