Product Description
As researchers bring their analytic skills to bear on contemporary archaeological tourism, they find that it is as much about the present as the past. Philip Duke’s study of tourists gazing at the remains of Bronze Age Crete highlights this nexus between past and present, between exotic and mundane. Using personal diaries, ethnographic interviews, site guidebooks, and tourist brochures, Duke helps us understand the impact that archaeological sites, museums and the constructed past have on tourists’ view of their own culture, how it legitimizes class inequality at home as well as on the island of Crete, both Minoan and modern. ... Read more

Product Description
Positive growth factors for Greek tourism are the 2004 Olympic Games, with the consequent development of facilities and infrastructure, as well as the introduction of new forms of tourism, such as marine, sports and spa tourism. Euromonitor’s travel and tourism series of individual country reports investigate the challenges the industry is facing in the wake of the Iraq war, fears of terrorism and general economic downturn. As all the reports follow a standardised format, this study can be used to compare developments in other key markets. Analysis of positive and negative growth trends; demand factors; the operating environment and tourism parameters help provide a comprehensive picture of current trends in Greece. Sector coverage includes travel accommodation; transportation; car rental; travel retail and tourist attractions in addition to invaluable profiles of the major players. Forecasts to 2008 pinpoint future opportunities. ... Read more

Product Description
Tourism Overview

Recently released official data show that foreign tourist arrivals to Greece rose by 8.5% year-on-year (yo-y) in 2007 - slightly stronger than we had previously forecast - which represents three years of steadygrowth in the tourism sector. The number of cruise passenger arrivals (included in these data) declinedslightly y-o-y. As in 2006, the UK and Germany were the key source markets, accounting for around 15%and 13% respectively of total arrivals (down on a year earlier). Arrivals from the UK were largelyunchanged, compared with 2006, while the number from Germany declined marginally. However, thenumber of EU visitors rose a buoyant 20% y-o-y in 2007, while the relative proportion of arrivals fromthe EU also increased relatively sharply, from nearly 66% in 2006 to almost 73%. Of particular note wasthe strong growth in arrivals from a number of Eastern European countries, including Bulgaria, Romania,Hungary and Poland.

Forecast Scenario

Greece’s economy performed better than expected in Q108, due primarily to strong export growth, whichhelped offset the effects of waning domestic demand. However, with the country’s main trading partnersdirectly affected by the ongoing US slowdown, such support is unsustainable. Consequently, we expectGDP growth to slide to 3.3% in 2008, closer to its trend growth rate of 3.0%. BMI expects growth inforeign tourist arrivals to Greece to slow noticeably in 2008. This is largely due to economic conditions inGreece’s main source markets in the UK and the eurozone. Indeed, in line with further downwardrevisions to BMI’s 2009 eurozone real GDP growth, we have revised down our forecast for touristarrivals next year. The strength of the euro has also made non-eurozone countries and traditional rivals toGreece more attractive.

Hospitality

Although no new aggregate data on tourist arrivals/nights and occupancy rates in the hospitality sector areavailable this quarter, recent data referring specifically to hotels in Athens show average occupancy ratesfell by 1% in the first five months of 2008, compared with the corresponding period a year earlier.

Athens International Airport

Reflecting an anticipated weakening in the tourism sector this year, growth in total and internationalpassenger numbers at Athens International Airport (AIA) appears to be slowing quite sharply. Themost recent traffic data for the first seven months of 2008 show total passenger numbers increased a low1.1% y-o-y, with international passenger numbers up a slightly stronger 2.6% y-o-y to around 6mn.Domestic passenger traffic, meanwhile, declined slightly y-o-y.

Olympic Airlines

State-owned Olympic Airlines carried a total of almost 6.0mn passengers in 2007, compared with some5.5mn passengers a year earlier, a favourable increase of some 9% y-o-y. Domestic passenger numbersgrew about 7.8% y-o-y to over 3.1mn, while international traffic was up 2.7%, compared with 2006, at2.7mn passengers.

