New Consumer Goods research report from Timetric is now available from Fast Market Research

Boston, MA -- (SBWire) -- 01/06/2014 --The performance of the Greek travel and tourism sector was adversely affected by the ongoing eurozone debt crisis. The country recorded declines in both international and domestic tourism during the review period (2008-2012). Domestic tourism declined at a compound annual growth rate (CAGR) of 9.73%, while international arrivals fell at a CAGR of 0.67%.

Key Highlights

- According to Timetric estimates, Greece's real GDP is expected to contract by 4.1% in 2013, before recording a marginal growth of 0.4% in 2014. With exports growth projected at 2.5% and 4.8% in 2013 and 2014 respectively, the exports-led recovery is expected to improve investor sentiment. However, the persistent drag of the fiscal deficit is likely to limit government consumption growth until 2016. Nevertheless, the Greek economy is projected to grow in the range of 2.3-3.8% between 2015 and 2017, in line with recovery in domestic demand and a positive global economic outlook.
- Cruise tourism, which was a EUR519.4 million industry in Greece in 2012, is a leading contributor to the country's tourism sector. According to data by the Bank of Greece, cruise passenger revenues increased from EUR169 million in the first half of 2012 to EUR185 million in the first half of 2013, at a rate of 9.5%. According to the Cruise Line International Association Europe, Piraeus port in Athens was the third-largest home port in the Mediterranean region with 1.2 million passengers in 2012.
- Greece is home to 17 UNESCO World Heritage sites, the most prominent of which are Acropolis of Athens, the Archaeological Site of Delphi, the Archaeological Sites of Mycenae and Tiryns, the Old Town of Corfu, the Sanctuary of Asklepios at Epidaurus, the Temple of Apollo Epicurius at Bassae, and Mount Athos. Additionally, in May 2013, the country's 393 beaches and nine marinas were awarded the Blue Flag quality award by the Hellenic Society for the Protection of Nature.
- Domestic tourism is dependent on income levels and disposable income. Austerity measures established by international lenders had a severe impact on household incomes. According to the Hellenic Statistical Authority (ELSTAT), pay cuts, tax hikes and falling pensions resulted in a decline in disposable income by 9.3% in the second quarter of 2013.
- The government runs visa facilitation programs to attract tourists during peak seasons. For example, a visa facilitation program was run from April to October 2013, allowing non-EU citizens from Turkish ports to visit the Aegean Islands visa-free. The government is also considering extending visa facilitation measures to non-Schengen countries such as Russia and China.

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Companies Mentioned in this Report: Aegean Airlines S.A., Astra Airlines, Olympic Air, Hellenic Imperial Airways S.A., Minoan Air S.A., Minos Beach Art Hotel, Apanema Boutique Hotel, Mystique Hotels and Resorts, Elysium Resort & Spa, Divani Collection Hotels, Tourgreece Tourist Enterprises S.A., Boutros Tours Greece, True Greece, Aegean Thesaurus Travel & Tourism, Tour Specialist Company Greece, Europcar Greece, Lion Rental S.A., Budget Car Rental Greece, Avis Rent A Car Greece, Executive Lease SA

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