Greek Tourism: +15.3% travel revenues in H1 2019 despite marginal arrivals' drop

Α Decrease font Enlarge font
Greek Tourism: +15.3% travel revenues in H1 2019 despite marginal arrivals' dropBank of Greece: Current account surplus widens in June

Greek tourism revenues in June 2019 rose to 2.62 billion euros from 2.25 billion in the same month a year earlier, the Bank of Greece said on Tuesday.

According to the country's Central Bank, in June 2019, the current account showed a surplus of €874 million, against a deficit of €8.9 million year-on-year, due to improvements in the balances of goods and services and the primary income account. By contrast, the secondary income account deteriorated slightly.

The balance of goods improved year-on-year, as the deficit shrank by €496 million, despite a decline in exports. This development is due to a fall in imports, mainly of oil, as well as other goods, which was stronger than the decline in exports. It should be noted that, at constant prices, total exports of goods dropped by 4.2%.

A €338 million improvement in the services surplus is mainly accounted for by higher net travel receipts. The transport balance improved slightly, while the other services balance worsened. It should be noted that travel receipts rose by 16.4%, despite the fact that non-residents' arrivals remained unchanged year-on-year. In the first half of the year, travel receipts increased by 15.3%, although non-resident arrivals decreased slightly by 0.5% compared to the first half of 2018.

An improvement in the primary income account is attributable, on the one hand, to lower net interest, dividend and profit payments and, on the other, to higher net receipts from other primary income, which includes taxes and subsidies on products and production. Lastly, the deterioration in the secondary income account is mainly due to an increase in general government net payments.

In the first half of 2019, the current account showed a deficit of €3.9 billion, down by €759 million year-on-year. This development reflects a rise in the services surplus and an improvement in the primary and the secondary income accounts, which offset an increase in the deficit of the balance of goods.

The deficit of the balance of goods expanded due to a slowdown in export growth, combined with a sustained increase in imports. Total exports of goods rose by 1.6% at current prices (0.1% at constant prices). Total imports of goods increased by 4.2% at current prices (2.2% at constant prices).

A rise in the services surplus is due to an improvement in both the travel balance and the transport balance, while the deficit of the other services balance widened. Transport (mainly sea transport) receipts rose by 7.3%. At the same time, travel receipts increased by 15.3%, even though non-residents’ arrivals showed a small decline of 0.5% year-on-year. 

Capital account 

In June 2019, the capital account registered a surplus, against a deficit in the same month a year earlier, while in the first half of 2019 the capital account surplus increased. 

Combined current and capital account 

In June 2019, the combined current and capital account (corresponding to the economy's external financing requirements) showed a surplus of €961 million, against a deficit of €26 million year-on-year. In the first half of 2019, the combined current and capital account showed a deficit of €3.7 billion, down by €853 million year-on-year. 

Financial account 

In June 2019, under direct investment, residents' net external liabilities stemming from non-residents' direct investment in Greece increased by €196 million, without any remarkable transactions.

Under portfolio investment, a net increase in residents' external assets is due to a rise of €5.5 billion in residents' holdings of foreign bonds and Treasury bills. A net increase in residents' external liabilities is attributable to a rise of €491 million in non-residents' holdings of Greek government bonds and Treasury bills.

Under other investment, a net decrease in residents' external assets mainly reflects a decline of €1.2 billion in residents' deposit and repo holdings abroad. A net increase in liabilities principally reflects a rise of €4.9 billion in non-residents' deposit and repo holdings in Greece (the TARGET account included).

In the first half of 2019, under direct investment, residents' net external assets increased by €242 million and residents' net external liabilities, which represent non-residents' direct investment in Greece, rose by €2.0 billion.

Under portfolio investment, a net increase in residents' external assets is due to a rise of €3.8 billion in residents' holdings of foreign bonds and Treasury bills. A net increase in residents' external liabilities is accounted for by a rise of €5.2 billion in non-residents' holdings of Greek government bonds and Treasury bills.

Under other investment, a net decrease in residents' external assets mainly reflects a decline of €2.8 billion in residents' deposit and repo holdings abroad. A net decrease in liabilities chiefly reflects a decline of €2.0 billion in the outstanding debt of the public and the private sector to non-residents, as well as a decrease of €1.1 billion in non-residents' deposit and repo holdings in Greece (the TARGET account included).

At end-June 2019, Greece’s reserve assets stood at €6.7 billion, compared with €6.4 billion at end-June 2018. 

