Statistical Bulletin Νο. 39 March 2018

Statistical Bulletin Νο. 39 March 2018 SETE Institute 34 Amalias Avenue 105 58 Athens, Greece www.insete.gr info@insete.gr SETE Intelligence Republishing is permitted provided the source is referenced

At a glance Sources: Civil Aviation Authority, Athens International Airport, Border Checkpoints, OECD, ELSTAT, BoG, Labour Force Survey, Foundation for Economic and Industrial Research Processing: SETE Intelligence Statistical Bulletin March 2018 1

Contents Airport Arrivals 5 International arrivals at main Greek airports 6 Domestic arrivals at main Greek airports 8 Road Arrivals 10 Travel Balance 14 Arrivals 15 Receipts 17 Macroeconomic developments 19 Consumer Confidence Index (CCI) 25 Turnover Indexes in: Tourism, Air & Sea Transports and Travel Agents 29 Statistical Bulletin March 2018 2

Acknowledgements The production of this bulletin is based partly on available public sources, and partly on data provided by various agencies (Civil Aviation Authority, Athens International Airport, Border Checkpoints, National Flight Coordination Authority, Association of Greek Passenger Shipping Companies), to whom we are especially grateful. The Editors Aris Ikkos Evangelia Lamprou Dimitris Maroulis Research Director Researcher Statistician Economist SETE Institute SETE Institute intelligence@insete.gr Disclaimer This Bulletin publishes data obtained from other sources and not from primary INSETE surveys. Though INSETE makes every effort to ensure the sources are valid and the republished data is correct, it is not liable to third parties, nor for the use they make of the data in the Bulletin. We also note that the data presented in various tables of the Bulletin are often temporary and subject to subsequent revision. A short presentation of the key sources SETE Intelligence uses, along with information on the methods used by each source/survey and the differences between them, is available here. The different methodology used by each of the above sources as well as the variable measured in each case, require that as many sources as possible are combined to achieve a comprehensive overview of the issues under examination. For further information, clarification or suggestions, please contact the editors. Statistical Bulletin March 2018 3

International Arrivals by Air (1) The information pertains to the arrival of passengers on international flights regardless of their place of residence. With the exception of the information for the Athens airport, which pertains solely to foreign residents. (2) The data for the last available month for the Athens airport represent an estimate by SETE Intelligence. (3) The airports are classified as follows: The Dodecanese: Rhodes - Kos - Karpathos, Crete: Heraklion - Chania, The Ionian: Corfu - Zakynthos - Kefalonia - Aktion, The Cyclades: Mykonos - Santorini, Peloponnese: Araxos - Kalamata, Other: Samos - Skiathos - Kavala - Mytilene. (4) Type I: Final Civil Aviation Authority Data - Type II: Provisional Civil Aviation Authority Data - subject to review. Domestic arrivals at major Greek airports (1) Passengers who travel round-trip are counted twice: upon arrival at their destination as well as upon return to their point of departure. (2) The data for the last available month for the Athens airport represent an estimate by SETE Intelligence. (3) The classification of airports is as follows: The Dodecanese: Rhodes - Kos - Karpathos, Crete: Heraklion - Chania, The Ionian: Corfu - Zakynthos - Kefalonia - Aktion, The Cyclades: Mykonos - Santorini - Paros, Other: Samos - Skiathos - Kavala - Mytilene. (4) Type I: Final Civil Aviation Authority Data - Type II: Provisional Civil Aviation Authority Data - subject to review. Road Arrivals Road arrivals are recorded by the local police departments based on nationality, irrespective of place of permanent residence. Consequently, the data include immigrants to Greece returning from trips abroad. The countries are classified as follows: Albania: Kakavia - Krystallopigi - Sagiada - Mertzani, Bulgaria: Ormenio - Kyprinos - Νymfaia - Promachona - Exochi - Ag. Konstantinos, fyrom: Evzonoi - Doirani - Niki, Turkey: Kastanies - Kipoi. Consumer Confidence Index (CCI) The Consumer Confidence Index of the Organization for Economic Cooperation and Development (OECD) measures the level of consumer confidence in each country. Since holidays are deeply interwoven with consumer confidence, this index is a very good indication of anticipated demand for each market. The higher/lower numbers indicate higher/lower levels of consumer confidence, and thus an increased/reduced inclination to visit a given holiday destination. Statistical Bulletin March 2018 4

