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

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: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: athenswalkingtours.gr
- 1) Greek Tourism Minister: This year sector proved that is Greece's heavy industry
- 2) Greek Prime Minister says record tourism money can’t buffer country’s economic slide
- 3) Fewer asylum seekers but more refugee arrivals up in Greece during June 2022
- 4) Bank of Greece: Higher tourism receipts in 2022 to lead to improved economic growth
12/08 15:08
AP report: CDC drops quarantine and distancing recommendations for COVID-19
12/08 15:06
US Ambassador to Athens meets with Greek Health Ministry leadership
12/08 15:06
US Ambassador to Athens meets with Greek Health Ministry leadership
12/08 15:01
12/08 14:53
Greek museums to organize free concerts and tours on Friday August 12 marking full moon
09/08 21:16
IATA launches AVSEC Insight Platform to assist managing business security risks
09/08 21:04
Dominican Republic among UNWTO members recording strong tourism rebound
09/08 21:00
Greek Culture Ministry's project for the protection of the medieval city of Rhodes
09/08 18:08
Greece records 100,421 new Covid-19 cases and 314 fatalities for August 1-7
09/08 16:12
Archbishop of America: Greek-Americans to fund reconstruction of Balikli hospital
08/08 14:12
Greek Tourism Minister: This year sector proved that is Greece's heavy industry
07/08 13:57
28 lighthouses to open for the public in Greece on August 21
04/08 14:16
Protection and recording of rare biodiversity of 20 archaeological sites in Greece
03/08 23:18
Restoration works to historic Syntagma square of Athens almost completed
03/08 23:10
Greek Tourism Minister meets Ambassadors of Sweden and Norway
03/08 19:13
Greek Prime Minister says record tourism money can’t buffer country’s economic slide
03/08 14:07
Samos Young Artists Festival at Pythagorio Ancient Theatre on August 7-13
03/08 13:21
Greece offers Saudi Prince royal treatment: 350 limos and Athens Acropolis tour
02/08 23:26
Greece records 122,230 new Covid-19 cases and 355 fatalities on July 25-31
02/08 09:50
British Museum offers only to loan Athens Parthenon marbles to Greece
02/08 09:37
UNWTO: Global tourism consolidates strong recovery amidst growing challenges
02/08 09:29
Culture Minister: At least 16,000 people visit Athens Acropolis daily this summer
01/08 20:54
Medical Tourism: Personal Doctor platform opens in Greece on Monday
01/08 09:47
Undated wreck of exploded ship found off Kythnos island in Greece
29/07 14:02
Spain imposes minimum spending for Non-European Union tourists
29/07 00:38
Greek government announces subsidy programme for purchase of e-vehicles
28/07 23:32
Media: Electric aircraft to revolutionize travel and protect ecosystem in Greece (video)
28/07 19:23
Impressive copy of Aphrodite of Milos statue revealed on the Greek Island
28/07 18:40
Greek island of Corfu hosts Prince Edward and British royals
28/07 17:20
German Foreign Minister: Greece one of our closest partners in Europe
28/07 12:28
7th International Documentary Film Festival 2022 'Beyond Borders' on Castellorizo island
28/07 11:49
10th consequent Tripadvisor Travelers’ Choice Award for Athens Walking Tours
28/07 00:46
UNWTO sets out shared goals and opportunities for sector in Paraguay
28/07 00:26
IATA: States progress towards long term aspirational goal on aviation emissions
28/07 00:15
Sinking averted: Grounded luxury yacht safely anchored in Greek island of Mykonos (videos)
28/07 00:13
Greece and Saudi Arabia ink 16 business deals in Athens on Wednesday
28/07 00:02
Bank of Greece: Higher tourism receipts in 2022 to lead to improved economic growth
27/07 23:48
Travel Market Report: Why shoulder season is the next big tourist trend
27/07 14:20
Fewer asylum seekers but more refugee arrivals up in Greece during June 2022
27/07 00:08
26/07 17:18
Greece records 136,077 new Covid-19 cases and for July 18-24
26/07 15:23
Signing of business deals between Greek and Saudi companies on Wednesday
25/07 21:15
Special climate envoy addresses meeting on 'Our Ocean - Greece 2024' in Athens
25/07 17:08
Athens metro stations to close on selected dates this summer
25/07 15:50
Authentic Marathon Swim | Swimmers from 14 countries supported North Evia
25/07 14:23
Wildfires contained on the Greek island of Lesvos and Ilia prefecture
23/07 00:43
International Air Transport Association issues statement on Dublin Airport charges
23/07 00:09
'Saristra' festival returns to the Greek island of Kefalonia on July 29-31
22/07 21:58
Four-month-old roe deer, named 'Emilios' rescued in Xanthi of Northern Greece
22/07 19:53
Media: Furor in Greece over plan invading protected environmental Natura sites
22/07 15:49
22/07 15:06
Greece's Thessaloniki Urban Transport staff continue mobilisations during August
21/07 21:53
21/07 20:50
21/07 19:40
