Tourism Income and Economic Growth in Greece: Empirical Evidence from Their Cyclical Components

Bruno Eeckels, George Filis and Costas Leon
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Bruno Eeckels: Les Roches, International School of Hotel Management, Bluche, Switzerland
Costas Leon: César Ritz Colleges, Löwenstrasse 16, 6004 Lucerne, Switzerland

Tourism Economics, 2012, vol. 18, issue 4, 817-834

Abstract: This paper examines the relationship between the cyclical components of Greek GDP and international tourism income for Greece for the period 1976–2004. Using spectral analysis the authors find that cyclical fluctuations of GDP have a length of about nine years and that international tourism income has a cycle of about seven years. The volatility of tourism income is more than eight times the volatility of the Greek GDP cycle. VAR analysis shows that the cyclical component of tourism income is significantly influencing the cyclical component of GDP in Greece. The findings support the tourism-led economic growth hypothesis and are of particular interest and importance to policy makers, financial analysts and investors dealing with the Greek tourism industry.

Keywords: tourism income; GDP; business cycle; spectral analysis; VAR; Greece (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (26)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:18:y:2012:i:4:p:817-834

DOI: 10.5367/te.2012.0148

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