Airport Arrivals February 2018 Statistical Bulletin March 2018 5

International arrivals at main Greek airports INTERNATIONAL ARRIVALS 1 AT MAIN GREEK AIRPORTS,FEBRUARY 2018- PROVISIONAL DATA 2018 Athens 2 Thessaloniki Rhodes Kos Κarpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilene Total Type 4 January 251.316 72.250 48 5.919 12.426 36 341.995 II February 217.773 67.814 10.513 281 242 10.372 55 307.050 II ytd 469.089 140.064 48 16.432 281 242 22.798 91 649.045 II 2017 Athens Thessaloniki Rhodes Kos Κarpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilene Total Type 4 January 205.391 84.150 2 771 1.930 161 292.405 II February 163.412 79.179 56 1.118 1.749 2 389 19 245.924 II March 242.291 98.744 1.476 3.794 8.312 3.166 318 517 1.507 112 360.237 II April 382.015 159.321 83.768 19.265 160.359 67.391 34.919 8.093 3.698 2.924 6.841 13.450 476 4.609 1.056 3.264 634 952.083 II May 433.515 179.094 245.501 119.567 5.581 373.126 135.465 147.104 86.603 31.308 29.211 25.558 45.481 6.826 12.642 9.727 18.883 12.406 4.773 1.922.371 II June 519.704 239.642 369.133 178.723 17.518 511.146 186.055 233.232 147.555 49.889 49.373 58.644 73.959 15.853 21.505 22.173 36.430 22.351 7.860 2.760.745 II July 675.219 280.514 461.634 221.259 19.877 637.254 228.983 298.691 183.282 62.132 68.653 93.689 101.451 17.760 25.430 28.770 46.926 28.318 11.882 3.491.724 II August 671.237 259.199 450.780 217.179 20.794 627.677 196.303 284.603 188.245 66.380 59.298 97.311 98.246 16.776 23.494 29.279 48.878 25.722 10.411 3.391.812 II September 580.119 219.229 367.991 179.663 15.969 511.924 178.649 220.053 137.154 44.671 48.068 52.702 70.553 15.001 22.748 21.705 30.088 19.149 7.774 2.743.210 II Οctober 442.337 159.703 197.564 91.605 2.073 305.068 88.618 77.446 29.780 8.471 13.485 11.713 26.897 4.239 8.278 2.893 1.254 4.509 447 1.476.380 II Νovember 250.250 82.355 606 78 11.049 247 809 63 566 1.007 410 36 347.476 II December 231.875 88.786 152 3 4.418 164 12.805 338.203 II Total 4.797.365 1.929.916 2.178.663 1.027.342 81.812 3.147.704 1.093.702 1.300.189 781.093 266.549 271.012 346.458 431.120 76.931 121.609 115.603 182.459 129.095 43.948 18.322.570 II ytd 368.803 163.329 58 1.889 3.679 2 389 161 19 538.329 II % Changes Athens Thessaloniki Rhodes Kos Κarpathos Herakleion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Araxos Kalamata Samos Skiathos Kavala Mytilene Total January 22,4% -14,1% 2300,0% 667,7% -100,0% 7618,0% 17,0% February 33,3% -14,4% -100,0% 840,3% -83,9% -100,0% -37,8% 189,5% 24,9% March -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% April -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% May -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% June -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% July -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% August -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% September -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% Οctober -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% Νovember -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% December -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% -100,0% ytd 27,2% -14,2% -17,2% 769,9% -92,4% -100,0% -37,8% 14060,2% 378,9% 20,6% Regions 3 Total without Athens Dodecanese Crete Ionian islands Cyclades Peloponnese Other 2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017 Δ2018/2017 2018 2017Δ2018/2017 2018 2017 Δ2018/2017 January 90.679 87.014 4,2% 48 2 2300% 5.919 2.701 119,1% 12.462 161 7640,4% February 89.277 82.512 8,2% 56-100% 10.794 2.867 276,5% 2-100,0% 242 389-37,8% 10.427 19 54778,9% March 117.946-100,0% 1.476-100% 12.106-100,0% 3.484-100,0% 517-100,0% 1.507-100,0% 112-100,0% April 570.068-100,0% 103.033-100% 227.750-100,0% 49.634-100,0% 20.291-100,0% 5.085-100,0% 4.954-100,0% May 1.488.856-100,0% 370.649-100% 508.591-100,0% 294.226-100,0% 71.039-100,0% 19.468-100,0% 45.789-100,0% June 2.241.041-100,0% 565.374-100% 697.201-100,0% 480.049-100,0% 132.603-100,0% 37.358-100,0% 88.814-100,0% July 2.816.505-100,0% 702.770-100% 866.237-100,0% 612.758-100,0% 195.140-100,0% 43.190-100,0% 115.896-100,0% August 2.720.575-100,0% 688.753-100% 823.980-100,0% 598.526-100,0% 195.557-100,0% 40.270-100,0% 114.290-100,0% September 2.163.091-100,0% 563.623-100% 690.573-100,0% 449.946-100,0% 123.255-100,0% 37.749-100,0% 78.716-100,0% Οctober 1.034.043-100,0% 291.242-100% 393.686-100,0% 129.182-100,0% 38.610-100,0% 12.517-100,0% 9.103-100,0% Νovember 97.226-100,0% 684-100% 11.296-100,0% 872-100,0% 566-100,0% 1.007-100,0% 446-100,0% December 106.328-100,0% 155-100% 4.418-100,0% 164-100,0% 12.805-100,0% ytd 179.956 169.526 6,2% 48 58-17,2% 16.713 5.568 200,2% 2-100,0% 242 389-37,8% 22.889 180 12616,1% Source: Civil Aviation Authority (CAA) and Athens International Airport (AIA) - Processing: SETE Intelligence See comments on page 4 Statistical Bulletin March 2018 6

Increase in international airport arrivals across the country. Available data from Greece s main airports show that international arrivals in February 2018 were up by +24.9% (+61,000), compared to February 2017. This increase relates mainly to the airports in Athens (+33.3%/+54,000 passengers) and Heraklion (+840.3%/+9,000 passengers). Thessaloniki Airport had a drop of -14.4%/-11,000 passengers, while Kavala Airport showed an increase of +10,000 seats, as a large portion of the flights to/from Thessaloniki used this airport due to reconstruction work under way at Macedonia Airport. In terms of destinations for February 2018, regional airports showed an increase of +8.2%/+7,000 passengers, with Crete up +276.5%/+8,000 passengers. Statistical Bulletin March 2018 7

