Central Bank: Travel receipts in Greece fell by 10.4% in May 2016

Α Decrease font Enlarge font
Central Bank: Travel receipts in Greece fell by 10.4% in May 2016Travel receipts in Greece fell by 10.4%, despite a 4.4% rise in arrivals, and, as a result, the travel balance deteriorated during May 2016, according to the Bank of Greece

Travel receipts in Greece fell by 10.4%, despite a 4.4% rise in arrivals, and, as a result, the travel balance deteriorated during May 2016, according to the Bank of Greece.

In May 2016, the current account showed a deficit of €412 million, up by €272 million year-on-year. This development is attributable to a decrease in the surplus of the services balance, which was only partly offset by improvements in the balance of goods and in the primary and the secondary income accounts. 

The deficit of the balance of goods fell by €88 million year-on-year, exclusively on account of an improvement in the balance concerning the purchases and sales of ships, which turned from negative in May 2015 to positive in May 2016, while the oil deficit and the deficit of the balance of goods excluding oil and ships increased, given that the relevant exports declined more than the corresponding imports. However, it should be noted that this decrease in the value of exports reflects mainly a decline in the value of oil exports, owing to the year-on-year fall in oil prices. On the contrary, at constant prices, oil exports rose by 9.9% and total exports by 4.5%. 

The services balance surplus narrowed by €442 million, mainly as a result of lower net sea transport receipts, which stood at €339 million, down from €672 million in May 2015. Travel receipts fell by 10.4%, despite a 4.4% rise in arrivals, and, as a result, the travel balance deteriorated. Finally, the other services surplus also shrank year-on-year. 

The primary and the secondary income accounts showed deficits which were down by €52 and €30 million year-on-year respectively. 

In the January-May 2016 period, the current account improved by €884 million year-on-year and showed a deficit of €3.5 billion. This development is attributable to the improvement in the primary and the secondary income accounts, while the balance of goods and services showed a slight deterioration. 

The balance of goods showed an improvement of €1.2 billion in the January-May 2016 period, which is mainly attributable to the improved oil balance as a result of lower oil prices. Moreover, net payments for purchases of ships decreased, due to the fact that they are largely conducted outside the Greek banking system after the imposition of capital controls. Finally, it should be noted that both exports of goods excluding oil and ships, and the corresponding imports remained virtually unchanged. It should be pointed out, however, that, at constant prices, exports grew by 6.2%, which reflects mainly a 14% rise in the volume of oil exports. Exports of goods excluding oil, at constant prices, rose slightly by 1.1%. 

The surplus of the services balance shrank by €1.3 billion in the January-May 2016 period, as net transport receipts registered a significant decline, which is also largely attributable to capital controls. Net travel receipts also recorded a fall. It should be noted that in the first five months of 2016 total non-residents' arrivals decreased by 1.3% and the corresponding receipts by 6.2%. These developments were offset to a small extent by an improvement in the other services balance. 

The primary income account showed a surplus of €1.0 billion, up by €715 million year-on-year, owing to lower net interest, dividend and profit payments, as well as to lower payments for wages and salaries. This improvement offset a contraction in the surplus of the other primary income account. Finally, an improvement was also recorded in the secondary income account. 

Capital account 

In May 2016, only some minor changes were observed in the capital account which, in the January-May 2016 period, showed a surplus of €670 million, up by €197 million year-on-year. 

Combined current and capital account 

In May 2016, the combined current and capital account (corresponding to the economy's external financing requirements) showed a deficit of €417 million, down by €289 million year-on-year. In the January-May 2016 period, the deficit shrank by €1.1 billion, to stand at €2.8 billion. 

Financial account 

In May 2016, no remarkable changes were recorded under direct investment. 

Under portfolio investment, an increase of €808 million was recorded in residents' net external assets, which is mainly attributable to a rise of €963 million in residents' holdings of foreign bonds and Treasury bills. On the liabilities side, a decrease of €137 million was recorded, which is mainly accounted for by a fall in non-residents' holdings of Greek government bonds and Treasury bills. 

