Tourism, exports still growing First Published: 21/10/2011 16:49

Source: http://www.stockwatch.com.cy

 

Tourism and exports are the only sectors of the economy that are managing to deliver any positive news during the general crisis in the country this year.

Bank of Greece data for the first eight months of 2011 showed on Thursday that tourism revenues increased by 10 percent, or 700 million euros, from the same period last year, amounting to 7.7 billion euros. Foreign tourist arrivals grew by 9.9 percent year-on-year, according to BoG data. In August alone, revenues increased by 6.5 percent and arrivals by 6.2 percent.

The total deficit of the trade balance went down by 1.05 billion euros in the first eight months of the year, as revenues from exports of goods (not including fuel and ships) increased by 17.4 percent and payment for imports declined by 6.1 percent.

Direct investment showed a net outflow of 1.4 billion euros in the year to August, against 269 million euros in the same period in 2010.

Spending by Greek tourists abroad increased by 6.8 percent, reaching 2.4 billion euros.