Tourism revenues estimated at US$ 835mn in 1Q25
Tourism revenues increased by 8.7% y/y to US$ 300mn in Mar-25, according to our estimates. Overall, in 1Q25, tourism revenues rose by 3.4% y/y to US$ 835mn, by our estimates.
We forecast tourism revenues to reach US$ 4.5bn in 2025.
International reserves at US$ 4.3bn in Mar-25
Gross international reserves decreased by 9.8% y/y to US$ 4.3bn in Mar-25, according to NBG. On a monthly basis, the reserves were up by 1.8% (+US$ 76.8mn). Changes in reserves were attributed to the changes in the value of monetary gold (+US$ 64.4mn m/m) along with the government and/or banking sector FX operations, and likely also to NBG’s FX trading via BMatch platform (information will be available on 25 April). Notably, as of Mar-25, monetary gold accounted for 16.6% of total international reserves.