Under other investment, a decline of €2.2 billion in residents' assets is the result of a €1.8 billion decrease in resident credit institutions' and institutional investors' deposit and repo holdings abroad, and of a €498 million drop owing to the statistical adjustment related to the issuance of banknotes. A decrease of €807 million in liabilities mainly reflects the €527 million statistical adjustment and a decline of €432 million in the outstanding debt of the public and the private sector to non-residents. These developments were offset to a small extent by a €152 million rise in non-residents’ deposit and repo holdings in Greece (the TARGET account included). 

In the January-May 2016 period, residents' net assets from direct investment abroad rose by €545 million, while the corresponding liabilities that represent non-residents' direct investment in Greece dropped by €0.7 million. 

Under portfolio investment, residents' net external assets registered an increase of €3.8 billion, which is mainly attributable to a rise of €4.4 billion in residents' holdings of foreign bonds and Treasury bills. Residents' net external liabilities fell by €49 million, mainly on account of a decline in non-residents' holdings of Greek government bonds and Treasury bills. 

Under other investment, a decline in residents' external assets largely reflects a decrease in resident credit institutions' and institutional investors' deposit and repo holdings abroad, as well as the statistical adjustment related to the issuance of banknotes (1). On the liabilities side, an increase of €2.7 billion was recorded, which is attributable to a rise in non-residents’ deposit and repo holdings in Greece (the TARGET account included), as well as a decrease of €2.2 billion in residents’ outstanding debt. 

At end-May 2016, Greece’s reserve assets stood at €6.7 billion, compared with €5.2 billion in the corresponding month of 2015. 

Note: Balance of payments data for June 2016 will be released on 19 August 2016. 

(1) In the January-May 2016 period, both assets and liabilities registered a decrease on account of the statistical adjustment related to the issuance of banknotes, which came to €931 million and €829 million, respectively.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

 

 

 

Tornos
  1. 17/06 00:45

    The 27th Kalamata Dance Festival to take place between July 16-25

  2. 16/06 22:11

    Keros, a 4500-year-old settlement is presented at the Athens Municipal Gallery

  3. 16/06 22:00

    Hellinikon ownership in Athens to be tranferred to Lamda on June 25

  4. 16/06 21:25

    Greek Prime Minister meets with visiting Belgian Foreign Minister in Athens

  5. 16/06 20:42

    Greece records 549 new Covid-19 infections and 13 fatalities on Wednesday

  6. 16/06 20:20

    AP report: Celestyal Cruises resumes cruise operations with first sailings

  7. 16/06 19:04

    AP: EU lifts travel restrictions on US tourists

  8. 16/06 16:29

    Passenger traffic in Greek airports rises during May

  9. 16/06 15:38

    UNWTO promotes "Brand Africa" to realize the continent's tourism potential

  10. 16/06 00:33

    Greek olive oil exports soared 225% in 2002-2020

  11. 15/06 22:06

    Greece records 835 new Covid-19 infections and 22 fatalities on Tuesday

  12. 15/06 19:55

    Newly posted ambassadors present credentials to President of Hellenic Republic

  13. 15/06 18:39

    UK FM turns down prospect of direct flights to Turkish occupied part of Cyprus

  14. 15/06 18:32

    Mass transportation unions modify some strike actions in Greece for Wednesday

  15. 15/06 17:47

    Athens beach trashed by 2,000 youngsters at wild party, parents blamed by Mayor

  16. 15/06 16:43

    Athens Acropolis and Ancient Agora archaeological sites to shut down on June 18 and 20

