Turmoil Weighs on Greek Tourist Industry

12 June 2012

Greek's central bank has reported a significant drop in European tourists to Greece, which has been struggling with political turmoil, since the beginning of the year, according to an article by Reuters. Tourism accounts for fifteen percent of the total economy in the beleaguered nation, as well as one in five of its jobs:

The Bank of Greece said receipts from Russian and German visitors were down by 41 and 7.9 percent respectively in the first quarter, while those from British travellers - the country's second-biggest tourism market after Germany - fell 11 percent.

"The data confirms that it will be a difficult year for the tourism sector. Recession in the euro zone and high uncertainty in Greece are having a negative impact," said National Bank economist Nikos Magginas...

The number of travellers visiting Greece, which remains at the centre of the euro zone's debt crisis despite two bailouts, fell 11.7 percent in the first three months of the year to 978,600.

For more information, read the entire article on Reuters.