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

Photo Source: athenswalkingtours.gr

Tornos
  1. 07/12 15:59

    Three ambitious projects being promoted in the Greek capital of Athens

  2. 07/12 15:53

    The International Space Station (ISS) to be visible over parts of Greece today

  3. 07/12 15:41

    MSC Cruises elects Piraeus in Greece as home port for its lead ship

  4. 07/12 15:21

    United Nations World Tourism Organization calls against blanket travel restrictions

  5. 07/12 14:32

    Greek Prime Minister: Our relations with Israel are better than ever (video)

  6. 07/12 14:26

    Greek government spokespreson: We want the market to remain open

  7. 07/12 14:15

    Minister: Tourism a catalyst for the Greek economy

  8. 07/12 13:48

    UNGA unanimously adopts Greek resolution on return of cultural property

  9. 07/12 12:38

    Greek Health Minister in Brussels for EU Health Ministers Council meeting

  10. 06/12 21:01

    Vaccination appointment platform for 5–11-year-olds to open in Greece on December 10

  11. 06/12 20:29

    Greek economy accelerates in Q3 thanks to tourism

  12. 06/12 19:13

    Greece records 4,943 new Covid-19 cases and 116 fatalities on Monday

  13. 06/12 18:21

    Greek Prime Minister chairs meeting on driving licence renewal online

  14. 06/12 18:16

    American-Hellenic Chamber of Commerce holds 32nd Greek Economic Summit

  15. 06/12 18:06

    Eleven free Wi-Fi access points installed in downtown Athens

  16. 06/12 17:25

    Arrivals in Cyprus soar by 100.6% in first ten months of 2021

  17. 06/12 16:11

    Greece voted as Top Tourism Destination in Global Traveler’s Reader Awards

  18. 06/12 15:49

    Government spox: Pandemic situation showing signs of de-escalation in Greece

  19. 06/12 12:25

    Interactive website lists accessible tourist itineraries for people with disabilities in Athens

  20. 06/12 09:01

    Pope Francis visits refugee camp on Greek island of Lesvos

  21. 05/12 19:24

    Greece records 3,526 new Covid-19 cases and 79 fatalities on Sunday

  22. 05/12 18:39

    Traffic adjustments expected for rallies in memory of shot youth in Athens on Monday

  23. 05/12 17:31

    Greece shortening of COVID booster shot interval met by big response

  24. 05/12 11:35

    Traffic and security restrictions effective in Athens during Pope Francis' visit

  25. 04/12 21:42

    Greece mulls extending mandatory Covid-19 shots to slow pandemic

  26. 03/12 18:25

    UNWTO and GSMA to boost digital skills of undeserved communities in tourism

  27. 03/12 18:16

    UNWTO steers tourism towards a greener, inclusive future at General Assembly

  28. 03/12 17:46

    Greece clinches top award as the best global destination for the US market

  29. 03/12 17:08

    Greek police announce road closures in Athens for papal visit

  30. 03/12 16:53

    Greek PM and Amazon execs discuss planned Local Zone investment (video)

  31. 03/12 14:12

    The Supreme Court of Greece rules compulsory vaccinations are constitutional

  32. 03/12 14:06

    Foreign Minister to receive Pope Francis on behalf of the Greek government

  33. 03/12 11:43

    An extra 60,000 vaccination appointments available in Greece as of Sunday

  34. 02/12 18:14

    UNWTO lists Greece's Soufli in "Best Tourism Villages" 2021

  35. 02/12 18:05

    Pope is welcomed in Cyprus and sends greetings to Greek president

  36. 02/12 17:13

    IATA report: International air cargo demand rises 9.4% in October

  37. 02/12 16:34

    Greek PM: I am morally obliged to persuade those over 60 to get vaccinated

  38. 02/12 15:18

    Late night Athens metro and tram services return on Friday

  39. 02/12 14:57

    Archdiocesan School of Byzantine Music (ASBM) reopens in New York

  40. 02/12 13:38

    IATA: Government response to Omicron threatens emerging travel recovery

  41. 02/12 13:06

    Greek Health Minister urges all to get free self test before holidays

  42. 02/12 11:23

    First case of 'Omicron' variant detected in Greek island of Crete

  43. 02/12 10:28

    UNWTO members support leadership and back plan for sector's return

  44. 01/12 19:47

    82% of COVID-19 victims in Greece were older than 65 and mostly unvaccinated

  45. 01/12 19:40

    Island of Crete celebrates its union with Greece on December 1st

  46. 01/12 19:31

    Vaccinations up 7 times in a day after Greek PM’s announcements of 100-euro fine

  47. 01/12 19:26

    AP report: US moving to toughen testing requirement for travelers

  48. 01/12 18:02

    Minister: Greece has a 10-year tourism strategy

  49. 01/12 16:16

    Greek PM addresses Parliament on mandatory vaccination bill (video)

  50. 01/12 14:10

    Spokeperson: Decisions of Greek government are compatible with the Constitution

  51. 01/12 14:03

    OECD forecast: Greek economy to grow 6.7% in 2021, 4.8% in 2022 and 2.9% in 2023

  52. 01/12 13:48

    Top investor: Greece proves it wants to overcome what held its economy back

  53. 30/11 21:43

    Media report: Richer tourists spending big in Greece so far

  54. 30/11 21:34

    Greece and Russia sign cooperation protocol in Moscow ahead of PM's visit

  55. 30/11 19:56

    Greek PM: Mandatory vaccination for those over 60 with a fine of 100 euros each month