Aegean Airlines

Aegean Airlines’ financial results for Q108 reveal revenues up a healthy 23% y-o-y to EUR98.8mn, butthe airline reported a net loss after tax of EUR4.4mn (US$6.86mn), compared with a EUR2.6mn loss inthe same period in 2007. The increased loss was mainly attributed to the sharp rise in fuel costs. Althoughdomestic passenger traffic increased slightly y-o-y, international passenger numbers were up aconsiderable 35% on Q107. ... Read more

Product Description
Tourism Overview

After Greece’s tourism sector suffered a poor year in 2008, the global economic downturn hit the sector hard in 2009. Official figures show that the number of tourists arriving at Greek airports fell by 7.8% year-on-year (y-o-y) in the first 10 months of 2009. During October, tourist arrivals were down sharply in Chios, Cephalonia, Chania, Samos and Athens. Declines in arrivals were less pronounced in Rhodes, Mytilene and Skiathos. The 10-month decline was a slight improvement on January-July 2009, during which tourist numbers fell by 8.6% y-o-y.

At the end of 2009, in an attempt to stimulate the tourism sector, the government introduced various measures, including a freeze on debt obligations until July 2010 for all forms of tourism businesses, including marine tourism. The plan also aims to provide support to lenders to boost liquidity to small and medium-sized tourism enterprises and to improve tourism infrastructure.

Unrest And Strikes

In an incident likely to further damage Greece’s image to tourists, clashes broke out between police and protesters in Athens and Thessaloniki in December 2009 at demonstrations to mark the first anniversary of the death of Alexandros Grigoropoulos, a 15-year-old student shot by police. Calls for a national strike in February 2010 by Greece’s largest trade unions to protest against the government’s austerity measures are also likely to have negative consequences for tourism.

Forecast Scenario

Our estimate for 2009 remains little changed at 8% y-o-y negative growth in foreign tourist arrivals. We also hold to our expectation of a slight recovery in arrivals in 2010, with more favourable recovery in tourist arrivals expected from 2011. This is primarily based on our forecast of a generally weak European recovery, with eurozone growth coming in at just 1.8% in 2011 following a 0.9% showing in 2010, and UK growth of 3.1% in 2011 after 1% in 2010.

Athens International Airport

Data for 2009 show negative growth of -1.5% y-o-y in passenger traffic at Athens International Airport (AIA), with passenger numbers totalling 16.2mn. The rate of decline did show improvement during the course of the year however, with the airport registering one of the best performances among European airports with the second smallest decline in traffic according to AIA. The airport also posted favourable growth in November and December, compared with relatively sharp falls in the same two months in 2008. For 209 as a whole, the number of international passengers declined by over 5% y-o-y to about 10.1mn, while domestic traffic increased by over 5% y-o-y to 6.1mn passengers.

Aegean Airlines

In 2009, Aegean Airlines carried more than 6.5mn passengers, an annual rise of 10%. The number of domestic passengers reached 3.8mn, up by just 2% y-o-y, while international passengers totalled 2.8mn, an increase of 22% y-o-y. The airlines most recent financial results, for the first nine months 2009, show revenue increased by about 3% y-o-y, reaching EUR481mn. Net profit came to EUR37.7mn, compared with EUR26.5mn in 9M08, an increase of 42% y-o-y. The favourable results can be partly attributed to a fall in oil prices and benefits arising from fleet renewal. ... Read more

Product Description
Tourism Overview

BMI estimates that there was slight negative growth in foreign tourist arrivals in 2008, with the strengthof the euro making non-eurozone countries and traditional rivals more attractive. The weakness of sterlingagainst the euro is also likely to have contributed to the deterioration in arrivals from the UK - the majorsource market. The tourism sector though is in for a far worse year in 2009. Figures for Q109 show thatthe number of tourists visiting Greece was down 7.2% year-on-year (y-o-y). Reportedly, conventionand business tourism in Athens and Thessaloniki has been badly affected by the global economicdownturn. Tourism is not completely depressed, however, with a number of Greek islands, includingRhodes and the Dodecanese Islands, recording strong growth in tourist arrivals in the first four months of2009. More recent local data, from the Federation of Hellenic Tourist Enterprises, report that touristarrivals declined around 10% y-o-y in H109.

Forecast Scenario

Although the Greek tourism sector is set for a difficult year in 2009, this quarter, we have revised upslightly our expectations for foreign tourist arrivals in the short term, and now anticipate negative growthof 9% y-o-y. We also continue to maintain that there will be a slight recovery in tourist arrivals next year,as the economic downturn in the most important source markets - the eurozone and the UK - bottomsout. However, more significant recovery in arrivals is only likely to take place from 2011.

