Recovery for the European economy – Tourism will judge the magnitude of the crisis



Europe’s economies took a deep breath before re-entering the vortex of the pandemic. GDP recovered in the third quarter by 12.7%, compared to the second quarter and the drums of anxiety are now beating for the third quarter of the Greek economy, where announcements are expected in early December. Summer receipts will largely judge , the level of recession for 2020 and estimates show a contraction in the third quarter close to 8-9% compared to 2019. Economists see strong recession rates in Greece, with less intensity compared to the second quarter of the year, but quite reduced compared to 2019. The blow to tourism is large and it seems that the size of the contraction of the period July – September will be a catalyst. It is the strongest quarter for the Greek economy and it is estimated that the recession may be at 8-10% compared to 2019 and the losses will be around 5 billion euros. The criticality of the third quarter, but also of the fourth, stems from the emerging second wave of the pandemic worldwide, which leads to the imposition of emergency measures. In January and February, travel receipts increased by 23%, to a total of 527 million euros. From March onwards, the pandemic hit travel around the world, reducing revenues by about 95%. The situation began to improve after the gradual opening of the country and in July revenues amounted to 577 million euros, with an annual decrease of 84.4%. But in August revenues are estimated to reach 1.6 billion euros with a drop of about 60 %. Estimates lead to an incredible dip in tourism receipts in 2020 as the year seems to close with 1/5 of last year’s tourism revenue in 2019, which amounted to about 18 billion euros. The year, in short, will end with a reduction of revenues from tourism by 80% (about 3.5 billion euros) compared to those of 2019. It is noted that in the third quarter of the year 3.9 million tourists visited which means that there was a decrease of 78% compared to the corresponding period last year. The temporary joy and the difficult fourth quarter The temporary “joy” for the Italian economy is reflected in a recovery of 16.1%, the German GDP increased by 8.2% and the French economy by 18.2%. The rebound of the Eurozone economy is better than forecast as analysts estimated that it will increase by 9.4%, while on an annual basis GDP fell by 4.3% against a forecast for a decline of 7.0%. The data refer to the summer quarter In July-September, as social constraints eased, however, the pandemic heralded a difficult fourth quarter for the eurozone as a whole. and warned of a difficult fourth quarter. Follow it on Google News and be the first to know all the news. See all the latest news from Greece and the world, at



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