Bank of Greece: Average expenditure per trip of foreign tourists to Greece drops by 9% in first 10 months of 2016

Average expenditure per trip of foreign tourists to Greece declined by 9.0% in the January - October period, according to the Bank of Greece.

Based on provisional data, the balance of travel services showed a surplus of €846 million in October 2016, up 18.5% from a surplus of €714 million in October 2015. More specifically, travel receipts in October 2016 rose to €1,026 million (up 14.2% from €899 million in October 2015), whereas travel payments fell by 2.7% (October 2016: €180 million, October 2015: €185 million). The rise in travel receipts resulted from a 17.3% increase in inbound traveller flows, as average expenditure per trip decreased by 1.7%. Net receipts from travel services offset 64.0% of the goods deficit and accounted for 71.8% of total net receipts from services. 

In January-October 2016, the balance of travel services showed a surplus of €11,318 million, down 5.5% from a surplus of €11,983 million in the same period of 2015. This development was driven by both a decrease in travel receipts (down €576 million or 4.2%) and an increase in travel payments (up €89 million or 5.2%). The fall in travel receipts resulted from a 9.0% decline in average expenditure per trip, as inbound traveller flows rose by 4.7%. Net receipts from travel services offset 84.3% of the goods deficit and accounted for 77.9% of total net receipts from services. 

Travel receipts 

In October 2016, as mentioned previously, travel receipts rose by 14.2% year-on-year. Looking at the breakdown by visitor’s country of origin, receipts from residents of the EU28 increased by 23.0% (October 2016: €699 million, October 2015: €568 million), while receipts from outside the EU28 dropped by 0.9% (October 2016: €264 million, October 2015: €267 million). The rise in receipts from within the EU28 was due to an increase of €73 million or 39.6% in receipts from residents of non-euro area EU28 countries, as well as to a rise of 15.1% in receipts from euro area residents (October 2016: €443 million, October 2015: €385 million). Among major countries of origin, receipts from Germany rose by 36.7% to €273 million, while those from France fell by 13.8% to €57 million. Receipts from the United Kingdom increased by 73.2% to €191 million. Turning to non-EU28 countries, receipts from Russia fell by 4.0% to €22 million, while receipts from the United States increased by 19.1% to €69 million. 

In January-October 2016, travel receipts decreased by 4.2%, relative to the same period of 2015, to €13,111 million. This development is attributed to lower receipts from both within the EU28 (down 1.2% to €9,088 million) and outside the EU28 (down 12.7% to €3,542 million). In particular, receipts from euro area residents fell by 5.9% to €5,536 million, while those from residents of non-euro area EU28 countries rose by 7.1% to €3,552 million. Specifically, receipts from Germany dropped by 6.2% to €2,071 million and those from France by 23.7% to €899 million. Receipts from the United Kingdom also decreased, by 1.2% to €1,954 million. Turning to non-EU28 countries, receipts from Russia rose by 4.8% to €432 million, while those from the United States fell by 23.8% to €697 million. 

Inbound traveller flows 

The number of inbound visitors in October 2016 rose by 17.3% year-on-year to 2,174 thousand. Specifically, visitor flows through airports increased by 26.3%, while those through road border-crossing points fell by 10.9%. This development is attributed to higher visitor flows from both within the EU28 (up 23.3%) and outside the EU28 (up 3.5%). In greater detail, visitors from the euro area rose by 22.4% to 932 thousand and those from the non-euro area EU28 countries increased by 24.7% (October 2016: 666 thousand, October 2015: 534 thousand). Specifically, visitors from Germany increased by 45.6% to 504 thousand, while those from France fell by 30.6% to 103 thousand. Visitors from the United Kingdom rose by 81.8% to 352 thousand. Turning to non-EU28 countries, visitors from Russia fell by 16.3% to 45 thousand, while visitors from the United States rose by 82.0% to 93 thousand. 

The number of inbound visitors in January-October 2016 increased by 4.7% to 23,519 thousand, from 22,470 thousand a year earlier. Specifically, visitor flows through airports increased by 8.6%, while those through road border-crossing points fell by 5.7%. In the period under review, visitors from within the EU28 increased by 14.0% year-on-year to 16,436 thousand, whereas those from outside the EU28 fell by 12.1% to 7,083 thousand. Visitors from the euro area rose by 8.4% and those from the non-euro area EU28 countries by 20.9%. Specifically, visitors from Germany rose by 11.2% to 3,040 thousand, while those from France fell by 13.5% to 1,290 thousand. Visitors from the United Kingdom increased by 21.2% to 2,808 thousand. Finally, turning to non-EU28 countries, visitors from Russia increased by 15.1% to 570 thousand and those from the United States by 3.3% to 734 thousand. 

 The next Press Release on “Developments in the balance of travel services” for November 2016 will be published on 23 January 2017. 

Read more here.

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