  17. 15/06 00:47

    Greek PM and Turkish President meet 'in a cordial climate' in NATO Summit

  18. 14/06 20:32

    Greece records 472 new Covid-19 infections and 18 fatalities on Monday

  19. 14/06 19:54

    Greek president hosts drive at Presidential Mansion for World Blood Donor Day

  20. 14/06 19:47

    18-24 age group starting vaccination appointments in Greece on Wednesday

  21. 14/06 19:13

    COVID-19 numbers going down in Greece but stay up on the island of Kos

  22. 14/06 17:22

    Associated Press: Cyprus forbids entry to recent India travelers

  23. 14/06 13:18

    Thirteen seamen's unions declare strike in Greece on Wednesday

  24. 13/06 22:02

    1821 Greek Revolution displayed in digital projections over key buildings across the country

  25. 13/06 21:24

    Greece records 297 new Covid-19 cases and 17 fatalities in the last 24 hours

  26. 13/06 19:28

    AP: Two million passengers go through US airports in travel rebound

  27. 13/06 17:41

    Media: Greece welcomes American tourists seen coming in big numbers this summer

  28. 13/06 15:49

    Greece accepts vaccines from any country

  29. 13/06 14:33

    US Ambassador to Athens: Greece is a place where you can touch history

  30. 12/06 10:31

    AP: Crossing points reopen in divided Cyprus as Covid-19 numbers drop

  31. 11/06 20:43

    U.S. and UK agree to restart travel "the soonest"

  32. 11/06 19:52

    Athens Food Tour by Athens Walking Tours featured on Alpha TV show "Weekend with Manesis" (video)

  33. 11/06 15:12

    Visitors can again enjoy the unique beauty of Samaria Gorge on Crete island

  34. 11/06 15:05

    Tourism Minister visits Sweden to enhance tourist flows

  35. 11/06 14:58

    Greek government: Developments on the pandemic front show steady improvement

  36. 11/06 13:50

    New flight linking central Greece with island of Crete to launch on June 15

  37. 11/06 12:42

    Greek PM opens EU Mediterranean countries meeting in Athens

  38. 11/06 11:47

    AHEPA calls for US President Biden to recognize the Greek Genocide

  39. 11/06 00:49

    Building permits grow 24.3% in Cyprus during the first quarter of 2021

  40. 10/06 20:47

    Greek comeback as COVID-19 pandemic retreats

  41. 10/06 20:44

    Awarding ceremony of blue flags to 68 beaches takes place in Cyprus

  42. 10/06 20:41

    Archbishop of America to mark Ecumenical Patriarch’s Name Day at Saint Bartholomew

  43. 10/06 18:34

    Public consultation in Cyprus for 'glamping' bill ongoing since June 7

  44. 10/06 17:29

    Ex-State Department chief speaks at Ecumenical Patriarch Foundation banquet

  45. 10/06 15:20

    Greek police using drones on islands to crack down on COVID-19 parties

  46. 10/06 14:55

    IATA: Hopes rise for vaccinated travelers in Europe

  47. 10/06 14:25

    People in Greece's remote regions gain access to TV through new digital platform

  48. 10/06 13:15

    Minister: Greece managed to mitigate the impact of the migration crisis

  49. 10/06 13:04

    Europe welcomes back tourists with different rules

  50. 10/06 08:57

    Athens Concert Hall marks World Music Day on June 21 at Megaron Garden

  51. 10/06 00:36

    Beer deliveries soar by 17% during the first five months of 2021

  52. 09/06 21:58

    Associated Press: Cyprus issues temporary vaccination certificate for travel

  53. 09/06 21:54

    Music at outdoor cafes permitted in Greece as of Saturday

  54. 09/06 21:10

    Greek PM on 10-year bond: 'Another sign of confidence in the Greek recovery and prospects'

  55. 09/06 20:18

    Omnibus labor bill approved in principle at committee level in Greek parliament

  56. 09/06 19:12

    Greece records 890 new Covid-19 infections and 15 fatalities on Wednesday

  57. 09/06 17:28

    Greece Tourism Minister says COVID-19 dropping since visitor arrivals

  58. 09/06 15:06

    New dates for World Forum on Gastronomy Tourism

  59. 09/06 14:15

    Charter flights from Russia to Cyprus not cancelled but rescheduled for July

  60. 09/06 11:50

    Air cargo soars 12% in April compared to pre-COVID pandemic levels

  61. 08/06 18:21

    No public transport except for buses in Greece on Thursday due to strike

  62. 08/06 16:21

    Why Celebrity Cruises chose Greece for the world debut of its new ship Celebrity Apex (VIDEO)

