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Greek Tourism Prospects

(GREEK NEWS AGENDA)     An Alpha Bank report published 7 May suggested that Greek tourism requires a long-term strategy that will be based on reducing labour costs and creating new destinations. It must be noted, however, that the initial signs are very encouraging this year: in the first two months of 2008, revenues from tourism posted a 14.6% year-on-year rise, from a 0.7% annual decline in 2007, the bank reports. In another report, the ICAP Group research company finds that the government’s new national strategy for tourism can be summarised as the modernisation of the product, the upgrade of tourism-saturated areas and the systematic promotion of the country around the world. The report says that Crete came first in the capacity of beds in Greece in 2006 (21%), followed by the Dodecanese (17%) and Macedonia (14%). The National Statistics Service data showed that approximately 17.3 million tourists arrived in Greece in 2006, while tourism revenues reached €11.237 billion that year. Three–quarters of the 57.8 million overnight stays were made by foreigners. Continue reading