Domestic arrivals at main Greek airports DOMESTIC ARRIVALS AT MAIN GREEK AIRPORTS, FEBRUARY 2018 2018 Athens 2 Thessaloniki Rhodes Kos Karpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Paros Kalamata Samos Skiathos Kavala Mytilene Total Type4 January 211.820 75.861 30.838 8.689 1.459 43.853 21.518 9.613 1.274 872 62 1.149 15.190 359 4.934 436 3.257 9.654 442.756 II February 203.729 77.341 26.982 6.738 1.250 42.411 19.495 9.008 1.274 941 23 2.626 14.793 1805 457 4.019 473 2.874 9.151 425.390 II ytd 415.549 153.202 57.820 15.427 2.709 86.264 41.013 18.621 2.548 1.813 85 3.775 29.983 3.723 816 8.953 909 6.131 18.805 868.146 II 2017 Athens Thessaloniki Rhodes Kos Karpathos Heraklion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Paros Kalamata Samos Skiathos Kavala Mytilene Total Type4 January 217.071 92.843 29.140 5.283 1.489 37.796 32.326 7.361 1.358 808 154 4.815 14.182 1.160 602 4.905 296 2.205 9.984 462.618 II February 222.039 99.379 26.134 4.991 1.098 36.502 31.364 6.923 1.310 842 39 6.123 14.714 1.522 611 4.255 420 2.562 9.912 469.218 II March 251.390 108.694 30.926 6.471 1.502 43.880 34.590 8.779 1.379 1.007 43 8.582 21.536 1.966 660 5.018 677 2.938 11.935 540.007 II April 259.296 89.616 37.346 8.765 2.201 46.295 35.207 11.486 2.431 1.838 319 11.932 37.104 3.810 663 6.233 928 3.020 12.410 567.090 II May 317.472 88.984 37.174 9.025 2.157 43.335 36.958 12.987 3.737 2.797 95 24.253 55.431 5.679 507 6.151 1.540 3.289 13.408 659.300 II June 364.059 99.961 40.830 11.860 3.215 50.113 39.485 14.696 5.405 4.985 1.080 36.392 65.683 9.903 2.234 7.727 3.426 3.438 16.676 771.265 II July 421.005 111.753 46.794 15.437 5.460 60.407 44.715 18.059 6.781 8.827 1.710 45.410 66.968 15.603 2.956 9.939 4.973 3.988 20.407 895.589 II August 430.509 115.239 46.243 14.969 5.116 58.576 44.657 17.550 7.093 8.781 1.699 42.558 63.067 15.828 3.265 10.282 4.595 3.348 18.893 896.440 II September 399.926 108.151 42.294 9.820 3.226 54.631 36.264 13.817 4.984 4.278 1.057 33.130 64.271 10.583 2.462 6.690 2.648 3.183 14.240 805.072 II Οctober 372.753 99.624 35.575 8.335 1.660 51.478 34.360 10.010 2.935 1.880 252 14.997 49.879 4.523 800 4.726 877 3.385 12.448 705.974 II Νovember 252.955 91.691 28.491 8.024 1.411 45.975 22.875 10.149 1.237 973 58 1.366 20.919 1.992 519 4.621 488 3.242 11.388 506.382 II December 236.270 91.103 28.624 8.463 1.281 45.120 21.996 9.963 1.212 1.036 64 1.692 14.389 1.598 572 4.299 460 2.791 10.771 480.106 II Total 3.744.745 1.197.038 429.571 111.443 29.816 574.108 414.797 141.780 39.862 38.052 6.570 231.250 488.143 74.167 15.851 74.846 21.328 37.389 162.472 7.759.061 II ytd 439.110 192.222 55.274 10.274 2.587 74.298 63.690 14.284 2.668 1.650 193 10.938 28.896 2.682 1.213 9.160 716 4.767 19.896 931.836 II % Changes Athens Thessaloniki Rhodes Kos Karpathos Herakleion Chania Corfu Zakynthos Kefalonia Aktio Mykonos Santorini Paros Kalamata Samos Skiathos Kavala Mytilene Total January -2,4% -18,3% 5,8% 64,5% -2,0% 16,0% -33,4% 30,6% -6,2% 7,9% -59,7% -76,1% 7,1% 65,3% -40,4% 0,6% 47,3% 47,7% -3,3% -4,3% February -8,2% -22,2% 3,2% 35,0% 13,8% 16,2% -37,8% 30,1% -2,7% 11,8% -41,0% -57,1% 0,5% 18,6% -25,2% -5,5% 12,6% 12,2% -7,7% -9,3% ytd -5,4% -20,3% 4,6% 50,2% 4,7% 16,1% -35,6% 30,4% -4,5% 9,9% -56,0% -65,5% 3,8% 38,8% -32,7% -2,3% 27,0% 28,6% -5,5% -6,8% Regions 3 Total (without Athens) Dodecanese Crete Ionian islands Cyclades Other 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 2017 2016 Δ 2017/2016 January 230.936 245.547-6,0% 40.986 35.912 14,1% 65.371 70.122-6,8% 11.821 9.681 22,1% 18.257 20.157-9,4% 18.281 17.390 5,1% February 221.661 247.179-10,3% 34.970 32.223 8,5% 61.906 67.866-8,8% 11.246 9.114 23,4% 19.224 22.359-14,0% 16.517 17.149-3,7% March 288.617-100,0% 38.899-100,0% 78.470-100,0% 11.208-100,0% 32.084-100,0% 20.568-100,0% April 307.794-100,0% 48.312-100,0% 81.502-100,0% 16.074-100,0% 52.846-100,0% 22.591-100,0% May 341.828-100,0% 48.356-100,0% 80.293-100,0% 19.616-100,0% 85.363-100,0% 24.388-100,0% June 407.206-100,0% 55.905-100,0% 89.598-100,0% 26.166-100,0% 111.978-100,0% 31.267-100,0% July 474.584-100,0% 67.691-100,0% 105.122-100,0% 35.377-100,0% 127.981-100,0% 39.307-100,0% August 465.931-100,0% 66.328-100,0% 103.233-100,0% 35.123-100,0% 121.453-100,0% 37.118-100,0% September 405.146-100,0% 55.340-100,0% 90.895-100,0% 24.136-100,0% 107.984-100,0% 26.761-100,0% Οctober 333.221-100,0% 45.570-100,0% 85.838-100,0% 15.077-100,0% 69.399-100,0% 21.436-100,0% Νovember 253.427-100,0% 37.926-100,0% 68.850-100,0% 12.417-100,0% 24.277-100,0% 19.739-100,0% December 243.836-100,0% 38.368-100,0% 67.116-100,0% 12.275-100,0% 17.679-100,0% 18.321-100,0% ytd 452.597 492.726-8,1% 75.956 68.135 11,5% 127.277 137.988-7,8% 23.067 18.795 22,7% 37.481 42.516-11,8% 34.798 34.539 0,7% Source: Civil Aviation Authority (CAA) and Athens International Airport (AIA) - Processing: SETE Intelligence See cooments on page 4 A -9.3% decrease in domestic airport arrivals was seen in February 2018, compared to February 2017, according to the data available from the country's major airports. Specifically, 425,000 airport arrivals were recorded compared to 469,000 in February 2017. Statistical Bulletin March 2018 8

Arrivals in February were down -8.2% at Athens International Airport and -22.2% at Thessaloniki Airport. The drop noted at Thessaloniki Airport is due to reconstruction work there. The largest percentage decrease (-57.1%) in February was at Mykonos Airport. The largest percentage increase was seen at Kos Airport (+35.0%). In terms of destinations, Crete had 62,000 arrivals (-8.8%) compared to 68,000 in February 2017; the Cyclades had 19,000 (-14.0%) compared to 22,000; and the Dodecanese had 35,000 (+8.5%), compared to 32,000 in February 2017. In the Ionian, arrivals were up by +23.4%, with 11,000 arrivals. The remaining airports followed with 16,000 arrivals for a -3.7% drop. Statistical Bulletin March 2018 9