  63. 08/06 00:06

    Mallorca joins UNWTO’S network of sustainable tourism observatories INSTO

  64. 07/06 11:01

    The Hellenic Initiative joins anti-graffiti campaign in the Greek capital of Athens

  65. 07/06 10:56

    Select French films presented in Athens summer cinemas on June 10-16

  66. 07/06 10:42

    Media report: British tourists aren't coming to Greece yet

  67. 07/06 00:08

    Deputy FM Roth: Greece is "one of the most attractive destinations for Germans"

  68. 06/06 23:58

    Greek Civil Aviation Authority extends Covid notam for air travel until June 14

  69. 06/06 20:04

    Regional Growth Conference in Patras paints positive picture of post-COVID Greece

  70. 06/06 19:33

    Greece registers 580 new Covid-19 cases and 24 fatalities in the last 24 hours

  71. 06/06 16:24

    Cruise ships restart in Venice while activists protest against their risks

  72. 06/06 12:21

    Thessaloniki Archaeological Museum exhibit to show online mosaic of summer

  73. 06/06 10:45

    Greek PM: Protection of environment not a slogan and words but plan and actions

  74. 06/06 10:35

    European Commission vice president on economy: Better days are yet to come

  75. 05/06 23:42

    Minister: Interactive epidemiological map of Greece now available online

  76. 05/06 20:33

    Greek NOTAM forbids Belarus airlines' flights to Greece

  77. 05/06 17:50

    Boston expert says Greek wine world's best suited to food

  78. 05/06 15:44

    UNWTO: Tourism stakeholders invited to share progress on climate action

  79. 05/06 13:41

    Today Greece exceeded six million vaccinations

  80. 05/06 11:36

    UNWTO and Greece to cooperate on maritime tourism research centre

  81. 05/06 11:05

    UNWTO and Greece to cooperate on Maritime Tourism Research Centre

  82. 05/06 10:50

    AP report: France welcomes back vaccinated visitors

  83. 05/06 10:48

    IATA: Aircraft operations must not suffer from political interference

  84. 04/06 21:10

    Tourism Minister at UNWTO Athens summit: Greece set to become home-port destination for international cruises

  85. 04/06 21:04

    Greek parliament's Greece-Israel Friendship Group meets with Israeli Tourism Minister

  86. 04/06 19:15

    Escape to Europe, Emirates’ limited-time fare sale includes Greek capital of Athens

  87. 04/06 16:16

    AllinBlusive – “Sail to Freedom”

  88. 04/06 15:07

    GreekFest-To-Go at Cathedral of Saint Paul Hempstead in NY on June 5-6

  89. 04/06 00:58

    IATA: European Council approach to Single European Sky entrenches failings

  90. 03/06 23:51

    Cycladic Museum director elected Athens Acropolis Museum's first director general

  91. 03/06 22:29

    Greek PM: Development of Athens' coastal front will contribute to social prosperity

  92. 03/06 21:22

    European travel and tourism industry launches “Destination Summer” campaign

  93. 03/06 20:19

    Greece registers 1,239 new Covid-19 infections and 39 fatalities on Thursday

  94. 03/06 20:13

    Greek Tourism Minister meets with UNWTO Secretary General in Athens

  95. 03/06 19:10

    Greece plans to offer visas this summer for skilled digital nomads

  96. 03/06 17:07

    Greece welcomes ratification of updated deal with US on science and technology

  97. 03/06 15:02

    11th Athens Open Air Film Festival will run from June to August

  98. 03/06 13:56

    Europe united as tourism chiefs meet in the Greek capital of Athens

  99. 03/06 11:45

    WTTC calls for all fully vaccinated Britons to be able to travel freely to other countries

  100. 02/06 21:26

    World Tourism Organization: Travel numbers drop by 83% but confidence is slowly rising