statistical bulletin no.40 april 2018 - aicep portugal global · 2018-05-15 · statistical...

Statistical Bulletin

No.40 – April 2018

SETE Institute

34 Amalias Avenue

105 58 Athens, Greece

www.insete.gr

[email protected]

©SETE Intelligence – Republishing is permitted provided the source is referenced

Statistical Bulletin – April 2018 1

At a glance

Sources: Civil Aviation Authority, Athens International Airport, Border Checkpoints, OECD, ELSTAT, BoG, Labour Force Survey, Foundation for Economic

and Industrial Research – Processing: SETE Intelligence


Contents

Airport Arrivals 6

International arrivals at main Greek airports 7

Domestic arrivals at main Greek airports 10

Airline Seat Scheduling 13

Road Arrivals 18

Demand for Hotel Accommodation Services 23

Type of trip to Greece 25

Top-5 Markets for Greece 26

Hotel prices 34

Greek market 44

Travel Balance 46

February 2018 46

Arrivals 47

Receipts 49

Macroeconomic developments 51

Consumer Confidence Index (CCI) 57


Acknowledgements

The production of this bulletin is based partly on available public sources, and partly on data provided by various agencies (Civil

Aviation Authority, Athens International Airport, Border Checkpoints, National Flight Coordination Authority, Association of Greek

Passenger Shipping Companies), to whom we are especially grateful.

The Editors

Aris Ikkos Evangelia Lamprou Dimitris Maroulis

Research Director Researcher – Statistician Economist

SETE Institute SETE Institute

[email protected]

Disclaimer

This Bulletin publishes data obtained from other sources and not from primary INSETE surveys. Though INSETE makes every effort

to ensure the sources are valid and the republished data is correct, it is not liable to third parties, nor for the use they make of the

data in the Bulletin. We also note that the data presented in various tables of the Bulletin are often temporary and subject to

subsequent revision.

A short presentation of the key sources SETE Intelligence uses, along with information on the methods used by each source/survey

and the differences between them, is available here. The different methodology used by each of the above sources as well as the

variable measured in each case, require that as many sources as possible are combined to achieve a comprehensive overview of

the issues under examination.

For further information, clarification or suggestions, please contact the editors.

mailto:[email protected]

http://www.insete.gr/Portals/0/statistics/Tourism-statistics.pdf


Comments-Observations on the Tables and Data of the Bulletin

International Airport Arrivals: (1) The data reflect arrivals of passengers of international flights irrespective of domicile. An

exception are data from the Athens airport which are related only to foreign residents. (2) The data for the last available month

for the Athens International Airport are an estimate of SETE Intelligence. (3) Airports are classified as follows: Dodecanese: Rhodes

- Kos - Karpathos, Crete: Heraklion - Chania, Ionian: Corfu - Zakynthos - Kefalonia - Aktio, Cyclades: Mykonos - Santorini,

Peloponnese: Araxos - Kalamata, Others: Samos - Skiathos - Kavala - Lesvos. (4) Type Ι: Civil Aviation Authority final data - Type

II: Civil Aviation Authority temporary data - subject to review.

Domestic arrivals at main Greek airports: (1) Passengers travelling round trip are counted twice: both when arriving at their

destination and when returning home. (2) The data for the last available month for the Athens International Airport are an estimate

of SETE Intelligence. (3) Airports are classified as follows: Dodecanese: Rhodes - Kos - Karpathos, Crete: Heraklion - Chania, Ionian:

Corfu - Zakynthos - Kefalonia - Aktio, Cyclades: Mykonos - Santorini - Paros, Others: Samos - Skiathos - Kavala - Lesvos. (4) Type

Ι: Civil Aviation Authority final data - Type II: Civil Aviation Authority temporary data - subject to review.

Airline Seat Scheduling: The data are provided by the Hellenic Slot Coordination Authority for all airports, with the exception of

the AIA. The data were exported on 31/3/2018.

The data provide a snapshot for the specific point in time on 31/3/2018. Any cancellations or extra flights added immediately after

data export will be seen when the data are next exported. As a result, the total number of scheduled seats may vary from month

to month. The same applies for 2017, since the same snapshot was used.

Road Arrivals: Road arrivals are recorded by the local police departments based on nationality, irrespective of the permanent

domicile. Consequently, the data include immigrants in Greece returning from trips abroad. Countries are classified as follows:

Albania: Kakavia - Krystallopigi - Sagiada - Mertzani, Bulgaria: Ormenio - Kyprinos - Nymfea - Promachonas - Exochi - Ag.

Konstantinos, FYROM: Evzoni - Doirani - Niki, Turkey: Kastanies - Kipoi.

Demand for Hotel Accommodation Services: data are presented relating to the demand for hotel accommodation from

international markets and Greece, with regard to various destinations in Greece and in competing countries. The data were provided


by trivago, and are therefore more related to the market of individual travellers (FITs). Nevertheless, they provide important

information on the trends in various markets and the different destinations.

Consumer Confidence Index: The OECD Consumer Confidence Index measures the level of consumer confidence in each country.

Given that holidays are deeply interwoven with consumer confidence, this index is a very good indication of anticipated demand

for each market. The higher/lower numbers indicate higher/lower levels of consumer confidence and, thus, increased/reduced

inclination to visit a given holiday destination.


Airport Arrivals

March 2018


International arrivals at main Greek airports

2018 Athens2 Thessaloniki Rhodes Kos Κarpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilene Total Type4

January 251.316 72.250 48 5.919 12.426 36 341.995 II

February 217.773 67.814 10.513 281 242 10.372 55 307.050 II

March 307.654 115.995 9.135 12.661 8.985 1.480 1.315 1.080 2.000 9.230 469.535 II

ytd 776.743 256.059 9.183 16.432 12.942 8.985 1.480 1.315 1.080 2.242 32.028 91 1.118.580 II

2017 Athens Thessaloniki Rhodes Kos Κarpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilene Total Type4

January 205.391 84.150 2 771 1.930 161 292.405 II

February 163.412 79.179 56 1.118 1.749 2 389 19 245.924 II

March 242.291 98.744 1.476 3.794 8.312 3.166 318 517 1.507 112 360.237 II

April 382.015 159.321 83.768 19.265 160.359 67.391 34.919 8.093 3.698 2.924 6.841 13.450 476 4.609 1.056 3.264 634 952.083 II

May 433.515 179.094 245.501 119.567 5.581 373.126 135.465 147.104 86.603 31.308 29.211 25.558 45.481 6.826 12.642 9.727 18.883 12.406 4.773 1.922.371 II

June 519.704 239.642 369.133 178.723 17.518 511.146 186.055 233.232 147.555 49.889 49.373 58.644 73.959 15.853 21.505 22.173 36.430 22.351 7.860 2.760.745 II

July 675.219 280.514 461.634 221.259 19.877 637.254 228.983 298.691 183.282 62.132 68.653 93.689 101.451 17.760 25.430 28.770 46.926 28.318 11.882 3.491.724 II

August 671.237 259.199 450.780 217.179 20.794 627.677 196.303 284.603 188.245 66.380 59.298 97.311 98.246 16.776 23.494 29.279 48.878 25.722 10.411 3.391.812 II

September 580.119 219.229 367.991 179.663 15.969 511.924 178.649 220.053 137.154 44.671 48.068 52.702 70.553 15.001 22.748 21.705 30.088 19.149 7.774 2.743.210 II

Οctober 442.337 159.703 197.564 91.605 2.073 305.068 88.618 77.446 29.780 8.471 13.485 11.713 26.897 4.239 8.278 2.893 1.254 4.509 447 1.476.380 II

Νovember 250.250 82.355 606 78 11.049 247 809 63 566 1.007 410 36 347.476 II

December 231.875 88.786 152 3 4.418 164 12.805 338.203 II

Total 4.797.365 1.929.916 2.178.663 1.027.342 81.812 3.147.704 1.093.702 1.300.189 781.093 266.549 271.012 346.458 431.120 76.931 121.609 115.603 182.459 129.095 43.948 18.322.570 II

ytd 611.094 262.073 1.534 5.683 11.991 3.168 318 517 1.896 161 131 898.566 II

% Changes Athens Thessaloniki Rhodes Kos Κarpathos Herakleion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilene Total

January 22,4% -14,1% 2300,0% 667,7% -100,0% 7618,0% 17,0%

February 33,3% -14,4% -100,0% 840,3% -83,9% -100,0% -37,8% 189,5% 24,9%

March 27,0% 17,5% 518,9% -100,0% 52,3% 183,8% -100,0% 108,9% 32,7% -100,0% 30,3%ytd 27,1% -2,3% 498,6% 189,1% 7,9% 183,6% -100,0% 108,9% 18,2% 19793,2% -30,5% 24,5%

Regions 3

2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017Δ2018/2017 2018 2017 Δ2018/2017

January 90.679 87.014 4,2% 48 2 2300% 5.919 2.701 119,1% 12.462 161 7640,4%

February 89.277 82.512 8,2% 56 -100% 10.794 2.867 276,5% 2 -100,0% 242 389 -37,8% 10.427 19 54778,9%

March 161.881 117.946 37,3% 9.135 1.476 519% 12.661 12.106 4,6% 10.465 3.484 200,4% 2.395 517 363,2% 2.000 1.507 32,7% 9.230 112 8141,1%

April 570.068 -100,0% 103.033 -100% 227.750 -100,0% 49.634 -100,0% 20.291 -100,0% 5.085 -100,0% 4.954 -100,0%

May 1.488.856 -100,0% 370.649 -100% 508.591 -100,0% 294.226 -100,0% 71.039 -100,0% 19.468 -100,0% 45.789 -100,0%

June 2.241.041 -100,0% 565.374 -100% 697.201 -100,0% 480.049 -100,0% 132.603 -100,0% 37.358 -100,0% 88.814 -100,0%

July 2.816.505 -100,0% 702.770 -100% 866.237 -100,0% 612.758 -100,0% 195.140 -100,0% 43.190 -100,0% 115.896 -100,0%

