Greece has a long tradition in tourism and hospitality or 'philoxenia' as it is called and what may sound extraordinary is that Greece receives more than 12 million tourists a year - which corresponds more than one tourist per local resident

The tourism sector constitutes one of the main sources of Greece's national wealth as it contributes annually more than 17 percent of the GDP, promotes employment opportunities (approximately 700,000 jobs are offered every year) and plays a decisive role in the development of the periphery. Greece today ranks fourth in Europe in the net profits from tourism.

The unemployment rate cut down from 11.3 percent in the first quarter of 2004 to 9.7 percent in the first quarter of 2006, despite the end of the preparation for the Olympic Games that could have caused, according to many economists, a considerable economic slowdown.

According to the Bank of Greece, in 2005, revenues from the tourist industry summed up to €11bn (6.1 percent of the GDP), presenting an increase of 6.7 percent compared to 2004. Arrivals also increased by 6.8 percent.

Greece's successful organisation of the Olympic Games, was internationally acknowledged and gave the country a boost in its image, reflecting its modern, confident and dynamic profile.

The Olympic Games inspired the infrastructure and accommodation of Greece to high standards and became the ideal choice for conferences, conventions, international exhibitions and sport events.

The success of the Games helped demonstrate to clients that Greece has the knowledge, the venues and the expertise to be taken seriously as a conference destination.

This new image of Greece is without substance. The Olympics saw both government and the private sector pumping £3.9bn into a huge range of infrastructure developments that are now benefiting the tourism sector. The result is a selection of venues that provide the latest facilities for corporate customers.

The legacy of the Games also includes the development of an investment-friendly environment. For example, the Olympic properties such as buildings and sports venues with state-of-the-art equipment

can be used for a number of purposes relating to business activities, leisure and the organisation of major sports and cultural events.

For instance, the Olympic Tae-kwon-do venue on the coastline of Faliro is being redeveloped into an international convention centre.

Greece has been effectively trying the last few years to introduce and apply a strategically revised stability programme in order to reform and rationalise public spending, while providing quality services and increase State revenues with the least possible repercussions to the economy by improving the efficiency of the tax authorities.

• The electronic cross-checking of tax data through the General Secretariat for Information Systems

• The re-introduction of periodical mandatory filing of VAT returns

• Enforcing sanctions to tax envaders
  

During the first seven months of 2006, revenues increased by 9.3 percent, surpassing the initial target of 8.9 percent. In June 2006, the revenues increased by 14.8 percent compared to the same month in 2005.

In 2005 the general government deficit was reduced from 6.9 percent of GDP to 4.5 percent of GDP, in line with Greece's commitments to the European Union. This significant reduction was primarily achieved through the reduction of public spending.

In 2006, the national budget target for revenues from privatisations, originally set at €1.65bn has already been surpassed, reaching €1.74bn.

From March 2004 till August 2006, Greece generated a total of €4.6bn, most of which came from foreign direct investment.

Greece has been operating as the gateway to south-eastern Europe and the Middle East for multinational corporations. Many international companies such as AIG Group, the Coca-Cola Co, Diageo, Ernst & Young, Kodak, Siemens, Toyota, etc. have established their headquarters in Greece for developing their brands in Central and Eastern Europe, the Mediterranean and/or the Middle East. Other than that, Greece is the leading foreign investor in the Balkans. Many Greek companies in many sectors, from manufacturing to services, do business in the Balkans and the eastern Mediterranean.

Greece is currently the leading foreign investor in Albania and ranks among the first three leading foreign investors in Bulgaria, Romania and Serbia.

The nation is looking towards the future with confidence. Its merchant fleet is connecting the economies of the world, creating new opportunities for growth, and its geographical position is a gateway in energy distribution.

Greece's tourist industry is offering first class accommodation in breathtaking surroundings. Greece is a major player in south-eastern Europe and an unforgettable destination.