Greek tourism revenue up by 10,6% at €14,16 billion during first 10 months of 2017

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Greek tourism revenue up by 10,6% at €14,16 billion during first 10 months of 2017The positive development of tourism in 2017 is expected to continue in 2018, as improvements in transport infrastructure and developments mainly in the air transport market, are expanding its capabilities

Based on provisional data by the Bank of Greece, in October 2017 the balance of travel services showed a surplus of €996 million, up 18.2% from a surplus of €842 million in October 2016. More specifically, travel receipts in October 2017 rose by 14.2% to €1,167 million, from €1,023 million in the same month of 2016, whereas travel payments decreased by 4.9% (October 2017: €172 million, October 2016: €181 million). The rise in travel receipts is attributed to an 8.4% increase in inbound traveller flows and to a rise in average expenditure per trip by 6.1% to €473. Net receipts from travel services accounted for 72.4% of total net receipts from services and offset 54.3% of the goods deficit.

In January-October 2017, the balance of travel services showed a surplus of €12,530 million, up 12.9% from a surplus of €11,100 million in the same period of 2016. This development was driven by an increase of €1,358 million or 10.6% in travel receipts and a decrease of €73 million or 4.3% in travel payments. The rise in travel receipts is attributed mostly to a 10.1% increase in inbound traveller flows and, to a lesser extent, to a 0.9% rise in average expenditure per trip. Net receipts from travel services offset 80.7% of the goods deficit and accounted for 76.3% of total net receipts from services.

Travel receipts

In October 2017, as mentioned previously, travel receipts rose by 14.2% year-on-year. In more detail, receipts from residents of the EU28 increased by 14.2% to €782 million, as did receipts from outside the EU28, by 16.8% (October 2017: €333 million, October 2016: €285 million). The higher receipts from within the EU28 were due to an increase of 28.0% in receipts from euro area residents (October 2017: €551 million, October 2016: €430 million), as receipts from residents of non-euro area EU28 countries fell by 8.9% (October 2017: €232 million, October 2016: €255 million). Breaking down receipts by visitor’s country of origin, receipts from France fell by 3.3% to €51 million, whereas receipts from Germany increased by 41.8% to €353 million. Receipts from the United Kingdom decreased by 18.3% to €146 million. Turning to non-EU28 countries, receipts from Russia rose by 4.6% to €23 million, while receipts from the United States also increased, by 18.6% to €82 million.

In January-October 2017, travel receipts increased by 10.6% year-on-year to €14,162 million. This development is attributed to increases in receipts from within the EU28 by 14.1% to €9,613 million and in receipts from outside the EU28 by 4.8% to €4,128 million. In particular, receipts from euro area residents rose by 20.4% to €6,096 million, while receipts from residents of non-euro area EU28 countries also increased, by 4.5% to €3,517 million. Specifically, receipts from France rose by 16.6% to €974 million, as did receipts from Germany, by 27.8% to €2,429 million. Receipts from the United Kingdom also increased, by 12.5% to €2,036 million. Turning to non-EU28 countries, receipts from Russia decreased by 2.7% to €408 million, whereas receipts from the United States increased by 2.9% to €765 million.

Inbound traveller flows 

In October 2017, the number of inbound visitors rose by 8.4% year-on-year to 2,356 thousand. Specifically, visitor flows through airports increased by 10.9%, while visitor flows through road border-crossing points decreased by 2.8%. This development is attributed to higher visitor flows from both within the EU28 (up 10.3%) and outside the EU28 (up 3.1%). In greater detail, visitors from the euro area increased by 16.2% to 1,083 thousand, while visitors from the non-euro area EU28 countries also rose, by 1.9% (October 2017: 679 thousand, October 2016: 666 thousand). Specifically, the number of visitors from France increased by 1.1% to 105 thousand, as did the number of visitors from Germany, by 31.7% to 664 thousand. Visitors from the United Kingdom decreased by 17.2% to 291 thousand. Turning to non-EU28 countries, the number of visitors from Russia decreased by 7.6% to 42 thousand, while the number of visitors from the United States decreased by 0.7% to 93 thousand.

In January-October 2017, the number of inbound visitors rose by 10.1% to 25,891 thousand (January-October 2016: 23,519 thousand). Specifically, visitor flows though airports and visitor flows through road border-crossing points both increased by 10.0%. In the period under review, the number of visitors from within the EU28 increased by 8.4% year-on-year to 17,809 thousand, as did the number of visitors from outside the EU28, by 14.1% to 8,083 thousand. Visitors from the euro area increased by 10.5%, while visitors from the non-euro area EU28 countries also rose, by 6.0%. Specifically, the number of visitors from France increased by 8.2% to 1,395 thousand, as did the number of visitors from Germany, by 17.7% to 3,579 thousand. Visitors from the United Kingdom also increased, by 3.8% to 2,916 thousand. Finally, turning to non-EU28 countries, the number of visitors from Russia increased by 0.5% to 573 thousand, as did the number of visitors from the United States, by 10.1% to 807 thousand.

The head of the Bank of Greece Yannis Stournaras, also mentioned the positive course of tourism of Greece at the Interim Monetary Policy Report, pointing out that “the positive development of tourism in 2017 is expected to continue in 2018, as improvements in transport infrastructure and developments mainly in the air transport market, are expanding its capabilities”.

The report makes reference also the contribution of the industry to the decline in youth unemployment “due to the sectoral employment mix that strengthens youth employment positions related to tourism services and trade” at the same time which, as stated, “business expectations in the tourist business, are positive”.

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

Photo Source: Wikimedia Commons Copyright:  Mstyslav Chernov  License: CC-BY-SA

 

 

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