August 2.720.575 -100,0% 688.753 -100% 823.980 -100,0% 598.526 -100,0% 195.557 -100,0% 40.270 -100,0% 114.290 -100,0%

September 2.163.091 -100,0% 563.623 -100% 690.573 -100,0% 449.946 -100,0% 123.255 -100,0% 37.749 -100,0% 78.716 -100,0%

Οctober 1.034.043 -100,0% 291.242 -100% 393.686 -100,0% 129.182 -100,0% 38.610 -100,0% 12.517 -100,0% 9.103 -100,0%

Νovember 97.226 -100,0% 684 -100% 11.296 -100,0% 872 -100,0% 566 -100,0% 1.007 -100,0% 446 -100,0%

December 106.328 -100,0% 155 -100% 4.418 -100,0% 164 -100,0% 12.805 -100,0%

ytd 341.837 287.472 18,9% 9.183 1.534 498,6% 29.374 17.674 66,2% 10.465 3.486 200,2% 2.395 517 363,2% 2.242 1.896 18,2% 32.119 292 10899,7%

Source: Civil Aviation Authority (CAA) and Athens International Airport (AIA) - Processing: SETE Intelligence

See cooments on page 4

INTERNATIONAL ARRIVALS1 AT MAIN GREEK AIRPORTS, MARCH 2018 - PROVISIONAL DATA

Peloponnese Other Total without Athens Dodecanese Crete Ionian islands Cyclades


The rise in international airport arrivals continues across the country also in March 2018. Available data from Greece’s main airports

show that international arrivals in March 2018 were up by +30.3% (+109,000), compared to March 2017.

This increase relates mainly to the airport of Athens (+27.0%/+65,000 passengers). A large increase was noted in the airports of

Thessaloniki with +17.5% (+17,000) and Kavala (+9,000). It should be noted, that a large portion of the flights to/from

Thessaloniki used the airport of Kavala due to reconstruction work underway at Macedonia Airport. In terms of destinations for

March 2018, regional airports showed an increase of +37.3%/+44,000 passengers, the Dodecanese +518.9%/+8,000 and the

Ionian +200.4%/+7,000 passengers.


International airport arrivals recorded a +24.5%/+220,000 passengers rise in the first quarter of 2018. The Athens International

Airport had an increase of +27.1%/+166,000 passengers. Regional airports recorded an increase of +18.9%/+54,000 passengers.

Thessaloniki showed a drop: -2.3%/-6,000 passengers. This drop is due to the fact that a large portion of the flights to/from

Thessaloniki used the airport of Kavala due to reconstruction work underway at Macedonia Airport.


Domestic arrivals at main Greek airports

The drop in domestic airport arrivals continues across the country also in March 2018. Specifically, a -5.4% drop was recorded in

March this year compared to March 2017, according to the data available from the country’s major airports, recording 511,00

airport arrivals compared to 540,000 in March 2017.

2018 Athens2 Thessaloniki Rhodes Kos Karpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Paros Kalamata Samos Skiathos Kavala Mytilene Total Type4

January 211.820 75.861 30.838 8.689 1.459 43.853 21.518 9.613 1.274 872 62 1.149 15.190 359 4.934 436 3.257 9.654 442.756 II

February 203.729 77.341 26.982 6.738 1.250 42.411 19.495 9.008 1.274 941 23 2.626 14.793 1805 457 4.019 473 2.874 9.151 425.390 II

March 238.190 91.337 32.329 4.134 1.633 50.181 26.288 10.437 1.677 1.285 67 4.962 25.323 2655 607 5.107 621 2.724 11.515 511.072 II

ytd 653.739 244.539 90.149 19.561 4.342 136.445 67.301 29.058 4.225 3.098 152 8.737 55.306 6.378 1.423 14.060 1.530 8.855 30.320 1.379.218 II

2017 Athens Thessaloniki Rhodes Kos Karpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Paros Kalamata Samos Skiathos Kavala Mytilene Total Type4

January 217.071 92.843 29.140 5.283 1.489 37.796 32.326 7.361 1.358 808 154 4.815 14.182 1.160 602 4.905 296 2.205 9.984 462.618 II

February 222.039 99.379 26.134 4.991 1.098 36.502 31.364 6.923 1.310 842 39 6.123 14.714 1.522 611 4.255 420 2.562 9.912 469.218 II

March 251.390 108.694 30.926 6.471 1.502 43.880 34.590 8.779 1.379 1.007 43 8.582 21.536 1.966 660 5.018 677 2.938 11.935 540.007 II

April 259.296 89.616 37.346 8.765 2.201 46.295 35.207 11.486 2.431 1.838 319 11.932 37.104 3.810 663 6.233 928 3.020 12.410 567.090 II

May 317.472 88.984 37.174 9.025 2.157 43.335 36.958 12.987 3.737 2.797 95 24.253 55.431 5.679 507 6.151 1.540 3.289 13.408 659.300 II

June 364.059 99.961 40.830 11.860 3.215 50.113 39.485 14.696 5.405 4.985 1.080 36.392 65.683 9.903 2.234 7.727 3.426 3.438 16.676 771.265 II

July 421.005 111.753 46.794 15.437 5.460 60.407 44.715 18.059 6.781 8.827 1.710 45.410 66.968 15.603 2.956 9.939 4.973 3.988 20.407 895.589 II

August 430.509 115.239 46.243 14.969 5.116 58.576 44.657 17.550 7.093 8.781 1.699 42.558 63.067 15.828 3.265 10.282 4.595 3.348 18.893 896.440 II

September 399.926 108.151 42.294 9.820 3.226 54.631 36.264 13.817 4.984 4.278 1.057 33.130 64.271 10.583 2.462 6.690 2.648 3.183 14.240 805.072 II

Οctober 372.753 99.624 35.575 8.335 1.660 51.478 34.360 10.010 2.935 1.880 252 14.997 49.879 4.523 800 4.726 877 3.385 12.448 705.974 II

Νovember 252.955 91.691 28.491 8.024 1.411 45.975 22.875 10.149 1.237 973 58 1.366 20.919 1.992 519 4.621 488 3.242 11.388 506.382 II

December 236.270 91.103 28.624 8.463 1.281 45.120 21.996 9.963 1.212 1.036 64 1.692 14.389 1.598 572 4.299 460 2.791 10.771 480.106 II

Total 3.744.745 1.197.038 429.571 111.443 29.816 574.108 414.797 141.780 39.862 38.052 6.570 231.250 488.143 74.167 15.851 74.846 21.328 37.389 162.472 7.759.061 II

ytd 690.500 300.916 86.200 16.745 4.089 118.178 98.280 23.063 4.047 2.657 236 19.520 50.432 4.648 1.873 14.178 1.393 7.705 31.831 1.471.843 II

% Changes Athens Thessaloniki Rhodes Kos Karpathos Herakleion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Paros Kalamata Samos Skiathos Kavala Mytilene Total

January -2,4% -18,3% 5,8% 64,5% -2,0% 16,0% -33,4% 30,6% -6,2% 7,9% -59,7% -76,1% 7,1% 65,3% -40,4% 0,6% 47,3% 47,7% -3,3% -4,3%

February -8,2% -22,2% 3,2% 35,0% 13,8% 16,2% -37,8% 30,1% -2,7% 11,8% -41,0% -57,1% 0,5% 18,6% -25,2% -5,5% 12,6% 12,2% -7,7% -9,3%

March -5,3% -16,0% 4,5% -36,1% 8,7% 14,4% -24,0% 18,9% 21,6% 27,6% 55,8% -42,2% 17,6% 35,0% -8,0% 1,8% -8,3% -7,3% -3,5% -5,4%

ytd -5,3% -18,7% 4,6% 16,8% 6,2% 15,5% -31,5% 26,0% 4,4% 16,6% -35,6% -55,2% 9,7% 37,2% -24,0% -0,8% 9,8% 14,9% -4,7% -6,3%

Regions 3

2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016

January 230.936 245.547 -6,0% 40.986 35.912 14,1% 65.371 70.122 -6,8% 11.821 9.681 22,1% 18.257 20.157 -9,4% 18.281 17.390 5,1%

February 221.661 247.179 -10,3% 34.970 32.223 8,5% 61.906 67.866 -8,8% 11.246 9.114 23,4% 19.224 22.359 -14,0% 16.517 17.149 -3,7%

March 272.882 288.617 -5,5% 38.096 38.899 -2,1% 76.469 78.470 -2,6% 13.466 11.208 20,1% 32.940 32.084 2,7% 19.967 20.568 -2,9%

April 307.794 -100,0% 48.312 -100,0% 81.502 -100,0% 16.074 -100,0% 52.846 -100,0% 22.591 -100,0%

May 341.828 -100,0% 48.356 -100,0% 80.293 -100,0% 19.616 -100,0% 85.363 -100,0% 24.388 -100,0%

June 407.206 -100,0% 55.905 -100,0% 89.598 -100,0% 26.166 -100,0% 111.978 -100,0% 31.267 -100,0%

July 474.584 -100,0% 67.691 -100,0% 105.122 -100,0% 35.377 -100,0% 127.981 -100,0% 39.307 -100,0%

August 465.931 -100,0% 66.328 -100,0% 103.233 -100,0% 35.123 -100,0% 121.453 -100,0% 37.118 -100,0%

September 405.146 -100,0% 55.340 -100,0% 90.895 -100,0% 24.136 -100,0% 107.984 -100,0% 26.761 -100,0%

Οctober 333.221 -100,0% 45.570 -100,0% 85.838 -100,0% 15.077 -100,0% 69.399 -100,0% 21.436 -100,0%

Νovember 253.427 -100,0% 37.926 -100,0% 68.850 -100,0% 12.417 -100,0% 24.277 -100,0% 19.739 -100,0%

December 243.836 -100,0% 38.368 -100,0% 67.116 -100,0% 12.275 -100,0% 17.679 -100,0% 18.321 -100,0%

ytd 725.479 781.343 -7,1% 114.052 107.034 6,6% 203.746 216.458 -5,9% 36.533 30.003 21,8% 70.421 74.600 -5,6% 54.765 55.107 -0,6%

Source: Civil Aviation Authority (CAA) and Athens International Airport (AIA) - Processing: SETE Intelligence


DOMESTIC ARRIVALS AT MAIN GREEK AIRPORTS, MARCH 2018

Other Total (without Athens) Dodecanese Crete Ionian islands Cyclades


Arrivals in March were down -5.3% at Athens International Airport and -18.7% at Thessaloniki. The drop noted at Thessaloniki

Airport is also due to reconstruction work there. The largest percentage decrease (-42.2%) in March was at Mykonos Airport. The

largest percentage increase was seen at Aktio Airport with +55.8%. In terms of absolute numbers, the greatest increase is seen

at Heraklion Airport with +6,000 passengers (+14.4%).

