Travel receipts in Greece at €4.24 billion during first 11 months of 2020

Α Decrease font Enlarge font
Travel receipts in Greece at €4.24 billion during first 11 months of 2020Non-residents’ arrivals and relevant receipts fell by 81.1% and 80.8%, respectively, year-on-year

The Bank of Greece announced that in November 2020, the current account deficit decreased by €127 euro year-on-year and stood at €1.3 billion. This development is attributable to an improvement in the balance of goods and the primary income account, which was partly offset by a deterioration in the services balance and the secondary income account.  

The drop in the balance of goods deficit is attributable to the fact that exports decreased less than imports. Total exports of goods fell by 5.7% at current prices (12.1% at constant prices), owing to a decline in the value of oil exports, which reflects a drop in oil prices. Non-oil exports remained almost unchanged year-on-year both at current and at constant prices. Total imports of goods fell by 9.1% at current prices (remaining almost unchanged at constant prices), mainly due to a decrease in the value of oil imports.

A decline in the services surplus is mainly accounted for by lower net transport and travel receipts, while the other services balance registered a surplus, against a deficit in November 2019. Non-residents’ arrivals and relevant receipts fell by 81.1% and 80.8%, respectively, year-on-year. The surplus of the transport balance dropped mainly on account of a 22.8% decrease in net sea transport receipts. 

The deficit of the primary income account declined in November 2020, chiefly as a result of the improved investment balance, owing to interest, dividend, and profit payments. The deficit in the secondary income account increased, due to a deterioration in the general government balance.

In the January-November 2020 period, the current account showed a deficit of €10.5 billion, up by €8.4 billion year-on-year. This development is exclusively a result of a decline in the services surplus, which was partly offset by a €4.2 billion drop in the balance of goods deficit, as well as an improvement – albeit slighter – in the primary and secondary income accounts.

Α decline in the balance of goods deficit is attributable to a larger – in absolute terms – and faster decrease in imports than in exports. Specifically, total exports of goods fell by 12.1% at current prices (4.2% at constant prices). Total imports of goods dropped by 15.3% at current prices (-5% at constant prices). It should be noted that developments in exports and imports at current prices largely reflect a decline in the value of oil exports and imports, respectively, as a result of lower international oil prices.

A significant decrease in the services surplus is attributable to a deterioration in, primarily, the travel services balance and, secondarily, the transport balance, while the other services balance improved. Both travel receipts and non-residents’ arrivals dropped by 76.3% year-on-year. Transport receipts fell by 19.2%.

Capital account

In November 2020, the capital account surplus grew by €87 million year-on-year and stood at €345 million. In the January-November 2020 period, the capital account surplus stood at €2.2 billion, up by €1.7 billion year-on-year, owing to a rise in EU capital transfers to the general government.

Combined current and capital account

In November 2020, the deficit of the combined current and capital account (corresponding to the economy’s external financing requirements) fell to €914 million, against €1.1 billion in November 2019. In the January-November 2020 period, the combined current and capital account recorded a deficit of €8.3 billion, compared with a deficit of €1.7 billion year-on-year.

Financial account

In November 2020, under direct investment, residents' external assets rose by €48 million. Residents’ external liabilities grew by €224 million.

Under portfolio investment, an increase in residents’ external assets is mainly due to a rise of €1.7 billion in residents’ holdings of foreign bonds and Treasury bills. A net decline in residents' external liabilities is due to a decrease of €2.2 billion in non-residents’ holdings of Greek government bonds and Treasury bills.

Under other investment, residents' external assets recorded a small decrease. An increase in their liabilities reflects a rise of €2.5 billion in non-residents’ deposit and repo holdings in Greece (the TARGET account included), as well as a €2.1 billion increase in the outstanding external debt (also including the first EU disbursement under the European instrument for temporary support to mitigate unemployment risks in an emergency - SURE).

In the January-November 2020 period, under direct investment, residents’ external assets rose by €589 million, and residents’ external liabilities, which represent non-residents’ direct investment in Greece, increased by €2.8 billion.

Under portfolio investment, an increase in residents’ external assets is due to a rise of €32 billion in residents’ holdings of foreign bonds and Treasury bills. A decline in residents' external liabilities is mainly due to a decrease of €10.3 billion in non-residents’ holdings of Greek government bonds and Treasury bills.[1]

Under other investment, a rise in residents' external assets reflects mainly an increase (by €2.8 billion) in the statistical adjustment associated with the issuance of banknotes. A rise in residents’ liabilities reflects chiefly an increase of €41.7 billion in non-residents’ deposit and repo holdings in Greece (the TARGET account included), as well as an €8.5 billion rise in the outstanding debt to non-residents.

At the end of November 2020, Greece’s reserve assets stood at €9.2 billion, compared with €7.3 billion at the end of November 2019.