Athens International Airport

The most recent traffic data from Athens International Airport (AIA) are for the first five months of2009 and show a continuing poor trend. Total passenger traffic was down just under 6% y-o-y, withnumbers falling about 10% in May, compared with the same month in 2008. The number of internationalpassengers, meanwhile, declined over 9% y-o-y in the five-month period, and fell nearly 14% y-o-y inMay. Compared with Q109, however, the decline in international passenger traffic does show slightimprovement.

Aegean Airlines

In May 2009, the global partnership of the Star Alliance association accepted the membershipapplication of Aegean Airlines. The integration process is expected to take around twelve months. Latestfigures show Aegean Airlines carried 1.2mn passengers in Q109, achieving 9% y-o-y growth, withinternational traffic up an impressive 20% y-o-y to about 430,000 passengers - contrary to generalaviation trends. Expanding its international routes, the carrier will start a daily service to Istanbul inSeptember 2009.

Olympic Airlines/Olympic Air

Following the privatisation of the national carrier Olympic Airlines in March this year, the owners,Greece’s Marfin Investment Group (MIG), announced in July that a new airline, Olympic Air, wouldbegin flight operations in October 2009. ... Read more

Product Description
Tourism Overview



Although incomplete, data suggests that there was a slight slowdown year-on-year (y-o-y) in foreigntourist arrivals to Greece in 2007, but this would represent three years of steady growth in the tourismsector. In the Hospitality sector though, recent data releases for the first three quarters of 2007 recordstrong growth compared with the previous year (see below).

Forecast Scenario

We expect Greek GDP growth to average just over 3.2% in the coming three years, well below the 4.0%it achieved in 2007. Our chief concerns are waning competitiveness, and a slowdown in the eurozonebusiness cycle, both of which will negatively impact the tourism sector, which is so crucial to the Greekeconomy. Consequently, BMI expects the annual growth rate in foreign tourist arrivals to slow noticeablyin 2008, with some slight recovery anticipated in the following year. The continuing strength of the eurois also hampering the competitiveness of the Greek tourism industry, while boosting the attractiveness ofnon-eurozone rival countries such as Croatia, Turkey, Tunisia and Egypt.

Hospitality

Provisional data for the first nine months of 2007 show that foreign tourist arrivals in collectiveaccommodation establishments, which accounted for some 59% (near 7.6mn) of the total, increased ahealthy 11.3% y-o-y. There was particularly strong growth in foreign arrivals in May and June, up abuoyant 18.6% and 16% y-o-y respectively. Foreign tourist arrivals from Germany and the UK were alsoup a relatively favourable 8.2% and 6.4% y-o-y respectively in the period January to September 2007. Inaddition, foreign visitors accounted for around 41.7mn nights (75% of the total) in collectiveaccommodation establishments, an increase of about 7% y-o-y. Interestingly, the increase in the numberof nights spent by tourists from Germany and the UK was weak. Over the same period, occupancy ratesfor hotels (and similar accommodation establishments) were slightly weaker at 61.5%, compared with justover 64% in the corresponding period a year earlier.

Athens International Airport

After strong growth of around 10% y-o-y in total and international passenger numbers at AthensInternational Airport (AIA) in 2007, growth this year appears to be slowing. The most recent trafficdata for Q108 show total passenger numbers increased 5.1% y-o-y, with international passenger numbersup a favourable 8.8% y-o-y to over 1.9mn passengers (but down from some 10% y-o-y growth in Q107).

Aegean Airlines

Aegean Airlines reported very favourable results for 2007, with revenues totalling nearly EUR483mn(US$705mn), an increase of 20% y-o-y. Net profit rose a marked 39% y-o-y to EUR35.8mn(US$52.3mn). In the wake of impressive growth in passenger numbers in 2007, the airline reported stronggrowth of 10% y-o-y in passenger traffic in Q108 to just over 1.0mn passengers. ... Read more

Product Description
Following relatively strong growth of 8.5% year-on-year (y-o-y) in foreign tourist arrivals to Greece in2007, and three years of steady growth in the tourism sector, a slowdown is on the cards in 2008. Officialfigures show that tourist arrivals rose by 2.6% y-o-y in the nine-month period from January to September2008. Although lacking detail, the ministry stated that arrivals from Romania, Poland and Bulgaria wereup favourably in the early part of 2008, while there was a buoyant increase in tourist arrivals from Russia.There was also a strong increase in the number of cruise vessels arriving at Greek destinations.