In terms of destinations, in March 2018 the Ionian destinations had an increase of +20.1% and the Cyclades +2.7%. All other

destinations were down. More specifically, Others: -2.9%, Crete: -2.6% and Dodecanese: -2.1%

Domestic air traffic recorded a drop of -6.3%/-93,000 passengers in the first quarter of 2018. The Athens International Airport

had a drop of -5.3%/-37,000 passengers. Regional airports marked a drop of -7.1%/-56,000 passengers. Thessaloniki showed a

drop of -18.7%/-56,000 passengers. This drop is also due to the fact that a large portion of the flights to/from Thessaloniki was

directed to the airport of Kavala because of the reconstruction work underway at Macedonia Airport.

The largest percentage increase for the period January-March 2018 was noted at Mykonos Airport with -55.2%/-11,000. The

largest percentage increase was seen at Corfu Airport (+26.0%/+6,000). In terms of absolute numbers, the greatest increase was

seen at Heraklion Airport with +18,000 passengers (+15.5%).

In terms of destinations, in the first quarter of 2018, the Dodecanese were up by +6.6%/+7,000 passengers and the Ionian by

+21.8%/+6,500. Crete had a drop of -5.9%/-13,000, entirely due to the Chania airport which recorded a large drop of

-31.5%/-31,000 passengers during the first quarter. The Cyclades were also on a decline, down by -5.6%/ -4,000. This decrease

is exclusively due to the Mykonos airport (-55.2%/-11,000) since Santorini and Paros saw an increase of +9.7% and +37.2%

respectively.


Airline Seat Scheduling


Compared to the corresponding scheduling in 2017, scheduled airline seats for foreign arrivals are expected to rise by +18.2% or

nearly 3 million seats for 2018.

Based on the absolute number of seats for the entire season, the largest increase is expected at the Rhodes airport with 539,000

more seats and a +20.0% increase. It is followed by the airports in Thessaloniki, up 416,00 seats (+22.3%), and Kos up 395,000

seats (+32.3%). Corfu Airport is in 4th place with 364,000 seats (+22.3%). The airports of Crete are in 5th and 6th place.

2018 Thessaloniki Rhodes Kos Karpathos Herakleion Chania Corfu Zakynthos Kefalonia Aktion Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilini Other Total

March 47.642 9.009 894 21.032 12.591 9.946 360 1.878 280 1.674 2.996 992 849 68 0 110.211

April 216.620 98.422 26.220 372 197.099 80.978 58.387 11.340 9.505 3.788 12.906 25.981 1.296 5.307 1.317 3.120 1.791 2.628 757.077

May 277.726 381.547 192.162 8.184 548.293 183.600 216.028 124.023 51.127 41.551 52.019 74.351 7.994 19.816 24.206 25.688 18.643 10.365 9.690 2.267.013

June 349.701 544.023 280.884 21.711 711.575 239.952 353.402 195.921 80.212 67.333 103.994 119.123 27.135 30.671 36.830 50.359 30.533 15.256 17.492 3.276.107

July 394.721 646.065 325.010 28.383 817.728 272.059 414.119 233.529 91.571 89.485 150.065 150.549 26.261 34.808 45.296 62.533 34.664 19.310 20.699 3.856.855

August 398.831 649.943 330.159 31.665 831.516 262.342 420.630 240.573 94.833 82.459 160.635 151.416 26.515 34.012 44.972 66.312 34.217 19.241 21.696 3.901.967

Septembr 358.510 573.291 288.270 23.228 737.280 240.185 358.478 205.521 80.931 74.763 110.244 119.543 23.944 31.323 39.338 45.729 31.458 16.539 19.471 3.378.046

October 239.479 324.071 173.301 7.033 471.019 140.630 163.575 72.447 28.058 30.739 38.787 57.546 7.979 15.486 15.048 7.525 11.884 7.115 7.455 1.819.177

Total 2.283.230 3.226.371 1.616.900 120.576 4.335.542 1.432.337 1.994.565 1.083.714 438.115 390.398 630.324 701.505 121.124 172.415 207.007 258.146 165.368 89.685 99.131 19.366.453

2017 Thessaloniki Rhodes Kos Karpathos Herakleion Chania Corfu Zakynthos Kefalonia Aktion Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilini Other Total

March 30.815 1.321 6.477 8.137 4.065 654 180 900 348 0 52.897

April 187.549 97.841 21.596 1.033 200.893 72.949 39.965 11.010 4.672 3.810 8.210 16.342 484 5.335 944 183 3.960 1.128 2.435 680.339

May 217.440 294.141 136.792 7.579 488.351 150.266 169.126 104.790 36.816 35.416 32.358 56.258 8.196 16.289 12.956 22.534 16.143 8.680 5.115 1.819.246

June 282.670 443.250 207.529 22.384 664.230 206.753 280.358 173.191 57.656 59.421 74.396 90.516 20.722 24.506 26.937 43.138 28.171 10.309 10.140 2.726.277

July 317.297 557.044 255.322 23.454 792.721 248.945 352.839 216.564 71.646 78.509 114.253 122.491 23.556 27.672 32.905 58.376 32.331 12.339 11.966 3.350.230

August 329.674 559.255 253.633 25.867 807.823 229.999 356.249 224.072 79.103 70.149 129.252 128.641 23.523 27.433 34.443 62.173 32.540 11.089 10.403 3.395.321

Septembr 294.912 480.759 221.264 22.026 697.782 205.366 298.953 184.283 62.036 62.403 79.642 96.195 21.753 26.395 28.188 45.112 27.706 9.239 9.451 2.873.465

October 207.213 254.172 126.248 5.361 423.563 120.891 129.415 62.566 18.805 26.315 24.189 41.036 6.006 11.977 7.315 7.218 11.520 3.937 2.921 1.490.668

Total 1.867.570 2.687.783 1.222.384 107.704 4.081.840 1.243.306 1.630.970 977.130 330.914 336.023 462.300 552.379 104.240 139.955 143.688 238.734 152.371 56.721 52.431 16.388.443

% Change Thessaloniki Rhodes Kos Karpathos Herakleion Chania Corfu Zakynthos Kefalonia Aktion Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilini Other Total

March 54,6% 582,0% 224,7% 54,7% 144,7% -45,0% 943,3% 232,9% 185,1% 108,4%

April 15,5% 0,6% 21,4% -64,0% -1,9% 11,0% 46,1% 3,0% 103,4% -0,6% 57,2% 59,0% 167,8% -0,5% 39,5% -100,0% -21,2% 58,8% 7,9% 11,3%

May 27,7% 29,7% 40,5% 8,0% 12,3% 22,2% 27,7% 18,4% 38,9% 17,3% 60,8% 32,2% -2,5% 21,7% 86,8% 14,0% 15,5% 19,4% 89,4% 24,6%

June 23,7% 22,7% 35,3% -3,0% 7,1% 16,1% 26,1% 13,1% 39,1% 13,3% 39,8% 31,6% 30,9% 25,2% 36,7% 16,7% 8,4% 48,0% 72,5% 20,2%

July 24,4% 16,0% 27,3% 21,0% 3,2% 9,3% 17,4% 7,8% 27,8% 14,0% 31,3% 22,9% 11,5% 25,8% 37,7% 7,1% 7,2% 56,5% 73,0% 15,1%

August 21,0% 16,2% 30,2% 22,4% 2,9% 14,1% 18,1% 7,4% 19,9% 17,5% 24,3% 17,7% 12,7% 24,0% 30,6% 6,7% 5,2% 73,5% 108,6% 14,9%

Septembr 21,6% 19,2% 30,3% 5,5% 5,7% 17,0% 19,9% 11,5% 30,5% 19,8% 38,4% 24,3% 10,1% 18,7% 39,6% 1,4% 13,5% 79,0% 106,0% 17,6%

October 15,6% 27,5% 37,3% 31,2% 11,2% 16,3% 26,4% 15,8% 49,2% 16,8% 60,3% 40,2% 32,9% 29,3% 105,7% 4,3% 3,2% 80,7% 155,2% 22,0%

Total 22,3% 20,0% 32,3% 12,0% 6,2% 15,2% 22,3% 10,9% 32,4% 16,2% 36,3% 27,0% 16,2% 23,2% 44,1% 8,1% 8,5% 58,1% 89,1% 18,2%

Source: HSCA, Data export: 31/03/2018

See commnets on page 4

SCHEDULED SEATS PER AIRPORT, PROVISIONAL DATA

Shaded data refers to seats on flights that have already materialised, while the remaing refers to planned seats.


Specifically, 254,000 extra seats are expected (+6.2%) in Heraklion, and 189,000 in Chania (+15.2%). They are following by

destinations in the Cyclades: Mykonos +168,000 (+36.3%) and Santorini +149,000 (+27.0%). The increase in the remaining

airports is expected to range under 100,000 seats.

In May specifically, a rise in airline seats of +24.6% is anticipated, or +448,000 seats. In March airline seats increased by +108.4%

or 57,000 and in April by +11.3% or 77,000 seats.

For May specifically, the increase in airline seats for Thessaloniki was +27.7%, or 60,000 seats. The largest percentage increase

is noted for Samos with +86.8% (11,000 seats), followed by Mykonos with +60.8% (20,000), and Kos with +40.5% (55,000).

