Revenues Up for Accommodation, Food Services Sectors in Q2 2024

A recent report by ELSTAT showed that the accommodation and food services sectors in Greece showed notable growth in the second quarter of 2024. Nevertheless, despite the overall positive trend, key summer destinations, including Mykonos and Santorini, reported a decline in revenue during this time period.

Specifically, the accommodation sector saw a revenue increase of 10.7% in Q2, reaching 2,819,022,548 euros compared to 2,546,523,445 euros during the same time period in 2023. Similarly, the food services sector reported a 5.8% rise in revenue, totaling at 2,557,431,370 euros, up from 2,417,633,471 euros in Q2 2023.

Halkidiki in northern Greece recorded the highest growth in the accommodation sector, with a 20.4% increase, while Thessaloniki showed the smallest rise of 2.9% compared to last year.

Contrastingly, Mykonos and Santorini reported the biggest revenue declines of 12.1% and 7.2%, respectively.

As ELSTAT reports, the food services sector mirrored this trend, with Halkidiki leading the way with a 25.2% rise in revenue, while Mykonos and Santorini recorded declines of 7.4% and 6.3%, respectively.

Quarter revenue cycles in the Accommodation (blue) and Food Services (green) sectors 2019-2024.

Meanwhile, road tourism in Greece is surging, with significant growth observed at most of the country’s entry points since the beginning of the year. Although the number of vehicles arriving is still lower than those coming by air, road tourism is rapidly becoming a key contributor to the nation’s travel revenue, paving the way for what could be a record-breaking year for Greek tourism in 2024, according to the Institute of the Greek Tourism Confederation (INSETE).

Source: tovima.com