Forecast Scenario

BMI continues to expect a noticeable weakening in foreign tourist arrivals to Greece in 2008. This islargely based on further downward revisions by BMI, this quarter, to economic growth in the country’skey source markets in the UK and the eurozone. Indeed, we have edged down our forecast for touristarrivals in 2009 (and now anticipate negative growth) but maintain that there will be a recovery in thefollowing year.

Hospitality

Recent data, albeit for hotels in Athens and the greater Athens area, suggest a noticeable weakening in thehospitality sector. Figures for the period January to August 2008, show average occupancy rates fell by2.7% compared with the corresponding period a year earlier. More recent data show average occupancyrates falling 5.9% y-o-y in September 2008, after a 5.5% y-o-y decline in August. According to theassociation, all hotel categories reported declines, with three-star hotels recording a 9.1% y-o-y decline inoccupancy rates in September to 69.9%, five-star and two-star hotels reported a 6% y-o-y drop, whileoccupancy rates at four-star hotels eased 4.4% y-o-y.

Athens International Airport

As expected, Athens International Airport (AIA) continues to record deteriorating traffic figures. Themost recent data for the first nine months of 2008 show total passenger numbers increased a weak 0.3%y-o-y, with international passengers up a modest 1.8% y-o-y to 8.4mn. However, growth in internationaltraffic over the summer months was poor, with passenger numbers actually declining y-o-y in September.Domestic traffic, meanwhile, over the nine-month period, recorded a fall of 2.4% y-o-y.

Olympic Airlines

The sell-off of Olympic Airlines finally got underway in the closing months of 2008. In September, thegovernment confirmed that it would shut down the airline and transfer its landing slots and trademark to anew privately-owned company called Pantheon. The authorities also gave the green light for the launchof a tender to find buyers for the three new companies that will replace Olympic Airlines, groundhandling and technical maintenance, with the process set to be completed by early 2009. As of November,the Greek government reported that at least 10 investors had shown interest in the privatisation, includingQatar Airways, Iberia, Chrysler Aviation, SkyOne, and Swissport.

Aegean Airlines

Aegean Airlines’ financial results for the first three quarters of 2008 show revenues were up a healthy26% y-o-y to EUR468.2mn (US$597mn), although the airline reported a 21% y-o-y drop in net profit toEUR26.5mn (US$33.8mn). The fall in profitability, despite healthy passenger numbers, was attributed tohigh fuel costs and the strengthening of the US dollar versus the euro (resulting in valuation losses on USdollar aircraft loans). Passenger traffic rose 13% y-o-y to 4.6mn in the nine-month period, of which,domestic traffic increased 8% y-o-y, while international passenger numbers rose a particularly favourable23% on the corresponding quarter in 2007.

Greece Tourism Industry SWOT ... Read more

Product Description
Tourism Overview

After relatively strong annual growth in foreign tourist arrivals of 8.5% in 2007, BMI now expects slightnegative growth in 2008. This is based on official data which record a marginal decline year-on-year(y-o-y) in the number of foreign tourists visiting Greece between January and October 2008. Inaddition, considering the wave of political unrest, which manifested itself in street violence across thecountry at the end of last year, this is likely to have had further damaging consequences for the tourismindustry.

Hospitality

The Greek hospitality sector is experiencing a major downturn. Following sharp falls in occupancy ratesin Athens and the greater Athens area at the end of last year, the most recent data for Q109 show furthermarked falls of 20% y-o-y in occupancy rates, with just 49% of rooms in three- to five-star hotelsoccupied over the period. This compares with 60% occupancy rates in Q108.

Forecast Scenario

As recent data confirm, the Greek tourism sector is likely to face an extremely difficult year in 2009.Moreover, in line with further downward revisions this quarter to BMI’s eurozone and UK real grossdomestic product (GDP) growth forecasts - the key source markets - we have revised down ourexpectations for foreign tourist arrivals this year, and now anticipate even more marked negative growthof 14% y-o-y. We believe though that there will be a slight recovery in foreign arrivals next year, as theeconomic downturn in the most important markets bottoms out, but more significant recovery in arrivalsis only likely to take place from 2011.

Athens International Airport

Total passenger numbers at Athens International Airport (AIA) show a worsening trend. The mostrecent data are for Q109 and record passenger traffic down nearly 8% y-o-y, while numbers fell a marked12% in March, compared with the same month in 2008. Most noticeably, the number of internationalpassengers declined over 12% y-o-y in the first quarter and fell a considerable 16% y-o-y in March.

