Despite the positive economic indicators, the benefits of Greece’s recovery have yet to reach everyday citizens. A striking example is that nearly half of the Greek population cannot afford a one-week vacation away from home.
According to Eurostat, the statistical office of the European Union, 46 percent of Greeks aged 16 and over reported in 2024 that they were financially unable to take a week-long vacation, placing Greece second-to-last in the European Union, just ahead of Romania (58.6 percent) and slightly behind Bulgaria (41.4 percent).
The European context
Across the EU, 27 percent of citizens said they could not afford a week-long vacation in 2024. That figure is slightly lower than in 2023 (down 1.5 percentage points) and 10.6 points below the level recorded in 2014, indicating a gradual improvement across the bloc.
However, significant disparities remain. The lowest levels of so-called “holiday exclusion” were reported in Luxembourg (8.9 percent), Sweden (11.6 percent), and the Netherlands (13 percent). These figures highlight the ongoing economic and social divide between Northern and Southern Europe within the EU.
In 2024, 27.0% of the EU’s population aged 16 or older were unable to afford 1 week of annual holidays away from home.
Highest shares in:
Romania (58.6%)
Greece (46.0%)
Lowest in:
Luxembourg (8.9%)
Sweden (11.6%)
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https://t.co/A4NbmEnNTs pic.twitter.com/7xAMKO4hAz
— EU_Eurostat (@EU_Eurostat) July 14, 2025
Greece hits record tourism in 2024
Greece’s tourism industry is experiencing an unprecedented boom, achieving a second consecutive record-breaking year in 2024. The nation welcomed more than 40 million visitors, yielding a substantial €21.7 billion ($25.09 billion) in revenue.
This represents a robust 5.4 percent increase compared to 2023, signaling a potent recovery and growth trajectory following the relaxation of COVID-19 pandemic-related travel restrictions.
Tourism alone won’t save Greece
While tourism has grown significantly, Greece’s manufacturing sector continues to decline, leaving the country increasingly reliant on services. This shift may boost short-term economic indicators, but a deeper structural transformation is urgently needed to ensure long-term sustainability and resilience.
According to a recent report from the Bank of Greece, tourism contributed 13% to the country’s GDP in 2024. Although the government highlights this as a success story, the underlying reality is more sobering: Greece is producing fewer goods than ever before, and the economy is heavily dependent on imports, aside from limited agricultural output.
Tourism revenue, while significant, is not equally distributed. For the average Greek citizen, the rise in living costs far outweighs the benefits of booming tourist numbers. Record tourism receipts may make headlines, but they do little to ease the pressure at the checkout counter.
Data from Statista and the World Bank show that from 2013 to 2023, services accounted for 68.6 percent of Greece’s GDP, while industry contributed just 15.2 percent, and agriculture a mere 3.3 percent. Kostas Axarloglou, dean and professor at Alba Graduate Business School, states that Greece must revitalize its industrial sector and embrace a complex economy. This means transitioning into the era of “Industry 4.0″—the Fourth Industrial Revolution—where automation, digital connectivity, and smart manufacturing define economic competitiveness.
Only by investing in innovation, infrastructure, and industrial transformation can Greece build a more balanced, self-sustaining economy for the future.