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Bank of Greece Figures Show Decline in July's Tourism Revenue

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The Bank of Greece released data for tourism for the January-July period. Results showed that tourism revenue dropped by 4.8 percent, and was limited to 6.78 billion euros. Foreign tourist arrival rates increased by 1.1 percent, however, July showed a drop in the yield from tourism rather than the increase that had been expected with losses at 345 million euros.
There was more than a 100-million-euro drop compared to July 2015 (-3.5 percent), whereas arrivals fell by 2 percent. The result for July was disappointing compared to last July when capital controls and the referendum had caused problems to tourism.
Hopes are pinned to the August-September yield. Problems faced by Turkey are believed to have diverted tourism to other markets, such as Greece. Even so, the latest round of violence on Lesvos may be a blow to tourism.

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