Bank of Greece: Drop in arrivals and travel receipts during first half of 2016

Based on provisional data by the Bank of Greece, the balance of travel services showed a surplus of €1,719 million in June 2016, down 3.6% from a surplus of €1,783 million in June 2015. More specifically, travel receipts decreased by 5.4% to €1,851 million in June 2016, from €1,957 million in the same month of 2015. Travel payments fell more sharply, by 23.9% (June 2016: €132 million, June 2015: €174 million). The drop in travel receipts resulted from a 4.0% decline in average expenditure per trip and a 2.0% fall in arrivals. Net receipts from travel services accounted for 79.8% of total net receipts from services and more than offset (122.3%) the goods deficit.

In January-June 2016, the balance of travel services showed a surplus of €2,991 million, down 6.7% from a surplus of €3,205 million in the same period of 2015. This development was due to a decrease of €242 million or 5.8% in travel receipts, as travel payments dropped by €28 million or 2.9%. The decrease in travel receipts resulted from a 1.6% decline in arrivals and a 4.9% fall in average expenditure per trip. Net receipts from travel services offset 36.1% of the goods deficit and accounted for 65.3% of total net receipts from services.

Travel receipts

In June 2016, as mentioned previously, travel receipts declined by 5.4% year-on-year. Looking at the breakdown by visitor’s country of origin, receipts from residents of the EU28 increased by 1.5% (June 2016: €1,316 million, June 2015: €1,297 million), while receipts from outside the EU28 dropped by 21.9% (June 2016: €469 million, June 2015: €601 million). The increase in receipts from within the EU28 resulted from a rise of €97 million or 18.9% in receipts from residents of non-euro area EU28 countries, whereas receipts from euro area residents fell by 10.0% (June 2016: €704 million, June 2015: 782 million). Among major countries of origin, receipts from Germany fell by 13.4% to €295 million and those from France dropped by 28.0% to €103 million. Receipts from the United Kingdom increased by 24.8% to €388 million. Turning to non-EU28 countries, receipts from Russia dropped by 19.4% to €61 million and those from the United States fell by 24.4% to €122 million.

In January-June 2016, travel receipts decreased by 5.8% to €3,929 million, relative to the same period of 2015. This development is attributed to lower receipts from within the EU28 (down 4.1% to €2,547 million) and from outside the EU28 (down 11.0% to €1,230 million). In particular, receipts from euro area residents decreased by 9.8% to €1,477 million and those from residents of non-euro area EU28 countries increased by 5.3% to €1,071 million. Specifically, receipts from Germany dropped by 13.4% to €585 million and those from France by 19.8% to €256 million. Receipts from the United Kingdom increased by 2.2% to €648 million. Turning to non-EU28 countries, receipts from Russia fell by 8.3% to €115 million and receipts from the United States by 7.4% to €313 million.

Inbound traveller flows (1)

The number of inbound visitors in June 2016 declined by 2.0% year-on-year to 2,971 thousand. Specifically, arrivals by air rose by 2.7%, while those by road fell by 15.7%. This development reflected an 18.1% decrease in arrivals from outside the EU28, whereas arrivals from within the EU28 increased by 6.5%. In greater detail, arrivals from the euro area fell by 2.7% to 1,036 thousand, while those from the non-euro area EU28 countries increased by 17.4% (June 2016: 1,071 thousand, June 2015: 912 thousand). Specifically, arrivals from Germany decreased by 3.3% to 399 thousand, while those from France fell by 32.7% to 137 thousand. Arrivals from the United Kingdom increased by 26.6% to 473 thousand. Turning to non-EU28 countries, arrivals from Russia fell by 16.0% to 80 thousand and those from the United States by 21.6% to 92 thousand.

In January-June 2016, the number of inbound visitors decreased by 1.6% to 7,446 thousand, from 7,566 thousand in the same period of 2015. Specifically, arrivals by air rose by 6.1%, while those by road fell by 14.4%. In the period under review, arrivals from within the EU28 increased by 0.9% year-on-year to 4,942 thousand, whereas those from outside the EU28 fell by 6.1% to 2,504 thousand. Arrivals from the euro area declined by 1.8%, while those from the non-euro area EU28 countries increased by 3.5%. Specifically, arrivals from Germany rose by 0.8% to 888 thousand, while those from France fell by 20.6% to 368 thousand. Arrivals from the United Kingdom increased by 13.1% to 928 thousand. Finally, turning to non-EU28 countries, arrivals from Russia rose by 7.7% to 162 thousand and those from the United States by 6.4% to 305 thousand.

Note: The next Press Release on “Developments in the balance of travel services” for July 2016 will be published on 21 September 2016.

Related link: Developments in the balance of travel services – June 2016 - Table

(1) Inbound traveller flows exclude cruise passengers (other than those recorded in the Border Survey).

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