In absolute numbers, 87,000 seats were added to Rhodes (+29.7%), 60,000 to Heraklion (+12.3%) and 46,000 to Corfu

(+27.7%).


2018 Un. Kingdom Germany Italy Poalnd Russia Netherlands France Sweden Israel Czech republic Other Total

March 20.045 34.329 8.253 2.457 2.486 2.457 3.352 1.428 11.265 189 23.950 110.211

April 104.136 180.640 38.392 35.890 36.291 61.603 73.891 23.132 31.752 606 170.744 757.077

May 545.779 533.311 65.508 123.654 129.394 154.405 124.473 95.508 50.440 13.189 431.352 2.267.013

June 662.943 587.677 205.137 252.695 232.674 146.176 138.400 123.995 83.366 118.475 724.569 3.276.107

July 717.752 620.116 325.575 261.017 238.058 208.625 192.666 135.434 126.801 125.568 905.243 3.856.855

August 736.185 621.095 398.272 261.267 242.336 214.097 186.970 127.056 132.865 125.465 856.359 3.901.967

Septembr 675.348 604.451 209.052 256.899 236.546 157.390 142.370 116.794 114.991 118.493 745.712 3.378.046

October 365.546 530.564 64.309 93.898 107.800 102.952 84.515 44.650 45.655 17.080 362.208 1.819.177

Total 3.827.734 3.712.183 1.314.498 1.287.777 1.225.585 1.047.705 946.637 667.997 597.135 519.065 4.220.137 19.366.453

2017 Un. Kingdom Germany Italy Poalnd Russia Netherlands France Sweden Israel Czech republic Other Total

March 12.393 13.311 3.771 1.384 5.512 945 552 756 208 112 13.953 52.897

April 102.731 154.678 23.250 20.496 45.769 56.914 71.317 18.293 36.678 852 149.361 680.339

May 468.646 356.033 41.311 66.051 161.662 139.166 102.680 77.423 23.910 14.616 367.748 1.819.246

June 573.241 433.247 161.790 163.277 242.006 142.611 122.064 116.511 65.594 96.596 609.340 2.726.277

July 635.724 474.938 301.476 181.334 257.998 179.129 168.531 131.181 108.747 99.925 811.247 3.350.230

August 653.960 476.133 385.324 173.929 266.182 185.293 167.947 120.317 113.259 102.520 750.457 3.395.321

Septembr 595.016 458.428 200.678 176.614 248.423 149.434 124.404 113.458 84.906 98.066 624.038 2.873.465

October 336.928 398.986 38.111 41.168 107.097 95.802 63.428 40.272 49.955 21.128 297.793 1.490.668

Total 3.378.639 2.765.754 1.155.711 824.253 1.334.649 949.294 820.923 618.211 483.257 433.815 3.623.937 16.388.443

% Change Un. Kingdom Germany Italy Poalnd Russia Netherlands France Sweden Israel Czech republic Other Total

March 61,7% 157,9% 118,9% 77,5% -54,9% 160,0% 507,2% 88,9% 5315,9% 68,8% 71,6% 108,4%

April 1,4% 16,8% 65,1% 75,1% -20,7% 8,2% 3,6% 26,5% -13,4% -28,9% 14,3% 11,3%

May 16,5% 49,8% 58,6% 87,2% -20,0% 11,0% 21,2% 23,4% 111,0% -9,8% 17,3% 24,6%

June 15,6% 35,6% 26,8% 54,8% -3,9% 2,5% 13,4% 6,4% 27,1% 22,7% 18,9% 20,2%

July 12,9% 30,6% 8,0% 43,9% -7,7% 16,5% 14,3% 3,2% 16,6% 25,7% 11,6% 15,1%

August 12,6% 30,4% 3,4% 50,2% -9,0% 15,5% 11,3% 5,6% 17,3% 22,4% 14,1% 14,9%

Septembr 13,5% 31,9% 4,2% 45,5% -4,8% 5,3% 14,4% 2,9% 35,4% 20,8% 19,5% 17,6%

October 8,5% 33,0% 68,7% 128,1% 0,7% 7,5% 33,2% 10,9% -8,6% -19,2% 21,6% 22,0%

Total 13,3% 34,2% 13,7% 56,2% -8,2% 10,4% 15,3% 8,1% 23,6% 19,7% 16,5% 18,2%

Source: HSCA, Data export: 31/03/2018

See commnets on page 4

SCHEDULED SEATS PER COUNTRY, PROVISIONAL DATAShaded data refers to seats on flights that have already materialised, while the remaing refers to planned seats.


Compared to the corresponding scheduling in 2017, scheduled airline seats for foreign arrivals are expected to rise +18.2% overall

for 2018.

According to the data based on the absolute number of seats for the entire season, the greatest increase is anticipated from

Germany with 946,000 seats (+34.2%). They are followed by Poland with 464,000 (+56.2%) and the United Kingdom with 449,000

(+13.3%). The market of Italy is in fourth place with 159,000 (+13.7%) and Israel in fifth with 114,000 (+23.6%). The only

market among those on the table that is on the decline is that of Russia, with 109,000 fewer seats (-8.2%).

For May specifically, the increase recorded in airline seats is +24.6%. The greatest percentage increase is noted from Israel with

+111.0% (+27,000 seats), followed by Poland and Italy with +87.2% (+58,000) and +58.6% (+24,000) respectively. In absolute

number of seats in May, the greatest increase comes from Germany with 177,000 (+49.8%) and the United Kingdom with 77,000

(+16.5%).

Conversely, a significant decrease in airline seats is seen from Russia that was down -20.0% (-32 ,000) and the Czech Republic

by -9.8% (-1,400)


Road Arrivals

March 2018


2018 NYMFAIA NIKI KRYSTALLOPIGIAG. KONSTANTINOS ORMENIO KYPRINOS KASTANIES KIPOI DOIRANI EVZONOI KAKAVIA MERTZANI EXOCHI PROMACHONAS SAGIADA TOTAL

January 46.589 19.049 53.468 4.190 14.633 4.519 14.616 39.430 34.053 122.518 72.389 2.158 19.689 161.365 19.646 628.312

February 43.328 14.346 41.569 2.920 14.719 4.225 13.078 34.277 22.642 125.080 39.580 1.151 16.349 105.853 12.747 491.864

March 55.753 3.811 53.482 3.250 15.547 5.344 13.130 43.138 8.539 158.384 48.049 1.507 17.704 138.099 15.535 581.272

ytd 145.670 37.206 148.519 10.360 44.899 14.088 40.824 116.845 65.234 405.982 160.018 4.816 53.742 405.317 47.928 1.701.448

2017 NYMFAIA NIKI KRYSTALLOPIGIAG. KONSTANTINOS ORMENIO KYPRINOS KASTANIES KIPOI DOIRANI EVZONOI KAKAVIA MERTZANI EXOCHI PROMACHONAS SAGIADA TOTAL

January 26.967 13.805 60.155 2.181 32.507 4.320 10.075 26.389 33.637 177.281 5.471 1.011 53.171 57.485 20.448 524.903

February 34.133 16.126 42.607 4.381 40.615 5.783 14.149 31.478 27.734 74.794 3.453 891 50.980 56.436 16.523 420.083

March 39.105 18.823 50.919 4.545 46.655 6.677 16.038 36.698 36.550 202.092 46.385 2.394 52.191 92.070 21.291 672.433

April 54.250 22.243 72.076 5.885 29.573 7.892 16.169 48.536 36.333 225.959 9.816 1.572 33.667 110.715 25.427 700.113

May 52.181 24.712 70.945 6.756 25.040 7.311 15.461 54.019 34.312 269.063 49.692 2.177 28.721 140.958 21.388 802.736

June 198.192 39.376 63.276 8.272 36.788 9.251 15.562 65.621 59.172 437.787 53.192 2.379 37.316 272.428 23.286 1.321.898

July 281.443 47.266 78.765 18.019 56.753 10.767 20.776 97.209 101.727 711.517 69.472 2.529 55.345 516.722 34.566 2.102.876

August 368.625 64.709 101.894 17.163 39.765 7.430 70.646 194.339 94.626 759.348 118.916 2.284 52.159 538.996 48.352 2.479.252

September 217.225 39.430 82.579 12.220 33.973 6.876 44.950 94.303 52.075 571.373 66.238 2.736 45.939 437.551 25.219 1.732.687

Οctober 75.008 26.365 65.393 4.461 20.592 6.002 16.050 50.446 39.914 160.935 59.259 2.304 27.513 198.486 15.690 768.418

Νovember 60.845 17.783 65.992 3.326 19.822 4.786 13.961 43.042 32.852 117.698 53.609 1.134 18.956 162.185 15.911 631.902

December 52.554 19.409 53.468 3.692 17.862 19.230 17.275 42.592 35.965 139.678 52.516 1.961 26.415 130.260 17.943 630.820

Total 1.460.528 350.047 808.069 90.901 399.945 96.325 271.112 784.672 584.897 3.847.525 588.019 23.372 482.373 2.714.293 286.044 12.788.122

ytd 100.205 48.754 153.681 11.107 119.777 16.780 40.262 94.565 97.921 454.167 55.309 4.296 156.342 205.991 58.262 1.617.419

% CHANGE NYMFAIA NIKI KRYSTALLOPIGIAG. KONSTANTINOS ORMENIO KYPRINOS KASTANIES KIPOI DOIRANI EVZONOI KAKAVIA MERTZANI EXOCHI PROMACHONAS SAGIADA TOTAL

January 72,8% 38,0% -11,1% 92,1% -55,0% 4,6% 45,1% 49,4% 1,2% -30,9% 1223,1% 113,5% -63,0% 180,7% -3,9% 19,7%

February 26,9% -11,0% -2,4% -33,3% -63,8% -26,9% -7,6% 8,9% -18,4% 67,2% 1046,2% 29,2% -67,9% 87,6% -22,9% 17,1%