Road Arrivals February 2018 Statistical Bulletin March 2018 10

ROAD ARRIVALS - FEBRUARY 2018 2018 NYMFAIA NIKI KRYSTALLOPIGIAG. KONSTANTINOS ORMENIO KYPRINOS KASTANIES KIPOI DOIRANI EVZONOI KAKAVIA MERTZANI EXOCHI PROMACHONAS SAGIADA TOTAL January 46.589 19.049 53.468 4.190 14.633 4.519 14.616 39.430 34.053 122.518 72.389 2.158 19.689 161.365 19.646 628.312 February 43.328 14.346 41.569 2.920 14.719 4.225 13.078 34.277 22.642 125.080 39.580 1.151 16.349 105.853 12.747 491.864 ytd 89.917 33.395 95.037 7.110 29.352 8.744 27.694 73.707 56.695 247.598 111.969 3.309 36.038 267.218 32.393 1.120.176 2017 NYMFAIA NIKI KRYSTALLOPIGIAG. KONSTANTINOS ORMENIO KYPRINOS KASTANIES KIPOI DOIRANI EVZONOI KAKAVIA MERTZANI EXOCHI PROMACHONAS SAGIADA TOTAL January 26.967 13.805 60.155 2.181 32.507 4.320 10.075 26.389 33.637 177.281 5.471 1.011 53.171 57.485 20.448 524.903 February 34.133 16.126 42.607 4.381 40.615 5.783 14.149 31.478 27.734 74.794 3.453 891 50.980 56.436 16.523 420.083 March 39.105 18.823 50.919 4.545 46.655 6.677 16.038 36.698 36.550 202.092 46.385 2.394 52.191 92.070 21.291 672.433 April 54.250 22.243 72.076 5.885 29.573 7.892 16.169 48.536 36.333 225.959 9.816 1.572 33.667 110.715 25.427 700.113 May 52.181 24.712 70.945 6.756 25.040 7.311 15.461 54.019 34.312 269.063 49.692 2.177 28.721 140.958 21.388 802.736 June 198.192 39.376 63.276 8.272 36.788 9.251 15.562 65.621 59.172 437.787 53.192 2.379 37.316 272.428 23.286 1.321.898 July 281.443 47.266 78.765 18.019 56.753 10.767 20.776 97.209 101.727 711.517 69.472 2.529 55.345 516.722 34.566 2.102.876 August 368.625 64.709 101.894 17.163 39.765 7.430 70.646 194.339 94.626 759.348 118.916 2.284 52.159 538.996 48.352 2.479.252 September 217.225 39.430 82.579 12.220 33.973 6.876 44.950 94.303 52.075 571.373 66.238 2.736 45.939 437.551 25.219 1.732.687 Οctober 75.008 26.365 65.393 4.461 20.592 6.002 16.050 50.446 39.914 160.935 59.259 2.304 27.513 198.486 15.690 768.418 Νovember 60.845 17.783 65.992 3.326 19.822 4.786 13.961 43.042 32.852 117.698 53.609 1.134 18.956 162.185 15.911 631.902 December 52.554 19.409 53.468 3.692 17.862 19.230 17.275 42.592 35.965 139.678 52.516 1.961 26.415 130.260 17.943 630.820 Total 1.460.528 350.047 808.069 90.901 399.945 96.325 271.112 784.672 584.897 3.847.525 588.019 23.372 482.373 2.714.293 286.044 12.788.122 ytd 61.100 29.931 102.762 6.562 73.122 10.103 24.224 57.867 61.371 252.075 8.924 1.902 104.151 113.921 36.971 944.986 % CHANGE NYMFAIA NIKI KRYSTALLOPIGIAG. KONSTANTINOS ORMENIO KYPRINOS KASTANIES KIPOI DOIRANI EVZONOI KAKAVIA MERTZANI EXOCHI PROMACHONAS SAGIADA TOTAL January 72,8% 38,0% -11,1% 92,1% -55,0% 4,6% 45,1% 49,4% 1,2% -30,9% 1223,1% 113,5% -63,0% 180,7% -3,9% 19,7% February 26,9% -11,0% -2,4% -33,3% -63,8% -26,9% -7,6% 8,9% -18,4% 67,2% 1046,2% 29,2% -67,9% 87,6% -22,9% 17,1% ytd 47,2% 11,6% -7,5% 8,4% -59,9% -13,5% 14,3% 27,4% -7,6% -1,8% 1154,7% 74,0% -65,4% 134,6% -12,4% 18,5% ALBANIA BULGARIA FYROM TURKEY REGIONS* 2018 2017 Δ 2018/2017 2018 2017 Δ 2018/2017 2018 2017 Δ 2018/2017 2018 2017 Δ 2018/2017 January 147.661 87.085 69,6% 250.985 176.631 42,1% 175.620 224.723-21,9% 54.046 36.464 48,2% February 95.047 63.474 49,7% 187.394 192.328-2,6% 162.068 118.654 36,6% 47.355 45.627 3,8% March 120.989-100,0% 241.243-100,0% 257.465-100,0% 52.736-100,0% April 108.891-100,0% 241.982-100,0% 284.535-100,0% 64.705-100,0% May 144.202-100,0% 260.967-100,0% 328.087-100,0% 69.480-100,0% June 142.133-100,0% 562.247-100,0% 536.335-100,0% 81.183-100,0% July 185.332-100,0% 939.049-100,0% 860.510-100,0% 117.985-100,0% August 271.446-100,0% 1.024.138-100,0% 918.683-100,0% 264.985-100,0% September 176.772-100,0% 753.784-100,0% 662.878-100,0% 139.253-100,0% Οctober 142.646-100,0% 332.062-100,0% 227.214-100,0% 66.496-100,0% Νovember 136.646-100,0% 269.920-100,0% 168.333-100,0% 57.003-100,0% December 125.888-100,0% 250.013-100,0% 195.052-100,0% 59.867-100,0% ytd 242.708 150.559 61,2% 438.379 368.959 18,8% 337.688 343.377-1,7% 101.401 82.091 23,5% Source: Border checkpoints Processing: SETE INTELLIGENCE See cooments on page 4 Road arrivals in February 2018 were up by +17.1%, amounting to 72,000 more than February 2017. Specifically, the largest increase was seen at the Promachonas border checkpoint, up +87.6%/+49,000 arrivals. The highest percentage increase was Statistical Bulletin March 2018 11

noted at the Kakavia checkpoint (+1046%/+36,000 arrivals). The largest drop both as a percentage and in absolute numbers was seen at the Exohi checkpoint, down -67.9%/-34,000. As regards country of origin, the highest increase in absolute numbers for February was from FYROM, amounting to +36.6%/+43,000 arrivals, followed by Albania with +49.7%/+32,000. Meanwhile, road arrivals from Turkey were up +3.8%/+2,000. Road arrivals from Bulgaria were down -2.6%/-5,000. Statistical Bulletin March 2018 12

Statistical Bulletin March 2018 13

Travel Balance January 2018 Statistical Bulletin March 2018 14

Arrivals ΑRRIVALS in thousands 2018 Countries ΕΕ-28 Eurozone of which of which of which non Eurozone Other France Germany U.K. USA Russia Total Januray 371 164 8 62 207 35 233 22 2 603 ytd 371 164 8 62 207 35 233 22 2 603 2017 Countries of which of which of which Eurozone non Eurozone Other ΕΕ-28 France Germany U.K. USA Russia Total Januray 304 158 6 51 145 36 217 20 11 520 Februray 272 128 11 47 144 34 173 21 6 444 March 381 167 12 57 214 21 247 40 8 628 April 618 348 91 92 270 81 392 36 13 1.010 May 1.436 839 144 345 597 284 546 58 40 1.982 June 2.321 1.225 150 457 1.096 502 1.035 124 109 3.356 July 3.417 1.737 274 514 1.679 560 1.725 117 126 5.142 August 4.064 2.223 384 738 1.841 567 1.749 131 143 5.813 September 3.235 1.603 219 615 1.633 539 1.404 168 75 4.640 Οctober 1.761 1.083 104 664 679 291 595 93 42 2.356 Νovember 474 212 17 89 262 42 267 32 7 741 December 301 142 8 38 159 44 262 26 9 563 Total 18.583 9.863 1.420 3.706 8.720 3.002 8.611 865 589 27.194 ytd 304 158 6 51 145 36 217 20 11 520 %Changes Countries of which of which of which Eurozone non Eurozone Other ΕΕ-28 France Germany U.K. USA Russia Total Januray 22% 3,4% 22,1% 21,7% 42,5% -4,2% 7,3% 9,4% -84,8% 16,0% ytd 22,1% 3,4% 22,1% 21,7% 42,5% -4,2% 7,3% 9,4% -84,8% 16,0% Source:BoG - Processing:SETE Intelligence Provisonal data Statistical Bulletin March 2018 15