  56. 30/11 19:52

    Eurostat: Greek annual inflation rate projected at 4.3% in November

  57. 30/11 19:11

    United Nations World Tourism Organization General Assembly gets underway in Madrid

  58. 30/11 18:52

    Greece records 7,486 new Covid-19 infections and 88 fatalities on Tuesday

  59. 30/11 18:29

    Accommodation and food services up 84.1% in Cyprus during Q3

  60. 30/11 18:22

    Megan Fox and partner in ‘Mind Trap Escape Room’ in Greek city of Thessaloniki

  61. 30/11 17:16

    Boat schedules back to normal after weather improves in Greece

  62. 30/11 14:04

    Tourism Minister: Travellers trust Greece as a safe destination

  63. 29/11 19:43

    Greece and Bangladesh sign declaration of intent to handle migration and migrant returns

  64. 29/11 19:30

    Ferry cancellations due to high winds to continue across Greece on Tuesday

  65. 29/11 19:09

    Greece records 6,677 new Covid-19 cases and 104 fatalities on Monday

  66. 29/11 18:35

    Christmas celebrations cancelled in Northern Greek peninsula of Chalkidiki

  67. 29/11 16:38

    Ships to Zakynthos, Ithaca and Cephalonia islands docked on Monday due to winds

  68. 29/11 13:20

    Greek government monitoring developments and focusing on implementing existing measures

  69. 29/11 11:12

    UNWTO Barometer: Global tourism sees upturn in Q3 but recovery remains fragile

  70. 28/11 18:56

    Greece records 3,823 new Covid-19 cases and 96 fatalities in the last 24 hours

  71. 28/11 16:12

    Spokesperson says that lockdown is not in the Greek government's plans

  72. 28/11 11:04

    Greece issues notam for nine African countries

  73. 27/11 21:57

    UNWTO: New COVID-19 surges keep international travel restrictions in place

  74. 27/11 20:50

    First World Sports Tourism Congress: The role of sport for tourism recovery

  75. 27/11 20:47

    IATA isssues statement on new COVID-19 B 1.1.529 Omicron variant

  76. 27/11 20:25

    12-month EU Covid-19 certificate to protect recovery in travel and tourism sector

  77. 27/11 18:54

    Hellenic diaspora to get access to 60 online state services

  78. 26/11 19:06

    New Era for Greece: NY Capital Link Forum to address economy and investments

  79. 26/11 19:01

    EU to impose 9-month limit on COVID-19 vaccine for travel within the bloc

  80. 26/11 15:10

    Document in runic script found hidden in Hagia Sophia of Constantinople

  81. 26/11 15:00

    Greek Health ministry experts to hold meeting over new S. Africa variant

  82. 26/11 14:44

    Last chance to visit the 7th Athens Biennale

  83. 26/11 14:26

    Finance Ministry assures that Greece will not impose a new lockdown

  84. 26/11 14:20

    Greek Foreign Minister to deliver 200,000 vaccines donated to Gabon

  85. 26/11 13:14

    Beauty of Greek island of Milos promoted through Dior video

  86. 26/11 12:17

    Itinerary for Pope’s journey to Cyprus and Greece announced by the Vatican

  87. 26/11 11:29

    ELSTAT: Census deadline extended in Greece to December 13

  88. 26/11 11:23

    Greece launches initiative to provide faster internet to attract digital nomads

  89. 26/11 11:04

    8th Japanese Martial Arts Show to take place in Greece on Sunday

  90. 25/11 17:33

    Not Parthenon marbles, but fragments now displayed at Acropolis Museum

  91. 25/11 16:55

    UNWTO General Assembly: Spain at the center of world tourism for three days

  92. 25/11 15:32

    Ecumenical Patriarch honored in Greek capital of Athens for 30 years of global service

  93. 25/11 15:24

    UNWTO and CAF promote sustainable and innovative tourism in Latin America

  94. 25/11 15:23

    Weather worsens in Greece on Friday

  95. 25/11 15:05

    Greek Minister outlines strategy to keep society and economy fully operational

  96. 25/11 14:14

    Greek Foreign Minister donates 150,000 vaccines against Covid-19 to Ghana

  97. 25/11 13:35

    PM: Greek economy 'recovering remarkably' with growth to surpass 7%

  98. 25/11 12:28

    Greece's Digital Governance Ministry announces new apps to reduce red tape

  99. 25/11 11:48

    Markopoulo Horse Race Track employees hold rally in central Athens

  100. 24/11 17:06

    Concert at Cathedral of St. John marks the Bicentennial of the Greek Revolution