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Implications of UK' referendum on Greek economy

24 June 16 | Constantine Mihalos
Constantine Mihalos

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The British EU referendum result could have both short- and long-term repercussions for Greek tourism, creating new conditions, the Greek Tourism Confederation (SETE) said in an announcement on Monday. The euro-pound exchange rate will play a crucial role, as will any negative developments for the UK's GDP.

 

A significant downward slide for either will lead to reduced arrivals and average per capita spending among Britons, reducing overall income from the UK market and making it more competitive for visits by Europeans.

SETE predicting that the sharp downward slide in the pound will also have a short-term impact on Britons' travel and consumer spending, especially in the so-called "sun-and-sea" holidays that tend to be booked at the last minute, in July and August, while it may well impact city breaks, cultural tourism, conference tourism, company meetings and travel incentives.

In the more long term, SETE said new changes may arise as the negotiations for the UK's departure are underway, such as the existing conditions for air travel that will affect the basic price of holiday packages, one of the key factors in choosing a holiday destination.

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