In January 2018, the number of inbound visitors rose by +16.0% year-on-year to 604 thousand. The increase in the number of inbound visitors is attributed to higher visitor flows from both within the EU28 (up +22.1%) and outside the EU28 (up +7.3%). In greater detail, the number of visitors from the euro area increased by +3.4% to 164 thousand, while visitors from the non-euro area EU28 countries also rose by +42.5% (January 2018: 207 thousand, January 2017: 145 thousand). Specifically, the number of visitors from Germany rose by +21.7% to 62 thousand, as did the number of visitors from France, by +22.1% to 8 thousand. Visitors from the United Kingdom decreased by -4.2% to 35 thousand. Turning to non-eu28 countries, the number of visitors from Russia dropped by -84.8% to 2 thousand, whereas the number of visitors from the United States rose by +9.4% to 22 thousand. Statistical Bulletin March 2018 16

Receipts Receipts in mil. 2018 Countries ΕΕ-28 Eurozone of which of which of which non Eurozone Other France Germany U.K. USA Russia Total Cruises Total Januray 86 51 3 19 35 11 66 11 0 152 1 153 ytd 86 51 3 19 35 11 66 11 0 152 1 153 2017 Countries of which of which of which Eurozone non Eurozone Other ΕΕ-28 France Germany U.K. USA Russia Total Cruises Total Januray 86 60 3 21 26 11 71 14 6 157 1 158 Februray 82 53 6 16 28 13 61 15 4 143 2 145 March 100 61 5 18 38 9 94 25 6 193 10 203 April 277 207 67 57 70 36 180 25 7 457 27 484 May 740 477 86 227 263 183 295 52 27 1.036 58 1.094 June 1.401 831 109 347 569 378 576 110 74 1.977 70 2.047 July 1.910 1.173 188 370 738 384 930 127 110 2.840 85 2.925 August 2.553 1.702 350 595 850 467 898 119 101 3.450 71 3.522 September 1.714 1.031 139 437 683 378 691 164 45 2.405 66 2.470 Οctober 782 551 51 353 232 146 333 82 23 1.115 52 1.167 Νovember 130 80 6 35 50 19 78 17 4 208 17 225 December 96 58 4 14 37 17 84 12 4 180 2 182 Total 9.843 6.270 992 2.553 3.573 4.327 803 418 14.170 425 425 14.596 ytd 86 60 3 21 26 11 71 14 6 157 1 158 %Changes Countries of which of which of which Eurozone non Eurozone Other ΕΕ-28 France Germany U.K. USA Russia Total Cruises Total Januray 0,3% -15,6% 5,9% -9,2% 37,7% -1,8% -7,0% -22,1% -93,7% -3,0% -1,2% -3,0% ytd 0,3% -15,6% 5,9% -9,2% 37,7% -1,8% -7,0% -22,1% -93,7% -3,0% -1,2% -3,0% Source:BoG - Processing:SETE Intelligence Provisonal data Statistical Bulletin March 2018 17

In January 2018, as mentioned previously, travel receipts declined by -3.0% year-on-year. In more detail, receipts from residents of the EU28 increased slightly, by +0.3%, to 86 million, whereas receipts from outside the EU28 fell by -7.0% (January 2018: 66 million, January 2017: 71 million). The uptick in receipts from within the EU28 was due to a +37.7% increase in receipts from residents of non-euro area EU28 countries (January 2018: 35 million, January 2017: 26 million), as receipts from euro area residents fell by -15.6% to 51 million. Breaking down receipts by visitor s country of origin, receipts from Germany fell by -9.2% to 19 million, whereas receipts from France increased by +5.9% to 3 million. Receipts from the United Kingdom decreased by -1.8% to 11 million. Turning to non-eu28 countries, receipts from Russia dropped by -93.7% to 0.4 million, while receipts from the United States also decreased by -22.1% to 11 million. Statistical Bulletin March 2018 18

Macroeconomic developments Statistical Bulletin March 2018 19

The state of the economy: According to ELSTAT estimates, growth in the GDP was limited to 1.35% in 2017 (+1.77% in 4th quarter 2017) and was lower than expected. This development is exclusively due to ELSTAT's forecast of a drop in private consumption of -1.3% in 4th quarter 2017 and its marginal increase of 0.1% for 2017 overall, despite the ongoing increase in Goods and Services imports (5.0% in 4th quarter 2017, and 7.2% for 2017 overall), but particularly the very high increase in imports of most consumer products 1. The estimate for sluggish private consumption in 2017 (+0.1%) follows the estimated -0.02% drop in 2016, and -0,5% drop in 2015, after a marginal increase of +0.6% in 2014. Based on these estimates, private consumption in 2017 was just 310 million higher than 2013, when imports of Goods and Services over the same period increased by 9.23 billion. The inconsistency between estimates on the course of private consumption and imports of Goods and Services may be due to the fact that, on the one hand, imports are defined to a great extent by administrative data that reflect real demand based on the status of the real GDP (in other words, the recorded official GDP plus the GDP of the unrecorded [black] economic activity); and on the other, that private consumption is determined only on the basis of recorded gross disposable income. In recent years, gross disposable income has declined relative to both real GDP and recorded GDP. Specifically, ELSTAT estimates the gross disposable income at 64.7% of recorded GDP for 2017, down from 69.9% in 2012. This sizeable -5.2% drop in the GDP is due to: 1 Specifically, for 2017 ELSTAT estimates a standstill in private consumption despite the very high increase in imports of most consumer products, such as meat (2017: +7.9%, 2016: +4.4%), fish ( 13.4%, 16.5%), dairy products (15.1%, -1.1%), vegetables (10.6%, 1.8%), fruit and nuts (8.7%, 0.1%), cereals (11.6%, 11.9%), animal or vegetable fats/oils (18.0%, -9.7%), alcoholic beverages (12.6%, 9.7%), leather and fur (68.9%, -23.5%), ready-to-wear clothing (4.4%, 9.3%), electrical appliances (5.4%, -2.5%), passenger cars (10.0%, 14.3%), etc. Statistical Bulletin March 2018 20