Olympic Airlines

The long drawn-out process of privatising Olympic Airlines has finally been settled. In March 2009, thestate approved the sale of Olympic Airlines’ ground handling unit to Greece’s Marfin InvestmentGroup (MIG), shortly after it had agreed the sale of the carrier’s flying and maintenance operations to thefirm. The total cost for the carrier is EUR107.2mn (US$138mn).

Aegean Airlines

Recently released 2008 financial results for Aegean Airlines show revenues were up a healthy 27% y-o-yto EUR611.7mn (US$899mn), resulting from a significant rise in international passenger traffic and highload factors sustained on both the domestic and international networks. The airline, however, recorded anet profit of EUR29.5mn (US$43mn), down 18% on the previous year. The fall in profitability wasmainly due to a 54% annual rise in fuel costs that reached EUR148mn. ... Read more

Product Description
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, we maintain our forecast of 9% y-o-y negative growth in foreign tourist arrivals in 2009. We also hold to our 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. ... Read more

Product Description
Tourism Overview

We maintain our view of a sharp slowdown in growth of foreign tourist arrivals in 2008 to about 2% yearon-year (y-o-y), following relatively strong annual growth of 8.5% in 2007. The slowdown in growth wasexacerbated by a wave of street protests across the country at the end of last year. This was sparked by thepolice shooting dead a youth in Athens but was compounded by the plethora of economic and financialmarket problems currently engulfing the country. At the same time, and in anticipation of a downturn inthe Greek tourism industry this year - partly in line with global trends - businesses in the sector havebeen seeking financial support from the government, including calls for reductions in VAT for tourismenterprises.

Hospitality

Although data are incomplete, statistics for hotels in Athens and the greater Athens area suggest a pooroutturn in the hospitality sector for 2008 as a whole. After declines in average occupancy rates of near 6%y-o-y in the summer months of August and September, Athens’ hotels were drastically affected by streetprotests at the end of the year. Data show that average room occupancy rates fell by almost 26% y-o-y inDecember, with the possibility that the hospitality sector could be in for a very poor winter season.

Forecast Scenario

Greek tourism is likely to face a difficult year in 2009. In the wake of continuing downward revisions thisquarter to BMI’s real GDP growth forecasts for the eurozone and the UK - Greece’s main source markets- we have revised down our expectations for foreign tourist arrivals this year, and now anticipate moremarked negative growth of 6% y-o-y. We believe though that there will be a slight recovery in foreignarrivals next year. Over the longer term, BMI maintains an uninspiring outlook for visitor arrivals, withan annual average growth rate over the forecast period to 2013 of under 2% (revised down further thisquarter).

Athens International Airport

In an unsurprising data release, total passenger numbers at Athens International Airport (AIA) declined0.4% y-o-y in 2008 to almost 16.5mn. Although domestic traffic fell 2.2% y-o-y, the number ofinternational passengers increased a slight 0.5% y-o-y to some 10.6mn.

Olympic Airlines

With regard to the privatisation of Olympic Airlines, the government stated, in February 2009, that thebids received so far were not satisfactory and called on big domestic business groups to show interest.

Aegean Airlines

Aegean Airlines reported weaker but further strong growth of 14% y-o-y in passenger traffic in 2008 to6mn passengers (after growth of 18% y-o-y in 2007). The increase was buoyed by impressive growth of23% y-o-y in traffic on international routes to 2.3mn passengers, while it carried 9% y-o-y morepassengers on domestic flights (a total of 3.7mn passengers). The airline also made noticeable gains bycapturing a market share of 29% at AIA, compared with 25% in 2007. Aegean has announced it willexpand its European routes in 2009 despite the global downturn, while stating that it has no interest in theprivatisation of Olympic Airlines. Aegean Airlines will add flights to Brussels, Berlin, Barcelona, Viennaand Venice, in the summer on new Airbus A320/321 aircraft. ... Read more

Product Description
Tourism Overview

The global economic downturn hit Greece’s tourism sector hard in 2009, with foreign tourist arrivals down an estimated 8% year-on-year (y-o-y). This followed a poor year in 2008 (arrivals down 2% y-o-y). According to official reports, tourist reservations in early 2010 were unfavourable from Greece’s two most important tourism markets, the UK and Germany. However, there was more positive news from markets such as France, Italy and Eastern Europe. In another blow to the sector, the volcanic ash cloud that has paralysed air traffic throughout Northern and North Western Europe has caused increased cancellations of hotel reservations recently.