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

Photo Source: pixabay.com

Tornos
  1. 28/02 13:15

    Archbishop of America and Whitestone AHEPA at Tree of Life ceremony in New York

  2. 28/02 13:11

    The new employee Covid-19 movement certificates in Greece from March 1

  3. 28/02 13:06

    Number of smokers drops dramatically in Greece especially among the young

  4. 28/02 12:59

    Climpact: Temperatures in Eastern Mediterranean rise three times faster than global average

  5. 28/02 12:54

    Dutch parliament recognizes Armenian, Syriac, and Pontic Greek genocides of 1915 by Turkey

  6. 28/02 12:49

    Christians call for the banning of Cypriot Eurovision song “El Diablo” (video)

  7. 28/02 12:38

    EU report: Greece to receive €11 billion in stimulus and support measures for 2021

  8. 27/02 22:08

    Greek Interior Minister: Retail sector could reopen mid-March

  9. 27/02 22:05

    San Francisco City Hall in blue & white to honor the Greek Bicentennial

  10. 27/02 21:51

    Greek PM: "War against the coronavirus continues, but victory is now visible"

  11. 27/02 19:01

    Greece records 1,630 new Covid-19 cases and 29 fatalities on Saturday

  12. 27/02 16:59

    Health Minister: Greece surpasses 850,000 Covid-19 vaccinations

  13. 27/02 15:20

    Attica Region stays on high alert against coronavirus

  14. 27/02 13:55

    CSW deeply concerned about Turkey’s ongoing expulsion of Christian foreign nationals

  15. 27/02 12:23

    Real estate: Adjustment of objective property values hits snags in Greece

  16. 27/02 11:12

    Covid-19 remote working extended in Greece until March 31

  17. 27/02 09:22

    The 1821 Greek Revolution erupted in the fierce mountain stronghold of Mani

  18. 26/02 19:47

    Government and health officials brief 13 regional directors on Covid-19 pandemic in Greece

  19. 26/02 19:46

    UNWTO: Harnessing the power of cutlure and creativity in tourism recovery

  20. 26/02 19:39

    Greece records 1,790 new Covid-19 cases and 29 fatalities on Friday

  21. 26/02 19:30

    IATA Director General's remarks during media briefing on COVID-19 pandemic

  22. 26/02 19:20

    Health experts to recommend week-long extension of strict Attica lockdown

  23. 26/02 19:04

    German Embassy in Athens marks Bicentennial of Greek War of Independence in 1821

  24. 26/02 18:53

    Japanese ambassador's statement on new possible partnerships with Greece

  25. 26/02 18:39

    Media report: When will Americans be allowed to travel to Greece this year?

  26. 26/02 13:30

    Greek president to visit historic site of Nea Epidavros in Peloponnese on Sunday

  27. 26/02 12:30

    Infographic: Short-term rentals shrink due to travel restrictions

  28. 26/02 12:25

    Panepistimio metro station in Central Athens to close ahead of rally

  29. 25/02 22:03

    Minister: Kara Tepe hotspot on Greek island of Lesvos shutting down soon

  30. 25/02 21:56

    Market of offshore wind parks will open in Greece with pilot projects

  31. 25/02 21:43

    Greece announces extension of loan subsidization program until October 2022

  32. 25/02 21:38

    Greek PM urges adoption of an EU vaccine certificate and at online summit

  33. 25/02 21:29

    Cyprus eases lockdown but curfew and ban on gatherings are extended

  34. 25/02 19:52

    Greek government sets up website for reporting sexual harassment and abuse

  35. 25/02 19:46

    AP: EU leaders mull vaccine certificates to avoid another disastrous summer holiday season

  36. 25/02 19:41

    Greek state budget showed primary deficit of 1.473 billion euros during January

  37. 25/02 19:33

    Some Greeks abroad can register to vote in the upcoming national elections

  38. 25/02 19:27

    Greece records 1,784 new Covid-19 cases and 39 fatalities on Thursday

  39. 25/02 19:13

    IATA: Urgent preparations for aviation restart as COVID-19 cash burn persists

  40. 25/02 19:11

    EU summit video conference with focus on Covid-19 opens on Thursday

  41. 25/02 19:06

    Greek retail commerce recorded turnover drop by around €4.5 billion in 2020

  42. 25/02 18:59

    Ministry of Foreign Affairs announces online launch of 'Greek Startup Universe'

  43. 25/02 18:54

    Social security contribution subsidy by Greek government to continue in some sectors

  44. 25/02 18:31

    Travel report: Vienna’s “Little Greece” and the publication of the first Greek newspaper

  45. 25/02 18:25

    Development Ministry: Extension of winter sales period in Greece until March 31, 2021

  46. 25/02 18:11

    Free virtual lecture on myths and history of the Greek Revolution of 1821

  47. 25/02 18:07

    Tourism Minister: British nationals can spend summer in Greece regardless of vaccination

  48. 25/02 17:50

    Greek Finance Ministry: No extension to February 26 deadline for paying vehicle road tax

  49. 25/02 17:43

    Man with metal detector and digging tools arrested for Illegal excavation in ancient Greek site of Amphipolis

