by Dr. Valia Kasimati Bank of Greece

Transcription

1 by Dr. Valia Kasimati Bank of Greece ATINER s Public Lectures Series : Foreign Direct Investment

2 Aim of the research A brief picture of the Greek Tourist Sector - General characteristics - Arrivals of non-residents - Travel receipts by non-residents - Average length of stay - Expenditure per journey & per overnight stay Foreign Direct Investment (FDI) - Total FDI as a share of GDP - FDI in the Greek tourist sector - Total FDI per country Case Studies of FDI in Greece

3 Greek Tourist sector General characteristics According to WTTC (2016), direct and indirect contribution of tourism to total employment at 23.1% in Direct and indirect contribution of tourism to GDP at 18.5%. Greece ranked 15 th worldwide in international arrivals and 19 th in revenues in 2014 (WTO). Greece ranked 31 st among 141 countries in the index of Travel and Tourism Competitiveness, and 18 th among the European countries in 2014 (WOF). Greece captures 3.3% of the European and 1.4% of the worldwide tourism market.

4 A brief picture of the Greek Tourist Sector Figure 1: Share of the sector accommodation & food services activities at the total GVA

5 Picture of the Greek Tourist Sector Figure 2: Greek tourism

6 Picture of the Greek Tourist Sector Figure 3: Arrivals by non-residents, (in thous. travellers) Year Arrivals by nonresidents, in thous. y-o-y % change % % % % % % % %

7 Picture of the Greek Tourist Sector Figure 4: Travel receipts at current prices (in mn Euros), Year Travel receipts (current prices), mn euros y-o-y change % % % % % % % % % Note: Cruise receipts are included

8 Picture of the Greek Tourist Sector Table 1: Non-residents' expenditure & duration of stay in Greece Year Expenditure (**) per journey ( ) Expenditure (**) per overnight stay ( ) (*) Cruise's receipts from the Frontier Travel Survey are included. (**) In current prices. Average duration of stay (*) (*) (*) (*)

9 Foreign Direct Investment Figure 5: Total FDI (in terms of stocks) as a share of GDP ( )

10 Foreign Direct Investment Figure 6: FDI in the Greek tourist sector ( ), Note: FDI in terms of stocks

11 Foreign Direct Investment Figure 7: Percentage change of FDI, 2015 vs 2001

12 Foreign Direct Investment Figure 8: Aggregate FDI per country, (mn Euros), Note: FDI in terms of stocks

13 Foreign Direct Investment Figure 9: Percentage change of FDI per country, 2015 vs 2001

14 Foreign Direct Investment Figure 10: Percentage change of FDI per country, 2015 versus 2008

15 Case Studies Hellinikon Ratified by the Parliament in 2016, Price: 915 million, obligation for investments: 1.2 billion Astir Palace Vouliagmeni Finalised in 2016 (90% of shares), aggregate revenues: 393 million, planned investments: 600 million. Kassiopi Corfu Finalised in 2016, aggregate revenues: 23 million, planned investments: 75 million. Afantou Rodos Finalised in 2014, aggregate revenues: 42 million, planned investments: 300 million.

16 Summary & conclusions FDI can bring significant benefits to the Greek economy: introduction of new technologies and promotion of innovation, upgrading of capital stock (physical and human) development of new industries and higher value-added products, particularly in the field of tradable goods and services, strengthening of the competition and creation of new jobs. In order to attract FDI is needed: the establishment of a stable, modern and favorable tax system, the reduction of non-wage costs for businesses, exports encouragement and the creation of a predictable economic environment-friendly to the businesses.

17 Thank you for your attention.