<abstract xmlns="http://www.w3.org/1999/xhtml"><p> Tourism is one of the growing service sectors in Greece. In 2014, the direct and indirect contribution of the Greek tourism industry to total GDP and employment reached 17.3% and 19.2%, respectively (WTTC, 2015). As the economic importance of the tourism industry is growing among the policymakers and researchers, the objective of this paper is to analyse the contribution of tourism to Greek’s economic growth. We use a trivariate model of real gross domestic product (GDP), international tourist expenditure and a real effective exchange rate, to calculate a tourism multiplier in order to assess the contribution of tourism to the economic growth. Using quarterly data for Greece during the period 2000q1 to 2013q2, we estimated results as a tourism multiplier of 1.21. We also estimated that the tourism industry generated an increase of 1.0% in the Greek GDP for the year 2013.</p></abstract>

Tourism is one of the growing service sectors in Greece. In 2014, the direct and indirect contribution of the Greek tourism industry to total GDP and employment reached 17.3% and 19.2%, respectively (WTTC, 2015). As the economic importance of the tourism industry is growing among the policymakers and researchers, the objective of this paper is to analyse the contribution of tourism to Greek’s economic growth. We use a trivariate model of real gross domestic product (GDP), international tourist expenditure and a real effective exchange rate, to calculate a tourism multiplier in order to assess the contribution of tourism to the economic growth. Using quarterly data for Greece during the period 2000q1 to 2013q2, we estimated results as a tourism multiplier of 1.21. We also estimated that the tourism industry generated an increase of 1.0% in the Greek GDP for the year 2013.

Does tourism contribute significantly to the Greek economy? A multiplier analysis

Economic Analysis & Research Department, Bank of Greece, 21 El. Venizelos Ave, GR 102 50, Athens Greece, Tel: +30210 3202649; Fax: +30210 3233025; Athens Institute for Education & Research, Head of Tourism Research Unit, 8 Valaoritou Str, GR 106 71, Athens Greece

European Journal of Tourism, Hospitality and Recreation

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Tourism is one of the growing service sectors in Greece. In 2014, the direct and indirect contribution of the Greek tourism industry to total GDP and...

Does tourism contribute significantly to the Greek economy? A multiplier analysis

Published Online: May 26, 2016

Page range: 55 - 62

Received: Oct 20, 2014

Accepted: Feb 22, 2015

DOI: https://doi.org/10.1515/ejthr-2016-0006

Keywords
Tourism, Economic growth, Multiplier analysis, Greece

© 2016

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Does tourism contribute significantly to the Greek economy? A multiplier analysis

Published Online: May 26, 2016

Page range: 55 - 62

Received: Oct 20, 2014

Accepted: Feb 22, 2015

DOI: https://doi.org/10.1515/ejthr-2016-0006

KeywordsTourism, Economic growth, Multiplier analysis, Greece

© 2016

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
Tourism, Economic growth, Multiplier analysis, Greece