NBG report: Tourism fuelled strong Q3 2019 econ growth

Monday, 16 December 2019 23:07
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By A. Tsimplakis 

Greece's tourism industry remains the country's "locomotive" in terms of economic growth, which was recorded at 2.3 percent in the third quarter of 2019, on an annual basis, according to a study by the National Bank of Greece (NBG).

A second factor pushing economic growth are exports of goods.

According to NBG, the strong Q3 growth rides on the back of a 14.5-percent hike in exported services (annualized), corresponding to a booming tourism sector. In constant prices, the tourism sector contributed 2.2 percentage points to the annual increase in GDP for the specific quarter, and by 10.8 percent in the nine-month period (on an annual basis), far exceeded initial - and guarded expectations - for the current season.

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