Ongoing Strikes And Unrest

Since February 2010, Greece’s largest trade unions have organised general strikes to protest against the government’s austerity measures, often involving clashes with police in major cities. There has also been a spate of bomb attacks recently, targeting public buildings, banks and community groups, mainly in Athens but also in Thessaloniki. In some of the worst violence in recent years, three people were killed in a fire in central Athens in May after protesters threw petrol bombs into a local bank branch.

Forecast Scenario

We have revised down slightly our forecast for foreign tourist arrivals in 2010 and now expect only a marginal increase (of less than 1% y-o-y). More favourable recovery in tourist arrivals, however, is expected from 2011. The outlook is partly based on our expectation of a generally weak European recovery. Our eurozone growth forecast is 0.9% for 2010 and 1.8% for 2011. As regards the UK - the key source market - our forecasts remain little changed, with economic growth of 1% and 3% in 2010 and 2011 respectively. A wave of social unrest over austerity measures designed to save the economy is also likely to undermine the tourism industry by damaging the image of Greece abroad. Moreover, with pension freezes and salary or bonus cuts likely to eat into household’s purchasing power, domestic tourism is expected to fall this year. Pressure on prices in the tourist industry will also be heightened, with companies facing stiff competition from cheaper destinations outside of the eurozone, such as Turkey and Croatia.

Athens International Airport

Latest figures for Q110 from Athens International Airport (AIA) show a rebound in passenger numbers, with traffic up more than 10% y-o-y to 3.17mn. These results placed the airport in second place among major European airports as regards passenger traffic (the European average was an increase of 3% y-o-y in the first quarter). Both international and domestic markets recorded strong growth, with passenger numbers up 9% and 13% y-o-y respectively. Middle East traffic achieved the strongest growth, up 19% yo- y, followed by Western Europe (+10.3% y-o-y), Eastern Europe (+9.6% y-o-y) and Asia (+6.5% y-o-y).

Olympic Air/Aegean Airlines

In February 2010 it was reported that Olympic Air and Aegean Airlines are to merge. The merged company will operate under the Olympic Air name, following a transition and adjustment period during which the Aegean name will be used as well. The merger deal remains to be approved by the European Competition Commission.

Aegean Airlines’ financial results for 2009 show revenue increased by 2% y-o-y, reaching about EUR623mn (US$872mn), despite adverse economic conditions. Operating expenses fell an annual 6% to EUR96mn (US$134mn), but net profit declined a marked 22% y-o-y to EUR23mn (US$32mn). ... Read more

Product Description
Tourism Overview

Latest official data show foreign tourist arrivals to Greece rose by 5.7% year-on-year (y-o-y) in the ten month period January to October 2007. This represents a slowdown in growth compared with a year earlier and can be attributed, in part, to a weaker number of tourist arrivals to the Ionian islands, Crete and the Dodecanese. A spate of wildfires throughout the country in the summer may also have influenced arrivals in 2007. Overall, the country’s tourism performance was disappointing compared with other competitor countries such as Turkey, Croatia, Portugal and Egypt.

Forecast Scenario

Despite slowing over our five-year forecast period, economic activity will remain buoyant over the medium term. However, structural reforms are crucial if Greece is to sustain economic growth above the EU average over the longer-term.

BMI has edged down slightly its estimate for growth in foreign tourist arrivals in 2007 as a whole to5.5% y-o-y. This would represent the third year running that Greece has recorded growth in arrivals although, due to a revised data series, growth has slowed in the last two years. Over the medium term, BMI maintains a reasonable outlook for foreign tourist arrivals, although annual growth rates are likely to moderate slightly from 2008. Our annual average growth rate for foreign arrivals over the forecast period to 2012 is now about 3.5% (revised down this quarter). Of particular note is that economic conditions in Greece’s main source markets in the UK and the euro zone are forecast to weaken in 2008, but recover slightly in the following year. In addition, the continuing strength of the euro makes non-euro zone countries and traditional rivals such as Croatia, Turkey, Tunisia and Egypt, more attractive.

