The purpose of this study is to examine the ability to which economic variables can predict the level of tourism development and on the other side the level that tourism development can influence the whole economy. The variables we use to measure tourism development are tourist arrivals and tourist receipts while the variables that represent the economy are GDP (Gross Domestic Product), Industrial production and Stock market Index. Our main target is to seek the existence of dependence between both of them and hereupon to find the direction of this dependence. In the third chapter of this thesis we try to give a theoretical explanation about tourism, tourism demand and tourism’s influence so as to understand the interdependence between tourism and overall society or economy. In the fourth chapter we present extensively relative to our subject articles that help us to our theoretical and econometrical approach. The fifth chapter describes the data and the econometric method. For the conduction of our research we use the Vector Autoregressive Method (VAR) model and Granger causality test in order to identify relationships between the variables that we have under investigation. Finally, the sixth chapter provides some data about the current economic and financial conditions in the examined countries and additionally some aspects about the future trends in Greek tourism product.