March 42,6% -79,8% 5,0% -28,5% -66,7% -20,0% -18,1% 17,5% -76,6% -21,6% 3,6% -37,1% -66,1% 50,0% -27,0% -13,6%

ytd 45,4% -23,7% -3,4% -6,7% -62,5% -16,0% 1,4% 23,6% -33,4% -10,6% 189,3% 12,1% -65,6% 96,8% -17,7% 5,2%

2018 2017 Δ 2018/2017 2018 2017 Δ 2018/2017 2018 2017 Δ 2018/2017 2018 2017 Δ 2018/2017

January 147.661 87.085 69,6% 250.985 176.631 42,1% 175.620 224.723 -21,9% 54.046 36.464 48,2%

February 95.047 63.474 49,7% 187.394 192.328 -2,6% 162.068 118.654 36,6% 47.355 45.627 3,8%

March 118.573 120.989 -2,0% 235.697 241.243 -2,3% 170.734 257.465 -33,7% 56.268 52.736 6,7%

April 108.891 -100,0% 241.982 -100,0% 284.535 -100,0% 64.705 -100,0%

May 144.202 -100,0% 260.967 -100,0% 328.087 -100,0% 69.480 -100,0%

June 142.133 -100,0% 562.247 -100,0% 536.335 -100,0% 81.183 -100,0%

July 185.332 -100,0% 939.049 -100,0% 860.510 -100,0% 117.985 -100,0%

August 271.446 -100,0% 1.024.138 -100,0% 918.683 -100,0% 264.985 -100,0%

September 176.772 -100,0% 753.784 -100,0% 662.878 -100,0% 139.253 -100,0%

Οctober 142.646 -100,0% 332.062 -100,0% 227.214 -100,0% 66.496 -100,0%

Νovember 136.646 -100,0% 269.920 -100,0% 168.333 -100,0% 57.003 -100,0%

December 125.888 -100,0% 250.013 -100,0% 195.052 -100,0% 59.867 -100,0%

ytd 361.281 271.548 33,0% 674.076 610.202 10,5% 508.422 600.842 -15,4% 157.669 134.827 16,9%

Source: Border checkpoints Processing: SETE INTELLIGENCE


ROAD ARRIVALS - MARCH 2018

REGIONS*

ALBANIA BULGARIA FYROM TURKEY


Road arrivals recorded a decrease for the first time in March of 2018, compared to 2017, (-13.6%/-91,000). Specifically, the

largest decrease in absolute numbers is at the Evzoni border checkpoint, down by -21.6%/-44,000 arrivals. The highest percentage

decrease was noted at the Niki checkpoint (-79.8%/-15,000 arrivals). The largest increase both as a percentage and in absolute

numbers was seen at the Promachonas checkpoint, with +50.0%/+46,000.

As regards country of origin, there was an increase of +6.7%/+4,000 in March only from Turkey. Arrivals from Bulgaria dropped

slightly by -2.3%/-6,000, and from Albania by -2.0%/-2,000. Similarly, a large drop was recorded from FYROM with road arrivals

decreasing by -33.7%/-87,000.

Road arrivals recorded a +5.2%/+84,000 passenger rise in the first quarter of 2018. Arrivals from Albania were up

+33.0%/+90,000, from Bulgaria +10.5%/+64,000 and from Turkey +16.9%/+23,000. There was a -15.4% decrease only from

FYROM with -92,000 fewer arrivals


During the January - March 2018 period, there was an increase in 6 checkpoints, and a decrease in 9. In terms of absolute numbers,

the greatest increase was seen at Promachonas, up by +96.8%/+200,000, followed by the Kakavia checkpoint, up by

+189.3%/+105,000. Increases in the other checkpoints fell under 100,000, specifically the Nymfea checkpoint, up by

+45.4%/+45,000 and Kipoi, up by +23.6% /+22,000. A +12.1% increase was seen at the Mertzani checkpoint (with merely +520

arrivals) and 1.4% at the Kastanies checkpoint (and merely 562 more arrivals). A drop was seen in all the other checkpoints. The

largest drop both as a percentage and in absolute numbers was noted at the Exochi border checkpoint (-65.6%/-102,000 arrivals),

followed by the Ormenio checkpoint (-62.5%/-75,000).


Demand for Hotel Accommodation Services

(in cooperation with trivago)

March 2018


Introduction - Methodological Note

This section presents data relating to the demand for hotel accommodation from international markets and Greece, in different

destinations in Greece and in competing countries. The data were provided by trivago, and are therefore more related to the

market of individual travellers (FITs). Nevertheless, they provide important information on the trends in various markets and the

different destinations.

For better interpreting of the information, one must take into consideration that they are derived from administrative data from

trivago records and have not been statistically processed to provide total estimates. They are therefore subject to the

following restrictions:

- the penetration of trivago differs from one market to the other;

- hotel prices as well as the ranking of destinations and markets are based on clickouts1;

- the month refers to the month of arrival at the hotel and not the month of the booking;

- hotel prices are the weighted averages of the prices. The weighing is based on the number of clickouts;

- types of trips:

o Weekday: a trip shorter than 6 overnights, most of them during weekdays,

o Weekends: a trip shorter than 6 overnights, most of them on the weekend,

o Holiday: a trip lasting 6 overnights or more.

1 Clickout happens when the visitor leaves the trivago site by clicking on a partner online travel agent.


Type of trip to Greece

In March 2018, 39% of the bookings were for Weekday trips, 16% for Weekend trips and 44% for Holiday trips. During the same

period of 2017, Weekday trips were 34%, Weekend trips 15% and Holiday trips 51%. Therefore, compared to the previous year’s

data, a drop-in market share is seen in Holiday trips and an increase in Weekday and Weekend trips (marginal).


Top-5 Markets for Greece

Countries 2018 J F Μ Α Μ J J Α S Ο Ν D

No. of

appearances

Germany 1 2 1 3

Un. Kingdom 2 1 2 3

Italy 3 3 3 3

U.S.A 5 4 4 3

France 5 5 2

Romania 4 1

Poland 0

Countries 2017 J F Μ Α Μ J J Α S Ο Ν D

No. of

appearances

ytd

Germany 1 1 1 2 2 2 3 3 2 1 1 2 3

Un. Kingdom 2 2 2 1 1 1 2 2 1 2 2 3 3

Italy 3 3 3 3 3 3 1 1 3 4 3 1 3

U.S.A 4 4 4 5 4 5 4 4 3

France 4 5 3 5 5 0

Romania 5 5 5 4 5 1

Poland 5 5 2

Δ of appearances

2018/2017 ytd

Germany

Un. Kingdom

Italy

U.S.A

France

Romania

Poland

Source: trivago, processing: SETE Intelligence

Comparison 2018-2017


In March 2018 the main market for Greece was the German one, which remained unchanged compared to March 2017. The UK

market follows in second place, and the Italian market in third place. They are followed by the USA (fourth place) and France (fifth

place). In March of 2017, Poland was in fifth place, but it has not yet - in 2018 - made an appearance in the top-5. The USA,

France and Romania had a frequent presence in the top-5 of 2017.

The following diagram presents the development of the top-3 main markets for Greece, for 2017 as well as the current year (-to-

date). We see that since the start of 2017, the UK, Germany and Italy are constantly in the top-3. An exception was in October

2017, when Italy was in the 4th place.


German market

In March 2018 top destinations in Greece in the German market was

Athens, followed by Thessaloniki. In third place is Fira. It is notable

that the first three destinations maintain the same ranking compared

to March 2017. They are followed by three destinations in Crete. In

the fourth place is Georgioupoli, in the fifth Rethymno and in sixth

Chania.

Mykonos is in seventh place, appearing for the second time in 2018.

In eighth place is Heraklion, with Oia and Rhodes in the final places

of the top-10.

The following table reflects the development of the main destinations

of the German market for 2017.

Cities J F ΜNo. of

appearances

Athens 1 1 1 3

Thessaloniki 2 2 2 3

Fira 3 3 3 3

Georgioupolis 4 1

Rethymnon 9 5 2

Chania 8 5 6 3

Mykonos Town 7 7 2

Heraklion 5 8 8 3

Oia 6 9 9 3

Rhodes Town 10 6 10 3

Imerovigli 7 4 2

Firostefani 4 10 2

Cities J F Μ

Change in No. of

appearances

2018/2017 ytd

Athens

Thessaloniki

Fira

Georgioupolis

Rethymnon

Chania

Mykonos Town

Heraklion

Oia

Rhodes Town

Imerovigli

Firostefani


Germany 2018

Change 2018-2017


Cities Ι F Μ Α Μ J J Α S Ο Ν DNo. of

appearance

Athens 1 1 1 1 1 1 1 1 1 1 1 1 12

Fira 3 3 3 4 6 6 3 3 5 2 3 3 12

Thessaloniki 2 2 2 2 4 9 7 6 8 3 2 2 12

Oia 7 6 6 3 2 3 2 2 6 4 4 6 12

Imerovigli 4 4 5 5 7 7 4 5 10 9 5 4 12

Rethymnon 8 9 8 7 9 8 5 7 7 7 7 9 12

Mykonos-Town 9 6 5 4 6 4 3 6 8

Chania 6 7 4 8 10 6 7 7

Elounda 9 3 5 8 8 4 6

Firostefani 10 8 10 10 8 10 6

Heraklion 5 5 7 9 5 5

Rhodes Town 9 10 10 8 4

Agios Nikolaos (Crete) 9 9 8 3

Kamari 8 10 10 3

Sani 2 5 2

Kolymbari 2 9 2

Kiotari 10 1

Malia 10 1

Source: trivago, processing:SETE Intelligence

Germany 2017


UK market

In March 2018 top destinations in Greece in the UK market was

Athens, followed by Fira. Corfu is third and Thessaloniki fourth. In

fifth and sixth place follow two more destinations of Santorini,

Imerovigli and Oia.

In seventh place are Chania, in eighth place Mykonos and in ninth

the city of Rhodes. In tenth place is yet one more destination of

Santorini, Firostefani.

