Estimation of the Economic Impacts of Yachting in Greece via the Tourism Satellite Account

Abstract

This paper examines the impacts of yachting on the Greek economy. The contribution of yachting to major macroeconomic values and its impact on the Greek economy in 2004 are evaluated with the use of the tourism satellite account (TSA). The method has been applied by several countries to estimate the economic impacts of the traditionally designated tourism-related industries, as well as of all industries participating in the tourist economy, but not for the economic effects of special interest tourism (such as yachting). To date, there has been no application of this method in Greece either for the total tourism industry or for a specific tourism ‘sector’. The adaptation of TSA tables, maintaining harmonization with OECD directives and definitions which are approved and accepted internationally, is a precondition of the research. To achieve the research aims, both the theoretical and empirical aspects of yachting in Greece were investigated. Data from public sources have been included in the TSA tables. Since these tables require information with economic value, which is not found in the data recorded by many public services, primary research was conducted to collect this necessary information. The paper concludes by presenting the impacts of yachting on the major macroeconomic values of the Greek economy, such as tourist consumption, gross domestic product, balance of invisible resources, national income, employment, investments and public revenues (taxes).

Keywords

yachting maritime tourism tourism satellite account economic impacts Greece

Get full access to this article

View all access options for this article.

References

Bank of Greece (2006), ‘Governor's Annual Report for the year 2005’, Bank of Greece, Athens.

Department for Culture, Media and Sport, UK (2004), UK Tourism Satellite Account – First Steps Project , Welsh Economy: UK, Welsh Economy Research Unit, September 2004.

Diakomihalis

(2006), ‘Marine tourism: The estimation of its impacts to the Greek economy via the tourism satellite account and its connection with the national accounting system’, unpublished doctorate dissertation (in Greek), University of the Aegean, Chios.

Greek Professional Tourist Yachts Owners Union (GPTYOU), 2003–2005, empirical research.

Hall

(2001), ‘Trends in ocean and coastal tourism: The end of the last frontier?’, Ocean and Coastal Management, Vol 44, No 9–10, pp 601–648.

Lagos

Diakomihalis

(2005), ‘Possibilities for a Greek tourism satellite account development’, in Proceedings of the 1st International Tourism Conference, TEI, Patras.

Lekakou

Tzannatos

(2001), Cruising and Sailing: A New Tourist Product for the Ionian Sea, Volume in Honor of Emeritus Professor M. Rafael , University of Piraeus, Piraeus, pp 475–496.

Lowyck

Wanhill

S.R.C.

(1992), ‘Regional development and tourism within the European community’, Recreation and Hospitality Management, Vol 4, pp 227–244.

Merchant Marine Ministry (YEN), Departments of Statistics and Marine Transportation D.

10.

National Statistical Service of Greece (NSSG) (2007), National Economic Accounts. Statistical Data/National Accounts.

11.

OECD (2000), Measuring the Role of Tourism in OECD Economies: The OECD Manual on Tourism Satellite Accounts and Employment , OECD, Paris.

12.

Professional Tourist Bareboat Yacht Owners Union (PTBYOU), 2003–2005, empirical research.

13.

Sebbar

(2001), The Tourism Satellite Account: A New Approach or Extension to Input–Output Tables , Enzo Paci Papers, Volume 1, WTO, Madrid.

14.

Smith

Stephen

(2000), ‘Measurement of tourism's economic impacts’, – Annals of Tourism Research, Vol 27, No 2, pp 530–531.

15.

World Travel and Tourism Council (2004), Greece: Travel Tourism Forging Ahead , WTTC, London.

16.

WTO, (1999), Tourism Satellite Account (TSA) – The Conceptual Framework , WTO, Madrid.