EFFECTS OF ECONOMIC CRISIS: A REGIONAL EXAMINATION BASED ON TOURISTIC REGIONS IN GREECE
EFFECTS OF ECONOMIC CRISIS: A REGIONAL EXAMINATION BASED ON TOURISTIC REGIONS IN GREECE

Summary/Abstract: The economic crisis affected Greece more than other countries in the European Union. In 2010 it appeared that huge public deficits could no longer be covered by the markets. As a consequence Greek government requested the financial support of the European Union and the International Monetary Fund. The financial support was followed by serious economic and social commitments by the Greek state towards its lenders described at the memorandums of understanding. The accomplishment of commitments incurred further consequences to the Greek economy. The crisis’ effects appear to almost all macroeconomic indicators but to a different level within regions in Greece. This study examines the fluctuations of some main economic indicators that are unemployment, bank deposits, gross value added and declared income. The study has a regional character; it focuses on the prefectures of Greece, (Greece is divided into 54 prefectures, including the four prefectures in the capital of Greece). A study can offer more significant conclusions on the economic consequences if it is based on a regional and particularly in a more decentralized examination as the prefecture. The study gives a particular emphasis to the prefectures depending on tourism. The significance of tourism is examined according to its share to the gross value added, as calculated by the national statistical service on a prefecture basis. The study compares the evolution of economic indicators between touristic and non touristic departments for the time period 2006-2016. It appears that prefectures with important touristic activities tackled more efficiently the economic consequences of the crisis, especially on the employment level.

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