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Greece Tourism Report Q1 2010
Business Monitor International, Dec 2009, Pages: 60
Business Monitor International's Greece Tourism Report provides industry professionals and strategists, corporate analysts, tourism associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Greece's tourism industry.
Tourism Overview
Following a poor outturn for foreign tourist arrivals in 2008, the global downturn appears to have hit Greece’s tourism sector relatively hard in 2009. According to official figures, the number of tourists arriving at Greek airports fell by 8.6% year-on-year (y-o-y) in the first seven months of 2009. However, there was positive growth in the number of visitors to Athens in July. Data also show that destinations such as the Ionian island of Kefalonia were badly hit, with arrivals down by 24% y-o-y. In addition, there was a substantial fall in the number of tourists from Germany and the UK – Greece’s two most important source markets – to the island of Crete.
Hospitality Data for January-September 2009 show the extent of the slowdown in the hospitality sector, with a significant decrease in occupancy rates in hotels in the Athens region. In five-star hotels, average room occupancy rates fell by nearly 14%, while in both four- and three-star hotels occupancy rates fell by over 9% in the nine-month period. Revenues per available room were also down sharply, particularly at the top end of the market.
Forecast Scenario Various data confirm that the Greek tourism sector experienced an extremely difficult year in 2009. This was largely due to the considerable scale of the economic downturn in the eurozone – the key region for arrivals to Greece – and the UK. This quarter, the publisher maintains their forecast of 9% y-o-y negative growth in foreign tourist arrivals in 2009. They also hold to their expectation of a slight recovery in arrivals in 2010, as the recession in some of the most important source markets bottoms out. More favourable recovery in arrivals is expected from 2011 as real GDP growth in the eurozone is forecast to pick up to about 2%.
Athens International Airport Although data for the first nine months of 2009 show negative growth of -2.3% y-o-y in passenger traffic (a total of 12.6mn passengers) at Athens International Airport (AIA), the rate of decline is showing improvement. The airport has registered one of the best performances amongst its European counterparts. In Q309, AIA recorded positive y-o-y growth in passenger numbers, albeit low.
Kastelli Airport In September 2009, the Greek government invited investors to bid for a concession to build and manage a new airport at Kastelli-Kissamou in Crete, replacing the existing airport at Heraklion. The new airport is expected to start operations in 2015 and will have the capacity to handle up to 10mn passengers per year.
Aegean Airlines Latest figures show Greek carrier Aegean Airlines carried 2.9mn passengers in H109, up by 9% y-o-y, with international traffic increasing by 20% y-o-y to 1.3mn passengers. Given the reportedly sharp fall in international arrivals at Greek airports over the same period, the sharp increase in Aegean Airlines’ international traffic suggests significant market share gains. In October 2009, Aegean and UK airline bmi started a code share agreement.
Olympic Air Following the privatisation of the national carrier Olympic Airlines in March 2009, the revamped airline, Olympic Air, made its maiden flight in October 2009 on a short domestic route.
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