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The growth of Greek hotels before and during the crisis

ABSTRACT This paper aims at determining the critical factors affecting the growth of the tourism sector in Greece, by using data for an extensive panel of Greek tourism enterprises for 2005–2016 period. As the Greek economy is trying to recover from a deep and prolonged recession, exploring growth issues in specific sectors could help identify those sectors which could act as drivers of growth for the Greek economy out of the recession. The tourism sector, which accounts for almost 25% of GDP in Greece (directly and indirectly), is an obvious candidate for contributing to this goal. The econometric results suggest that the recent crisis has resulted to a differentiation of the determinants of growth of Greek tourism firms.