Most destinations of the UK Market remain the same for March

2018, compared to 2017, even though their ranking has changed.

The following table presents the development of the main

destinations of the UK market for 2017.

Cities J F Μ

No. of

appearances

Athens 1 1 1 3

Fira 2 2 2 3

Corfu-Town 9 10 3 3


Imerovigli 5 4 5 3

Oia 8 9 6 3

Chania 10 8 7 3

Mykonos 6 5 8 3

Rhodes Town 7 7 9 3

Firostefani 3 3 10 3

Cities J F Μ

Change in No. of

appearances

2018/2017 ytd

Athens

Fira

Corfu-Town

Thessaloniki

Imerovigli

Oia

Chania

Mykonos

Rhodes Town

Firostefani


Un. Kingdom 2018

Change 2018-2017


Cities Ι F Μ Α Μ J J Α S Ο Ν D

No. of

appearance

Athens 1 1 1 1 1 1 1 1 1 1 1 1 12

Fira 3 3 2 2 2 3 4 3 3 2 2 2 12

Imerovigli 4 4 6 5 5 6 8 7 5 5 4 4 12

Oia 6 9 3 4 4 5 6 4 3 6 7 11

Mykonos-Town 7 9 10 8 3 2 2 2 2 4 8 11

Rhodes Town 10 8 9 9 9 7 8 9 9 9

Chania 5 10 3 4 10 7 10 7

Firostefani 9 5 7 7 3 6 6

Thessaloniki 2 2 4 5 3 5

Kamari 6 5 7 8 6 5

Corfu-Town 6 5 6 10 5 5

Planos-Tsilivi 7 7 6 5 8 5

Thessaloniki 2 2 4 5 3 5

Laganas 8 3 4 9 4

Elounda 9 10 10 3

Akrotiri 8 9 2

Fodele 6 1

Agios Nikolaos (Crete) 7 1

Rethymnon 9 1

Ixia 10 1

Karterados 10 1

Malia 10 1


Un.Kingdom 2017


Italian market

In March 2018 top destinations in Greece in the Italian market was

Athens, followed by Fira and the town of Mykonos.

In fourth place is the town of Rhodes and in fifth place Thessaloniki.

The town of Corfu is sixth and Chania seventh.

In the last three places of the top-10 are Santorini, Imerovigli, Oia

and Firostefani.

The following diagram illustrates the development of the main

destinations of the Italian market for 2017.

Cities J F Μ

No. of

appearances

Athens 1 1 1 3

Fira 3 3 2 3

Mykonos 2 2 3 3

Rhodes Town 7 7 4 3


Corfu-Town 10 6 2

Chania 7 1

Imerovigli 5 5 8 3

Oia 6 6 9 3

Firostefani 8 9 10 3

Heraklion 10 1

Zante-Town 9 8 2

Cities J F Μ

Change in No. of

appearances

2018/2017 ytd

Athens

Fira

Mykonos

Rhodes Town

Thessaloniki

Corfu-Town

Chania

Imerovigli

Oia

Firostefani

Heraklion

Zante-Town


Italy 2018

Change 2018-2017



No. of

appearance

Athens 3 2 3 2 3 1 2 2 2 3 3 3 12

Fira 4 3 2 3 2 2 1 1 1 2 5 4 12

Mykonos-Town 9 7 7 4 5 7 6 5 6 5 7 10 12

Oia 7 6 10 7 8 8 7 7 7 7 6 6 12

Imerovigli 5 10 5 6 7 10 6 10 7 9

Chania 10 5 8 10 9 9 9 8 5 9

Rhodes Town 2 4 4 5 10 9 2 2 8

Thessaloniki 4 5 3 4 4 4 6

Kamari 6 4 4 6 5 10 6

Perissa 10 9 8 4 9 5

Firostefani 8 9 6 10 8 5

Akrotiri 6 9 9 8 4

Heraklion 8 6 9 10 4

Corfu-Town 8 1

Nafplio 8 1

Laganas 8 1

Faliraki 9 1


Italy 2017


Hotel prices

Hotel prices in Athens and competing cities, March 2018.


In March 2018, the highest booking price in 5 star hotels is in Barcelona with €245, whereas in Rome the price is €239. In Athens

the price is €182 and in Istanbul just €110. Prices in Rome and Barcelona saw a drop compared to March 2017, whereas Athens

and Istanbul an increase.

In the 4 star category the booking price for Barcelona amounted to €128 compared to €125 in March 2017, in Rome €120 and in

Athens €103 compared to €84 in the same period of 2017. In Istanbul the booking price was just €62.

In the 3 star category, the booking price for Barcelona was €107, in Rome €91 and in Athens €67. In Istanbul the booking price

was just €40.

In the 1-2 star category the booking price for Barcelona was very high at €73. In Rome the price was €65 and in Athens €42. In

Istanbul the booking price was just €32.


Hotel prices in Thessaloniki and competing cities, March 2018


In March 2018, the highest booking price in 5 star hotels was found in Bologna at €597 (compared to €587 in March 2017) followed

by Thessaloniki at €160 (compared to €139 in February 2017). In Izmir the price was €98, down from €105 in March 2017.

In the 4 star category, the booking price for Thessaloniki was €85, remaining unchanged compared to March 2017, in Bologna

€182 and in Izmir just €57.

In the 3 star category, the booking price for Bologna was €135 and for Thessaloniki €63. Finally, in Izmir the price was €40.

In the 1-2 star category, the booking price for Bologna was €64. In Thessaloniki it came up to €51 and Izmir just to €35.

Izmir in the 4 and 5 star category is on the decline compared to March 2017, it remains unchanged in the 3 star category and has

increased in the 1-2 star category. Exceptionally high are the prices of Bologna in March compared to the competition.


Hotel prices in Mykonos, Santorini and competitive “premium” destinations, March 2018


In March 2018, the highest booking price in 5 star hotels was in Ibiza at €254 (compared to€276 in March 2017) followed by

Santorini with €229 (compared to €213 in March 2017). Sardinia saw the greatest drop, with the price amounting to €209 from

€264 in March 2017. In Mykonos the price was €208.

In the 4-star category, the booking price for Santorini amounted to €193 up from €148 in February 2017, in Ibiza at €144 and in

Sardinia at €137 (compared to €142 in February 2017). In Mykonos, in February 2017 the price amounts to €122, whereas in

February 2018 it is €132.

In the 3-star category the booking price for Santorini amounted to €98, for Mykonos at €96, and in the other destinations the price

is under €90. Specifically, in Ibiza €74 and in Sardinia €83.

In the 1-2-star category, the booking price for Mykonos was €61 and for Santorini €57. In Ibiza it was €68 and in Sardinia it shot

up to €114.

Greek destinations in the 5-star category saw an increase compared to March 2017, while competitors saw a decrease. In the 4-

star category Mykonos, Santorini and Ibiza saw an increase, while Sardinia saw a decrease. Greek destinations had higher prices

compared to their 3-star competitors. In the 1-2-star category, Sardinia has a higher price compared to the respective price of 3-

star hotels of all destinations.


Hotel prices in mass “Sun & Sea” destinations, March 2018


In March 2018, the highest booking price of 5 star hotels in Greece was found in the Cyclades with €224 followed by the Ionian

Islands with €185. Amongst competing destinations, Rimini was at €214, Majorca at €206 and Istria at €146. In Chalkidiki, the

price was €139, in the Dodecanese €120 and in Crete €118. Turkey recorded the lowest prices, with Bodrum at €110 and Antalya

at €74.

In 4 star hotels, the highest booking price in 4 star hotels was in the Cyclades, with €181. Markedly lower were prices in the other

destinations with the Ionian Islands at €115, Majorca at €110, Chalkidiki at €108 and Istria at €104. The remaining destinations

ranged under €100. The lowest prices were noted in Turkey, with Bodrum at €54 and Antalya at €41.

In 3 star hotels, the highest prices were noted in Greek destinations. Some typical examples are the Cyclades at €94 and the

Ionian Islands at €77. In competing destinations, the highest price was noted in Majorca at €70, followed by Istria at €65. The

lowest prices were noted in Turkey: Antalya €26 and Bodrum €20.

In 1-2 star hotels, the highest price was in Rimini at €61. Majorca and the Cyclades followed with €57 and the Ionian Islands with

€54. The lowest price was noted in Antalya with €20. The cheapest Greek destination was in the Dodecanese with €33.


Hotel prices in Greece, per region, March 2018


In March 2018, the highest booking price in 5-star hotels was found in South Aegean with €207. The Ionian islands followed at

€185, Central Macedonia at €153 and Central Greece at €145. The other destinations ranged under €140, with the lowest price

found in Western Macedonia at €91.

In 4-star hotels, the highest prices were recorded in South Aegean at €158 and the Ionian Islands at €115 (notably lower than in

South Aegean). Other destinations ranged under €100. The lowest price was noted in Eastern Macedonia and Thrace at €70.

In 3-star hotels, most prices ranged around €65. An exception is the South Aegean with €86 and the Ionian islands with € 77, a

price much higher than that of 4-star hotels in other regions of Greece. The lowest prices were noted in Crete at €54 and in Eastern

Macedonia and Thrace at €53.

In 1-2-star hotels, the highest prices were noted in the Ionian islands at €54 and in the Peloponnese and Epirus at €53. The lowest

price was noted in Crete at €42.


Greek market

In March 2018, Athens was in the lead of the Greek market’s

preference, followed by Thessaloniki. Nafplio was in third place,

Loutraki in fourth and Ioannina in fifth.

In sixth place are Kalavrita, in seventh Trikala of Corinth and in

eighth Volos. Arachova is in ninth place and Kalampaka in tenth.

Volos and Kalampaka appear for the first time in the top-10 for

2018.

This top-10 highlights the preference of Greeks for winter

destinations in the first quarter of 2018.

The following table illustrates the development of the main

destinations of the Greek market for 2017.

