Greece has the potential to generate approximately €880 million in additional annual revenue, both directly and indirectly, by expanding and enhancing its golfing sector, according to a new study on the subject.
Greece significantly lags in golf development, despite the sport’s potential to enhance tourism and elevate the quality of the country’s tourism offerings, the study, “The Contribution of Golf to the Greek Economy”, conducted by the Institute for Economic and Industrial Research (IOBE), points out.
Greece currently has ten golf courses, in stark contrast to Portugal, which boasts 113 despite having a similarly sized economy, reaping substantial revenue from the sport, the study notes.
Golfing activity in Portugal contributes €1bn, annually, to the country’s economy, compared to €111.4 million in Greece, according to the IOBE study.
The global golf market, comprising over 62.3 million golfers and approximately 38,000 golf courses, has developed a strong connection with the tourism industry, it underlines.
Also, golf mitigates the strong seasonality of tourism, as the main period of engagement with the sport is usually from October to May, complementing the main tourist season, the study points out.