- about 80% (-4.1% of the GDP) to a) the drop in reported (rather than actual) income from business activity, and b) the drop in income from assets (mainly from interest which, despite the increase in bank deposits in 2017, has been replaced by nontaxable and unrecorded benefits [bonuses] that banks offer for time and other deposits, etc.). - about 20% (-1.1% of the GDP) to the increase in tax revenues and net payments (contributions less pensions and other benefits) to insurance funds These data indicate that both private consumption and total domestic final demand (total consumption plus investments), as well as the real GDP for 2017 and the period 2014-2017 increased at faster rates than the increase in recorded GDP by ELSTAT. Sectors 2015 2016 2017 January 2018 January 2017 Index of Industrial Production 1,0% 2,5% 4,1% 7,1% -1,7% Index of Production in Manufucturing 1,8% 4,2% 3,3% 1,0% 6,4% Turnover Index in Manufucturing Industry -10,3% -5,1% 11,5% 27,7% 12,6% Index of Production in Construction 2,5% 23,5% -15,1% - - Volume Index in Contruction Licences -0,2% -6,6% 19,3% - - Turnover Index in Accommodation & Restaurants 3,1% 0,1% 9,9% - - Non Residents Arrivals 7,1% 5,1% 9,7% -2,4% 16,0% Tourism Receipts 5,5% -6,4% 10,5% -6,5% -3,0% Turnover Index in Wholesale Trade -4,4% -1,6% 3,7% - - Turnover Index in Retail Trade -2,9% -2,0% 1,7% - - Volume Index in Retail Trade -1,5% -0,6% 1,3% - - Pirate Car Sales 13,9% 10,9% 22,1% 32,5%1 45,4%1 Turnover Index for Motor Trades 7,7% 7,7% 6,4% - - Employment (LFS) 2,1% 1,7% 2,2% - - Exports of Goods and Services (Current Prices) -8,9% -6,1% 13,5% 27,3% 15,2% Imports of Goods and Services (Current Prices) -14,3% -4,2% 12,6% 26,8% 21,9% GDP: Estimations by Hellenic Statistical Authority (Update data 2015&2016&2017) Private Consumption (2010 prices) -0,5% 0,0% 0,1% - - Fixed Asset Investments ( 2010 prices) -0,3% 1,6% 9,6% - - - Investments in Equipment ( 2010 prices) 7,8% -12,3% 28,9% - - Change of Investments. in inventories ( billion) -190,0% 110,0% 132,8% - - Exports of Goods and Services (2010 prices) 3,1% -1,8% 6,8% - - Imports of Goods and Services (2010 prices) 0,4% 0,3% 7,2% - - Source: BoG, ΕLSΤΑΤ - Processing: SETE Intelligence January-February, * Εstimation Developmnets in selected sectors of the Greek Economy In any case, the higher growth of the Greek economy in 2017 and the apparent continuation along the same course in the first two months of 2018 is clear from developments in its key sectors (see Table). Statistical Bulletin March 2018 21

Execution of the State Budget: Data regarding the execution of the 2017 Budget (B2017) appear to confirm our projection that the General Government Primary Surplus (GGPS) in 2017 will exceed 3.5% of the GDP, after accounting for the extraordinary expenditures of 1.4 billion in December 2017 for the so-called social dividend. Moreover, the execution of B2018 in January and February 2018 supports estimates for a 2018 GGPS higher than the 3.82% of the GDP provisioned in B2018 and the 3.5% required by the 3rd MOU. The large GGPS in 2017, combined with the far-better-than-expected execution of B2018 in the first two months of 2018, is expected to significantly speed up negotiations to wrap up the 4th Bailout Review, following the completion of the 3rd Review with the Euro Working Group's approval of the 6.7 billion tranche ( 5.7 billion paid in March 2018, plus 1 billion in June 2018). The continued achievement of a GGPS at higher levels than those required once again highlights the misguided projections of Greece's inability to achieve the necessary GGPS, and the need to impose new growth and fiscal measures on the country in 2019 and 2020. Specifically, the projection for achieving a GGPS higher than 3.82% of the GDP in 2018 is based on: a) the far-betterthan-expected execution of budgets in 2015, 2016 and 2017 due to the fact that structural reforms implemented in the period 2010-2017 have helped to drastically reduce primary public expenditures and are already contributing to a satisfactory increase in General Government revenues; b) the imposition of additional fiscal measures amounting to 0.6% of the GDP, to be implemented in early 2018; and c) the expected increase in the nominal GDP by 4.0% in 2018. This projection is already being borne out by the execution of B2018 for the first 2 months of 2018, indicating the following: - at the level of Central Government, in the first two months: o net revenues in the Budget (B) came to 675 million above target; o total Budget primary expenditures were lower than target by 112 million; o the public investment program surplus was higher than targetted by 656 million (also due to the transfer of revenues from the EU-28 structural funds from B2017 to B2018). o overall the Central Government Primary Surplus came to 2.44 billion, compared to the targeted surplus of 1 billion. Statistical Bulletin March 2018 22

- at General Government (GG) level, on a consolidated cash basis for January 2018: o GG revenues rose by +10.3% (January 2017: -1.7%). o primary expenditures plus the increase in overdue Greek State obligations rose +4.0% (January 2017: +2.6%). o as a result, the GGPS on a cash basis came to 3.95 billion, from 3.32 billion in January 2017. Approval of the 6.7 billion tranche Following the completion of the 3rd Bailout Review, the EWG approved the payment of the 6.7 billion tranche, 5.7 billion of which will be paid in March 2018 and the balance of 1 billion in June 2018. Financing through markets: After S&P, Fitch and Moody's upgraded Greece's credit rating, the Greek State issued 12-month Greek Treasury Bills, through which it raised 813 million, plus 187.5 million from non-competitive offers, at an interest rate of 1.25%, further strengthening its position on the market. This took place despite the relative upset on international markets as a result of the Fed s interest rate increases on 21 March 2018 (to 1.5%-1.75%) and market projections for three additional increases within 2018. Yields on Greek Government Bonds fell in March after rising in February from levels to which they had dropped in January. They remain at relatively low levels (10-year at 4.11% on average in February), despite the fact that the ECB does not intervene to stabilise trade in Greek bonds, as is the case with government bonds in other Southern European countries. New improvement in the economic climate: The foregoing developments contributed to impressively improving Greece s Economic Sentiment Indicator (Feb. 2018: 104.3, Jan. 2018: 101.9, Dec. 2017: 101.0, Nov. 2017: 98.4, May 2017: 93.2) and Consumer Confidence Index (February 2018: -53, January 2018: -51), while the Services Expectation Index came to 18.9 in February 2018, up from 13.4 in December 2017 and 6.6 in March 2017. Statistical Bulletin March 2018 23