Cities J F Μ

No. of

appearances

Athens 1 2 1 3


Nafplio 8 3 3 3

Loutraki 5 4 4 3

Ioannina 6 6 5 3

Kalavrita 4 8 6 3

Trikala, Corinth 7 10 7 3

Volos 8 1

Arachova 3 5 9 3

Kalambaka 10 1

Metsovo 9 9 2

Paleos Agios Athanassios 10 1

Patra 7 1

Cities J F Μ

Change in No. of

appearances

2018/2017 ytd

Athens

Thessaloniki

Nafplio

Loutraki

Ioannina

Kalavrita

Trikala, Corinth

Volos

Arachova

Kalambaka

Metsovo

Paleos Agios Athanassios

Patra


Greece 2018

Change 2018-2017



No. of

appearance

Athens 1 1 1 1 1 1 4 10 1 1 1 1 12

Thessaloniki 2 2 2 2 2 2 10 2 2 2 2 11

Nafplio 5 3 3 3 3 4 6 3 3 4 6 11

Chania 7 7 4 3 2 2 5 6 10 9

Ioannina 9 7 6 5 7 5 3 4 8

Loutraki 6 5 9 10 4 5 8 7

Portaria 8 6 8 10 10 9 7 7

Arachova 3 4 4 6 3 5

Trikala, Corinth 7 10 10 7 9 5

Parga 7 3 1 6 4

Skiathos Town 8 1 3 9 4

Rhodes Town 6 6 7 7 4

Tinos-Town 9 4 8 3

Kalavrita 4 9 10 3

Skopelos Town 5 4 2

Naxos - Chora 7 5 2

Mykonos-Town 8 5 2

Kalambaka 9 5 2

Patra 5 9 2

Adamas 6 9 2

Monemvasia 6 10 2

Fira 9 8 2

Kastoria 10 8 2

Corfu-Town 4 1

Volos 5 1

Agia Marina 7 1

Edipsos 8 1

Hydra 8 1

Naoussa 8 1

Rethymnon 8 1

Pefkohori 9 1

Skala 10 1


Greece 2017


Travel Balance

February 2018


Arrivals

of which

France Germany U.K. USA Russia

Januray 371 164 8 62 207 35 233 22 2 603

Februray 275 134 11 47 141 25 209 12 10 484

ytd 646 298 19 108 348 59 442 35 11 1.088

of which


Januray 304 158 6 51 145 36 217 20 11 520

Februray 272 128 11 47 144 34 173 21 6 444

March 381 167 12 57 214 21 247 40 8 628

April 618 348 91 92 270 81 392 36 13 1.010

May 1.436 839 144 345 597 284 546 58 40 1.982

June 2.321 1.225 150 457 1.096 502 1.035 124 109 3.356

July 3.417 1.737 274 514 1.679 560 1.725 117 126 5.142

August 4.064 2.223 384 738 1.841 567 1.749 131 143 5.813

September 3.235 1.603 219 615 1.633 539 1.404 168 75 4.640

Οctober 1.761 1.083 104 664 679 291 595 93 42 2.356

Νovember 474 212 17 89 262 42 267 32 7 741

December 301 142 8 38 159 44 262 26 9 563

Total 18.583 9.863 1.420 3.706 8.720 3.002 8.611 865 589 27.194

ytd 575 286 17 98 289 70 390 41 17 965

of which


Januray 22% 3,4% 22,1% 21,7% 42,5% -4,2% 7,3% 9,4% -84,8% 16,0%

Februray 1,3% 5,2% 1,9% -2,0% -2,1% -27,0% 20,9% -41,5% 52,8% 8,9%

ytd 12,3% 4,2% 9,6% 10,3% 20,3% -15,2% 13,3% -15,5% -33,2% 12,7%

Source:BoG - Process ing:SETE Intel l igence Provisonal data

Total

Total Eurozoneof which

non Eurozone Otherof which

%Changes Countries

ΕΕ-28

of which2017

Countries

ΕΕ-28Eurozone

of whichnon Eurozone Other

2018Countries

ΕΕ-28

ΑRRIVALS in thousands

non Eurozone Other

of which

Eurozone

of which

Total


In February 2018, the number of inbound visitors rose by +8.9% year-on-year to 484 thousand. This development is attributed to

higher visitor flows from both within the EU28 (up +1.3%) and outside the EU28 (up +20.9%). In greater detail, the number of

visitors from within the euro area rose by +5.2% to 134 thousand, whereas visitors from the non-euro area EU28 countries declined

by -2.1% (February 2018: 141 thousand, February 2017: 144 thousand). Specifically, the number of visitors from Germany

decreased by -2.0% to 47 thousand, while visitors from France increased by +1.9% to 11 thousand. Visitors from the United

Kingdom fell by -27.0% to 25 thousand. Turning to non-EU28 countries, the number of visitors from Russia increased by +52.8%

to 10 thousand, whereas the number of visitors from the United States dropped by -41.5% to 13 thousand.

In January-February 2018, the number of inbound visitors rose by +12.7% year-on-year to 1,088 thousand (January-February

2017: 965 thousand). In the period under review, the number of visitors from within the EU28 rose by +12.3% year-on-year to

646 thousand, as did the number of visitors from outside the EU28, by +13.3% to 442 thousand. Visitors from within the euro

area rose by +4.2%, while visitors from the non-euro area EU28 countries also increased, by +20.3%. Specifically, the number of

visitors from France rose by +9.6% to 19 thousand, as did the number of visitors from Germany, by +10.3% to 108 thousand.

Visitors from the United Kingdom decreased by -15.2% to 59 thousand. Finally, turning to non-EU28 countries, the number of

visitors from Russia dropped by -33.2% to 11 thousand, while the number of visitors from the United States also fell, by -16.8%

to 35 thousand.


Receipts

of which


Januray 86 51 3 19 35 11 66 11 0 152 1 153

Februray 80 49 5 15 31 10 72 5 7 151 1 152

ytd 166 100 8 35 66 21 138 16 7 303 2 305

of which


Januray 86 60 3 21 26 11 71 14 6 157 1 158

Februray 78 53 6 17 25 11 56 14 3 134 1 135

March 100 61 5 18 38 9 94 25 6 193 10 203

April 277 207 67 57 70 36 180 25 7 457 27 484

May 740 477 86 227 263 183 295 52 27 1.036 58 1.094

June 1.401 831 109 347 569 378 576 110 74 1.977 70 2.047

July 1.910 1.173 188 370 738 384 930 127 110 2.840 85 2.925

August 2.553 1.702 350 595 850 467 898 119 101 3.450 71 3.522

September 1.714 1.031 139 437 683 378 691 164 45 2.405 66 2.470

Οctober 782 551 51 353 232 146 333 82 23 1.115 52 1.167

Νovember 130 80 6 35 50 19 78 17 4 208 17 225

December 96 58 4 14 37 17 84 12 4 180 2 182

Total 9.843 6.270 992 2.553 3.573 4.327 803 418 14.170 425 425 14.596

ytd 164 113 9 38 51 22 127 27 9 291 2 293

of which


Januray 0,3% -15,6% 5,9% -9,2% 37,7% -1,8% -7,0% -22,1% -93,7% -3,0% -1,2% -3,0%

Februray 1,9% -8,3% -22,2% -7,7% 23,7% -2,2% 27,6% -61,9% 116,7% 12,7% 2,2% 12,6%

ytd 1,1% -12,2% -13,4% -8,6% 30,7% -2,0% 8,3% -42,2% -22,0% 4,2% 0,1% 4,2%

Source:BoG - Process ing:SETE Intel l igence Provisonal data

Total Other%Changes Countries

ΕΕ-28Eurozone

of whichnon Eurozone

of whichCruises Total

of whichCruises TotalTotal Other

Cruises TotalTotal

2017Countries

ΕΕ-28Eurozone

of whichnon Eurozone

Receipts in mil. €

2018Countries

ΕΕ-28Eurozone

of which

non Eurozone Other

of which


In February 2018, travel receipts rose by +12.6% year-on-year. In more detail, receipts from residents of the EU28 increased by

-1.9% to €80 million, whereas receipts from outside the EU28 rose by +27.6% (February 2018: €72 million, February 2017: €56

million). The higher receipts from within the EU28 were due to a +23.7% increase in receipts from residents of non-euro area

EU28 countries (February 2018: €31 million, February 2017: €25 million), as receipts from euro area residents fell by -8.3% to

€49 million. Breaking down receipts by visitor’s country of origin, receipts from Germany fell by -7.7% to €15 million, as did

receipts from France, by -22.2% to €5 million. Receipts from the United Kingdom also decreased by -2.2% to €10 million. Turning

to non-EU28 countries, receipts from Russia rose by +116.7% to €7 million, whereas receipts from the United States dropped by

-61.9% to €5 million.

In January-February 2018, travel receipts increased by +4.2% year-on-year to €305 million. This development is attributed to

increases in receipts from within the EU28 by +1.1% to €166 million and in receipts from outside the EU28 by +8.3% to €138

million. Receipts from euro area residents fell by -12.2% to €100 million, whereas receipts from residents of non-euro area EU28

countries rose by +30.7% to €66 million. Specifically, receipts from France dropped by -13.4% to €8 million, as did receipts from

Germany, by -8.6% to €35 million. Receipts from the United Kingdom also decreased, by -2.0% to €21 million. Turning to non

-EU28 countries, receipts from Russia dropped by -22.0% to €7 million, while receipts from the United States also decreased, by

-2.2% to € 16 million.