Media report: Greece rakes in tax and tourist receipts but won’t cut food tax
21/07 18:33
Minister: Duration of Greek passports doubled from five years to ten
21/07 17:44
Greek government adopts 12 measures for fire-stricken households and firms
20/07 23:11
Cyprus Agriculture Minister welcomes win-win deal on halloumi cheese
20/07 19:26
European Union sanctions against Russia push Greece’s fur business toward end
20/07 19:22
AP: Fire subsides in Penteli but reaches people’s yards in Megara of Greece (video)
20/07 17:22
Molecular tests against COVID-19 to record possible mutation at five Greek airports
20/07 14:07
Bus routes changed due to destructive fires in Attica Region
20/07 10:34
Sick air traffic controller draws attention to shortages at smaller airports in Greece
19/07 21:02
Dozens of international celebrities choose Greece again for vacations this year (video)
19/07 19:22
Medical Tourism: Greek parliament approves assistive reproduction bill
19/07 18:21
Greece records 148,435 new Covid-19 cases between July 11-17
19/07 18:13
Organic olives and olive oil from Sparta in Greece studied by American universities
19/07 16:17
US Ambassador to Athens visits Greek village of Diplatanos Thermou
18/07 09:39
Very high risk of fire again on Monday in five Greek regions including Attica
17/07 21:48
Prime Minister: Greece and France stand united against global climate crisis
16/07 13:25
Government: Greece in 12 countries worldwide with full legal equality of women and men
16/07 13:01
IATA: Canadian government urgently needs to remove COVID-19 travel restrictions
16/07 11:34
Greek FinMin pressures banks and servicers for more private debt settlement deals
16/07 10:21
Tourist swept out to sea in Northern Greece saved by holding beachball
15/07 22:35
Village of Melabes in Rethimno of Greece evacuated as widlfire approaches
15/07 21:35
Tourism statistics inform United Nations reports on sustainable development
14/07 23:20
IATA: Premature return to pre-pandemic slot rules risks prolonged disruption
14/07 21:42
"Wolf of Wall Street" Jordan Belfort parties in Greek island of Mykonos
14/07 14:14
14/07 00:12
Thousands of olive trees donated to restore groves of Ancient Olympia in Greece
13/07 20:14
13/07 20:05
Young tourists surprised to meet Greek Prime Minister at Athens International Airport
13/07 16:51
High risk of fire forecast in five Greek regions on Thursday
13/07 14:30
13/07 11:43
OAG survey: U.S. travel demand remains strong for 2022 despite inflation
13/07 09:55
Greek Minister discusses natural gas contingency plan with US Ambassador
12/07 22:37
12/07 21:50
Greece records 13,623 new Covid-19 cases per 1 million people in July 4-10
12/07 21:00
Greek parliament approves amendment to cap profit margins in home appliances
12/07 00:20
UNWTO: Advancing safe mobility for stronger travel sector recovery
11/07 21:32
American ethnomusicologist Christopher C. King receives honorary Greek citizenship
11/07 21:15
11/07 15:19
The first Japanese park of the Greek capital of Athens opens its gates
10/07 21:28
Chinese head of OLP: Piraeus port a significant international hub in all areas of activities
10/07 19:35
Greece records 13,306 new Covid-19 cases and 28 fatalities on Sunday
10/07 18:32
Media report: “Most contagious” COVID-19 wave sweeping across Greece
10/07 16:23
AP report: On Greece’s Santorini, 13 cloistered nuns pray for Mankind
10/07 14:18
08/07 22:53
08/07 22:42
UNWTO chief: Young people must be active participants in tourism sector restart
Greek museums to organize free concerts and tours on Friday August 12 marking full moon
AP report: CDC drops quarantine and distancing recommendations for COVID-19
US Ambassador to Athens meets with Greek Health Ministry leadership
US Ambassador to Athens meets with Greek Health Ministry leadership
Greece records 100,421 new Covid-19 cases and 314 fatalities for August 1-7
Guinness World Record holder from Greece launches new lodging app
Greek Culture Ministry's project for the protection of the medieval city of Rhodes
Dominican Republic among UNWTO members recording strong tourism rebound
Archbishop of America: Greek-Americans to fund reconstruction of Balikli hospital
IATA launches AVSEC Insight Platform to assist managing business security risks
Qatar Sheikh Tamim Bin Al Thani's ultra-luxury yacht in Greek island of Skiathos
Average full-time monthly and daily wages in Greece at €1,182 and €51.28
Greek Farming Minister calls for Greece's exclusion from US tariffs
Australian Embassy's spox notes strong friendship between Greece and Australia
Professor Ioannis Lianos nominated for Competition Committee chief in Greece
Greek Energy Minister meets US Assistant Secretary for Energy in Athens
Speed boat operator arrested off Greek island of Spetses for drunken driving
Aviation industry: Working together to shape a sustainable future
Bodies of scuba divers missing in Greek island of Karpathos found