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Global tourism has been declining by 2-6% in the last couple of years, but Greek Tourism has been growing rapidly (even before devaluation) and now represents 15% of GDP and 16.5% of the workforce.

Tourism is a very dynamic market which can respond very quickly to changes in fashion or price competitiveness. Given the scale of the Greek devaluation I have envisaged, I wouldn't be surprised if Greek tourism grew by 50% (restricted primarily by transport capacity constraints) on a once off basis even in a declining global market.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue May 31st, 2011 at 04:49:00 AM EST
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