Macroeconomic developments


According to different indexes of production, turnover, consumption, exports and imports (see Table), it appears that the

Greek economy is on a steady course of recovery. Apart from the increase of Goods and Services imports and exports

mentioned above, the upward growth of the production of the manufacturing industry continues (1st 2 months of 2018: +3.3%,

1st 2 months of 2017: 3.5%, 2017: 3.8%, 2016: 4.2%)

and does the Turnover Index in industry (1st 2 months of

2018: 7.9%, 1st 2 months of 2017: 24.5%, 2017: 11.5%),

as well as the upward growth of passenger car sales (1st

quarter of 2018: 37.6%, 1st quarter of 2017: 37.3%,

2017: 22.1%, 2016: 10.9%). Regarding investments of

particular note in the sector of investments is the 41.7%

increase in the volume of building permits in January 2018,

after the 19.3% increase in 2017, signalling the recovery

of investments in residences starting in 2018. In the

tourism sector, the increase of arrivals by 12.7% in the 1st

2 months of 2018 is noted, with the increase of receipts

from foreign tourism at 4.2%, while all data demonstrate

that there will be a substantial growth of tourism in 2018

as well. Finally, in the labour market we see a significant

increase of employment by 4.25% on an annual basis in

January 2018, while the net increase of paid employment

in the private sector of the economy stood at 55,600 people in the 1st quarter of 2018, compared to 33,600 in the 1st quarter of

2017.

2015 2016 2017

Jan -

Feb

2017

Jan -

Feb

2018

General Industrial Production Index 1.0% 2.5% 4.5% 6.8% -1.6%

Manufacturing Production Index 1.8% 4.2% 3.8% 3.5% 3.3%

Turnover Index (TI) in Industry -10.3% -5.1% 11.5% 24.5% 7.9%

Construction Production Index 2.5% 23.5% -15.1%

Building Permit Volume Index -0.2% -6.6% 19.3% -15.3%1

41.7%1

TI: Accommodation & Catering services (Tourism) 3.1% 0.1% 9.9%

Arrivals of Foreign Tourists 7.1% 5.1% 9.7% -2.8% 12.7%

Receipts from incoming tourism 5.5% -6.4% 10.5% -8.1% 4.2%

TI: Wholesale Trade -4.4% -1.6% 3.7%

TI: Retail Trade -2.9% -2.0% 1.7% 1.4%1

0.7%1

Retail Trade Volume Index -1.5% -0.6% 1.2% -0.1%1

1.5%1

Sales of Passenger Cars 13.9% 10.9% 22.1% 37.3%2

37.6%2

TI in Motor Vehicle Trade 7.7% 7.7% 6.4%

Employment (LFS) 2.1% 1.7% 2.2% 1.56%1

4.25%1

Exports of Goods and Services (BoG, Current Prices) -8.9% -6.1% 13.5% 18.9% 13.4%

Imports of Goods and Services (BoG, Current Prices) -14.3% -4.2% 12.6% 17.3% 14.0%

Private consumption (Constant Prices 2010) -0.5% 0.0% 0.1%

Fixed Capital Formations (Constant Prices 2010) -0.3% 1.6% 9.6%

- Investments in Equipment (Constant Prices 2010) 7.8% -12.3% 28.9%

Change in inventory investments (billion €) -190.0% 110.0% 132.8%

Exports of Goods and Services (Constant Prices 2010) 3.1% -1.8% 6.8%

Imports of Goods and Services (Constant Prices 2010) 0.4% 0.3% 7.2%

GDP (Constant Prices 2010) -0.3% -0.2% 1.4%

Table 1. Recovery Course of Selected Greek Economy Sectors

GDP: ELSTAT estimates (2015, 2016 and 2017)

Source ELSTAT and Bank of Greece (BoG), 1 January, 2 1st Quarter


Despite a small drop in the Economic Sentiment Indicator (ESI) to 99.8 in March 2018, from a high 104.3 in February

2018 and from 101.9 in Jan 2018 (May 2017: 93,2), the Consumer Confidence Index saw a small improvement at -52.8

in March 2018, from -53.0 in February 2018 and from -51.0 in Jan 2018. The expectation index in the service sector

also slightly receded to 17.7 in March 2018, from 18.9 in February 2018, 13.4 in December 2017 and 6.6 in March 2017.

Yields on Greek Government Bonds (GGB) on 20/04/18 stood at 4.07% for the 10-year bond, 3.18% for the 5-year and

3.67% for the 7-year bond. Despite the fluctuations in February and March 2018 due to the turmoil in global financial

markets, they remain at significantly reduced levels despite the fact that they are supported by to the ECB’s critical stability

interventions, as is the case with government bonds in other Southern European countries.

At the same time, the divergence between the increase of imports and consumption continued in the first 2 months

of 2018. In particular, according to the Payments Balance, G&S imports at current prices increased by 14.0%, further to the

17.3% increase in the first 2 months of 2017 and 12.6% for the entire year of 2017 (+7.2% at constant prices 2010, data

from National Accounts). Equally important was the increase of G&S exports by 13.4% in the first 2 months of 2018,

compared to +18.9% in the first 2 months of 2017 and 13.5% in 2017 (+6.8% in constant prices 2010). Despite the increase

in G&S imports, the increase of private consumption in 2017 was limited to 0.1%(-1.3% in the fourth quarter of 2017),

while in January 2018, the Turnover Index in retail sales increased only by 0.7% (compared to a 23.5% increase in imports

of goods in Jan 2018 and 14.0% in the first 2 months of 2018). This potentially means that the great divergence between

the 7.2% growth rate of G&S imports (in constant prices 2010) and the low 0.1% growth rate in private consumption, which

was the main reason why the GDP growth rate was limited to 1.35% in 2017, may continue into the 1st quarter of 2018,

also limiting the GDP growth during this quarter, despite the significant increase also of G&S exports.

ELSTAT and Eurostat published the final data on the execution of the 2017 Budget (B2017), according to which the

General Government Primary Surplus (GGPS) in 2017 came to 4.2% of the GDP (based on the rules of the Adjustment


Programme), confirming our estimate that the GGPS in 2017 would again exceed 3.5% of the GDP. It is noted that the GGPS

reached this exceptionally high level despite the extraordinary-non-budgeted €1.4 billion expenditure in December 2017 for

the so-called “social dividend”.

This positive outcome in the fiscal adjustment of Greece, further to the corresponding positive outcomes in the execution of

the 2016 and 2015 budgets, is much broader than what the 3rd MOU required and what the Institutions (and especially the

IMF) expected. This development is an anticipated result of the structural reforms that were implemented during the

2010-2017 period. These reforms contributed towards the drastic reduction of the General Government’s primary

expenditures by € 37.5 billion in 2017 compared to 2009, whereas since 2015 they have been contributing towards the

satisfactory increase of the GG’s revenues, in combination with the increase in employment and the recovery of the economy.

The counter-growth fiscal measures taken in June 2016, that led to the overtaxation of households and

businesses and the enlargement of the black economy, had a minimum or no effect on achieving the above

significant GGPS. Conversely, the high GGPSs are now a structural feature of the Greek economy, showing the need to

reverse the excessive tax burdens (VAT, taxes on petroleum and tobacco products, taxes on businesses and especially in

tourism, the Extraordinary Solidarity Contribution) and the imbalance between contributions to insurance funds and the

benefits they provided to high-salaried insured employees with more than 30 years of insurance. By rationalising the tax

and insurance system of the country, the structural nature of the high GGPS may be substantially reinforced.

Based on the data of the B2017 execution with a GGPS at 4.2% of the GDP, and moreover taking into consideration: a) the

imposition of additional fiscal measures amounting to 0.6% of the GDP in 2018 and b) the estimate for an increase of the

nominal GDP by a more than 3.5%, compared to 2.0% increase in 2017, it is estimated that the GGPS of 2018 may

exceed the target of 3.82% of the GDP provided for by the B2018 and the 3.5% required by the 3rd MOU. The B2018

execution data in the 1st quarter of 2018 support this estimate:


- at the level of Central Government in the 1st quarter of 2018, net revenues in the Regular Budget (RB) exceeded by €360

million the target set for this quarter in B2018, while the total primary expenditures in the RB were below target by €2

million and the public investment program surplus was above target by €861 million. Specifically, the public investment

program (PIP) revenues amounted to €1.06 billion, compared to € 0.65 billion in the 1st quarter of 2017 and € 1.55 billion

in the 1st quarter of 2016. PIP expenditures came at € 0.35 billion, i.e. below target by € 0.33. Overall the Central

Government Primary Surplus (without revenues from the European Central Banks) in the 1st quarter of 2018 came to €2.0

billion, up from the targeted surplus of €0.78 billion.

- More indicative was the execution of B2018 at General Government level on a consolidated cash basis in the 2 month period

of Jan - Feb 2018. GG revenues rose by 11.3% (Jan - Feb 2017: -9.2%), while primary expenditures plus the increase in

overdue Greek Government obligations rose by 1.5% (Jan - Feb 2017: -8.5%). As a result, the GGPS on a cash basis came

to €2.87 billion in the 1st 2 months of 2018, from €1,69 in the 1st 2 months of 2017. After these developments, if the

increase in the primary expenditures of the GG remains at 1.5%, as it did in the first 2 months of 2018, then with a 4.5%

increase in GG revenues (from 11.3% in the first 2 months of 2018), the GGPS may go even exceed 5.0% of the GDP in

2018.

Finally, employment and unemployment rates are moving in a positive direction:

- According to the most recent Labour Force Survey (seasonally adjusted figures), in January 2018:

o There were 3.76 million employed compared to 3.66 million in the same month in 2017, and 3.62 million in the same

month in 2016. The number of employed is the highest since 2012.

o The unemployed population receded to 977,000, compared to 1,103,000 last year and 1,165,000 in 2016. After

peaking at 27.8% in September 2013, unemployment has gradually receded to 20.6% (which is still high), compared

to 23.2% last year and 24.4% in 2015.


o The economically inactive population amounts to 3.26 million, compared to 3.27 million last year, and 3.42 million at

its peak in May 2011.

- Based on the “ERGANI” Information System’s results, paid employment rose by +55,494 jobs in March 2018, compared to

+38,517 in January 2017. Respectively, in the first quarter, jobs increased by +55,580 compared to +33,638 last year.

Nearly half of the increase in paid employment in March is the result of tourism-related activities, namely accommodation

(+16,352) and catering (+10,973).


Consumer Confidence Index (CCI)

This section has not been renewed yet because up to 30/04/2018 the OECD average had not been published for

March 2018.

statistical bulletin no.40 april 2018 - aicep portugal global · 2018-05-15 · statistical...

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