Hotels in Athens and other parts of the country have subdued prices low in an attempt to bolster demand during the post-festive season slowdown. January appears set to be a challenging month for tourism sector enterprises, including city hotels active throughout the year, following latest pandemic-related restrictions imposed by governments around Europe in response to the Omicron variant. Analysts have projected a gradual normalisation in reservations following the festive season, while a Bank of Greece report forecasts an upward trajectory for tourism industry revenue in 2022 and 2023.
The tourism industry’s recovery, in 2021, of a considerable proportion of previous losses, combined with continued growth in manufacturing, have contributed to improved disposable income and employment figures. A rebound in economic activity and tourism’s restart have helped boost employment levels since the second quarter of 2021. Greece’s unemployment rate fell to 13.3 percent last October from 16.4 percent in October, 2020.
Also, during this period, economic activity in the hotel industry was maintained at high levels, without, however, fully rebounding to pre-pandemic levels of business.