  50. 24/02 15:14

    The Times report: Greece considers opening borders to Brits in May

  51. 24/02 15:10

    Bookings from UK to Greece soar in one day: Skyscanner

  52. 24/02 15:02

    Survey: Tourists see Athens as a COVID-safe destination

  53. 24/02 14:54

    SMS 13032 must be sent for retail shopping to be permitted in Greece

  54. 24/02 14:51

    Greek Health Minister: As vaccinations progress, pandemic will be curbed

  55. 24/02 14:47

    Greek Tourism Minister: EU must “move more quickly” on vaccination passports

  56. 24/02 14:33

    Greek Tourism Ministry developing plan for attracting digital nomads

  57. 24/02 14:27

    Greek PM to cabinet: Lockdown extension likely after Covid-19 cases rise

  58. 24/02 13:47

    AP: Cyprus activists warn that hunters' lead pellets threaten flamingos

  59. 24/02 13:37

    Greek government to promote €1 billion green investment by German giant RWE

  60. 24/02 13:33

    Greek FM underlines need to expand Conference on Disarmament members

  61. 24/02 13:23

    Road to Tokyo: Greek water polo will take part in the Olympics for a 16th time

  62. 24/02 13:19

    Lead shot used by hunters a deadly threat for flamingos in Halkidiki of Greece

  63. 24/02 13:06

    Draft bill on telework to be discussed at Greek cabinet meeting on Wednesday

  64. 24/02 13:01

    Greece extends travel lockdown for international flights till March 8

  65. 24/02 12:51

    First written exam for Greek citizenship scheduled on May 16 nationwide

  66. 24/02 12:37

    UK Tourism: Greece among Britons’ top picks as surge in holiday bookings begins

  67. 24/02 12:34

    Metro stations 'Panepistimio' and 'Syntagma' in central Athens to close

  68. 23/02 20:28

    Mt. Athos projects on monastery jetty and sewage processing greenlighted

  69. 23/02 20:25

    Greece adds surveillance and patrols along Evros river at the Turkish border

  70. 23/02 20:15

    Heroes of the 1821 Revolution adorn National Garden in the center of Athens

  71. 23/02 20:11

    Greece records 2,147 new Covid-19 cases and 22 fatalities on Tuesday

  72. 23/02 19:51

    Tourism Minister Theoharis to FT: Greece presses EU to ‘move more quickly’ on vaccine passports

  73. 23/02 19:30

    Greek PM attends online EU leadership meeting on Covid-19 developments

  74. 23/02 18:25

    Greece reaches 720,000 inoculations against Covid-19

  75. 23/02 18:21

    Section of Corinth-Patras highway to close down for fire drill on Wednesday

  76. 23/02 18:17

    First Greek electric scooter to circulate in the summer of 2021

  77. 23/02 18:10

    Digital Governance Minister announces new application for opening up retail in Greece

  78. 23/02 17:57

    Capital Link’s 15th Annual International Shipping Forum digitally on March 2-3, 2021

  79. 23/02 17:52

    Emirates Airlines resumes direct Athens-New York flight connection

  80. 23/02 17:44

    Cyprus eyes return of tourism while leading EU in COVID-19 testing

  81. 23/02 13:10

    Piraeus Bank presents ’21 Lectures on ’21’ marking Greek Revolution Bicentennial

  82. 23/02 13:01

    Greece's Piraeus Port Authority reports lower results and pays €0.40 dividend

  83. 23/02 11:38

    Greece upgrading its record of compliance with European Court of Human Rights decisions

  84. 22/02 16:52

    China Cultural Center in Greece launches virtual Kung Fu contest till March 7

  85. 22/02 16:49

    Greek FM sends condolences to Italy over death of Ambassador and policeman in Congo

  86. 22/02 16:39

    International Air Transport Association’s Chief Economist to retire

  87. 22/02 16:34

    Mediterranean Yacht Show 2021 cancelled in Greece

  88. 22/02 16:29

    Plan to turn Greek island of Skorpios into a Davos-like conference venue

  89. 22/02 16:07

    Greek Minister: Vaccination certificate is a tool to facilitate, not discriminate

  90. 22/02 15:58

    Media report: Arcadia at the epicenter of the Bicentennial of the Hellenic Revolution in 2021

  91. 22/02 15:52

    Greek President visits the Diapontia Islands of Othonous and Erikoussa to mark vaccination

  92. 22/02 14:41

    Kallinikeion Institute at Hellenic College Holy Cross announces 2021 course

  93. 22/02 14:04

    HCHC and Stockton University mark the 200th Anniversary of the Greek Revolution

  94. 22/02 13:32

    AP: Greek National Theater director charged with rape as sex scandals spread

  95. 22/02 13:18

    Greek Health Minister: Number of vaccinations in Greece nearing 700,000

  96. 22/02 12:32

    Online Delphi Economic Forum wants to assist Greece with luring global talent

  97. 22/02 12:10

    Greek Civil Aviation Authority extends incoming flight restrictions to March 8

  98. 22/02 12:03

    AP: First data shows vaccinations in Greece slowing COVID-19 spread

  99. 22/02 11:49

    Destination Greece: Health First guidelines announced for Tourist Season 2021 (video)

  100. 22/02 11:43

    GNTO chief: Three year plan campaign ready by end-March