Finally, employment and unemployment rates are moving in a positive direction: - According to the most recent Labour Force Survey (seasonally adjusted figures), in December 2017: o There were 3.76 million employed compared to 3.65 million in the same month in 2016, and 3.65 million in 2015. The number of employed is the highest since 2011. o The unemployed population amounts to 989,200, compared to 1.12 million last year and 1.16 million in 2015. After peaking at 27.9% in 2013, unemployment has gradually dropped to 20.8% (though it is still high), compared to 23.4% last year and 24.0% in 2015. o The economically inactive population amounts to 3.25 million, compared to 3.26 million last year, and 3.38 million at its peak in 2011. - Based on the ERGANI Information System s results, paid employment rose by +16,628 jobs in February 2018, compared to +24,938 in February 2017. Major contributing factors in increasing employment were accommodation (+2,393) and catering services (+1,917), and it is noteworthy that no sector showed marked losses. The sector with the greatest losses, for example, was the food industry, with a loss of -359 jobs. Statistical Bulletin March 2018 24

Consumer Confidence Index (CCI) February 2018 Statistical Bulletin March 2018 25

Finland had the highest CCI in February 2018, at 104.0. For the same period, the OECD-country average is at 101.1, presenting a +0.6% increase over February 2017. The largest percentage increase for February was demonstrated by Turkey with +2.2%, followed by Greece in second place with +2.1% and Austria third at +1.5%. The CCIs of Turkey (99.0) and Greece (98.5) are lowest of the countries analysed and the only ones under 100. Only Sweden showed a decrease (-0.2%), with a CCI of 100.9 for February 2018. Consumer Confidence Index, FEBRUARY 2018 Austria Belgium Czech 2018 Republic Denmark Finland France Germany Greece Hungary Israel Italy Netherlands Poland Russia Slovakia Sweden Switzerland Turkey Great Britain U.S.A. OECD January 101,6 101,3 103,2 101,8 104,0 101,0 102,0 98,6 102,3 100,9 101,7 102,0 102,0-102,9 101,2-98,1 100,6 101,2 101,0 February 101,7 101,1 103,4 101,8 104,0 100,8 102,0 98,5 102,4-101,7 102,0 102,2-102,9 100,9-99,0 100,7 101,4 101,1 Average 101,6 101,2 103,3 101,8 104,0 100,9 102,0 98,6 102,3 100,9 101,7 102,0 102,1-102,9 101,1-98,5 100,7 101,3 101,1 Austria Belgium Czech 2017 Republic Denmark Finland France Germany Greece Hungary Israel Italy Netherlands Poland Russia Slovakia Sweden Switzerland Turkey Great Britain U.S.A. OECD January 100,0 100,7 102,8 101,1 102,9 100,5 100,9 96,8 101,9 100,6 100,7 101,6 101,2 98,8 102,5 101,0 100,1 96,6 100,7 101,3 100,5 February 100,1 100,8 102,8 101,3 103,0 100,5 100,9 96,5 101,9 100,5 100,5 101,8 101,2 99,0 102,4 101,1 100,2 96,8 100,7 101,3 100,5 March 100,3 100,9 102,8 101,4 103,1 100,6 101,1 96,3 101,9 100,6 100,4 101,8 101,3 99,2 102,5 101,2 100,1 97,5 100,7 101,2 100,6 April 100,4 101,0 102,8 101,5 103,3 100,7 101,3 96,4 101,7 100,7 100,3 101,7 101,4 99,3 102,6 101,2 100,0 98,2 100,6 101,2 100,7 May 100,6 101,0 102,6 101,5 103,4 100,9 101,5 96,6 101,7 100,8 100,2 101,6 101,5 99,5 102,7 101,1 100,1 98,6 100,5 101,1 100,8 June 100,7 101,1 102,4 101,6 103,5 101,1 101,7 97,0 101,7 100,8 100,2 101,7 101,5 99,8 102,7 100,9 100,2 98,6 100,4 101,0 100,8 July 100,8 101,2 102,4 101,6 103,6 101,1 101,7 97,5 101,7 100,8 100,4 101,7 101,5 100,0 102,7 100,8 100,5 98,5 100,4 101,0 100,8 August 100,9 101,4 102,4 101,6 103,8 101,0 101,6 97,9 101,7 100,8 100,8 101,8 101,5 100,3 102,8 100,8 100,8 98,2 100,4 101,1 100,8 September 101,0 101,5 102,5 101,6 104,0 100,8 101,7 98,2 101,8 100,8 101,3 101,8 101,6-102,8 100,9-97,6 100,5 101,2 100,9 Οctober 101,2 101,5 102,6 101,6 104,0 100,8 101,7 98,4 101,8 100,9 101,5 101,8 101,6-102,8 101,1-97,0 100,5 101,4 101,0 Νovember 101,4 101,4 102,8 101,7 104,0 100,9 101,8 98,5 102,0 100,9 101,6 101,9 101,7-102,8 101,3-96,7 100,5 101,3 101,0 December 101,5 101,4 103,0 101,7 104,0 101,0 101,9 98,6 102,2 100,9 101,7 101,9 101,9-102,8 101,3-97,1 100,5 101,2 101,0 Average 100,0 100,7 102,8 101,2 102,9 100,5 100,9 96,6 101,9 100,6 100,6 101,7 101,2 98,9 102,4 101,1 100,2 96,7 100,7 101,3 100,5 Austria Belgium Czech Change Republic Denmark Finland France Germany Greece Hungary Israel Italy Netherlands Poland Russia Slovakia Sweden Switzerland Turkey Great Britain U.S.A. OECD January 1,6% 0,6% 0,5% 0,7% 1,0% 0,5% 1,1% 1,9% 0,4% - 1,0% 0,3% 0,8% - 0,4% 0,1% - 1,5% 0,0% 0,0% 0,5% February 1,5% 0,3% 0,6% 0,5% 1,0% 0,3% 1,1% 2,1% 0,5% - 1,2% 0,2% 0,9% - 0,5% -0,2% - 2,2% 0,0% 0,1% 0,6% Average 1,6% 0,5% 0,5% 0,6% 1,0% 0,4% 1,1% 2,0% 0,4% - 1,1% 0,3% 0,9% - 0,4% 0,0% - 1,9% 0,0% 0,0% 0,6% Source: OECD - Processing: SETE Intelligence The following charts show the course of the CCI in each country over the past 24 months, in comparison with the average for OECD countries (black line). Statistical Bulletin March 2018 26