Athens International Airport

Recently released traffic data for 2007 at Athens International Airport (AIA) are particularly impressive and show total passenger numbers increased 9.7% y-o-y, with the number of international passengers up a slightly stronger 10.1% y-o-y to almost 10.6mn passengers (indicating the airport’s significant contribution to the Greek tourism industry). The domestic market also climbed strongly, up9% y-o-y, posting an all-time record with nearly 6mn passengers. There was also dynamic growth among the 19 low-cost airlines now operating to or from the airport, connecting Athens with 31 destinations (up from 21 in 2006). A total of 2.3mn foreign tourists are estimated to have arrived at the airport in 2007, upa buoyant 18% y-o-y. The strong increase in tourist traffic was driven by the burgeoning low-cost airline market and favourable developments in the US and Eastern European markets (mainly Russia). Indeed, overall, Eastern Europe was the fastest growing region for passenger traffic in 2007, up over 23% y-o-y, with North America up a similarly strong figure, while the Middle East posted an increase of 15% y-o-y. The airport’s largest market, Western Europe, meanwhile, enjoyed a near 8% increase compared with the previous year.

Aegean Airlines

After relatively strong growth in passenger traffic in 2005 and 2006, Aegean Airlines reported more significant growth in 2007, up 18% y-o-y to over 5.2mn passengers. International traffic rose by a substantial 35% y-o-y, reaching almost 1.9mn passengers, while domestic traffic increased 10% y-o-y to nearly 3.4mn passengers. The buoyant growth was attributed to further international network expansion, initiation of its fleet renewal investment programme and strengthening of the company’s brand awareness. In 2008, the company plans to expand its network further, by adding new domestic and international destinations. The airline also reported very favourable results for the first nine months of2007, with revenues totalling some EUR371mn (US$524mn), an increase of 22% y-o-y, while net profit increased 45% y-o-y to EUR33.4mn (US$47.2mn). ... Read more

Product Description

The Greece Tourism Report has been researched at source, and features latest-available data covering tourist expenditure, government expenditure on tourism, foreign direct investment projects, domestic airline revenues, passenger arrivals and departures, and the country’s hospitality markets; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local companies; and analysis of latest industry developments, trends and regulatory changes, as well as political risk factors affecting the Chinese tourism sector.

Product Description
Illustrated with numerous color photographs and maps. ... Read more

Product Description
Chapters: Athens, Crete, Mycenae, Thessaloniki, Knossos, Corfu, Argos, Ithaca, Eleusina, Lemnos, Hydra Island, Patras, Kefalonia, Samos Island, History of Thessaloniki, Goumenissa, Rhodes, Zakynthos, Olympia, Greece, Lesbos, Paros, Kythnos, Sounion, Symi, Icaria, Spetses, Leros, Tiryns, Kos, Gavdos, Koufonisi, Kalymnos, Kifissia, Parnitha, Sifnos, Argostoli, Karpathos, Chalkidiki, Xanthi, Lindos, Astypalaia, Nemea, Polygyros, Alonissos, Leonidio, Kea, Amorgos, Ios Island, Festivals of Thessaloniki, Kimolos, Straits of Corfu, Kasos, Ampelakia, Ioulis, Loutraki, Acrocorinth, National Theatre of Greece, Ermoupoli, Mati, Greece, Folegandros, Astros, Greece, Archaeological Museum of Piraeus, Oinousses, Longos, Paxoi, Chios Prefecture, Yerakini, Church of Panayia Halkeion, Acharavi, Mpafi, Palamidi, Acropolis of Rhodes, Association of Greek Tourism Enterprises, Vasilitsa, Pisoderi, Bouraikos River, Chrissi, Makedonia Tembi, Ormos Egialis. Source: Wikipedia. Pages: 477. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: Corfu -Map of Corfu. Its satellite islands of Ereikousa, Othoni and Mathraki counterclockwise NW, WNW and W respectively (with respect to the northern part of the island at the top of the map) and Paxoi and Antipaxoi on the SE side, are visible.The name Corfu is an Italian corruption of the Byzantine (Koryph), meaning "city of the peaks", which is derived from the Greek (Koryphai) (crests or peaks), denoting the two peaks of Palaio Frourio. In shape it is like the sickle (drepan, ), to which it was compared by the ancients: the concave side, with the town and harbour of Corfu in the centre, lies toward the Albanian coast. With the island's area estimated at 227 square miles (588 km), it runs approximately 40 miles (64 km) long, with greatest breadth at around 20 miles (32 km). Two h...More: http://booksllc.net/?id=45462 ... Read more