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Greece Tourism Report Q1 2011
Business Monitor International, Jan 2011, Pages: 65
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 According to official data sources, foreign visitor arrivals to Greece fell by 5.4% year-on-year (y-o-y) in H110. As a whole. the EU recorded a 6% fall y-o-y in arrivals, while the top four source markets within the region, the UK, Germany, Bulgaria and Italy, also all recorded negative growth. Visitors from the US fell relatively sharply, down some 14% y-o-y. However, the number of arrivals from Russia grew remarkably (+67% y-o-y), with visitors from Serbia also up 10% y-o-y. Highlighting continuing problems for the sector, the tourism ministry stated that Greek tourism revenues fell by 7% during the first eight months of 2010.
Hospitality Hotel revenues in the Athens region declined by just over 6% y-o-y in the period January-August 2010. During the traditional high season, during July and August, both three- and four-star hotels also reported sharp declines in revenue per available room. The average room occupancy rate stood at 57.7%, with revenue per available room at EUR63.14 over the eight-month period. More recent data for September show Athens hotels’ occupancy rates dropped substantially, falling 10.3% compared with the same month in 2009, with rates down nearly 7% y-o-y for the first nine months of 2010.
Strikes And Bombs In October, in a move that provided for a negative impact on the tourism sector, Greek riot police used tear gas to clear striking staff blockading the Acropolis, the country’s most famous ancient site. In November, small bombs exploded at the Swiss and Russian embassies in Athens, whilst several other suspicious packages were destroyed by the authorities. Two suspect packages were also detonated by police at the cargo terminal of Athens Airport.
Forecast Scenario This quarter, BMI have revised down their growth forecast for foreign tourist arrivals in 2010 to -3.5% y-oy. However, a recovery in visitor arrivals is expected from 2011, when BMI expect numbers to rise by 4% y-o-y. The short-term outlook is partly based on their expectation of a generally weak European recovery. BMI’s revised eurozone growth forecasts stand at 1.5%in both 2010 and 2011, respectively, picking up in 2012. With regard to the UK, the key market for inbound tourism, their forecasts have been adjusted this quarter, with economic growth of 1.5% and 2% in 2010 and 2011, respectively.
Olympic Air/Aegean Airlines Proposed Merger In October, the European Competition Commission, which has began an in-depth review on the proposed merger between Olympic Air and Aegean Airlines, stated that it will announce its decision in January 2011. The Commission also said that a merger might be problematic since the two Greek carriers dominate the domestic market.
Athens International Airport Data for the period Janaury-September 2010 show a deteriorating trend in total passenger numbers at Athens International Airport (AIA), since the favourable growth achieved in Q110. Total traffic over the nine months amounted to 12.1mn, down nearly 4% compared with the same period in 2009. International passenger numbers fell 2.3% y-o-y, while domestic traffic declined a larger 6.4% y-o-y, reflecting the poor state of the Greek economy. However, there was room for some regional growth in the form a rise in passenger numbers from both the Middle East and Asia
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