Statistical Bulletin March 2018 27

The following table shows the position of each country in comparison with the OECD average and whether the CCI has improved from 24 months earlier. The countries with an improved CCI and levels above the OECD average are those one might well expect to be in correspondingly higher demand, while the opposite holds true for countries with a CCI below the OECD average or which was trending downward. In some cases an increase/decrease in the index indicates an increased/decreased inclination towards consumption, while levels higher/lower than the OECD average indicate markets with consumers exhibiting comparatively higher/lower consumer confidence. In any case, the consumption capacity of each country depending on per capita GDP and disposable income should be borne in mind. Of particular note is the change experienced by Britain, going from a country with a rising CCI that was higher than the OECD index, to a country with a dropping CCI and a lower value compared to the OECD. Compared with OΕCD average Lower value Higher or Equal Value In comparison with 12 months before Increase Greece Turkey United Kingdom France Austria Belgium Czech Republic Germany Denmark Italy Finland Hungary Netherlands Poland Slovakia USA Decrease Sweden Source: OECD Processing: SETE INTELLIGENCΕ Statistical Bulletin March 2018 28

Turnover Indexes in: Tourism, Air & Sea Transports and Travel Agents Statistical Bulletin March 2018 29

The Hellenic Statistical Authority (ELSTAT) prepares the Turnover Indexes (TI) for Transport and Tourism on a quarterly basis, using the year 2010=100.00 as the base year. Turnover Indexes are business cycle indicators that depict the development of the service industry. The aim of these indexes is to measure the activity of the sectors under study in terms of value. Turnover includes the total amounts invoiced by a business during the reference period and which relate to the sale of goods and services to third parties. Possible subsidies for products/services are also taken into account. VAT and other related discounted taxes directly connected to turnover are excluded. The same applies for duties and taxes on goods and services invoiced by the business. Furthermore, it does not include other operating income, financial income and extraordinary income of the business. A representative sample of 300 transport businesses and 249 tourism businesses with an annual turnover equal to or greater than 250,000 from all around Greece were used to calculate the Tourism and Transport Turnover Index in the survey. For further information about Turnover Indexes and their preparation method, visit the Tourism Turnover Index webpageor the Transport & Travel Agent Turnover Index webpage. Statistical Bulletin March 2018 30

TURNOVER INDEXES PER QUARTER 2010-2016 PERCENTAGE CHANGES 2010 2011 2012 2013 2014 2015 2016 2017 2011/20102012/20112013/20122014/20132015/20142016/2015 2017/2016 Turnover index in accommodation and food service Q1 64 51 39 32 47 48 43 43-20,6% -24,0% -16,8% 44,9% 3,4% -11,0% 0,9% Q2 103 101 80 84 90 98 96 103-2,2% -20,8% 5,3% 6,7% 8,7% -1,3% 7,4% Q3 167 165 146 148 159 166 171 196-1,1% -11,5% 1,2% 7,7% 4,8% 2,9% 14,7% Q4 66 54 42 58 64 58 61 65-18,3% -21,7% 36,2% 11,3% -9,0% 3,9% 7,1% Turnover index in travel agency, tour operator reservation service and related activities Q1 57 33 20 20 22 27 23 22-42,7% -37,9% -3,9% 11,3% 24,0% -13,0% -4,3% Q2 131 91 55 54 57 61 57 61-30,3% -39,3% -2,3% 4,6% 8,3% -7,0% 6,5% Q3 135 90 78 90 96 85 87 98-33,5% -13,5% 15,4% 6,8% -11,0% 1,4% 13,3% Q4 77 45 36 47 50 41 39 38-41,2% -21,1% 31,8% 5,9% -17,6% -4,9% -3,3% Turnover index in air transport Q1 79 69 66 65 65 67 71 74-12,5% -5,6% -1,1% 0,5% 3,1% 6,3% 3,5% Q2 105 109 99 109 122 128 123 144 3,8% -8,8% 9,3% 12,7% 4,2% -3,4% 16,6% Q3 132 138 140 148 165 185 198 212 4,5% 1,2% 6,2% 11,5% 11,8% 7,4% 6,8% Q4 84 80 88 86 84 91 96 100-4,5% 9,4% -2,2% -2,5% 8,6% 5,3% 4,2% Turnover index in sea transport Q1 72 71 61 55 45 42 42 37-1,1% -13,8% -10,3% -18,8% -4,9% 0,0% -13,2% Q2 105 96 82 76 67 69 65 58-8,7% -14,5% -7,3% -11,1% 2,5% -5,8% -10,9% Q3 153 157 125 118 111 103 100 90 3,0% -20,5% -5,9% -5,5% -7,5% -2,2% -10,2% Q4 71 66 62 57 58 51 45 44-7,3% -5,9% -7,6% 0,7% -10,9% -11,5% -2,2% Source: Hellenic Statistical Authority - processing: SETE Intelligence The turnover index for the hospitality and catering services sector was up +7.1% in the 4th quarter of 2017 compared to the 4th quarter of 2016. The air transport turnover index is at a high level with an increase of +4.2%. The travel agency turnover index presented a decrease of -3.3% compared to the same quarter last year. Conversely, the turnover indexes for sea transport are significantly lower than the high levels of 2010, and are at the lowest levels for 4th quarter for the period 2010-2017. Statistical Bulletin March 2018 31

The turnover index for the hospitality and food services sector for 4th quarter 2017 was at the second-highest level for the period 2010-2017. The index was up +7.1% compared to 2016, as opposed to the +3.9% increase noted last year when comparing the 4th quarter of 2016 to 2015. The 4th quarter index was also down -67.0% from the 3rd quarter 2017 index (as opposed to -64.6% in 2016) due to the strong seasonality of the sector. Statistical Bulletin March 2018 32

The turnover index for travel agents, package tour agencies, booking services and related activities for 4th quarter 2017 fell -3.3% from the corresponding index for 3rd quarter 2016, compared to a -4.9% decrease when comparing the corresponding period in 2016 with 2015. The index is at the highest level since the 3rd quarter of 2010. The turnover index for travel agencies, package tour agencies, booking services and related activities for the 4th quarter of 2017 dropped by -61.3% in comparison with the corresponding index for the 3rd quarter of 2017 (compared to -54.7% in 2016, respectively), highlighting the sector's marked seasonality. Statistical Bulletin March 2018 33

The turnover index for air transport in the 4th quarter 2017 was at the highest level for the period 2010-2017. The index was up +4.2% compared to 2016, as opposed to the +5.3% increase noted last year when comparing the 4th quarter of 2016 to 2015. The 4th quarter index was also down -53.0% from the 3rd quarter 2017 index (as opposed to -51.9% in 2016, respectively) due to the strong seasonality of the sector. Statistical Bulletin March 2018 34

The turnover index for sea transport for 4th quarter 2017 compared to the corresponding index for 4th quarter 2016 was down -2.2% as opposed to a -11.5% decrease derived from comparing the same period in 2016 to 2015. The index is at the highest level since the 3rd quarter of 2010. The turnover index for sea transport activities for 4th quarter 2017 was down -50.8% from the corresponding index in 3rd quarter 2017 (compared to -54.8% in 2016, respectively), as a result of the sector's seasonality. Statistical Bulletin March 2018 35

Statistical Bulletin March 2018 36